Best HELOC Rates and Lenders in New Jersey (2024)

Lower is the top pick for a HELOC lender in New Jersey. With an APR range of 8.75% to 13.5%, it offers flexibility in interest rates. Homeowners can borrow from $15,000 up to $500,000, depending on their needs. It caters to a broader audience with its minimum credit score requirement of 580, making it accessible for various credit backgrounds. Additionally, Lower maintains transparency, offering easy access to loan information on its site and simplifying the borrowing process for homeowners seeking to leverage their home equity.

Aven is the top pick for New Jersey homeowners seeking cost-effective HELOC options. ActiveForming, like a credit card backed by home equity, is Aven's product that offers financial flexibility while behaving as a HELOC on credit reports. With APRs ranging from 7.99% to 15.49%, borrowers enjoy controlled borrowing costs. The absence of annual fees and opportunities for rate discounts, such as a 0.25% reduction with automatic payments, amplify savings. These features make Aven a practical choice for homeowners prioritizing affordability in New Jersey.

U.S. Bank is a solid choice for New Jersey homeowners with bad credit looking for a HELOC. A credit score of just 660 can get you started, notably lower than what many lenders require. With a maximum APR capped at 13.1%, the costs stay in check. Also, a rate discount of 0.5% is applied when you opt for autopay, making payments more manageable. U.S. Bank offers a line amount as low as $15,000, making it accessible for various borrowing needs. Moreover, U.S. Bank is accredited by the BBB, boosting confidence in its commitment to customer satisfaction.

Bank of America is the top choice for large loan amounts in New Jersey for homeowners. A HELOC can fund renovations or pay for education. Bank of America allows borrowing up to $1 million with no annual fee, making it an optimal choice for significant expenses. With a 10-year draw period and 20-year repayment term, borrowers have ample time to repay. Additionally, the financial burden is eased with no application, annual or closing fees and competitive discounts. This lender provides financial hardship assistance, which is reassuring for unexpected challenges.

For New Jersey homeowners looking to consolidate high-interest debt such as credit cards or auto loans, PNC Bank is the best HELOC lender. The option to switch between variable and fixed rates offers flexibility in repayment. Lower interest rates mean you save money compared to other debts. It provides quick access to funds, typically three days after closing, allowing borrowers to settle debts swiftly. PNC Bank supports a max loan amount of $1 million, which can cover substantial balances. The APY range of 8.22% to 14.5% and the autopay discount of 0.25% make it a competitive choice. Plus, it offers financial hardship assistance related to any unforeseen circumstances.