Best HELOC Rates and Lenders in Maryland for 2024
Updated: April 23, 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.
- 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
Overall Best HELOC Lender in Maryland
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.
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.
- 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
Best HELOC Lender in Maryland 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 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
Best HELOC Lender in Maryland 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
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
Best HELOC Lender in Maryland 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
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
Best HELOC Lender in Maryland 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.
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.
A good HELOC rate in Maryland hovers around 7% for various term lengths. This rate generally applies to borrowers with an LTV ratio of 80% or lower and a credit score between 680 to 740. However, actual rates may differ based on individual creditworthiness and lender terms.
Lower is recognized as the best overall HELOC lender in Maryland. It offers competitive APR ranges from 8.75% to 13.5%, caters to a wide loan amount range from $15,000 to $500,000 and accepts borrowers with credit scores as low as 580, making it significantly accessible to Maryland homeowners.
Yes, in Maryland, you can qualify for a HELOC with bad credit. U.S. Bank offers HELOCs to people with lower credit scores, starting from 660, accommodating borrowers with less than perfect credit histories.
Bank of America is esteemed for large HELOC loans, providing options for significant projects like home renovation or major life events. Its loan amounts can reach up to $1,000,000, with repayment terms extending to 20 years and with no annual fees, appealing for substantial borrowing needs.
When considering a HELOC for debt consolidation, focus on lenders like PNC Bank, which offers competitive APRs from 8.22% to 14.5%, up to $1,000,000 loan range and quick fund access post-closing, maximizing the potential to manage and pay off existing debts effectively.
Identifying the right HELOC lender in Maryland requires clarity on your intended use for the funds and an honest assessment of your financial situation. Prioritizing features such as low rates, specific loan amounts or flexible terms can guide you to a lender that aligns with your needs.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- Maryland Department of Labor. "Licensing Queries - Maryland Department of Labor." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.