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

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Updated: July 26, 2024

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The best HELOC lender in Connecticut is Lower. It offers home equity lines of credit exclusively online, catering to a wide audience with its accessible approach. MoneyGeek considered a variety of factors, not just cost, to determine the best lender.

MoneyGeek analyzed HELOC lenders for Connecticut homeowners. While other lenders exist in the state, they might not have been included in the study. Among local lenders, American Eagle Financial Credit Union, Sikorsky Credit Union and Western CT offer HELOCs that might present unique benefits.

Best HELOC Lenders in Connecticut

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, among others.

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

15Lenders Analyzed

    Overall Best HELOC Lender in Connecticut

  • 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 Connecticut. It offers APRs from 8.75% to 13.5%, catering to borrowers with credit scores starting at 580. With loan amounts ranging from $15,000 to $500,000, homeowners have a broad spectrum to choose from. Lower's transparency ensures easy access to details, allowing homeowners to unlock their home's equity with confidence. It lacks annual fees and has achieved an A+ BBB rating. This bridges the gap for those needing personalized support and greater financial flexibility.

    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 Connecticut by Credit Score

A home equity line of credit (HELOC) APR isn't one-size-fits-all in Connecticut. Good credit and an LTV Ratio at or below 80% are solid starts, but lenders assess repayment terms differently. Review the table provided to gauge how rates adjust with your selected parameters.

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 exploring HELOC options in Connecticut, comparing APRs is a smart move. Lower APRs can mean smaller monthly payments and less interest paid over the loan's life. This can save you money and make managing your loan easier, ensuring you get a deal that fits your financial situation comfortably.

HELOC Calculator: Do You Qualify in Connecticut?

Connecticut homeowners might have a hint of good news according to TransUnion's report. The data suggests there's untapped equity in the state. With higher home equity, borrowing more through a HELOC could be possible. Meanwhile, Experian reports the average credit score in Connecticut is 726. Your prospects for a HELOC look promising if your credit score is near this.

Eligibility for a HELOC isn't just about equity or a credit score; it's multi-faceted. Utilize the HELOC calculator here to mix and match variables and gauge your eligibility. This handy tool offers insights that could guide your HELOC hunt effectively.

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 Connecticut 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 offers a unique product for Connecticut homeowners seeking to minimize expenses on a HELOC. It offers APRs from 7.99% to 15.49% with no annual fees and a chance to lower your rate by 0.25% with autopay. Aven's product is a hybrid HELOC, functioning like a credit card backed by home equity and is reported as a HELOC to credit bureaus. This setup, combined with no origination or prepayment penalties, presents a cost-effective option for those focused on affordability.

    Pros

    • Earns you 2% unlimited cash back for purchases
    • Provides you a credit card backed by your home's equity
    • 0.25% rate reduction for autopay

    Cons

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

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Connecticut 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 HELOC lender for homeowners in Connecticut with less-than-perfect credit. A low credit score doesn’t prevent you from getting a HELOC; it just affects the terms. U.S. Bank sets the bar with a minimum credit score of 660, a maximum APR cap of 13.1%, and a 0.5% discount for autopay sign-ups, which eases the interest burden. This flexibility can be a lifeline for managing finances against home equity. Notably, U.S. Bank is accredited by the BBB, though it currently does not have a rating. Benefits include no closing costs, the ability to prequalify online and a minimum line amount as low as $15,000, making it accessible for various financial needs.

    Pros

    • Allows prequalification online
    • Fixed-rate option available
    • Minimum line of $15,000

    Cons

    • Charges an annual fee of $75
    • Does not disclose customer service hours
    • Early closure fee up to $500
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Connecticut 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

    If you're a Connecticut homeowner looking to fund high-cost needs like home renovations or higher education, a Home Equity Line of Credit, or HELOC, could be the lifeline you need. Bank of America is the top lender for large loan amounts. With a maximum loan amount of $1 million and a no-fee structure, it makes borrowing a significant sum more manageable. The HELOC offers a 10-year draw period followed by a 20-year repayment period, giving you plenty of time to repay the money you use. Plus, it doesn't charge an annual fee over the life of the loan. Bank of America also provides aid during financial hardships, ensuring homeowners have support when needed.

    Pros

    • Offers multiple discounts
    • No application fee or closing costs
    • Max loan amount is $1 million

    Cons

    • Charges a $450 early closure fee
    • Closing must be in person
    • Does not disclose HELOC minimums
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Connecticut 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 top HELOC lender for debt consolidation in Connecticut. A HELOC helps consolidate debts like credit card bills and personal loans, ideally with lower interest rates, quick fund access and sufficient loan limits. PNC Bank offers a minimum APR of 8.22% and a maximum of 14.5%, allowing homeowners to save on interest. It provides funds within three days after closing, making it fast and efficient. With borrowing limits up to $1 million, PNC Bank accommodates various debt amounts. The option to choose between variable and fixed rates, coupled with several fee reimbursements, enhances its flexibility and affordability for homeowners.

    Pros

    • Switch between variable and fixed rates
    • Online document upload and progress tracker
    • Up to $1 million borrowing capacity

    Cons

    • Charges a $50 annual fee
    • Charges a late fee
    • Does not disclose most information
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Connecticut

After exploring MoneyGeek's top HELOC lenders in Connecticut, you might want to dig deeper. Consider these strategies to refine your search and confidently choose a lender that matches your financial needs.

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    Define Your HELOC Goals

    Understanding why you want a HELOC can direct you to the right lender. For home renovations, seek lenders offering renovation HELOCs. For debt consolidation, look for ones with favorable payment terms. Discuss your goals with potential lenders to find the best fit for your project.

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    Investigate Lender Reputation

    Verify a lender's reliability before committing. Check ratings at the Better Business Bureau and look up licensing at the Connecticut Department of Banking. Trustworthy lenders maintain good standing with these institutions.

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    Compare Rates and Fees

    Take time to explore different HELOC features from several Connecticut lenders. Assess interest rates and understand HELOC closing costs before making a decision. Lower rates can save money long-term while fair closing costs ensure affordability up-front.

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    Check Community Standing

    A lender’s community reputation in Connecticut can signal their service quality. Awards and local recognition show a lender's dedication to clients. Ask friends or explore community forums for personal experiences to gauge a lender's local repute.

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    Assess Lender Flexibility

    Flexible lenders offer benefits like interest-only payments or converting HELOCs with variable rates to a fixed-rate option. Online prequalification is a plus as it simplifies the application process. Explore these aspects to tailor the HELOC to your needs.

FAQ: HELOC Lenders and Rates in Connecticut

Navigating the HELOC landscape in Connecticut can be easier with the right knowledge. Our FAQ tackles common concerns, arming you with insights to make informed choices for your home equity line of credit needs.

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