A HELOC is typically used to finance large or unexpected purchases, like home renovations, medical payments and other emergencies. It’s a solid option for homeowners who have considerable home equity and are looking for easy access to additional funds.

MoneyGeek found that HELOC rates in Maryland range from 0.99% to 18%, and the best overall HELOC lender in the state is Bank of America. We recommend that you shop around and use our HELOC guide to find the best lenders and deals to suit your needs.

Home Equity Line of Credit (HELOC) Rates for 2023

Use MoneyGeek’s table below to have a quick overview of current equity rates, repayment terms, minimum requirements and other important information about home equity line of credit lenders as of May 2022.

It’s important to note that though rates and other loan features are constantly changing, MoneyGeek regularly updates our pages with the latest data. However, it’s always best to confirm any rates or loan terms with your preferred lender.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period and 20-year repayment period



Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% 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


10-year draw period, unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period and 20-year repayment period


Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period and 20-year repayment period


24 hours

Starting at 3.50%

$15,000 to $400,000


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


Not specified

Starting at 3.34%

Starting at $25,000


Not specified


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


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


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Maryland

Our goal at MoneyGeek is to help consumers find and select the best options for their needs and financial situation.

As for HELOCs, there are a limited number of lenders offering this type of loan, and most of these are national banks. If a national lender declines your HELOC application in Maryland, there are other options to explore. For instance, you may want to check if your local credit union finances HELOC loans.

Best Overall HELOC Lender in Maryland: Bank of America

  • Bank of America

    Bank of America offers HELOC products with fixed-rate options, additional discounts and no application, annual or closing fees.

    • 7.49% (introductory rate) then 9.90%APR Range
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

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

  • U.S. Bank

    A U.S. Bank HELOC is an ideal option for borrowers with good credit who want low interest rates and no fees.

    • 8.95% to 12.70%APR Range
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in Maryland: Figure

  • Figure

    Figure has a low minimum credit score requirement of 620 — one of the lowest among its competitors.

    • 6.10% to 14.74%APR Range
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time


Best HELOC Lender for Competitive Rates in Maryland: PenFed

  • PenFed Credit Union

    PenFed offers the lowest introductory APR of 0.99% for six months.

    • Starting at 8.625%APR Range
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

HELOC vs. Home Equity Loans

A home equity line of credit (HELOC) and a home equity loan (HELOAN) both allow you to use your home as collateral in exchange for funds. However, understanding the differences between the two can allow you to pick the best option for you.

HELOANs allow homeowners to borrow against their home equity at a fixed interest rate and with fixed repayment terms. In contrast, a HELOC acts like a credit card where you can borrow up to a certain amount, usually up to 85%, of your home equity. Because HELOCs charge variable interest rates, the borrower isn’t locked into fixed monthly payments.

Another key difference is that whereas HELOAN borrowers receive the money as a lump sum, HELOC borrowers can only withdraw up to a specified credit limit that is determined by the lender.

MoneyGeek further breaks down the key differences between HELOCs and HELOANs in the table below.

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

Applying for a HELOC is a simple, quick and convenient process, especially since most lenders have applications that can be completed entirely online. For the pre-approval process, you typically only need to provide basic personal and financial information and wait for the lender’s approval, which often only takes a few minutes.

Applying for a HELOC can be confusing, but MoneyGeek provided a step-by-step guide to simplify the process for you.


Determine how much you need

MoneyGeek recommends a home equity line of credit for homeowners who know how much they need to borrow. But keep in mind that, just like any type of loan, it’s easy to get into financial trouble if you don’t stick to a budget and make regular monthly payments. HELOCs are ideal for financing major expenses like home improvement projects and college education, as well as consolidating high-interest-rate debts.


Assess your financial standing

You must also take stock of your financial situation. We recommend that you check your credit score to see if it meets the lender’s minimum requirement. It’s also important to evaluate your current income and existing debt to make sure a HELOC is the best financial decision for you.


Shop around and compare lenders

Taking the time to research different lenders may save you money in the long term. It’s important to compare offerings from multiple providers, including all terms and fees, to make sure you get the best deal for your financial situation.



Most lenders have online applications, and several also allow you to apply in person or over the phone. Lenders typically require basic personal and financial information like verified documents including proof of income and employment, bank statements and mortgage statements. Applying for a HELOC is fast and stress-free as long as you’re prepared.


Use funds wisely

Once you receive your HELOC funds, it’s important to carefully track your spending. Failing to make payments could result in you losing your home, so it’s best to be cautious.

Frequently Asked Questions About HELOCs

To help you learn more, MoneyGeek answered some of the most frequently asked questions about HELOCs.