Best HELOC Rates and Best HELOC Lenders in Delaware (August 2024)

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Updated: August 20, 2024

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The best home equity line of credit (HELOC) lender in Delaware is Lower. Homeowners looking for flexible credit options will find its range of APR from 8.75% to 13.5% fitting for various financial circumstances. With loan amounts that stretch from $15,000 to $500,000 and a minimum credit score requirement of just 580, it makes financing accessible to a wide audience.

MoneyGeek reviewed 11 lenders to provide Delaware homeowners with options. While other lenders exist, not all were included in the review. Besides the winner, Del-One Federal Credit Union, Tidemark Federal Credit Union and DEXSTA Federal Credit Union offer HELOCs that could present unique benefits tailored to individual needs.

Best HELOC Lenders in Delaware

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: Lower

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated Delaware 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 August 2024 and includes lenders that do business in Delaware.

11Lenders Analyzed

    Overall Best HELOC Lender in Delaware

  • 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 in Delaware offers a strong option for homeowners seeking to tap into their home equity. Its APR range of 8.75% to 13.5% and loan amounts from $15,000 to $500,000 suit diverse needs. With a minimum credit score requirement of 580, it's accessible to a range of borrowers. Transparency in accessing these details online simplifies the process. Benefits include no annual fees and a track record evidenced by an A+ BBB rating. Plus, personalized support ensures you're not navigating your HELOC alone.

    Pros

    • Accepts credit scores from 580
    • A+ rating from BBB
    • No annual fee

    Cons

    • Does not offer hardship assistance
    • No fixed-rate HELOC conversion
    • Repayment period undisclosed
    Lower

HELOC Rates in Delaware by Credit Score

The APR on your home equity line of credit (HELOC) is not one-size-fits-all. In Delaware, even with a solid credit score and a loan-to-value (LTV) ratio below 80%, lenders may offer varying rates based on repayment terms. Review the provided table to see how altering parameters affects your rate.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.86%
HELOC (15 year)APR6.86%
HELOC (20 year)APR6.86%

Where does this data come from?

When hunting for the best HELOC lender in Delaware, comparing APRs is key. The annual percentage rate wraps up interest and fees, revealing the loan's true yearly cost. Lower APRs can mean less money spent over time, shaping a smoother borrowing journey. Different lenders offer varying rates, so shopping around can secure a deal that matches your financial comfort zone.

HELOC Calculator: Do You Qualify in Delaware?

If you've built up some home equity, you may be able to borrow against it. The average credit score in Delaware is 715, as detailed by Experian. This figure suggests that with a similar score, you could be well-positioned to get a Home Equity Line of Credit (HELOC).

Your eligibility for a HELOC in Delaware isn't just about equity and credit score. Other factors play a role too. The HELOC calculator could help you see where you stand by adjusting various numbers. This insight could be an advantage in your search for the right 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 Delaware 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

    For Delaware homeowners who focus on cost-savings, Aven is the top HELOC lender. With no annual fees and a 0.25% discount for autopay, it provides an attractive financial tool. Aven's product acts like a credit card backed by your home's equity and boasts APRs ranging from 7.99% to 15.49%. Other features like no origination or early closure fees contribute to affordability, making it a smart pick for price-conscious homeowners.

    Pros

    • Earns you 2% unlimited cashback 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
    • 2.5% cashout fee to bank
    • Card delivery takes 10 days
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender in Delaware for Bad Credit

  • 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 for homeowners in Delaware with bad credit. Bad credit doesn't mean no HELOC; it just means looking for a lender with flexible credit requirements. Lower accepts a minimum credit score of 580, keeping the door open for HELOC access despite credit challenges. Additionally, it caps the annual percentage rate (APR) between 8.75% and 13.5%. With no annual fees and personalized support post-application, it offers manageable terms for those who may face financial hurdles. Plus, with loan amounts ranging from $15,000 to $500,000, Lower matches various borrowing needs.

    Pros

    • Accepts credit scores from 580
    • A+ rating from BBB
    • Personalized support post-application

    Cons

    • No rate discounts offered
    • Does not offer financial hardship help
    • Repayment period details not disclosed
    Lower

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Delaware 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

    For homeowners in Delaware looking to fund high-cost needs, Bank of America offers a solid HELOC option. With the ability to borrow up to $1 million, it's ideal for significant expenses. Moreover, given the 10-year draw period and subsequent 20-year repayment term, it provides a comfortable timeline for repayment. Homeowners benefit from no annual fees, enhancing long-term affordability. Plus, it includes a 6.99% introductory rate for the first six months and multiple discount opportunities. With these features, Bank of America assists homeowners in managing large-scale borrowing effectively.

    Pros

    • Competitive intro rate for six months
    • Multiple discounts available
    • No closing costs or annual fees

    Cons

    • Must close in person at a bank
    • Unclear HELOC minimum requirements
    • Online applications start at $25,000
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Delaware 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

    For homeowners in Delaware considering debt consolidation, PNC Bank is the top HELOC lender. Credit card balances and personal loans often have high interest rates. A HELOC from PNC Bank offers a lower interest option, with rates from 8.22% to 14.5%. It allows quick fund access, often within three days after closing. You can also borrow up to $1 million, which may cover all your outstanding balances. The online tracker simplifies document uploads and application tracking, making the process user-friendly. PNC's product also adapts to your needs, letting you switch from variable to fixed rates, while offering autopay discounts and financial hardship assistance.

    Pros

    • Switch between variable and fixed rates
    • Borrow up to $1 million
    • Online application tracking available

    Cons

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

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Delaware

MoneyGeek has spotlighted top HELOC lenders in Delaware. Yet, if you're considering alternate choices, these straightforward strategies will guide you in finding a lender that aligns with your financial goals.

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    Define Your HELOC Purpose

    Understanding why you want a HELOC guides your lender choice in Delaware. Some tailor terms based on whether funds are for debt consolidation, renovations, or education. Knowing your goal helps pinpoint lenders with favorable terms for your situation.

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    Research Lender Reputation

    In Delaware, assess lender credibility via the Better Business Bureau and the Delaware Office of the State Bank Commissioner. A strong reputation ensures reliability and service quality.

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    Compare Rate and Fees

    Look at interest rates, fee structures, including HELOC closing costs, without relying on rate comparison sites. Delaware lenders differ, so comparing helps find affordable options with transparent fees.

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    Evaluate Community Standing

    Consider a lender's local reputation in Delaware — awards and community recognition speak to their customer commitment. Local repute can translate into personalized customer service.

    loanReview icon

    Check Lender Flexibility

    Flexibility matters for Delaware borrowers. Look for a lender offering interest-only payments, a conversion to a fixed-rate HELOC or smooth application processes like online prequalification.

FAQ: HELOC Lenders and Rates in Delaware

Navigating the HELOC landscape in Delaware can be streamlined by understanding key elements lenders evaluate. These FAQs demystify terms, clarify lender differences, and highlight strategies for choosing a suitable lender to ensure you make a well-informed decision for your financial future.

What’s a good HELOC rate in Delaware? What are the best HELOC rates in Wilmington?

A good HELOC rate in Delaware is around 6.50%, assuming an LTV ratio of 80% or lower and a credit score of 680 to 740. However, rates may vary based on creditworthiness and lender choice. Wilmington's best HELOC rates typically mirror Delaware's most competitive rates.

Which HELOC lender is best overall in Delaware?

Lower is considered the best overall HELOC lender in Delaware. Lower appeals to homeowners because of its APR range of 8.75% to 13.5%, offering loans between $15,000 and $500,000, even to those with a minimum credit score of 580, making it accessible and versatile.

Can I still qualify for a HELOC in Delaware if I have bad credit?

Yes, you can qualify for a HELOC in Delaware with bad credit. Lower, for example, offers HELOCs to individuals with a minimum credit score of 580. When considering a lender, be mindful of the APR range and discounts for which you may be eligible.

Which HELOC lender in Delaware is best for large loans?

Bank of America is the top pick for large HELOC loans in Delaware. Homeowners who require substantial funds for major life events or to cover extensive home renovations often need lenders like Bank of America that offer a large loan amount range and advantageous repayment terms.

Can I use a HELOC to consolidate debt?

For consolidating debt, homeowners may consider a HELOC with favorable APRs, like those offered by PNC Bank, MoneyGeek's pick for debt consolidation. Its APR range of 8.22% to 14.5%, funding time of about three days after closing the deal and loan amounts of up to $1,000,000 make PNC Bank a strong choice. That said, knowing the HELOC pros and cons is crucial before you apply for a HELOC.

How can I ensure I find the right HELOC lender in Delaware for me?

Finding the right HELOC lender in Delaware means considering your intended use for the funds and understanding your financial standing. Different financial goals and priorities, like debt consolidation, home renovations or personal investment, can steer you toward lenders that cater to your specific needs.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

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

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