Best HELOC Rates and Lenders in Arizona (2024)
Updated: April 23, 2024
Advertising & Editorial Disclosure
The best HELOC lender in Arizona is Lower, notable for its loan offerings. Its APR runs from 8.75% to 13.5%, 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.
- 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
Overall Best HELOC Lender in Arizona
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.
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.
- 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
Best HELOC Lender in Arizona for Affordability
- 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
Best HELOC Lender in Arizona for Bad Credit
- 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
Best HELOC Lender in Arizona for Large Loans
- 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
Best HELOC Lender in Arizona 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.
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.
A good HELOC rate in Arizona is approximately 6.69%. These rates typically apply to an LTV ratio of 80% or less with a credit score range of 680 to 740. Homeowners should note that rates can vary depending on creditworthiness and the lender chosen.
Lower is rated the best overall HELOC lender in Arizona. It has a competitive APR range of 8.75% to 13.5% and accepts minimum credit scores as low as 580. The loan amount range of $15,000 to $500,000 can accommodate various homeowner needs, making it a significant choice for many in the state.
Yes, homeowners with bad credit can still qualify for a HELOC in Arizona. For example, **U.S. Bank **offers HELOCs with a minimum credit score requirement of 660. When selecting a lender, consider factors like the minimum required credit score, potential discounts, and highest possible APR.
Bank of America is the top choice for large HELOCs for situations such as significant home renovation projects or investing in other properties. It offers loans ranging up to $1,000,000 with no annual fees and 20-year repayment period options, which can significantly benefit homeowners in need of substantial funds.
When using a HELOC for debt consolidation, it's important to compare APR ranges and how quickly funds are received. PNC Bank's APR ranges from 8.22% to 14.5%, and funds are typically available three days after closing. The loan amount range goes up to $1,000,000, suitable for consolidating large debts.
To find the right HELOC lender in Arizona, clearly understand your purpose for the line of credit and assess your financial situation. Whether it's for home improvements, medical expenses or another reason, your goals will define which lender is the best fit, as different lenders offer varying terms, rates, and benefits.
sources
- Arizona Department of Insurance and Financial Institutions. "License Search." Accessed April 19, 2024.
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.