Best HELOC Lenders and Best HELOC Rates in Maryland 2024

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Updated: July 26, 2024

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The best home equity line of credit (HELOC) lender in Maryland is Lower. Homeowners looking for flexibility in loan amounts from $15,000 to $500,000 will find its services ideal. With an APR range from 8.75% to 13.5% and a low minimum credit score of 580, it serves a broad spectrum of borrowers. It operates entirely online, with no physical branches.

MoneyGeek's review included 14 lenders to determine the top HELOC provider. Not all lenders in Maryland were analyzed. Homeowners may also consider Northwest Federal Credit Union, MECU Credit Union and Central Credit Union of Maryland because they present different advantages.

Best HELOC Lenders in Maryland

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.

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

14Lenders Analyzed

    Overall Best HELOC Lender in Maryland

  • 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 top pick for a HELOC lender in Maryland. Homeowners looking to use their home equity are set to benefit from Lower's competitive APR range of 8.75% to 13.5% and a generous loan amount range from $15,000 to $500,000. It supports a broader set of homeowners with its minimum credit score requirement of just 580.

    Lower also ensures clarity on what you're signing up for, with most information on its website easily accessible. With no annual fee and an A+ rating from the BBB, it demonstrates a commitment to customer satisfaction and trust.

    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 Maryland By Credit Score

A home equity line of credit (HELOC) APR in Maryland can differ based on credit score, home value and chosen repayment terms. Even with a solid credit score and an 80% or lower LTV ratio, rates vary. Review the table to see rate changes across different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.57%
HELOC (15 year)APR7.57%
HELOC (20 year)APR7.57%

Where does this data come from?

When exploring HELOC options in Maryland, comparing APRs across lenders can save you money. Lower APRs mean less interest over the loan's life, allowing for more affordable borrowing. With varied lender rates, taking time to shop around can lead to a more cost-effective HELOC experience.

HELOC Calculator: Do You Qualify in Maryland?

An understanding of home equity, as well as total tappable equity , is important for a HELOC. If your equity is high, you might be able to borrow more. The average credit score in Maryland is 716, as cited by Experian. A similar score should position you well for a HELOC.

Your eligibility for a HELOC isn't just about equity or credit score; there are other factors too. Using the HELOC calculator can be a smart move. It allows you to manipulate variables to gauge your eligibility, aiding in your HELOC search.

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 Maryland 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 is the best HELOC lender in Maryland for homeowners seeking cost-savings. With no annual fees and a rate discount of 0.25% for autopay, it pairs affordability with convenience. Aven's hybrid HELOC product acts like a credit card, yet it reflects as a HELOC on credit reports.

    Homeowners can enjoy APRs ranging from 7.99% to 15.49%. Moreover, Aven provides a 2% unlimited cashback on purchases, enhancing savings further without additional costs for early closure.

    Pros

    • Credit card backed by home equity
    • Unlimited 2% cashback
    • Autopay rate reduction of 0.25%

    Cons

    • Line limit up to $250,000 only
    • One-time 2.5% cash-out fee
    • 10-day wait for card arrival
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Maryland 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 a suitable choice for Maryland homeowners with bad credit looking for a HELOC. It sets a credit score floor of 660, which is accessible for those with less-than-perfect credit. With a maximum APR of 13.1% and the opportunity to reduce rates by 0.5% through autopay, it offers financial flexibility.

    U.S. Bank is accredited by the BBB, though currently does not have a rating. Keep in mind, terms can be less favorable with bad credit, but U.S. Bank's lower APR cap and discounts help ease this concern. Its minimum line amount is $15,000, accommodating a range of borrowing needs.

    Pros

    • Offers a fixed-rate option
    • Allows for interest-only payment during the draw period
    • No closing costs

    Cons

    • Must close in person at financial center
    • Charges $75 annual fee
    • No financial hardship assistance
    U.S. Bank

How does MoneyGeek recommend lenders for people with bad credit?


    Best HELOC Lender in Maryland 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

    Bank of America is the top HELOC lender for large loan amounts in Maryland. This lender allows borrowers to fund high-cost needs, such as home renovations or education expenses. With no annual fees, homeowners can save money over the life of their loan.

    Bank of America offers a maximum loan amount of $1 million, ample for most projects. Repayment terms include a 10-year draw period and a 20-year repayment period, giving borrowers sufficient time to manage their finances. Aven's product is a hybrid HELOC in that it functions like a credit card but is reported as a HELOC on your credit report.

    Pros

    • Competitive introductory rate for first six months
    • No application, annual or closing fees
    • Assistance during financial hardship

    Cons

    • Closing must be done in person
    • Charges a $450 early closure fee
    • Minimum loan amount is $25,000 online
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Maryland 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 best HELOC lender for debt consolidation in Maryland. Using a HELOC to pay off high-interest debts like credit cards or personal loans might streamline your financial life.

    PNC Bank has a minimum APR of 8.22%, maxing out at 14.5%, which, depending on your credit, could be significantly lower than your current rates. Plus, it allows borrowing up to $1 million. PNC Bank releases funds three days after closing, and you can switch between fixed and variable rates, offering a level of control over your payment schedule.

    Pros

    • Switch between variable and fixed rates
    • 0.25% rate reduction with autopay
    • Reimburses various fees and taxes

    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 Maryland

MoneyGeek has already spotlighted top HELOC lenders in Maryland suited for various needs. Fine-tune your search with clear-cut strategies to sift through options and connect with a lender that aligns with you.

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    Define Your HELOC Goals

    Understanding what you'll use the HELOC for is important when selecting a lender in Maryland. Whether for home renovations, consolidating debt or as an emergency fund, identify lenders offering terms that align with your plans.

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    Assess Lender Reputation

    Always verify a lender's standing by consulting the Better Business Bureau and the Maryland Department of Labor. These checks safeguard against fraud and ensure you're working with a reliable financial institution.

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    Compare Loan Terms

    Taking time to compare rates and fees, including closing costs, helps you avoid overpaying. Lenders may offer varying loan features in Maryland, so shopping around can lead to considerable savings in both the short and long term.

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    Check Local Reputation

    A lender's community standing can reveal their commitment to service. Look for local awards and customer testimonials in Maryland to gauge its reputation. A strong local presence often translates into more attuned customer support.

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    Evaluate Flexibility

    Examine lender flexibility, including options for interest-only payments, converting from variable rates to a fixed-rate HELOC and ease of application. Online prequalification is a standout feature that streamlines the lending process.

FAQ: HELOC Lenders and Rates in Maryland

Navigating the diverse options for a home equity line of credit in Maryland can be streamlined. Pir amswers to common questions aim to equip borrowers with the knowledge to select a lender that matches their financial goals.

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