Best HELOC Rates and Best HELOC Lenders in New Jersey (September 2024)

fact checked icon

Updated: September 9, 2024

Advertising & Editorial Disclosure

The best home equity line of credit (HELOC) lender in New Jersey is Lower. This lender's APR range is from 8.75% to 13.5%, with loan amounts ranging from $15,000 to $500,000. MoneyGeek's choice reflects various factors beyond cost, considering overall value to the homeowner. With a minimum credit score of 580, Lower can help New Jersey homeowners manage a variety of expenses.

In New Jersey, MoneyGeek evaluated 16 HELOC lenders. While other lenders exist in the state, they may not have been included in this analysis. Homeowners may explore options like North Jersey Federal Credit Union, Jersey Shore Federal Credit Union and Central Jersey Federal Credit Union, which might offer unique benefits to New Jersey residents.

Best HELOC Lenders in New Jersey

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated New Jersey HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

recency icon

Our analysis was completed in September 2024 and includes lenders that do business in New Jersey.

16Lenders Analyzed

    Overall Best HELOC Lender in New Jersey

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    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.

    Pros

    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

HELOC Rates in New Jersey by Credit Score

When deciding on a home equity line of credit (HELOC), New Jersey homeowners, bear in mind your APR isn't set in stone. It fluctuates based on credit scores, loan-to-value (LTV) ratios and chosen repayment terms. Dip into the table to see how tweaking these factors can sway your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.67%
HELOC (15 year)APR6.67%
HELOC (20 year)APR6.67%

Where does this data come from?

When you shop for a HELOC in New Jersey, comparing APRs can save you money over time. Lenders offer varying rates and fees, and a lower APR means lower monthly payments and less paid in interest. This careful comparison can make your borrowing experience more budget-friendly, keeping your financial health in check.

HELOC Calculator: Do You Qualify in New Jersey?

Your eligibility for a HELOC in New Jersey hinges on multiple factors, such as home equity and credit score. The average credit score in the state is 725, as per an Experian study. If yours hovers around this figure, securing a HELOC should be feasible.

Our HELOC calculator helps gauge your potential eligibility by letting you adjust variables. Using it eases your search for the right HELOC.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in New Jersey for Affordability

  • Aven
    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    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.

    Pros

    • Provides a home equity-backed credit card
    • No origination, annual fees or penalties
    • 0.25% autopay rate reduction

    Cons

    • Line limit only up to $250,000
    • Charges 2.5% fee for bank cashouts
    • Card takes 10 days to arrive
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in New Jersey for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    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.

    Pros

    • Offers a fixed-rate option
    • Allows for interest-only payments
    • 0.5% autopay discount

    Cons

    • Charges an annual fee of $75
    • Closing must be done in person
    • Does not offer hardship assistance
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in New Jersey for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    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.

    Pros

    • Competitive introductory rate for six months
    • Multiple discounts available
    • No application or closing costs

    Cons

    • Requires in-person closing
    • Undisclosed HELOC criteria
    • $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in New Jersey for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    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.

    Pros

    • Offers 0.25% autopay rate reduction
    • Provides financial hardship assistance
    • Allows variable to fixed rate switch

    Cons

    • Charges a $50 annual fee
    • Does not disclose most info
    • Charges a late fee
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in New Jersey

If you're seeking alternatives to MoneyGeek's highlighted HELOC lenders in New Jersey, let's dive into how you can confidently select a HELOC lender in Garden State.

    girlThinking icon

    Define Your HELOC Goals

    Before hunting for a HELOC in New Jersey, be clear about your loan's purpose. Whether for debt consolidation, home improvements or another financial goal, the right lender can offer terms that match your needs. Research to find lenders that focus on your loan's intended use.

    trustSeal icon

    Investigate Lender Reputation

    Check the lender's standing with the Better Business Bureau and consult the New Jersey Department of Banking and Insurance for any red flags or endorsements. This due diligence guards against surprise pitfalls.

    loanVsLoan icon

    Compare Rates and Fees

    Shop to compare. Assess lenders via loan features, specifically HELOC closing costs. Inquire about the application, appraisal fees and more. Don't haste; differences in rates and fees can significantly affect overall costs.

    smallBusiness icon

    Check Community Standing

    Investigate your local lender's community standing. Awards or recognitions signal customer satisfaction and service quality. Such credentials showcase reliability and can influence your choice of a New Jersey HELOC lender.

    loanReview icon

    Assess Lender Flexibility

    Choose a lender in New Jersey with adaptable options, like converting HELOCs with variable rates to a fixed-rate HELOC or permitting interest-only payments. Value online prequalification for its convenience.

FAQ: HELOC Lenders and Rates in New Jersey

Navigating the HELOC landscape in New Jersey can seem tricky. These frequently asked questions clear the fog, offering insights to help borrowers select a HELOC lender that aligns with their financial scenario and goals, so you can obtain the best HELOC rate in NJ for your situation.

What's a good HELOC rate in New Jersey? What are the best HELOC rates in New Jersey? What are the best HELOC rates in Newark?

A good HELOC rate in New Jersey is typically around 6.28%, assuming an LTV ratio of 80% or lower and a credit score between 680 to 740. The best HELOC rates in Newark are reflective of the best rates across New Jersey, but what you qualify for may vary depending on credit worthiness and choice of lender.

Which HELOC lender is best overall in New Jersey?

Lower is recognized as the best overall HELOC lender in New Jersey, with an APR range of 8.75% to 13.5%, and a minimum credit score requirement of 580, accommodating a broader range of borrowers. It offers loan amounts from $15,000 to $500,000, vital for homeowners needing significant funds.

Can I still qualify for a HELOC in New Jersey if I have bad credit?

Yes, it's possible to qualify for a HELOC in New Jersey even with bad credit. U.S. Bank, for instance, accepts credit scores as low as 660 and offers APRs from 8.95% to 13.1%, making it a viable option for those with less-than-perfect credit.

Which HELOC lender in New Jersey is best for large loans?

Bank of America stands out for large HELOCs, with loan offerings up to $1 million. Its appeal may be significant for owners investing in substantial home renovation projects or those looking to invest in real estate.

Can I use a HELOC to consolidate debt?

Using a HELOC for debt consolidation can be a strategic financial move, but be aware of the HELOC pros and cons to make an informed decision. PNC Bank is recommended for this purpose, with an APR range of 8.22% to 14.5%, and quick fund access in just three days after closing. Its loan amount range of up to $1 million allows for the consolidation of substantial debts.

How can I ensure I find the right HELOC lender in New Jersey for me?

Identify your main purpose for the HELOC and thoroughly understand your financial condition. Different lenders cater to various needs such as better rates, larger loans or more lenient credit requirements. Match your priorities with a lender's offerings to find the best fit.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

sources
Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use