Best HELOC Rates and Lenders in Iowa (2024)
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Iowa is Lower. It stands out for its accessibility, offering services online to residents across Iowa. It offers a competitive APR range of 8.75% to 13.5% and loan amounts from $15,000 to $500,000. Applicants can be approved with credit scores as low as 580, and customers benefit from no annual fees.
MoneyGeek considered various factors beyond cost to determine the best lender and evaluated 13 HELOC lenders for Iowa homeowners. It's worth noting that other lenders exist beyond this selection. Exploring local options such as Greater Iowa Credit Union, GreenState Credit Union and Veridian Credit Union, with their own unique HELOC offerings, can yield tailored advantages.
- 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 best HELOC lender in Iowa. It offers a no-annual-fee HELOC with an APR range of 8.75% to 13.5%. It understands that not everyone has perfect credit, accepting scores as low as 580. Its loan amount extends from $15,000 to $500,000, ensuring it meets a wide spectrum of borrowing needs. Homeowners in Iowa can benefit from Lower's transparent terms and personalized support post-application. This lender makes tapping into home equity straightforward and accessible, helping you manage expenses or invest in future plans.
Pros
- Accepts credit scores as low as 580
- A+ rating from BBB
- Minimum loan amount is $15,000
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Doesn't disclose repayment period
Overall Best HELOC Lender in Iowa
HELOC Rates in Iowa by Credit Score
The APR of your home equity line of credit (HELOC) can vary based on multiple aspects. In Iowa, rates may differ by repayment terms, even with a solid credit score and an LTV ratio below 80%. Review the table provided to check how rates change when you adjust the parameters.
Shopping around for the best HELOC lender in Iowa can save you money. Lower annual percentage rates (APRs) mean smaller interest payments over the life of the loan. Picking a lender with a competitive APR can lead to more affordable borrowing, giving you extra cash for other uses.
HELOC Calculator: Do You Qualify in Iowa?
Borrowing against your home equity in Iowa can be a smart move if you have a good chunk of it, as suggested by TransUnion's report. With more equity, you could potentially borrow more. Meanwhile, according to Experian, the average credit score in Iowa is 730. Securing a HELOC should be feasible if your credit score is around this figure.
Getting a HELOC in Iowa isn't just about home equity and credit score; other factors also play a role. Use the HELOC calculator to test different scenarios and determine your eligibility. This tool simplifies HELOC hunting by offering a clear picture of your options.
- 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 pick for homeowners in Iowa seeking cost-effective HELOC options. With APRs ranging from 7.99% to 15.49% and no annual fees, Aven offers significant savings. Its product acts like a credit card but is reported as a HELOC, offering flexibility with the financial backing of your home's equity. The absence of origination and prepayment fees, paired with a possible 0.25% rate reduction for setting up autopay, are beneficial for Iowans focusing on affordability.
Pros
- Provides credit card backed by home equity
- Earns 2% unlimited cash back
- Allows bank cash out with a one-time fee
Cons
- Line limit up to $250,000 only
- Card delivery takes 10 days
- No financial hardship assistance
Best HELOC Lender in Iowa 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 ideal HELOC lender for homeowners in Iowa with bad credit. A lower credit score of 660 doesn't prevent you from securing a HELOC. U.S. Bank offers an APR range from 8.95% to 13.1%, and you could reduce this rate by a 0.5% discount for enrolling in autopay. In Iowa, where financial flexibility can be a game-changer, U.S. Bank's minimum line amount of $15,000 and the option for interest-only payments during the draw period provide a lifeline. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- Allows prequalification online
- Offers fixed-rate option
- Minimum line amount is $15,000
Cons
- Closing must be in person
- $75 annual fee
- No financial hardship assistance
Best HELOC Lender in Iowa 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
In Iowa, Bank of America is the top HELOC lender for large loan amounts. HELOCs can be a strategic way to fund home renovations and unexpected medical bills. Bank of America offers a maximum loan amount of $1 million, providing sufficient funds for substantial expenses. With it, borrowers have 20 years to repay after a 10-year draw period. This setup gives homeowners the time and flexibility needed when borrowing large sums. Plus, the absence of application and annual fees makes Bank of America a smart and economical choice for financial management.
Pros
- Competitive introductory rate for six months
- No application or closing costs
- Maximum loan amount of $1 million
Cons
- Closing must be done in person
- $450 early closure fee
- Non-transparent HELOC requirements
Best HELOC Lender in Iowa 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
A HELOC from PNC Bank might be your solution if you're in Iowa and looking to consolidate high-interest debts like credit card balances or personal loans, . It has an APR range from 8.22% to 14.5%, interest rates that are likely lower than your current debts, and loan amounts up to $1 million. Funds are available just three days after closing. It reimburses fees and offers a 0.25% rate deduction for autopay from a qualifying PNC checking account, maximizing your savings potential.
Pros
- Ability to switch between variable and fixed rates
- Up to $1 million borrowing limit
- Online tracker for document uploads and progress
Cons
- Charges a $50 annual fee
- Charges a late fee
- Does not disclose key information
Best HELOC Lender in Iowa for Debt Consolidation
How to Choose a HELOC Lender in Iowa
MoneyGeek has highlighted the top HELOC lenders in Iowa for various needs. However, to refine your search and find a match tailored to your situation, the following strategies will guide you through the process, ensuring a smooth and informed lender selection.
FAQ: HELOC Lender and Rates in Iowa
Navigating the world of home equity lines of credit (HELOC) can be smooth with the right knowledge. These frequently asked questions will guide Iowa homeowners through the selection process, outlining strategies to identify a HELOC lender that aligns with their financial needs and goals.
A competitive HELOC rate in Iowa is approximately 7%. This rate generally assumes an LTV ratio of 80% or less and a credit score ranging from 680 to 740. However, individual rates may vary depending on factors such as creditworthiness and lender.
Lower is considered the best overall HELOC lender in Iowa. It accommodates a wide range of borrowers, with an APR of 8.75% to 13.5%, a loan amount range of $15,000 to $500,000 and a minimum credit score requirement of 580.
Yes, it's possible to qualify for a HELOC in Iowa with bad credit. Lenders like U.S. Bank offer HELOCs to individuals with credit scores as low as 660.
Bank of America stands out in Iowa for large loans. Homeowners may require substantial funds for reasons like major home renovation projects or investing in real estate.
Homeowners considering a HELOC for debt consolidation should look at lenders like PNC Bank. It offers APRs from 8.22% to 14.5%, loans up to $1,000,000 and swift funding three days after closing.
To find the right HELOC lender in Iowa, assess your intentions for using the HELOC and your financial situation. Whether for home improvements or debt management, your needs and financial profile will guide you to the most suitable lender.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 21, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 21, 2024.
- Iowa Division of Banking. "License Verification." Accessed April 21, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 21, 2024.