What’s a good HELOC rate 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.

What can I use a HELOC for in New Hampshire?

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.

Is HELOC interest tax-deductible in New Hampshire?

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

How much money can I borrow with a HELOC in New Hampshire?

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.

Is HELOC better than a home equity loan (HELOAN)?

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.

Are HELOC rates fixed?

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

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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Edited By

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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.

WHAT WE’RE GEEKING OUT ON

Home Equity Line of Credit Rates
Best HELOC Lender Overall in New Hampshire
Best HELOC Lender for Good Credit in New Hampshire
Best HELOC Lender for Bad Credit in New Hampshire

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
PenFed Credit Union
3.75% to 18%
$25,000 to $1,000,000
660
10-year draw period
and 20-year repayment period
None
N/A
PNC Bank
Not specified
Not specified
Not specified
Not specified
Not specified
Not specified
Bank of America
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
U.S. Bank
3.65% to 8.80%
$15,000 to $750,000
730
10-year draw period,
unspecified repayment period
$90
Not specified
Discover
4.65% to 9.99%
$35,000 to $300,000
620
10 to 30 years
None
1 to 2 weeks
Flagstar
Starting at 3.99%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
$75
Not specified
SunTrust/Truist
Starting at 4.64%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
None
24 hours
Figure
Starting at 3.50%
$15,000 to $400,000
620
5 to 30 years
3% to 4.99%
24 hours
Citizens Bank
Starting at Prime - 0.50%
Starting at $17,500
Not specified
10-year draw period,
15-year repayment period
$50
Not specified
TD Bank
Starting at 3.34%
Starting at $25,000
740
Not specified
$50
Not specified
Connexus Credit Union
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
Regions Bank
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
MoneyGeek analyzed the rates, fees and other important features of different lenders. Based on our evaluation, Bank of America is the best HELOC lender in New Hampshire. You don't need to worry about fees since it doesn't charge any application, closing or annual fees. The lender also allows you to apply online, setting it apart from other lenders in the state.
With Bank of America, borrowers can get a 0.25% discount on automatic payments. If you're a member of Preferred Rewards, you can get up to a 0.375% discount. Bank of America has an introductory APR of 1.99% for the first six months. Once the initial period is over, it charges a variable APR of 4.35%.
However, Bank of America doesn't specify its minimum credit score requirement online, making it a bad option for those who want to know about their eligibility. You may have to contact the lender directly to inquire.
Pros
Has an introductory APR
No application, annual or closing fees
Easy-to-use mobile app
Quick online application
Provides discounts

Cons
Unclear minimum credit score requirement
High minimum credit line amount
APR: 1.99% introductory APR for the first six months, then minimum 4.35% variable APR
Loan Amount: $25,000–1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: Not specified
Annual Fees: None
Pre-Approval Time: Not specified
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
Since U.S. Bank has a high credit score requirement and offers many features, it is MoneyGeek's top pick for borrowers with good credit in New Hampshire. It doesn't charge application fees or closing costs. This lender offers reasonably low-interest rates to its borrowers.
With U.S. Bank, you can apply for a home equity line of credit by submitting an online application, visiting the branch or calling 877-822-2459. Its APR starts at 4.20%, which is lower than many lenders. However, U.S. bank charges a $90 annual fee. You may want to look elsewhere for a HELOC to save money on yearly costs.
Pros
No application fees
No closing costs
Convenient access to funds
Low interest rates
Flexible application

Cons
Charges annual fees
Unspecified repayment period
APR: 4.20%–9.35%
Loan Amount: $15,000–750,000
Repayment Terms: 10-year draw period; unspecified repayment period
Minimum Credit Score: 730
Annual Fees: $90
Pre-Approval Time: Not specified
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
MoneyGeek found that Figure is the best HELOC lender in New Hampshire for borrowers with a bad credit score. This lender offers features like fast approval and funding. It also has a completely digital process with quick and efficient customer support.
Once you apply for a HELOC on Figure's website, you may get approved within 24 hours. After it approves your application, you may receive funds within five days. This lender's home equity line of credit has a low APR that starts at 3.24%. With Figure, you can borrow up to $400,000, which is pretty good for borrowers with bad credit.
New Hampshire homeowners looking for a lender with no origination fees should explore other options — Figure charges from 3% to 4.99%.
Pros
Receive funds in five days
Get pre-approved within 24 hours
Apply online
Low interest rates
Quick customer support

Cons
Charges origination fees
Not available in all U.S. states
APR: Starts at 3.24%
Loan Amount: $15,000–400,000
Repayment Terms: 5 to 30 years
Minimum Credit Score: 620
Fees: 3%–4.99% origination fee
Pre-Approval Time: 24 hours
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
MoneyGeek's analysis found that PenFed Credit Union is an ideal HELOC lender for competitive rates in New Hampshire. This lender offers an introductory APR of 0.99% for the first six months, making it the best option if you're looking for lower rates.
If you want to fund expensive renovations or other large purchases, PenFed would be ideal, as its maximum loan amount is $1,000,000. With PenFed, borrowers can switch to a fixed-rate option on all or some of their interest payments.
Since PenFed Credit Union charges a $99 annual fee, you should consider other lender options to save money.
Pros
High loan maximum
0.99% introductory APR for the first six months
Allows switching from a variable to a fixed rate
Low interest rates

Cons
Charges closing costs on early closing of the account
$99 annual fee
APR: 0.99% for first six months; 4.25%–18% thereafter
Loan Amount: $25,000–1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: 660
Annual Fees: $99
Pre-Approval Time: Not applicable
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.

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.

Apply

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.

sources

Bank of America. "Home Equity." Accessed June 21, 2022.
U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 21, 2022.
Figure. "Get Cash Using Your Equity." Accessed June 21, 2022.
PenFed Credit Union. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 21, 2022.