Home Equity Loan Rates in West Virginia

Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.

West Virginia's home equity loan rates are higher than national averages — 8.2% APR for a 10-year term (7.7% nationally) and 8.1% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.

Key Takeaways

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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in West Virginia with an 80% LTV is 7.8%, compared to 8.7% for a 90% LTV.

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HEL rates vary by city in West Virginia. For example, for 15-year loans, Fairmont has an average APR of 5.5%, whereas Vienna's is 10.4%.

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Lenders offer different rates for the same loan types. Fairmont Federal Credit Union's average APR is 5.5%, whereas Desco Federal Credit Union's is 10.2%.

MoneyGeek examined 25 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 loan rates.

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This data is accurate as of November 2024.

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Current Home Equity Loan Rates in West Virginia

The current average APR for a 15-year home equity loan in West Virginia is 8.1%, but several factors might affect lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.

10Year8.2%
15Year8.1%
5Year7.8%

West Virginia HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. It can also help you consolidate high-interest debts.

For example, a 15-year home equity loan with an 8.1% APR results in a $484 monthly payment and $37,051 in total interest. A 10-year loan with an 8.2% APR has a $615 monthly payment and $23,751 total interest.

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HOME EQUITY LOANS VS. HELOCS IN WEST VIRGINIA

Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 8.2%, while HELOC rates in West Virginia are variable, averaging 8.7%.

With fixed rates, your monthly payments remain consistent, making budgeting easier. Variable HELOC rates can start lower but may increase, potentially leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value (LTV) ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio means greater risk to lenders, resulting in higher rates. In West Virginia, the average APR of a 15-year equity loan with an 80% LTV is 7.8%, while it's 8.7% for a 90% LTV. Use the table below to check rates based on your LTV ratio.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:10Year
7.8%8.9%

Home Equity Loan Rates by City in West Virginia

Average APRs vary by city in West Virginia. Differences in property taxes or local fees influence rates, affecting overall borrowing costs. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.

In West Virginia, Mannington's average APR is 5.5%, while Vienna's is 10.4%. The table below shows average home equity loan rates across West Virginia cities.

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City:
City:Charleston
10Year8.2%
15Year8.1%
5Year8.1%

Home Equity Loan Lenders in West Virginia

Home equity loan rates in West Virginia differ significantly among lenders, influenced by their policies and risk assessments. Fairmont Federal Credit Union offers the lowest average APR at 5.5%, while Desco Federal Credit Union has the highest at 10.2%.

Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.

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City:
City:Charleston
Burke & Herbert Bank & Trust Company7.0%
Wesbanco Bank, Inc.8.7%
Fifth Third Bank9.1%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Considering credit unions for home equity loan rates can be advantageous. Credit unions offer an average APR of 7.9%, compared to 8.2% from commercial banks. While credit unions typically provide lower rates, they may have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in West Virginia

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, First Peoples Community Federal Credit Union offers an average APR of 6.2%, while Desco Federal Credit Union offers 10.2%. Compare home equity loan providers to find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. West Virginia homeowners can increase their home's equity by remodeling their kitchen or adding decks.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in West Virginia is 703, according to Experian.

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    Decrease your debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.

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FAQ About Home Equity Loan Rates in West Virginia

MoneyGeek addresses common questions about home equity loan rates for West Virginia homeowners, offering precise and reliable information.

What is the interest rate on a home equity loan in West Virginia?

How do you calculate your home equity in West Virginia?

Do home equity loan rates vary between cities in West Virginia?

Does a home equity loan in West Virginia have tax benefits?

What are possible drawbacks of securing a home equity loan in West Virginia?

How long does it take to get a home equity loan in West Virginia?

How do you get a home equity loan in West Virginia?

What can I use my funds for? Are there any home equity loan use restrictions in West Virginia?

Can you take out a home equity loan in West Virginia only on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in West Virginia?

What's the difference between a HELOC and a home equity loan?

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

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.


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