The Best HELOC Rates and Lenders in Alaska

A home equity line of credit (HELOC) is an open-ended credit line that you can use against the value of your home. Borrowers can withdraw money when needed up to their maximum loan amount. A HELOC can fund large expenses like home renovations, education, debt consolidation and investments.

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A home equity line of credit, or HELOC, is often used to finance significant expenses, including home renovations, costs for education, medical bills, debt consolidation and more. A HELOC is ideal for homeowners who have a considerable amount of home equity and are responsible with credit.

For homeowners in Alaska, MoneyGeek found that the current home equity line of credit rates range from 1.99% to 18%, and the best overall HELOC lender is Bank of America.

Before opening a home equity line of credit, it’s important to shop around and find a lender that suits your needs. Compare their rates to ensure you’re getting the best available deal.

Home Equity Line of Credit (HELOC) Rates for 2023

The table below provides an overview of equity rates, repayment terms and other important details about home equity line of credit lenders as of May 2022.

Please note that rates and information are always changing. MoneyGeek will regularly update this table with the most current information.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period;
    20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period;
    20-year repayment period

    Not specified

    Not specified

  • 4.20% to 9.35%

    $15,000 to $750,000

    730

    10-year draw period;
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period;
    20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period;
    20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period;
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period;
    15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period;
    20-year repayment period

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Alaska

MoneyGeek’s mission is to help you find the best HELOC lender based on your financial needs and goals. Keep in mind that outside of national banks, not many lenders offer home equity line of credit loans. If your application is denied by a national lender, check whether your local credit union finances HELOC loans.

Best Overall HELOC Lender in Alaska: Bank of America


  • Bank of America

    Bank of America offers a 1.99% introductory APR for six months.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Alaska: U.S. Bank


  • U.S. Bank

    With U.S. Bank, you can apply for a HELOC by phone, online or by visiting a branch.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Alaska: Figure


  • Figure

    Among HELOC lenders, Figure has one of the lowest credit score requirements at 620.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Alaska: PenFed


  • PenFed Credit Union

    PenFed Credit Union offers a 0.99% introductory APR for your first six months.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Although a home equity loan (HELOAN) and a home equity line of credit (HELOC) sound similar, they are two different products.

Home equity loans allow a homeowner to borrow against the value of their home. Additionally, home equity loans have fixed interest rates and fixed repayment terms. Borrowers receive the money from the bank as a lump sum.

On the other hand, a HELOC acts like a credit card. Borrowers can withdraw a specified amount during the draw period, both set by the lender. HELOCs also have variable interest rates. Therefore, the borrower isn’t locked into fixed monthly payments during the repayment period.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Variable, but a fixed-rate loan
    is sometimes an option

    Usually have fixed interest rates

  • Monthly Payment

    Changes depending
    on the amount of money borrowed

    Fixed monthly payments on interest
    and a portion of the principal

  • Repayment Terms

    Interest-only payments during
    the borrowing period;
    principal and interest thereafter

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Borrowers can withdraw funds
    up to the credit limit whenever
    they choose

    Delivered in one lump sum

How to Apply for a HELOC

Applying for a HELOC is convenient since many lenders allow you to fill out applications online. You typically need to provide your personal information and contact details, then await the lender’s approval.

1

Determine how much you need

Remember, a HELOC isn’t for everyone. MoneyGeek recommends a home equity line of credit for homeowners who can budget well and know the exact amount they need to borrow. Also, HELOCs are ideal for large expenses like investments, debt consolidation and education. A HELOC may not be suitable if you only need money for a small home renovation project that costs less than $1,000.

2

Assess your financial standing

In addition to determining how much you need to borrow, take stock of your financial situation. Are you financially stable right now? Do you have any other open lines of credit? Most lenders have minimum credit score requirements to gauge your ability to repay the loan. If you’re in a position to take minor steps that would boost your credit into a better category, doing so before applying for a HELOC could help you secure a lower interest rate.

3

Shop around and compare lenders

There’s value in researching lenders and comparing their offerings. This will help you find the best deal based on your unique situation and needs. With the right HELOC lender, you can avoid paying additional fees and take advantage of low rates before the loan starts.

4

Apply

It’s usually possible to apply for a HELOC online. Gather the information you need for your application to save time. You may have to provide verified documents like bank statements, mortgage statements and proof of income. MoneyGeek has several tips for a smooth HELOC application.

5

Use funds wisely

Once you start withdrawing funds from your HELOC, take note of the repayment terms and other fees. Keep track of how much you need to pay while your HELOC is open to budget for monthly expenses.

Frequently Asked Questions About HELOCs

Opening a home equity line of credit (HELOC) can be an unfamiliar process. To help you learn more, MoneyGeek answered some commonly asked questions about HELOCs.

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