Best HELOC Rates and Best HELOC Lenders in Alaska (August 2024)

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Updated: August 20, 2024

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The best HELOC lender in Alaska is U.S. Bank. It wins for overall service, offering loans both online and through its physical branches across the state. MoneyGeek's analysis included several lenders and U.S. Bank came out on top, not solely based on cost but a range of factors.

U.S. Bank emerged as the winner thanks to its competitive APR range of 8.95% to 13.1% and its broad loan amount range from $15,000 to $750,000, suitable for various homeowner needs. Homeowners with a credit score of at least 660 can access these loans, with the opportunity to receive a 0.5% discount for autopay and an annual fee of up to $75.

Seven lending institutions were part of MoneyGeek's study in Alaska, though the state hosts more lenders. Local lending options like Alaska Air Group Credit Union, Spirit of Alaska Federal Credit Union and First National Bank Alaska also offer HELOCs with unique benefits to Alaskans.

Best HELOC Lenders in Alaska

Best Overall: U.S. Bank

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: U.S. Bank

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in August 2024 and includes lenders that do business in Alaska.

7Lenders Analyzed

    Overall Best HELOC Lender in Alaska

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    For Alaska homeowners seeking to leverage their home's equity, U.S. Bank is the preferred lender for a HELOC. Its APR range of 8.95% to 13.1%, loan amounts from $15,000 to $750,000, and a minimum credit score requirement of 660 make it a sensible choice. U.S. Bank provides an APR discount of 0.5% for autopay setup, ensuring more savings on interest costs. Homeowners benefit from the flexibility of interest-only payments during the draw period. U.S. Bank is BBB accredited.

    Pros

    • Allows for interest-only payments initially
    • Offers a fixed-rate option
    • No closing costs

    Cons

    • Must close in-person at a center
    • Charges max $500 early closure fee
    • No financial hardship assistance
    U.S. Bank

HELOC Rates in Alaska by Credit Score

Your home equity line of credit (HELOC) APR in Alaska might change due to several factors, such as credit score and LTV ratio. Even with strong credit and an LTV of 80% or less, rates vary by repayment terms. Review the table to see rate adjustments for varying parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.39%
HELOC (15 year)APR6.39%
HELOC (20 year)APR6.39%

Where does this data come from?

When you shop for a HELOC in Alaska, comparing APRs from various lenders can lead to lower borrowing costs. Different lenders offer unique rates and fees, which means reviewing options could mean more manageable monthly payments and less paid over the life of the line of credit. Taking the time to compare can save you money.

HELOC Calculator: Do You Qualify in Alaska?

If you have a high home equity, you may be able to borrow more against it. With an average credit score of 722 in Alaska, cited by Experian, homeowners are generally able to secure a HELOC.

HELOC eligibility in Alaska hinges on various factors, notably equity and credit score. Use the HELOC calculator below to see how changing variables affects your eligibility. This can be a useful step in your HELOC search.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Alaska for Affordability

  • Aven
    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    In Alaska, homeowners looking for cost-effective HELOC options should consider Aven, a standout for its competitive rates and added perks. Aven's product works like a credit card backed by your home's equity, but it's reported as a HELOC to credit bureaus. With APRs ranging from 7.99% to 15.49%, it caters to various financial situations. It distinguishes itself with no annual fees and a rate discount of 0.25% for setting up autopay. These features, combined with no origination fees or penalties for early payback, make it an attractive choice for cost-conscious borrowers.

    Pros

    • Provides credit card backed by home equity
    • Earns 2% unlimited cash back
    • No origination or annual fees

    Cons

    • Line limit up to $250,000 only
    • 2.5% fee for cashouts/transfers
    • Card arrival takes 10 days
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Alaska for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the top lender for Alaskans with less-than-stellar credit seeking a HELOC. Bad credit doesn't shut you out from getting a home equity line of credit. Although higher interest rates may apply, U.S. Bank's minimum credit score requirement is 660, with APRs not exceeding 13.1%. Additionally, homeowners benefit from a 0.5% rate discount when signing up for autopay. The combination of a lower credit score threshold and the potential for reduced rates make it a sensible option for Alaska homeowners with less-than-perfect credit. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • Offers a fixed-rate option
    • Minimum line amount is only $15,000
    • No closing costs

    Cons

    • Closing must be in person at a financial center
    • Annual fee of $75 charged
    • No disclosed customer service hours
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Alaska for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Homeowners in Alaska seeking a substantial loan amount for significant financial needs, like home renovations or education costs, should consider Bank of America. HELOCs from this lender can range up to $1 million, offering a robust solution for funding large-scale projects. With Bank of America, you benefit from a 10-year draw period, allowing extensive time to utilize the funds, followed by a 20-year repayment term—providing a stretched-out period to manage repayment without pressure. Additionally, no annual fee over the life of the loan ensures cost efficiency, while the absence of application, annual or closing fees adds to the financial ease for Alaskan homeowners. The financial strain is further eased with intro rates starting at 6.99% and the opportunity for multiple discounts. Bank of America supports during tough times, reflecting its commitment to borrower well-being.

    Pros

    • Competitive introductory rate for first six months
    • No application, annual, or closing fees
    • Assistance available during financial hardship

    Cons

    • Closing must be done in-person
    • Undisclosed minimum HELOC requirements
    • $25,000 minimum for online applications
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Alaska for Debt Consolidation

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the top choice for Alaskans looking to use a HELOC for debt consolidation. This route merges multiple high-interest debts, like credit card and personal loan balances, into one with lower interest. Choosing the best lender means finding one with an APR lower than your current debts, quick access to funds, and a loan amount that covers what you owe. U.S. Bank delivers with APRs ranging from 8.95% to 13.1%, funds available in just three business days, and up to $750,000 on offer. Plus, it supports a discount for autopay sign-ups and has no closing costs, enhancing the deal for homeowners in Alaska. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Prequalify online
    • Interest-only payment option

    Cons

    • Closing must be done in person at a financial center.
    • Charges an annual fee of $75
    • Does not disclose customer service hours.
    U.S. Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Alaska

While MoneyGeek has spotlighted standout HELOC lenders in Alaska, you may wish to search further. The following practical strategies will help you find a loan provider that aligns with your financial scenario, ensuring a tailored fit for your needs.

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    Define Your HELOC Goals

    Understanding why you want a HELOC helps pick a suitable lender in Alaska. Whether it's for home renovations, consolidating debt or an emergency fund, each lender may offer specific terms for these uses. Research and match your goals with lenders' offers for a smoother process.

    trustSeal icon

    Investigate Lender Reputation

    Always check a lender’s track record. The Better Business Bureau (BBB) and the Alaska Division of Banking and Securities provide insights into a lender's credibility and customer satisfaction levels. Trustworthy lenders should have positive ratings with both agencies.

    loanVsLoan icon

    Compare Rates and Fees

    Look beyond rates by comparing fee structures and features from various Alaskan lenders. Assess closing costs, repayment terms, and borrowing limits to identify the best HELOC option for you without comparing sites.

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    Check Community Standing

    Consider a lender's local reputation in Alaska. Local awards and recognition can indicate a lender's service quality and community involvement. This often ties to customer satisfaction and personal recommendations.

    loanReview icon

    Assess Lender Flexibility

    Evaluate whether lenders offer flexible options like interest-only payments, conversion from variable rates to a fixed-rate HELOC and online prequalification. These features can greatly benefit you in the long term.

FAQ: HELOC Lenders and Rates in Alaska

Navigating the world of home equity lines of credit in Alaska just got easier. Below, you'll find answers to commonly asked questions, providing you with insights and guidance on selecting a HELOC lender tailored to your unique financial needs, ensuring a wise choice for your home's equity.

What’s a good HELOC rate in Alaska? What are the best HELOC rates in Anchorage?

A competitive HELOC rate in Alaska currently stands at approximately 6.41%, assuming an LTV ratio of 80% or less and a credit score in the 680 to 740 range. Homeowners should note that rates may vary by credit worthiness and lender choice. The best HELOC rates in Anchorage are usually indicative of the optimal rates throughout Alaska.

Which HELOC lender is best overall in Alaska?

U.S. Bank stands out as the best overall HELOC lender in Alaska due to its APR range of 8.95% to 13.1%, loan amounts ranging from $15,000 to $750,000 and a minimum credit score requirement of 660. These factors are pivotal for Alaskan homeowners looking for versatile HELOC options.

Can I still qualify for a HELOC in Alaska if I have bad credit?

Yes, it's possible to qualify for a HELOC in Alaska even with bad credit. U.S. Bank, for instance, accepts minimum credit scores as low as 660 for their HELOC products.

Which HELOC lender in Alaska is best for large loans?

For significant funding needs, such as substantial home renovations, Bank of America is the leader in Alaska, offering large loan amounts up to $1,000,000. This can be essential for major investments in a property or expensive life events.

Can I use a HELOC to consolidate debt?

Selecting a HELOC lender for debt consolidation involves evaluating the APR range and the time to receive funds. MoneyGeek's pick, U.S. Bank, offers APRs from 8.95% to 13.1% and funds within 3 business days, making it a viable option for consolidating high-rate debts. It's best to familiarize yourself with the HELOC pros and cons before applying for one.

How can I ensure I find the right HELOC lender in Alaska for me?

Finding the right HELOC lender in Alaska requires a clear understanding of your intended use for the HELOC and your unique financial circumstances. Prioritizing certain lender features based on your needs — be they low-interest rates, fast funding or large loan amounts — will guide you to the best lender match.

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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