Best HELOC Rates and Lenders in North Carolina for 2024
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in North Carolina is Lower. It offers competitive rates from 8.75% to 13.5% for homeowners seeking to tap into their home equity. Borrowers can get loans ranging from $15,000 to $500,000 without annual fees, serving a broad spectrum of financial needs. MoneyGeek acknowledges that Lower's merits span beyond cost, factoring in its offerings and accessibility.
MoneyGeek's study included 16 HELOC lenders in North Carolina. While there are additional lenders beyond this analysis, local options like Summit Credit Union, Coastal Credit Union and Piedmont Advantage Credit Union are worth considering for their unique benefits. These institutions cater to different financial scenarios and can be excellent alternatives for homeowners.
- 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 choice for a HELOC lender in North Carolina. Homeowners looking for a flexible way to use their home equity find Lower's APR range of 8.75% to 13.5% and loan amounts from $15,000 to $500,000 suitable for diverse needs. With a minimum credit score requirement of 580, it opens doors for a wider audience.
Lower's transparency ensures easy access to rate and term information, aiding in informed decision-making without the hassle. Enjoy no annual fee and receive personalized support to guide you through the borrowing process, cementing Lower's commitment to user-friendly experiences.
Pros
- Accepts credit scores as low as 580
- Provides personalized support after completion
- Minimum loan amount is $15,000
Cons
- No rate discounts offered
- Does not disclose repayment period
- No fixed-rate HELOC conversion
Overall Best HELOC Lender in North Carolina
HELOC Rates in North Carolina By Credit Score
For North Carolina homeowners, understand that your home equity line of credit (HELOC)'s APR isn't one-size-fits-all. Even with good credit and an LTV Ratio below 80%, rates vary with different repayment terms. Use the table to see rate changes against selected parameters.
Shopping around for the best annual percentage rate (APR) on a HELOC in North Carolina can save you money. A lower APR means less interest over time, making each borrowing dollar stretch further. Differing APRs significantly impact overall loan costs, shaping your financial flexibility during the loan's life. Choose wisely to keep more cash in your pocket.
HELOC Calculator: Do You Qualify in North Carolina?
In North Carolina, homeowners have an average total tappable equity of $139,000, a figure from TransUnion's report, reflecting the potential of how much one might borrow with a HELOC based on their home's equity. The average credit score in North Carolina is 709 according to Experian, suggesting that if your score hovers around this benchmark, securing a HELOC could be more accessible.
HELOC eligibility isn't just about equity or a solid credit score — other factors also play a role. By using the linked HELOC calculator, homeowners can adjust diverse variables to assess their eligibility for a HELOC. This tool becomes an effective avenue for exploring various HELOC options in your search.
- 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 best HELOC lender for North Carolina homeowners wanting to keep costs low. With an APR range of 7.99% to 15.49%, Aven offers significant savings through no annual fees and the chance to reduce rates by 0.25% with autopay.
Aven's product functions like a credit card but taps into home equity, providing a flexible financial tool without the usual penalties or fees. Homeowners benefit from manageable costs, custom cash out options and quick access to funds.
Pros
- Earns you 2% unlimited cashback
- No origination and annual fees
- 0.25% rate reduction for autopay
Cons
- Line limit only up to $250,000
- Card arrival time 10 business days
- One-time 2.5% cash out fee
Best HELOC Lender in North Carolina for Affordability
- 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 the best HELOC lender for homeowners in North Carolina with bad credit. Bad credit doesn't mean you can't get a HELOC. U.S. Bank requires a minimum credit score of 660 and offers a competitive APR range from 8.95% to 13.1%, as well a 0.5% discount for autopay sign-ups.
Though it currently does not have a rating, U.S. Bank is accredited by the BBB — ensuring reliability for North Carolinians looking to tap into their home equity.
Pros
- Offers a fixed-rate option
- Allows for interest-only payments
- Minimum line amount is only $15,000
Cons
- In-person closing required
- Early closure fee applies
- Annual fee of $75 charged
Best HELOC Lender in North Carolina for Bad Credit
- 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 North Carolina homeowners seeking a HELOC for large loan amounts. Homeowners can benefit from this type of credit by addressing big-ticket expenses, such as home renovations or education costs.
With Bank of America, borrowers enjoy a HELOC with a $1 million cap, no annual fee and a repayment period that extends to 20 years following a 10-year draw period. It's beneficial for those needing both substantial funds and time to pay it back. Additionally, it offers financial hardship assistance to support borrowers when needed.
Pros
- Competitive introductory rate for six months
- Max loan amount up to $1 million
- Financial hardship assistance available
Cons
- Closing must be in person at a branch
- Undisclosed HELOC minimum requirements
- Charges $450 early closure fee
Best HELOC Lender in North Carolina for Large Loans
- 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
PNC Bank is the go-to for debt consolidation in North Carolina. If you're juggling high-rate credit cards or personal loans, a HELOC can be a strategic move to get on top of your finances. Its minimum APR is a competitive 8.22% and its maximum APR reaches 14.5%. For many, this can prove less expensive than the existing interest rates on other types of debt.
PNC also enables quick access to funds, often within three days after closing. The maximum loan amount of $1 million would typically cover all your balances. Plus, PNC Bank has perks like rate discounts for autopay enrollment. And if you hit a rough patch, it offers financial hardship assistance.
Pros
- Switch between variable and fixed rates
- Autopay rate reduction from PNC account
- Assistance during financial hardship
Cons
- Charges a $50 annual fee
- Does not disclose most information online
- Charges a fee for rate lock changes
Best HELOC Lender in North Carolina for Debt Consolidation
How to Choose a HELOC Lender in North Carolina
MoneyGeek has showcased its top HELOC lenders in North Carolina, reflecting diverse homeowner needs. While these options are stellar, you might wish to broaden your search. Here are strategies to find a HELOC lender that aligns with your financial goals.
FAQ: HELOC Lenders and Rates in North Carolina
Navigating HELOC options in North Carolina might be difficult. We've answered some of the common questions, equipping you with the knowledge to select a lender that aligns with your financial circumstances.
A competitive HELOC rate in North Carolina is around 7%. These rates typically apply to borrowers with an LTV ratio of 80% or less and a credit score of 680 to 740. But rates can fluctuate based on creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in North Carolina. It offers an APR range of 8.75% to 13.5%, caters to a wide range of credit scores starting at 580 and provides loan amounts from $15,000 to $500,000, important for homeowners seeking flexibility.
Yes, homeowners with bad credit can still qualify for a HELOC in North Carolina. U.S. Bank, for instance, offers HELOCs with a minimum credit score requirement of 660.
Bank of America is the standout lender for large loans in North Carolina, ideal for significant home renovation projects or major expenses such as medical bills.
Yes, using a HELOC for debt consolidation is an option. PNC Bank is recommended by MoneyGeek for this purpose, offering an APR range from 8.22% to 14.5%, and provides funds as soon as three days after closing.
To find the right HELOC lender in North Carolina, understand your intended use for the HELOC and assess your financial situation. Different priorities, such as the need for low rates, the ability to borrow large sums or having a lower credit score, can influence which lender is the best fit for you.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- NC Commissioner of Banks. "Financial Institutions." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.