The Best HELOC Rates and Lenders in New Jersey

A home equity line of credit, or HELOC, is a line of credit that you secure by keeping your home as collateral. A HELOC works like a credit card and has a specific borrowing period, typically 10 to 20 years. A HELOC can cover home renovation, medical costs and other considerable expenses.

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A HELOC would be ideal for borrowers who want funds for home renovations, college fees, business expenses or any emergency need. You can also use it to consolidate debt, pay off student loans and more.

MoneyGeek’s research shows that Bank of America is the best overall HELOC lender in New Jersey. Based on the lender, we found that home equity line of credit rates in the state range from 0.99% to 18%. If you want affordable rates, it’s best to shop around and compare quotes from different lenders.

Home Equity Line of Credit (HELOC) Rates for 2023

MoneyGeek listed equity rates, fees, APR ranges, repayment terms and other vital details about HELOC lenders in New Jersey. Note that rates and other information in the table below may change in the following months. We will regularly update this table with the most recent data.

  • 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 Jersey

MoneyGeek always puts your financial situation first. Based on your profile, we rounded up the best HELOC lenders in New Jersey to help you choose the perfect one for your financial needs and goals.

Our research shows that very few lenders offer HELOCs in New Jersey. Those who do offer such loans are mostly national banks. If a national bank rejects your loan application, we recommend checking with a local credit union.

Best Overall HELOC Lender in New Jersey: Bank of America


  • Bank of America

    An introductory APR of 1.99% for the first six months, then a minimum variable APR of 4.35%.


    • 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 Jersey: U.S. Bank


  • U.S. Bank

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


    • 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 Jersey: Figure


  • Figure

    Figure offers fast funding, disbursing the funds in as few as 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 Jersey: PenFed


  • PenFed Credit Union

    PenFed offers an introductory APR of 0.99% for the first six months.


    • 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

In terms of interest rates, monthly payments, repayment terms and disbursements of funds, a home equity line of credit (HELOC) and a home equity loan (HELOAN) are strikingly different.

A home equity loan allows you to borrow against the equity of your home. Its fixed interest rates and monthly payments do not change over the life of the loan. Borrowers receive HELOAN funds as a single lump sum.

On the other hand, a home equity line of credit is a credit line secured by the equity in your home and works like a credit card. With a HELOC, borrowers may be able to withdraw funds as necessary. HELOC rates are usually variable.

  • 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

Most lenders in New Jersey allow you to apply online for a home equity line of credit. This makes the entire process more accessible and convenient. Typically, borrowers only fill out basic information and wait for approval. The following steps are necessary when applying for a HELOC.

1

Determine how much you need

MoneyGeek recommends having an idea of your financial situation and how much funding you may need. This is because a HELOC is suitable mainly for borrowers who know what they'll spend the funds on. HELOCs can help finance considerable expenses, including home renovations, education costs, business expenses and debt consolidation.

2

Assess your financial standing

Evaluate your current financial situation to determine if you can repay your HELOC loan. That includes checking your income and credit score to see if it satisfies a lender's requirements. Most HELOC lenders require a high credit score from the borrower.

3

Shop around and compare lenders

Before making a decision, you should shop around and compare quotes from different lenders. You should also compare their rates, fees, APR ranges and other essential offerings. Doing so will help you find the best option based on your needs.

4

Apply

After choosing your preferred lender, it is time to apply for a HELOC loan. It’s usually possible to do it online. Your lender will ask you to submit information about your income and personal assets. You may also have to provide some verification documents.

5

Use funds wisely

Once you receive funds, staying within your means would help you avoid further debt. You should also consider the fees the lender will be charging. Track your expenses to know how much you will have to pay back.

Frequently Asked Questions About HELOCs

Finding the right HELOC lender in New Jersey and applying for a loan might confuse some borrowers. MoneyGeek researched the following frequently asked questions to help you understand how a HELOC works in the state.

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