HELOC rates in Washington climbed from 4.5% in early 2021 to 9.2% by late 2023, with slight decreases to 9.1% in 2024. If this trend continues, consider locking in a rate soon to avoid potential cost increases.
Best HELOC Rates in Washington
As of October 16, 2024, the best HELOC rate in Washington is 4.0% from First Financial Northwest Bank in Bellevue, much lower than the state average of 9.0% and the national average of 8.7%.
Updated: November 2, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Washington with an 80% LTV is 8.8%, compared with 9.4% for a 90% LTV.
HELOC rates vary by city in Washington. University Place has an average APR of 7.6%, whereas Snoqualmie's is 11.8%.
Different lenders offer varying rates for the same loan types. First Financial Northwest Bank's average APR is 4.0%, whereas KeyBank National Association's is 11.8%.
Current HELOC Rates in Washington
HELOC Rates in Washington by LTV Ratio
HELOC rates in Washington vary based on your loan-to-value ratio and line limit. A lower LTV means more home equity, reducing risk for lenders. For example, with an 80% LTV, you’ve borrowed less against your home’s value compared with a 90% LTV, making you less likely to default on your HELOC.
The table below lets you filter between different loan amounts, helping you see potential qualifications:
- $100,000
- $50,000
8.8% | 9.4% |
HELOC Rates in Washington by City
HELOC rates in Washington vary across cities due to local housing markets and lender competition. For example, cities with stable real estate markets may offer lower rates due to reduced lender risk.
Use the table below to filter by city and see average APRs for $50K and $100K HELOCs.
- Airway Heights
- Alachua
- Altamonte Springs
- Amelia Island
- Anacortes
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Arlington
- Atlantic Beach
- Atlantis
- Auburn
- Auburndale
- Aventura
- Avon Park
- Babcock Ranch
- Bainbridge Island
- Baker
- Bal Harbour
- Baldwin
- Barefoot Bay
- Bartow
- Battle Ground
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Belfair
- Belle Glade
- Belleair Bluffs
- Belleview
- Bellevue
- Bellingham
- Beverly Hills
- Big Pine Key
- Blaine
- Blountstown
- Boca Raton
- Bonifay
- Bonita Springs
- Bonney Lake
- Bothell
- Boynton Beach
- Bradenton
- Brandon
- Bremerton
- Brewster
- Bronson
- Brooksville
- Burien
- Burlington
- Bushnell
- Callahan
- Callaway
- Camano Island
- Camas
- Cape Canaveral
- Cape Coral
- Cashmere
- Casselberry
- Castle Rock
- Cedar Key
- Celebration
- Centralia
- Century
- Champions Gate
- Chattahoochee
- Chehalis
- Chelan
- Cheney
- Chewelah
- Chiefland
- Chipley
- City of Westlake
- Clarkston
- Cle Elum
- Clearwater
- Clermont
- Clewiston
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Colfax
- College Place
- Colville
- Concrete
- Cooper City
- Coral Gables
- Coral Springs
- Coulee City
- Coulee Dam
- Coupeville
- Covington
- Crawfordville
- Crescent City
- Creston
- Crestview
- Cross City
- Crystal River
- Cutler Bay
- Dade City
- Dania
- Davenport
- Davie
- Dayton
- Daytona Beach
- DeFuniak Springs
- DeLand
- Deer Park
- Deerfield Beach
- Delray Beach
- Deltona
- Des Moines
- Destin
- Doral
- Dunedin
- Dunnellon
- Dupont
- East Wenatchee
- Eastsound
- Edgewater
- Edmonds
- Eglin AFB
- Ellensburg
- Ellenton
- Elma
- Englewood
- Enumclaw
- Ephrata
- Estero
- Eustis
- Everett
- Everson
- Fairchild AFB
- Federal Way
- Fellsmere
- Fern Park
- Fernandina Beach
- Ferndale
- Fife
- Fircrest
- Fleming Island
- Florida City
- Forest City
- Forks
- Fort Lauderdale
- Fort Lewis
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Freeland
- Freeport
- Friday Harbor
- Fruit Cove
- Fruitland Park
- Gainesville
- Gig Harbor
- Goldendale
- Graham
- Grandview
- Grayland
- Green Cove Springs
- Greenacres
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Haines City
- Hallandale Beach
- Haverhill
- Hawthorne
- Heathrow
- Hernando
- Hialeah
- Hialeah Gardens
- Holiday
- Hollywood
- Holmes Beach
- Homestead
- Homosassa Springs
- Hoquiam
- Hudson
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Islamorada
- Issaquah
- Jacksonville
- Jacksonville Beach
- Jensen Beach
- Joint Base Lewis-McChord
- Jonesville
- Juno Beach
- Jupiter
- Kalama
- Kelso
- Kenmore
- Kennedy Space Center
- Kennewick
- Kent
- Kettle Falls
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kingston
- Kirkland
- Kissimmee
- LaCrosse
- Labelle
- Lacey
- Lady Lake
- Lake Buena Vista
- Lake City
- Lake Mary
- Lake Placid
- Lake Stevens
- Lake Wales
- Lake Worth
- Lakebay
- Lakeland
- Lakewood
- Lakewood Ranch
- Land O' Lakes
- Langley
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Leavenworth
- Leesburg
- Lehigh Acres
- Liberty Lake
- Lighthouse Point
- Lithia
- Live Oak
- Long Beach
- Longboat Key
- Longview
- Longwood
- Lopez Island
- Loxahatchee
- Lutz
- Lynden
- Lynn Haven
- Lynnwood
- MacClenny
- Maitland
- Maple Valley
- Marathon
- Marco Island
- Margate
- Marianna
- Mary Esther
- Marysville
- Mattawa
- Mayport
- McChord AFB
- McCleary
- Medical Lake
- Melbourne
- Mercer Island
- Merritt Island
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Mill Creek
- Milton
- Mims
- Miramar
- Miramar Beach
- Monroe
- Montesano
- Monticello
- Morton
- Moses Lake
- Mount Dora
- Mount Vernon
- Mountlake Terrace
- Moxee
- Mukilteo
- Mulberry
- Naples
- Navarre
- Neptune Beach
- New Port Richey
- New Smyrna Beach
- Newberry
- Newcastle
- Newport
- Niceville
- Nokomis
- North Bend
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- Oak Harbor
- Oakland Park
- Ocala
- Ocean Park
- Ocoee
- Odessa
- Okeechobee
- Old Town
- Oldsmar
- Olympia
- Omak
- Orange City
- Orange Park
- Orlando
- Ormond Beach
- Oroville
- Othello
- Oviedo
- Pace
- Pahokee
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Panama City
- Panama City Beach
- Parker
- Parrish
- Pasco
- Patrick AFB
- Pe Ell
- Pembroke Park
- Pembroke Pines
- Pensacola
- Perry
- Pinecrest
- Pinellas Park
- Plant City
- Plantation
- Point Roberts
- Pomeroy
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Port Angeles
- Port Charlotte
- Port Hadlock
- Port Orange
- Port Orchard
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Port Townsend
- Poulsbo
- Prosser
- Pullman
- Punta Gorda
- Puyallup
- Quilcene
- Quincy
- Raiford
- Raymond
- Reardan
- Redmond
- Renton
- Republic
- Richland
- Ridgefield
- Ritzville
- Riverview
- Riviera Beach
- Rochester
- Rockledge
- Rosemary Beach
- Royal City
- Royal Palm Beach
- Ruskin
- Safety Harbor
- Saint Augustine
- Saint Cloud
- Saint James City
- Saint Johns
- Saint Petersburg
- Sammamish
- Sanford
- Santa Rosa Beach
- Sarasota
- Satellite Beach
- Seattle
- Sebastian
- Sebring
- Sedro-Woolley
- Seffner
- Selah
- Seminole
- Sequim
- Shalimar
- Shelton
- Shoreline
- Silver Springs
- Silverdale
- Sneads
- Snohomish
- Snoqualmie
- South Bend
- South Daytona
- South Miami
- South Pasadena
- Southport
- Spanaway
- Spokane
- Spokane Valley
- Spring Hill
- Stanwood
- Starke
- Steinhatchee
- Stevenson
- Stuart
- Summerfield
- Sumner
- Sun City Center
- Sunny Isles Beach
- Sunnyside
- Sunrise
- Tacoma
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tavernier
- Tekoa
- Temple Terrace
- Tequesta
- The Villages
- Tierra Verde
- Titusville
- Tonasket
- Toppenish
- Treasure Island
- Trenton
- Trinity
- Tukwila
- Tulalip
- Tumwater
- Tyndall AFB
- Union
- Union Gap
- University Park
- University Place
- Valrico
- Vancouver
- Vashon
- Venice
- Veradale
- Vero Beach
- Viera
- Virginia Gardens
- Waitsburg
- Walla Walla
- Warden
- Washougal
- Waterville
- Wauchula
- Wellington
- Wenatchee
- Wesley Chapel
- West Melbourne
- West Miami
- West Palm Beach
- West Richland
- Weston
- White Salmon
- Wildwood
- Williston
- Wilton Manors
- Wimauma
- Windermere
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Woodinville
- Woodland
- Yakima
- Yelm
- Yulee
- Zephyrhills
$100,000 | 9.2% |
$50,000 | 9.3% |
HELOC Rates in Washington by Lender
HELOC interest rates in Washington vary among lenders due to different pricing strategies and risk assessments. Understanding these differences can help you find competitive rates.
The table below highlights the five lenders in Washington offering the lowest average APRs, assisting you in comparing options.
First Financial Northwest Bank | 4.0% |
Lewis Clark Credit Union | 7.5% |
Idaho Central Credit Union | 8.0% |
Wauna Federal Credit Union | 8.0% |
America's Credit Union, A Federal Credit Union | 8.3% |
HELOC rates today can vary between lenders even within the same city. Use the table below to filter by city and compare APRs, helping you find the best rate available.
- Airway Heights
- Alachua
- Altamonte Springs
- Amelia Island
- Anacortes
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Arlington
- Atlantic Beach
- Atlantis
- Auburn
- Auburndale
- Aventura
- Avon Park
- Babcock Ranch
- Bainbridge Island
- Baker
- Bal Harbour
- Baldwin
- Barefoot Bay
- Bartow
- Battle Ground
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Belfair
- Belle Glade
- Belleair Bluffs
- Belleview
- Bellevue
- Bellingham
- Beverly Hills
- Big Pine Key
- Blaine
- Blountstown
- Boca Raton
- Bonifay
- Bonita Springs
- Bonney Lake
- Bothell
- Boynton Beach
- Bradenton
- Brandon
- Bremerton
- Brewster
- Bronson
- Brooksville
- Burien
- Burlington
- Bushnell
- Callahan
- Callaway
- Camano Island
- Camas
- Cape Canaveral
- Cape Coral
- Cashmere
- Casselberry
- Castle Rock
- Cedar Key
- Celebration
- Centralia
- Century
- Champions Gate
- Chattahoochee
- Chehalis
- Chelan
- Cheney
- Chewelah
- Chiefland
- Chipley
- City of Westlake
- Clarkston
- Cle Elum
- Clearwater
- Clermont
- Clewiston
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Colfax
- College Place
- Colville
- Concrete
- Cooper City
- Coral Gables
- Coral Springs
- Coulee City
- Coulee Dam
- Coupeville
- Covington
- Crawfordville
- Crescent City
- Creston
- Crestview
- Cross City
- Crystal River
- Cutler Bay
- Dade City
- Dania
- Davenport
- Davie
- Dayton
- Daytona Beach
- DeFuniak Springs
- DeLand
- Deer Park
- Deerfield Beach
- Delray Beach
- Deltona
- Des Moines
- Destin
- Doral
- Dunedin
- Dunnellon
- Dupont
- East Wenatchee
- Eastsound
- Edgewater
- Edmonds
- Eglin AFB
- Ellensburg
- Ellenton
- Elma
- Englewood
- Enumclaw
- Ephrata
- Estero
- Eustis
- Everett
- Everson
- Fairchild AFB
- Federal Way
- Fellsmere
- Fern Park
- Fernandina Beach
- Ferndale
- Fife
- Fircrest
- Fleming Island
- Florida City
- Forest City
- Forks
- Fort Lauderdale
- Fort Lewis
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Freeland
- Freeport
- Friday Harbor
- Fruit Cove
- Fruitland Park
- Gainesville
- Gig Harbor
- Goldendale
- Graham
- Grandview
- Grayland
- Green Cove Springs
- Greenacres
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Haines City
- Hallandale Beach
- Haverhill
- Hawthorne
- Heathrow
- Hernando
- Hialeah
- Hialeah Gardens
- Holiday
- Hollywood
- Holmes Beach
- Homestead
- Homosassa Springs
- Hoquiam
- Hudson
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Islamorada
- Issaquah
- Jacksonville
- Jacksonville Beach
- Jensen Beach
- Joint Base Lewis-McChord
- Jonesville
- Juno Beach
- Jupiter
- Kalama
- Kelso
- Kenmore
- Kennedy Space Center
- Kennewick
- Kent
- Kettle Falls
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kingston
- Kirkland
- Kissimmee
- LaCrosse
- Labelle
- Lacey
- Lady Lake
- Lake Buena Vista
- Lake City
- Lake Mary
- Lake Placid
- Lake Stevens
- Lake Wales
- Lake Worth
- Lakebay
- Lakeland
- Lakewood
- Lakewood Ranch
- Land O' Lakes
- Langley
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Leavenworth
- Leesburg
- Lehigh Acres
- Liberty Lake
- Lighthouse Point
- Lithia
- Live Oak
- Long Beach
- Longboat Key
- Longview
- Longwood
- Lopez Island
- Loxahatchee
- Lutz
- Lynden
- Lynn Haven
- Lynnwood
- MacClenny
- Maitland
- Maple Valley
- Marathon
- Marco Island
- Margate
- Marianna
- Mary Esther
- Marysville
- Mattawa
- Mayport
- McChord AFB
- McCleary
- Medical Lake
- Melbourne
- Mercer Island
- Merritt Island
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Mill Creek
- Milton
- Mims
- Miramar
- Miramar Beach
- Monroe
- Montesano
- Monticello
- Morton
- Moses Lake
- Mount Dora
- Mount Vernon
- Mountlake Terrace
- Moxee
- Mukilteo
- Mulberry
- Naples
- Navarre
- Neptune Beach
- New Port Richey
- New Smyrna Beach
- Newberry
- Newcastle
- Newport
- Niceville
- Nokomis
- North Bend
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- Oak Harbor
- Oakland Park
- Ocala
- Ocean Park
- Ocoee
- Odessa
- Okeechobee
- Old Town
- Oldsmar
- Olympia
- Omak
- Orange City
- Orange Park
- Orlando
- Ormond Beach
- Oroville
- Othello
- Oviedo
- Pace
- Pahokee
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Panama City
- Panama City Beach
- Parker
- Parrish
- Pasco
- Patrick AFB
- Pe Ell
- Pembroke Park
- Pembroke Pines
- Pensacola
- Perry
- Pinecrest
- Pinellas Park
- Plant City
- Plantation
- Point Roberts
- Pomeroy
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Port Angeles
- Port Charlotte
- Port Hadlock
- Port Orange
- Port Orchard
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Port Townsend
- Poulsbo
- Prosser
- Pullman
- Punta Gorda
- Puyallup
- Quilcene
- Quincy
- Raiford
- Raymond
- Reardan
- Redmond
- Renton
- Republic
- Richland
- Ridgefield
- Ritzville
- Riverview
- Riviera Beach
- Rochester
- Rockledge
- Rosemary Beach
- Royal City
- Royal Palm Beach
- Ruskin
- Safety Harbor
- Saint Augustine
- Saint Cloud
- Saint James City
- Saint Johns
- Saint Petersburg
- Sammamish
- Sanford
- Santa Rosa Beach
- Sarasota
- Satellite Beach
- Seattle
- Sebastian
- Sebring
- Sedro-Woolley
- Seffner
- Selah
- Seminole
- Sequim
- Shalimar
- Shelton
- Shoreline
- Silver Springs
- Silverdale
- Sneads
- Snohomish
- Snoqualmie
- South Bend
- South Daytona
- South Miami
- South Pasadena
- Southport
- Spanaway
- Spokane
- Spokane Valley
- Spring Hill
- Stanwood
- Starke
- Steinhatchee
- Stevenson
- Stuart
- Summerfield
- Sumner
- Sun City Center
- Sunny Isles Beach
- Sunnyside
- Sunrise
- Tacoma
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tavernier
- Tekoa
- Temple Terrace
- Tequesta
- The Villages
- Tierra Verde
- Titusville
- Tonasket
- Toppenish
- Treasure Island
- Trenton
- Trinity
- Tukwila
- Tulalip
- Tumwater
- Tyndall AFB
- Union
- Union Gap
- University Park
- University Place
- Valrico
- Vancouver
- Vashon
- Venice
- Veradale
- Vero Beach
- Viera
- Virginia Gardens
- Waitsburg
- Walla Walla
- Warden
- Washougal
- Waterville
- Wauchula
- Wellington
- Wenatchee
- Wesley Chapel
- West Melbourne
- West Miami
- West Palm Beach
- West Richland
- Weston
- White Salmon
- Wildwood
- Williston
- Wilton Manors
- Wimauma
- Windermere
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Woodinville
- Woodland
- Yakima
- Yelm
- Yulee
- Zephyrhills
Umpqua Bank | Commercial Bank | 8.3% |
Western Alliance Bank | Commercial Bank | 8.5% |
HomeStreet Bank | Commercial Bank | 8.5% |
Heritage Bank | Commercial Bank | 8.5% |
Harborstone Credit Union | Credit Union | 8.5% |
Gesa Credit Union | Credit Union | 8.5% |
First Technology Federal Credit Union | Credit Union | 8.5% |
First Horizon Bank | Commercial Bank | 8.5% |
Boeing Employees Credit Union | Credit Union | 8.7% |
BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.9% |
Peoples Bank | Commercial Bank | 9.0% |
Seattle Metropolitan Credit Union | Credit Union | 9.0% |
Verity Credit Union | Credit Union | 9.1% |
Global Federal Credit Union | Credit Union | 9.3% |
Bank of America | Commercial Bank | 9.6% |
HSBC Bank USA | Commercial Bank | 9.6% |
U.S. Bank National Association | Commercial Bank | 9.7% |
Banner Bank | Commercial Bank | 9.7% |
Washington State Employees Credit Union | Credit Union | 10.1% |
Sound Credit Union | Credit Union | 11.5% |
KeyBank National Association | Commercial Bank | 11.8% |
HELOC rates in Washington vary between banks and credit unions, with banks typically offering higher rates. For instance, the best HELOC rate among commercial banks is 9.1%, compared to the 9.0% average APR offered by credit unions. Credit unions are not-for-profit institutions, which often allows them to provide slightly lower rates than traditional banks.
When choosing between the two, consider more than just rates. Banks might offer more convenience, while credit unions may excel in customer service and lower fees. It's also wise to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
How do lenders assess risk when setting HELOC rates for different property types (e.g., primary residence vs. investment property), and how can borrowers mitigate higher rates for non-primary homes?
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate...
All loans are about risk. The higher the risk, the higher your rate will be. With investment properties or second homes, since they are not your primary residence the risk is inherently higher in the eyes of the lender — for example, if someone falls on hard times, they are more likely to continue making timely payments on the home they live in rather than an investment or second home.
Usually, if you are taking a HELOC on an investment property, you are using those funds to improve the property or using it to buy another investment property. Having access to cash to make more cash is what investors do. They should always take into account the higher rates when making an investment decision. If successful, the higher rate won't be a problem.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Washington HELOC payment calculator to determine your monthly payments based on the amount drawn, APR and loan terms.
It also provides an amortization schedule, showing the division of payments between principal and interest over time. Understanding these details can help you manage your HELOC more effectively.
Washington HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Credit Line Information
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Repayment Period Payment
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Credit Payoff Schedule for Home Equity Line
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How to Get the Best HELOC Rates in Washington
Finding the best HELOC rates in Washington can lead to substantial savings. To secure a competitive rate, consider these five strategies:
Maintain a strong credit score
Washington's average credit score is 735. While good, aiming higher can secure better rates from lenders.
Compare offers from multiple lenders
Shopping around can reveal competitive rates and help negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show stability. Paying off debt can improve your chances for a lower rate.
Increase your home equity
More equity means less risk for lenders, leading to lower rates. Consider paying down your mortgage or home improvements.
Review closing costs and rate caps
Closing costs can affect expenses. Understanding rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Washington
HELOC interest rates in Washington average 9.0%, compared to 8.1% for home equity loans. The higher rates for HELOCs are due to their variable rate structure, which can lead to increased costs in a rising interest rate environment.
- HELOCs are flexible, revolving credit lines with variable rates that adjust with the market. In rising interest rate environments, HELOC rates can increase, potentially affecting homeowners' finances over time.
- Home equity loans provide a lump sum with a fixed rate, offering stability throughout the loan term. They are ideal for situations where financial predictability is preferred over flexibility.
When deciding between these options, consider whether you prioritize the flexibility of a HELOC or the stability of a home equity loan. Assess your financial goals and risk tolerance to determine which product aligns best with your needs and evaluate your home's equity.
Cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, providing access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For instance, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K could provide $50K in cash, but your new loan payments will be based on $200K.
FAQ: Best HELOC Rates in Washington
Washington's HELOC rates average 9.0%, slightly higher than the national average of 8.7%.
Common fees include application, appraisal, annual and early closure fees, but specifics vary by lender.
HELOC rates in Washington average 9.0%, while home equity loan rates are lower at around 8.1%, especially for those with bad credit.
Commercial banks in Washington offer HELOC rates averaging 9.1%, while credit unions offer lower rates at 9.0%.
Seattle's rates average 9.2%, slightly higher than Washington's average of 9.0%.
MoneyGeek examined 64 different banks and credit unions in Washington using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of October 16, 2024.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.