Best HELOC Rates and Best HELOC Lenders in Minnesota (2024)

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Updated: July 8, 2024

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The best home equity line of credit (HELOC) lender in Minnesota is Lower. It offers a competitive range of interest rates from 8.75% to 13.5% and gives homeowners loan amounts from $15,000 to $500,000. With a minimum credit score requirement of 580, it widens access to more homeowners while maintaining service exclusively online.

MoneyGeek reviewed 14 lenders to find the finest options for homeowners. While other lenders are available in Minnesota, not all were a part of this analysis. Local lenders like TruStone Financial, MidMinnesota Federal Credit Union and Veridian Credit Union present unique offerings that are worthwhile for homeowners to explore.

Best HELOC Lenders in Minnesota

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 Minnesota.

14Lenders Analyzed

    Overall Best HELOC Lender in Minnesota

  • 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 Minnesota's top pick for a HELOC lender. With an APR range of 8.75% to 13.5%, Lower makes borrowing against your home's equity more accessible. Homeowners can borrow from $15,000 to $500,000, depending on their needs. Its minimum credit score requirement of 580 helps more people qualify. Lower also ensures easy access to information, further supporting homeowners looking for a flexible financial tool.


    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support


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

HELOC Rates in Minnesota By Credit Score

In Minnesota, the home equity line of credit (HELOC) APR is shaped by multiple factors, including your credit score and loan-to-value (LTV) ratio. Even with stellar credit and an LTV below 80%, rates may vary due to the chosen repayment terms. Homeowners should review the table to see rate adjustments for different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.14%
HELOC (15 year)APR7.14%
HELOC (20 year)APR7.14%

Where does this data come from?

Examining APRs from various HELOC lenders in Minnesota can lead to significant savings. APR reflects the true cost of borrowing, combining interest rates with fees. Lower APRs mean you'll pay less over the life of the loan, making your borrowing experience more cost-effective. Always compare offers to secure the best financial deal for your needs.

HELOC Calculator: Do You Qualify in Minnesota?

In Minnesota, homeowners might be able to borrow more against their home equity if it's substantial, as suggested by a TransUnion report. When it comes to credit standings, the average credit score is 742, according to Experian, so if yours is in this ballpark, you're likely well-positioned for a HELOC.

Your eligibility for a HELOC involves more factors than just credit score and equity. By using the HELOC calculator, homeowners can experiment with various inputs to gauge their eligibility.

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
Eligible to Borrow
Loan-to-Value Ratio
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 Minnesota 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 a leader in Minnesota for homeowners seeking HELOCs with a focus on savings. It offers a hybrid HELOC; it functions like a credit card but is reported as a HELOC to credit bureaus.

    Homeowners benefit from an APR range of 7.99% to 15.49% with no annual fees, amplifying savings. The option to snag a 0.25% rate reduction through autopay further enhances affordability, making it an attractive choice for budget-conscious Minnesotans.


    • Earns you 2% unlimited cashback for purchases
    • 0.25% rate reduction for autopay
    • No origination and annual fees


    • Line limit up to $250,000 only
    • Card delivery may take 10 days
    • 2.5% fee for certain cashouts

How does MoneyGeek recommend lenders for affordability?

    Best HELOC Lender in Minnesota 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 solid choice for Minnesota homeowners with bad credit seeking a HELOC. A credit score as low as 660 may get you in the door here. With APRs ranging from 8.95% to 13.1%, U.S. Bank also offers a chance to lower your rate by 0.5% when you opt for autopay. This helps keep costs more manageable.

    You might find the $15,000 minimum on a HELOC appealing, especially if your borrowing needs are modest. Plus, U.S. Bank is accredited by the BBB, though it currently does not have a rating.


    • No closing costs
    • Offers a fixed-rate option
    • Minimum line amount is only $15,000


    • Closing in person required
    • Early closure fee up to $500
    • Annual fee of $75
    U.S. Bank

How does MoneyGeek recommend lenders for people with bad credit?

    Best HELOC Lender in Minnesota 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 best HELOC lender for large loan amounts in Minnesota. Homeowners can use a HELOC to fund high-cost projects like home renovations or educational expenses. With a maximum loan amount of $1 million, borrowers have the flexibility to withdraw substantial funds.

    Bank of America offers a 10-year draw period followed by a 20-year repayment period, giving borrowers plenty of time to repay what they borrow. Additionally, it doesn't charge an annual fee, reducing the overall cost of the loan. This lender also provides assistance during financial hardships, adding a layer of security for homeowners in uncertain times.


    • Max loan amount $1 million
    • Competitive intro rate (6.99%)
    • No annual, application or closing fees


    • Must close in person at a center
    • Undisclosed HELOC requirements
    • Online applications start at $25,000
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?

    Best HELOC Lender in Minnesota 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 Minnesota, potentially assisting in paying off debt like credit card balances or medical bills.

    PNC Bank's APRs start at 8.22% APR, possibly lower with autopay. It also lends up to $1 million, with funds released as soon as three days after closing. It also offers hardship assistance and charges no annual fees.


    • Switches between variable and fixed rates
    • Up to $1 million borrowing limit
    • Online application tracker available


    • Charges a $50 annual fee
    • Does not disclose most information online
    • Charges a late fee
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Minnesota

MoneyGeek has spotlighted standout HELOC lenders in Minnesota. Yet, if you're looking to broaden your search, these strategies will guide you to a lender that aligns with your financial needs and circumstances, ensuring a tailored fit for your home equity line of credit.

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    Define Your HELOC Goals

    Select a HELOC lender in Minnesota by first understanding your plans. HELOC can fund home renovations or consolidate debt. Knowing your goal guides you to lenders with favorable terms for your situation.

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    Investigate Lender Reputation

    Check the lender's reputation through the Better Business Bureau and the Minnesota Department of Commerce. A good track record gives peace of mind.

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    Compare Rates and Fees

    Pay attention to interest rates and closing costs when choosing a HELOC lender in Minnesota. Beyond rates, consider penalties and fees.

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    Gauge Community Standing

    A lender's local prestige, such as awards in Minnesota, suggests customer satisfaction. Seek feedback from communities, and explore local news outlets for lender achievements.

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    Assess Lender Flexibility

    Flexibility is key in a lender. Options like interest-only payments or converting variable rates to a fixed-rate HELOC matter. Online prequalification is a plus.

FAQ: HELOC Lenders and Rates in Minnesota

Navigating HELOC can be tricky, but the right lender makes all the difference. These frequently asked questions aim to shed light on the process of choosing a lender in Minnesota that fits your unique financial landscape.

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