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

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Updated: July 26, 2024

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The best home equity line of credit (HELOC) lender in Colorado is Lower. It is only available online, as it does not have physical branches in the state. It serves a broad spectrum of needs, with an APR range of 8.75% to 13.5% and loan amounts from $15,000 to $500,000. Its minimum credit score requirement is 580, making it accessible to a wider audience.

MoneyGeek examined different lenders based on multiple factors, not just cost, and included 13 HELOC lenders available to Colorado homeowners. While there are more HELOC providers, we did not include them in the study. Homeowners might consider local lenders like Colorado Credit Union, Credit Union of Colorado and Northern Colorado Credit Union, which could offer distinct advantages for Coloradans' specific financial situations.

Best HELOC Lenders in Colorado

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

MoneyGeek evaluated Colorado HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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

13Lenders Analyzed

    Overall Best HELOC Lender in Colorado

  • 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 overall top HELOC lender in Colorado. It offers rates from 8.75% to 13.5% and allows borrowing between $15,000 and $500,000. Homeowners with a credit score of at least 580 can apply. It makes loan features easily accessible on its site, which benefits users by promoting transparency. Lower also boasts an A+ rating from BBB, ensuring trust and reliability. Home equity enthusiasts in Colorado who seek a balance between accessible loan terms and reliable customer support might find Lower’s offerings quite fitting.

    Pros

    • No annual fee
    • Accepts credit scores from 580
    • Personalized post-loan support

    Cons

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

Your home equity line of credit (HELOC) APR isn't set in stone. Even with an excellent credit score and a favorable LTV ratio under 80%, rates vary due to your chosen repayment terms. Review the table below to gauge how different values affect your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.89%
HELOC (15 year)APR7.89%
HELOC (20 year)APR7.89%

Where does this data come from?

Comparing APRs when you search for a HELOC in Colorado can save you money over time. Lower rates mean cheaper borrowing, making repayments more manageable. Take the time to compare, as slight APR differences can lead to significant savings. Picking the right lender shapes your borrowing experience, ensuring you stay on top of your finances.

HELOC Calculator: Do You Qualify in Colorado? Find the Best HELOC Rates in Colorado for You

In Colorado, the key to unlocking a higher borrowing amount on a HELOC is how much home equity you have. As reported by TransUnion, if you have more equity in your home, you can typically borrow more. Experian highlights the average credit score in Colorado is 731. You might be well-positioned for a HELOC if your score is around this mark.

Your eligibility for a HELOC isn't just about home equity and credit score; other factors also come into play. Get familiar with the HELOC calculator to play around with different variables and gauge your eligibility. This handy tool can simplify your search for the right HELOC lender.

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 Colorado 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 top HELOC lender in Colorado for homeowners who prioritize savings. It offers a unique product that works like a credit card backed by your home's equity, but it is reported as a HELOC credit bureaus; this ensures transparent financial activity. With APRs ranging from 7.99% to 15.49% and no annual fees, this lender also encourages further savings with a 0.25% discount on rates when you set up autopay. These features make Aven a preferred choice for Colorado homeowners looking for a cost-effective HELOC.

    Pros

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

    Cons

    • Line limit is only up to $250,000
    • 2.5% fee for bank cash outs
    • 10-day wait for card
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Colorado 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 lender for Colorado homeowners with bad credit looking for a HELOC. Even with a credit score as low as 660, you can secure a line of credit. U.S. Bank keeps the maximum APR at a reasonable 13.1%. It offers a 0.5% autopay discount, making monthly payments more manageable. This flexibility and the opportunity to receive funds in three business days could greatly benefit those needing quicker access to funds. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Offers fixed-rate option
    • Minimum $15K line amount

    Cons

    • Closing must be done in person
    • Early closure fee of up to $500
    • $75 annual fee
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Colorado 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 best HELOC lender in Colorado for large loan amounts. Due to its flexibility, homeowners looking to fund high-cost projects like home renovations or college education can use a HELOC. Borrowers can manage substantial expenses with Bank of America's maximum loan amount of $1 million. It also provides a 10-year draw period followed by a 20-year repayment period, giving borrowers time to handle their finances without the pressure of a quick repayment. Additionally, homeowners can save more as the lender has no annual fees, application fees or closing costs throughout the loan's lifetime. Bank of America helps customers during unexpected financial challenges, making it a supportive choice for Colorado residents.

    Pros

    • Offers competitive introductory rate
    • No closing costs
    • Maximum loan amount of $1 million

    Cons

    • Minimum loan amount of $25,000 for online applications
    • Must close in person at a branch
    • $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Colorado 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 HELOC lender for debt consolidation in Colorado. Homeowners often choose a HELOC to merge debts like credit card balances or medical bills into one payment. U.S. Bank offers APRs from 8.95% to 13.1%, and funds are available within three business days. It provides loans up to $750,000, making it feasible to consolidate various debts. U.S. Bank is accredited by the BBB, providing trust in its services, though it currently doesn't have a rating.

    Pros

    • No closing costs
    • Can prequalify online
    • Interest-only payment option

    Cons

    • Closing must be done in person
    • Charges $75 annual fee
    • No financial hardship assistance
    U.S. Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Colorado

MoneyGeek has highlighted the top HELOC lenders in Colorado. If you decide to scout beyond these picks, the right approach can streamline your search. Here's a practical guide for Colorado homeowners to navigate the HELOC lender landscape effectively.

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    Define Your HELOC Goals

    Knowing why you want a HELOC helps you pick the right lender. For renovations, find a lender with experience in construction loans. For debt consolidation, seek low rates. Colorado homeowners should pinpoint their needs for a tailored lender match.

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    Scrutinize Lender Reputation

    Always check lenders with the Better Business Bureau and the Colorado Department of Regulatory Agencies. Solid BBB scores and state approval mean a dependable lender.

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    Compare Loan Features

    For the best deal in Colorado, compare loan features beyond interest rates. Scrutinize HELOC closing costs and repayment terms. Lower costs can mean significant savings.

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    Check Community Standing

    A lender's local reputation counts; awards and community recognition reflect customer satisfaction. Colorado borrowers should consider a lender's local standing for peace of mind.

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    Assess Lender Flexibility

    Look for lenders that offer interest-only payments, conversion to a fixed-rate HELOC or online prequalification. Easy application processes are a huge plus.

FAQ: HELOC Lender and Rates in Colorado

With the right information, navigating the maze of HELOC lenders in Colorado can be less daunting. Our compiled frequently asked questions offer insights to help you navigate terms, rates and lender reputation, equipping you with the tools to secure a loan that aligns with your financial strategy.

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