Best HELOC Rates and Best HELOC Lenders in Arizona (2024)

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Updated: July 26, 2024

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The standout among the best HELOC lenders in Arizona is Lower, notable for its loan offerings. Its APR runs from 8.75% to 13.5% is among the best HELOC rates in Arizona, accommodating a broad spectrum of homeowners. Home equity credit lines range from $15,000 to $500,000 with no annual fees and it's available entirely online. MoneyGeek considered a variety of factors besides cost to determine the best lender.

MoneyGeek's analysis spotlighted HELOC lenders in Arizona. In addition to these, there are also local options for homeowners. Arizona Central Credit Union, Arizona Financial Credit Union and Desert Financial Credit Union also have appealing HELOC products.

Best HELOC Lenders in Arizona

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

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

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Our analysis was completed in July 2024 and includes lenders that do business in Arizona.

12Lenders Analyzed

    Overall Best HELOC Lender in Arizona

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the best HELOC lender in Arizona. Its APR range of 8.75% to 13.5%, loan amount range from $15,000 to $500,000, and the acceptance of credit scores starting at 580 make it stand out. Homeowners in Arizona can benefit from their approachable loan terms and the absence of annual fees. Its transparency ensures that detailed information is easily accessible on its website. With Lower, understanding and obtaining a HELOC is straightforward, enabling Arizona homeowners to use their home equity with confidence.

    Pros

    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

HELOC Rates in Arizona by Credit Score

A home equity line of credit (HELOC) offers flexibility, but your APR is not one-size-fits-all. Factors influencing your rate include your credit score and your home's loan-to-value ratio. In Arizona, even with strong credit and an LTV at or below 80%, rates vary. Review the table to see how repayment terms affect your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.42%
HELOC (15 year)APR7.42%
HELOC (20 year)APR7.42%

Where does this data come from?

When searching for a HELOC in Arizona, comparing APRs can save you money over the loan's life. Lower APRs lead to smaller monthly payments, making borrowing more manageable. Differences in APRs affect the overall cost of the loan, so taking the time to compare could mean more cash stays in your pocket.

HELOC Calculator: Do You Qualify in Arizona?

In Arizona, tapping into your home equity is simpler if your property's value has increased. According to TransUnion's report, you might be able to borrow more based on your home's equity growth. With an average credit score of 713 based on Experian's study, if you're near this number, you'll likely get a HELOC.

Your HELOC qualification in Arizona depends on equity, credit score, among other factors. Use the HELOC calculator to assess your eligibility by adjusting different variables. This can guide you effectively in your search for a HELOC.

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 Arizona 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

    Aven is the HELOC lender in Arizona for homeowners focusing on cost savings. Aven’s product blends the flexibility of a credit card backed by your home's equity and the benefits of a traditional HELOC. With an APR range from 7.99% to 15.49%, homeowners can enjoy savings with no annual fees and further reduce their rate by 0.25% by setting up autopay. This could make a noticeable difference in your borrowing costs over time, keeping more money in your pocket.

    Pros

    • Provides credit card backed by home equity
    • Earns 2% unlimited cash back on purchases
    • No origination, annual fees, or prepayment penalty

    Cons

    • Line limit up to $250,000 only
    • Card takes 10 days to arrive
    • One-time 2.5% cash-out fee
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Arizona 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 best Home Equity Line of Credit (HELOC) lender for those with bad credit in Arizona. With a minimum credit score requirement of just 660, homeowners with lower credit scores can still access funds. It offers an APR range from 8.95% to 13.1%, which is competitive, especially considering the lower credit threshold. Moreover, homeowners can benefit from a 0.5% rate discount for setting up autopay. This could make payments more manageable and help keep costs down. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

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

    Cons

    • Closing must be done in-person
    • Charges an early closure fee
    • No disclosed customer service hours
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Arizona 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

    Bank of America is the go-to lender for homeowners in Arizona looking to borrow large sums. You can fund high-cost needs such as home renovations or education expenses with HELOCs. It offers up to $1 million, which is a generous amount, and includes a 10-year draw period followed by 20 years for repayment. This gives you time to manage your finances without feeling rushed. Additionally, it charges no annual fees, saving you money over the long term. Homeowners also get discounts and face no application, annual or closing fees, which bolsters the value you get from such a substantial credit line.

    Pros

    • Competitive intro rate for six months
    • No fees for application or closing
    • High max loan amount available

    Cons

    • Charges a $450 early closure fee
    • Closing must be done in-person
    • Minimum loan $25,000 online
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Arizona for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the best choice for consolidating high-interest debts such as credit card and personal loan balances in Arizona. A HELOC from this lender offers lower interest rates, with a minimum APR of 8.22%, and goes up to 14.5%. Homeowners can access funds swiftly, typically within three days after closing, which allows for prompt debt consolidation. Plus, with a maximum loan amount of $1 million, it can cover substantial balances. PNC Bank reimburses fees, making the transition smoother for borrowers looking to streamline their financial commitments.

    Pros

    • Switch between variable and fixed rates
    • Autopay rate reduction of 0.25%
    • Reimburses various loan fees

    Cons

    • Charges a $50 annual fee
    • Charges a fee for interest rate lock/unlock
    • Charges a late fee
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Arizona

MoneyGeek has spotlighted top HELOC lenders in Arizona. Yet, finding the right fit for your financial needs can be a personal journey. Here are strategies to navigate the options and land a HELOC that aligns with your goals.

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    Define Your HELOC Goals

    Knowing the purpose of your HELOC in Arizona directs you to suitable lenders. For home improvements, seek lenders with experience in construction loans. For debt consolidation, prioritize flexible repayment options. Specificity in use can leverage lender expertise for better terms.

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    Investigate Lender Reputation

    Research lender credibility through the Better Business Bureau and checking with the Arizona Department of Insurance and Financial Institutions. Reliable lenders have positive reviews and adhere to state regulations.

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    Compare Rates and Fees

    Shop around to compare loan features across Arizona lenders. Examine HELOC closing costs and interest rates thoroughly. Lower rates or fees can save money over the loan's life while aligning with your financial goals.

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    Check Community Standing

    A lender's local reputation can signal customer satisfaction. Look for awards or community recognition in Arizona, reflecting their commitment and service quality. Engage with area homeowners for firsthand accounts.

    loanReview icon

    Assess Lender Flexibility

    Seek lenders offering adaptable solutions like interest-only payments or a switch to a fixed-rate HELOC. Online prequalification is a convenience worth noting. Flexibility ensures the HELOC fits your changing needs.

FAQ: HELOC Lenders and Rates in Arizona

Navigating the world of home equity lines of credit (HELOC) can be streamlined by understanding key aspects. These frequently asked questions aim to shed light on common considerations for Arizona homeowners, helping you make informed choices about your HELOC lender.

What’s a good HELOC rate in Arizona? What are the best HELOC rates in Phoenix?
Which HELOC lender is best overall in Arizona?
Can I still qualify for a HELOC in Arizona if I have bad credit?
Which HELOC lender in Arizona is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Arizona for me?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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