Best HELOC Rates and Lenders in Michigan (2024)

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byDenise Cristobal
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Updated: May 6, 2024

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Lower is the best home equity line of credit (HELOC) lender in Michigan. It stands out with an APR range from 8.75% to 13.5% and offers loan amounts between $15,000 and $500,000, supporting a breadth of financial needs. It caters to a broad spectrum of borrowers with a minimum credit score requirement of just 580 and operates solely online, offering accessible financing solutions statewide.

MoneyGeek compared 14 HELOC lenders in Michigan. While other lenders exist beyond those researched, we didn't include them in the study. For homeowners seeking alternatives, institutions like Credit Union One, Lake Michigan Credit Union and Michigan School and Government Credit Union also present distinctive HELOC options worth considering.

Best HELOC Lenders in Michigan

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


    Overall Best HELOC Lender in Michigan

  • 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 Michigan. It offers competitive APRs from 8.75% to 13.5% and loan amounts from $15,000 to $500,000. It accepts a credit score as low as 580. Personalized support ensures homeowners have guidance, and the absence of annual fees combined with an A+ BBB rating demonstrates reliability. Quick access to terms on its website helps Michigan homeowners easily leverage their home equity.


    • No annual fee
    • Accepts credit scores from 580
    • Personalized post-loan support


    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length

HELOC Rates in Michigan by Credit Score

Your home equity line of credit (HELOC) APR in Michigan may vary based on factors like credit scores and loan-to-value ratios. Even with a score above par and an LTV under 80%, rates differ by repayment terms. Review the provided table to see rate adjustments for various parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower

When you shop for a HELOC in Michigan, comparing annual percentage rates (APRs) from different lenders can lead to lower monthly payments and reduced interest over the life of the loan. This careful comparison ensures you get favorable terms that can make borrowing against your home's equity more manageable.

HELOC Calculator: Do You Qualify in Michigan?

Michigan homeowners have an average total tappable equity of $110,000, as reported by TransUnion. If your home's equity is high, you might be able to borrow more. The average credit score in Michigan is 719, according to data from Experian. A score around this mark can set you up well for a HELOC.

Eligibility for a HELOC hinges on various factors, with home equity and credit score being just a couple. Use the HELOC calculator below to explore different scenarios and understand your eligibility for a HELOC.


    Best HELOC Lender in Michigan 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 for Michigan homeowners seeking cost savings. It offers an APR range of 7.99% to 15.49% and caters to borrowers with a minimum credit score of 620. Aven's product is a hybrid HELOC; it functions like a credit card and is backed by your home's equity, but it's reported as a HELOC on your credit reports. There are no annual fees, increasing overall savings. Plus, you can secure a 0.25% rate deduction when you set up autopay. These features make Aven a sound choice for homeowners who prioritize affordability.


    • Earns you 2% unlimited cash back
    • No origination or annual fees
    • 0.25% rate reduction for autopay


    • Line limit up to $250,000 only
    • Card takes 10 days to arrive
    • 2.5% fee for bank cash outs

    Best HELOC Lender in Michigan 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 the top choice for Michigan homeowners with bad credit seeking a HELOC. Bad credit won't necessarily keep you from getting a HELOC, but terms may be less favorable. U.S. Bank requires a minimum credit score of 660, which is relatively accessible. It offers an APR range from 8.95% to 13.1% and an autopay discount of 0.5%. The provider presents a fitting option for homeowners looking to leverage their home equity without hefty upfront costs. U.S. Bank is accredited by the BBB, though currently without a rating.


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


    • Closing must be done in person
    • Charges an early closure fee
    • Does not offer hardship assistance
    U.S. Bank

    Best HELOC Lender in Michigan 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 homeowners in Michigan seeking significant loan amounts. HELOCs can be useful for home renovations or higher education expenses. Bank of America offers up to $1 million, ensuring borrowers get the funds for big projects. With a 10-year draw period followed by a 20-year repayment period, you have ample time to repay without feeling rushed. Plus, the lender sets itself apart with no annual fees, adding to your savings throughout the loan's lifespan.


    • Competitive introductory rate for 6 months
    • Offers financial hardship assistance
    • No application, annual or closing fees


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

    Best HELOC Lender in Michigan 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 top pick for Michigan homeowners looking to consolidate debt with a HELOC. It offers competitive rates from 8.22% to 14.5%, making it ideal for merging amounts due on high-interest credit cards and auto loans into a single, low-interest option. Homeowners benefit from swift access to funds within three days post-closing, allowing rapid handling of existing debts. The lender's HELOC has a ceiling of $1 million, which is ample for tackling sizable consolidated debt. PNC Bank's product streamlines debt management, enables cost savings and allows flexible repayments during the undisclosed draw period, which extends up to 30 years.


    • Ability to switch between rate types
    • Rate reduction for autopay
    • Offers large loans up to $1M


    • Charges a $50 annual fee
    • Does not disclose key information
    • Charges a fee for rate lock changes
    PNC Bank

How to Choose a HELOC Lender in Michigan

If you would like alternatives to the Michigan lenders that MoneyGeek has highlighted, here are practical strategies for refining your search and matching with a lender tailored to your financial situation.


FAQ: HELOC Lender and Rates in Michigan

Navigating HELOC lenders in Michigan can seem tricky, but understanding key details can make the process smoother. Below, find answers to frequent questions that aim to clarify terms, interest rates and lender policies, helping you choose a HELOC that aligns with your financial goals.

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