The Best HELOC Rates and Lenders in New Jersey

Bank of America is MoneyGeek's top pick for HELOC loans in New Jersey. This lender doesn't charge any fees to its borrowers. It also has an easy application process for interested applicants.

Bank of America charges borrowers an introductory APR of 1.99% for the first six months. After the draw period, rates start at 4.35%. This lender’s interest rate discounts include a 0.25% autopay discount and a 0.375% discount for Preferred Rewards members.

Bank of America may not be the best option for borrowers looking to cover small expenses. This is due to its high minimum credit line of up to 25,000.

Pros

• Relatively low introductory APR
• No application, closing or annual fees
• Offers several discounts
• Convenient online application
• Easy-to-use mobile app

• APR: 1.99% for the first six months; 4.35% thereafter
• 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

U.S. Bank is MoneyGeek's top pick for borrowers with a good credit history. This lender offers low-interest rates to its borrowers. Its APR starts at 4.20%, lower than other lenders offering HELOC loans. You can conveniently apply for a HELOC by filling out a form online, visiting a branch or calling their representative at 877-822-2459.

With U.S. Bank, you don't have to worry about application fees or closing costs. However, it charges an annual fee, so it would be best to explore other options and save money on yearly expenses.

Pros

• Low interest rates
• Flexible ways to apply
• No application fees
• No closing costs
• Convenient access to funds

• 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

Figure's HELOC is ideal for New Jersey borrowers with bad credit. This lender offers attractive features to the borrowers, including fast approval and funding, convenient online application and low interest rates.

Once Figure approves your HELOC application, you may receive the funds in as few as five days. With Figure, you can borrow up to $400,000, a sufficient amount if you want to finance any significant expenses. Figure's interest rates start at 3.24%.

Figure likely isn't the best option if you prefer not to pay origination fees.

Pros

• Fast funding process
• Quick pre-approval within 24 hours
• Low interest rates
• Apply online
• Responsive customer support

• APR: Starting 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

With competitive rates and a 0.99% introductory APR, PenFed Credit Union is MoneyGeek's pick for New Jersey borrowers looking for affordable rates.

PenFed is also an ideal HELOC lender for homeowners who want to finance any significant expense, as it offers loans up to $1,000,000. You can switch from a variable to a fixed rate with this lender.

You may want to consider other HELOC lenders in New Jersey, as PenFed is not ideal for borrowers who do not wish to pay annual fees.

Pros

• 0.99% introductory APR for the first six months
• Low interest rates
• Ability to switch from a variable to a fixed rate
• High loan maximum

• APR: 0.99% for six months; 4.25% to 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