Best HELOC Rates and Lenders in New Hampshire for 2024

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Edited byLilian Mironga

Updated: December 28, 2023

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Borrowers generally use a HELOC to fund significant expenses such as education costs, vacation, high-interest debt consolidation, home renovation, business expenses and more. A HELOC would be the ideal option for you if you have a good credit score, some equity in your home and are comfortable using your home as collateral.

In New Hampshire, home equity line of credit rates ranges from 0.99% to 18%, depending on the lender. MoneyGeek found that Bank of America is the best lender in the state overall. We recommend shopping around and comparing quotes to find the best deal.


Home Equity Line of Credit (HELOC) Rates for 2024

MoneyGeek listed equity rates, repayment terms, fees and other important details about each lender in the table below. We updated this information as of May 2022. However, as lenders' rates and features change over time, MoneyGeek will constantly update this table so you can know the most recent information.


MoneyGeek’s Picks for Best HELOC Lenders in New Hampshire

MoneyGeek always puts our consumers' financial needs and goals first. It's our mission to help find you the best HELOC lender based on your situation.

There aren't many lenders offering a home equity line of credit besides national banks, which usually require a borrower to have a high credit score. If a national bank rejects your HELOC application, we recommend checking in and applying with a local credit union.

Best Overall HELOC Lender in New Hampshire: Bank of America


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


Best HELOC Lender for Bad Credit in New Hampshire: Figure


Best HELOC Lender for Competitive Rates in New Hampshire: PenFed


HELOC vs. Home Equity Loans

There are striking differences between a home equity loan (HELOAN) and a home equity line of credit (HELOC) in terms of interest rates, monthly payments, repayment terms and fund disbursement.

A home equity loan involves borrowing against the equity of your home. It has fixed interest rates and monthly payments, which do not change during the life of the loan. Moreover, a HELOAN provides funds as a single lump sum.

On the other hand, a home equity line of credit (HELOC) allows borrowers to withdraw funds whenever necessary, much like a credit card. It charges variable interest rates and requires you to only pay interest during the draw period. The repayment term for a HELOC is usually 10 to 20 years.


How to Apply for a HELOC

Since most lenders allow online HELOC applications, applying for them is easier and faster than other loans. Sometimes you only need to provide your personal information and wait for the lender's approval.


Determine how much you need

Before applying, it's best to have a good idea of your financial needs, as a home equity line of credit is the ideal option for those who know exactly how much to borrow. A HELOC can generally cover various expenses, including home renovation, debt consolidation, medical costs and more.


Assess your financial standing

It's also essential to check if your financial situation would allow you to afford monthly payments. You should assess your credit score and income level, as most lenders have high credit score requirements for a HELOC. If you have a bad credit history, take steps to improve it to increase your chances of approval.


Shop around and compare lenders

Before deciding on a specific lender, it would help if you shopped around and compared the rates, terms, fees and other significant features. Through this, you will find the best deal based on your needs.



At this stage, your preferred lender might ask you for your personal information and verification documents like bank statements and mortgage statements.


Use funds wisely

Once the lender approves your application and disburses the funds, use the money wisely and keep track of your expenses. Doing so will help you estimate how much you have to pay back to your lender.

Frequently Asked Questions About HELOCs

Applying for a HELOC can be confusing. MoneyGeek answered commonly asked questions to help you understand how a home equity line of credit works in New Hampshire.

HELOC rates usually vary based on your financial situation. Bank of America and PenFed Credit Union offer a competitively low, six-month introductory APR of 1.99% and 0.99% in New Hampshire, respectively.

In New Hampshire, you can use a HELOC for several expenses, including education costs, vacation, consolidating high-interest debt, home renovation, business expenses and more.

The HELOC interest is tax-deductible in certain situations. However, MoneyGeek recommends contacting a financial advisor for personalized information.

The amount you can get from a HELOC in New Hampshire depends on your lender. Bank of America and PenFed Credit Union offer the highest loan amount of up to $1,000,000.

There are significant differences between a HELOAN and a HELOC. The best option for you will depend on your financial needs. A HELOC would suit you best if you want variable interest rates and an open-ended credit line. On the other hand, a HELOAN is ideal for borrowers who want fixed interest rates and monthly payments.

HELOC rates are usually variable, depending on how much you borrow.