HELOC rates in West Virginia rose from 4% in early 2022 to 9% by 2024. If this trend continues, homeowners may face increased borrowing costs. Consider securing a rate now to mitigate future financial impacts.
HELOC
Best HELOC Rates in West Virginia (December 2024)
Updated: December 7, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in West Virginia with an 80% LTV is 8.3%, compared with 9.0% for a 90% LTV.
HELOC rates vary by city in West Virginia. Grafton has an average APR of 7.5%, whereas Buffalo's is 9.1%.
Different lenders offer varying rates for the same loan types. West Virginia Federal Credit Union's average APR is 7.3%, whereas Fifth Third Bank's is 10.4%.
Current HELOC Rates in West Virginia
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HELOC Rates in West Virginia by LTV Ratio
HELOC rates in West Virginia vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV is less risky to lenders as it shows more home equity. For instance, an 80% LTV means you've borrowed less against your home's value compared to a 90% LTV, reducing the risk of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for.
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
| 8.3% | 9.1% |
HELOC Rates in West Virginia by City
HELOC rates in West Virginia vary by city due to differences in housing markets and lender competition. For instance, cities with stable real estate markets may offer lower rates.
Use the table below to filter by your city and see average APRs for $50k and $100k HELOCs.
Data filtered by:Results filtered by:
City:
City:Charleston
| $100,000 | 8.8% |
| $50,000 | 8.9% |
HELOC Rates in West Virginia by Lender
HELOC interest rates in West Virginia vary among lenders due to differing pricing strategies and risk assessments. Exploring these differences can help you find competitive rates.
The table below highlights the five lenders in West Virginia offering the lowest average APRs, aiding your comparison of options.
| First National Bank of Pennsylvania | 6.5% |
| Chessie Federal Credit Union | 7.5% |
| Community Bank | 7.8% |
| Bayer Heritage Federal Credit Union | 7.8% |
| City National Bank of West Virginia | 7.8% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare APRs to find the best rate in your area.
Data filtered by:Results filtered by:
City:
City:Charleston
| Element Federal Credit Union | Credit Union | 8.0% |
| Burke & Herbert Bank & Trust Company | Commercial Bank | 8.0% |
| Peoples Bank | Commercial Bank | 8.0% |
| Members Choice WV Federal Credit Union | Credit Union | 8.3% |
| United Bank | Commercial Bank | 8.8% |
| Wesbanco Bank, Inc. | Commercial Bank | 9.0% |
| Union Trades Federal Credit Union | Credit Union | 9.0% |
| The Huntington National Bank | Commercial Bank | 9.1% |
| Fifth Third Bank | Commercial Bank | 10.4% |
COMPARING HELOC RATES IN WEST VIRGINIA: BANKS VS. CREDIT UNIONS
HELOC rates in West Virginia vary between banks and credit unions, with both types currently offering an average APR of 8.5%. While commercial banks tend to have higher rates due to overhead costs, in this case, their rates match those of credit unions. Credit unions are not-for-profit institutions, which typically allows them to offer competitive rates.
When choosing between the two, consider more than just rates. Banks may offer more convenience and broader accessibility, while credit unions often provide better customer service and lower fees. It's important to check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
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 West Virginia HELOC payment calculator to estimate your monthly payments based on the amount drawn, loan terms and APR.
Our calculator 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.
West Virginia 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.
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How to Get the Best HELOC Rates in West Virginia
Finding the best HELOC rates in West Virginia can lead to significant savings, such as reducing monthly payments by hundreds. To secure competitive rates, consider these five strategies:
Maintain a strong credit score
The average credit score in West Virginia is 703. Improving it can help you secure better rates from lenders.
Compare offers from multiple lenders
Shopping around can uncover competitive rates and provide leverage to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off credit card debt can help.
Increase your home equity
More equity lowers lender risk. Paying down your mortgage or making home improvements can help.
Review closing costs and rate caps
Closing costs affect loan expenses. Understanding rate caps helps manage HELOC costs over time.
HELOC Loan Rates vs. Home Equity Loan Rates in West Virginia
HELOC interest rates in West Virginia average 8.5%, slightly higher than the 8.0% for home equity loans. This difference stems from HELOCs' variable rate structure compared to the fixed rates of home equity loans.
HELOCs are revolving credit lines with variable interest rates that can rise in rising interest rate environments, potentially increasing costs for homeowners over time.
Home equity loans provide a lump sum with a fixed interest rate, offering stable payments. They are preferable in situations where predictability in loan payments is desired.
When deciding between these options, consider whether you prioritize the flexibility of accessing funds as needed with a HELOC or the stability of fixed payments with a home equity loan. Assess your financial goals and risk tolerance to determine which aligns better with your needs.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative, replacing your existing primary mortgage with a larger loan to access cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a mortgage backed by the Federal Housing Administration (FHA), you could secure an FHA cash-out refinance to access your home equity.
FAQ: Best HELOC Rates in West Virginia
What are the current HELOC rates in West Virginia and how do they compare to national rates?
West Virginia's HELOC rates average 8.5%, slightly above the national average of 8.4%.
What fees are commonly associated with HELOCs in West Virginia?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in West Virginia compare to home equity loan rates?
HELOC rates in West Virginia average 8.5%, while home equity loan rates are lower at around 8.0%, which could be beneficial for those with bad credit.
How do HELOC Rates in West Virginia vary between banks and credit unions?
Commercial banks and credit unions in West Virginia both offer HELOC rates averaging 8.5%, although sometimes credit unions offer lower rates.
What's the best HELOC rate in Charleston? How does it compare to the current HELOC rate in West Virginia?
Charleston's rates are slightly higher, averaging 8.8%, compared to the state average of 8.5%.
MoneyGeek examined 53 different banks and credit unions in West Virginia 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 29, 2024.
53Lenders Analyzed
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.