The Best HELOC Rates and Lenders in New Hampshire

A home equity line of credit (HELOC) is a line of credit secured by your home. It works similarly to a credit card and typically has lower interest rates. You can use it to cover significant expenses like medical costs, home improvements and debt consolidation.

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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 2023

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.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

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


  • Bank of America

    Bank of America offers an introductory APR of 1.99% for the first six months.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

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


  • U.S. Bank

    U.S. Bank allows borrowers to apply for a HELOC by calling a bank representative, filling out an online form or visiting the branch.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in New Hampshire: Figure


  • Figure

    Pre-approval is within 24 hours, and funding in five days.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in New Hampshire: PenFed


  • PenFed Credit Union

    PenFed offers a 0.99% introductory APR for the first six months on your HELOC.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

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.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending on
    the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

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.

1

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.

2

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.

3

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.

4

Apply

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

5

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.

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