The Best HELOC Rates and Lenders in Delaware

A home equity line of credit (HELOC) is a type of financing that can be used for significant expenses. Like a credit card, it is a revolving form of financing. It is backed by your home, which means that if you default on payments, the lender can take your house.

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You can use a HELOC to pay for major expenses such as home renovation projects, education fees, debt consolidation and medical bills. A HELOC is best for people with good credit and decent home equity.

MoneyGeek found that the current home equity line of credit rates for Delaware homeowners varies from 0.99% to 18.%. We also found that Bank of America is the best home equity line of credit provider overall.

When applying for a HELOC in Delaware, it is crucial to compare several lenders in order to find the best rate for your particular needs and financial profile.

Home Equity Line of Credit (HELOC) Rates for 2023

As of May 2022, the following table provides an overview of HELOC criteria, equity rates, repayment conditions and other related information for various lenders.

Please keep in mind that HELOC data and other information are subject to change at any time. This table is periodically updated by MoneyGeek to display the most recent data.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.990% special
    introductory variable
    APR for 6 months,
    then as low as
    4.350% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period with
    15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Delaware

MoneyGeek's mission is to streamline the process of finding the most suitable home equity line of credit lender for you. We take into account both your current situation and your long-term financial goals.

There aren't that many companies that offer HELOCs. In fact, most of the ones that do offer them are national banks. Check with your local credit union to see whether they provide HELOCs if your application is rejected by a national lender.

Best Overall HELOC Lender in Delaware: Bank of America


  • Bank of America

    Bank of America is the best overall option in Delaware.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Delaware: U.S. Bank


  • U.S. Bank

    U.S. Bank accepts HELOC applications over the phone, online and in person.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Delaware: Figure


  • Figure

    Figure is an excellent option for customers with poor credit who want to extend their payment periods.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Delaware: PenFed


  • PenFed Credit Union

    PenFed Credit Union has the most reasonable APR for qualified homeowners.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Despite their apparent similarities, a home equity loan (HELOAN) and a home equity line of credit (HELOC) are completely different.

Home equity loans allow a borrower to borrow against the home's equity. In addition, the interest rates and terms of repayment for this category of loan are fixed. The borrower receives the full amount from the bank in one installment.

On the other hand, a HELOC functions similarly to a credit card. The lender determines the amount that borrowers can withdraw throughout the draw period. Additionally, interest rates on HELOCs are variable. Therefore, the borrower is not required to make monthly payments during the repayment time.

The table below explains the differences further.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending
    on the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

The application process for HELOCs is easy since a number of lenders now accept submissions online. Generally, you must provide your basic information before the lender makes a determination. Below are the steps suggested by MoneyGeek for securing a HELOC.

1

Determine how much you need

It is important to keep in mind that a HELOC is not the right choice for everyone. The first step for borrowers is to understand what a home equity line of credit is. Then, before applying for a HELOC, you must identify the planned credit line's amount and objective. A HELOC can be used for numerous financial purposes, such as debt consolidation, college expenses and home improvements.

2

Assess your financial standing

Evaluate your financial situation to determine if you meet the minimum borrowing requirements. This includes looking at your credit history, income and the current loan-to-value ratio. All of these factors have an impact on the interest rates you are offered. You can determine whether or not you have the ability to repay your obligations by conducting an analysis of your current financial status.

3

Shop around and compare lenders

It is advantageous to conduct research on various lending institutions and evaluate the products they offer. This will help you locate the best option based on your individual needs and conditions. With the right HELOC lender, you may avoid unnecessary fees and take advantage of low interest rates prior to the initiation of the loan.

4

Apply

The vast majority of applications for HELOCs can be submitted online. However, there are some lenders who require you to either call them or visit their physical location. Typically, the application process includes submitting information about your assets and income.

5

Use funds wisely

When you first start drawing money out of your HELOC, you need to keep in mind the payback intervals as well as any other costs that may be associated with it. Keep track of the amount you are required to pay while your HELOC is operational in order to effectively manage your monthly expenses.

Frequently Asked Questions About HELOCs

First-time borrowers may find it challenging to comprehend how a HELOC works. Consequently, MoneyGeek has provided answers to some frequently asked questions.

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