What’s a good HELOC rate in North Dakota?

A good HELOC rate in North Dakota can range from 0.99% to 18%. However, actual rates will depend on your creditworthiness and the HELOC lender that you choose. You can take advantage of low introductory APRs offered by Bank of America and PenFed Credit Union at 1.99% and 0.99%, respectively, for the first six months.

What can I use a HELOC for in North Dakota?

You can use a HELOC loan in North Dakota for home renovations, debt consolidation, medical bills and other large expenses. In most cases, HELOC lenders do not impose restrictions on the use of funds for HELOC loans.

Is HELOC interest tax-deductible in North Dakota?

Your HELOC interest rate may be tax-deductible in North Dakota depending on the usage of funds. Your preferred lender should be able to advise you on the eligibility criteria for tax-deductible interest. IRS resources can also guide you on when your HELOC interest rate may be tax-deductible.

How much money can I borrow with a HELOC in North Dakota?

You can borrow between $5,000 to $1,000,000 in North Dakota. Lenders will assess you based on your creditworthiness and other factors like the equity of your home. Different lenders also have specific minimum and maximum limits for HELOC loans.

Is a HELOC better than a home equity loan (HELOAN)?

A HELOC is better than a home equity loan if you want a revolving line of credit similar to a credit card. A home equity loan may be a better option if you want to receive your loan as a lump sum and make monthly payments at a fixed rate for the term of the loan.

Are HELOC rates fixed?

HELOC rates are not fixed, and most will have a variable interest rate that can increase or decrease depending on the market. Some lenders may have the option of a fixed rate that borrowers can choose.

The Best HELOC Rates and Lenders in North Dakota

A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow at a variable interest rate with your home as collateral. You can use a HELOC to help cover various large expenses.

Advertising & Editorial DisclosureLast Updated: 12/6/2022

Edited By

Ashley Jacobs

If you have large expenses like home renovations, medical expenses or debts, a home equity line of credit gives you access to a revolving line of credit. A HELOC allows you to borrow up to a certain limit and pay interest on the amount borrowed.

North Dakota homeowners can get a HELOC at interest rates between 0.99% to 18%. However, since rates can vary depending on the lender, it is important to shop around when applying for a HELOC to get the best rates. MoneyGeek found that Bank of America is the best HELOC lender in North Dakota.

WHAT WE’RE GEEKING OUT ON

Home Equity Line of Credit Rates
Best HELOC Lender Overall in North Dakota
Best HELOC Lender for Good Credit in North Dakota
Best HELOC Lender for Bad Credit in North Dakota

Home Equity Line of Credit (HELOC) Rates for 2023

The table below contains an overview of home equity line of credit rates plus other pertinent information to help you compare different HELOC lenders in North Dakota.

MoneyGeek does its best to stay up to date and modify this data regularly, but rates and other features can change over time. The current information and the data in this table was updated in May 2022.

Lender
APR
Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time
PenFed Credit Union
3.75% to 18%
$25,000 to $1,000,000
660
10-year draw period
and 20-year repayment period
None
N/A
PNC Bank
Not specified
Not specified
Not specified
Not specified
Not specified
Not specified
Bank of America
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
U.S. Bank
3.65% to 8.80%
$15,000 to $750,000
730
10-year draw period,
unspecified repayment period
$90
Not specified
Discover
4.65% to 9.99%
$35,000 to $300,000
620
10 to 30 years
None
1 to 2 weeks
Flagstar
Starting at 3.99%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
$75
Not specified
SunTrust/Truist
Starting at 4.64%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
None
24 hours
Figure
Starting at 3.50%
$15,000 to $400,000
620
5 to 30 years
3% to 4.99%
24 hours
Citizens Bank
Starting at Prime - 0.50%
Starting at $17,500
Not specified
10-year draw period,
15-year repayment period
$50
Not specified
TD Bank
Starting at 3.34%
Starting at $25,000
740
Not specified
$50
Not specified
Connexus Credit Union
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
Regions Bank
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 North Dakota

MoneyGeek cares about your needs as a consumer, and our main goal is to help you find the best home equity line of credit in North Dakota.

There aren’t many lenders that offer HELOCs. In most cases, these types of loans are offered by national banks. However, if you are declined by a national lender, you can always check with your local credit union to see if they offer HELOCs.

Best Overall HELOC Lender in North Dakota: Bank of America

Bank of America
Bank of America is ideal if you need a low introductory APR and no annual fees.
- 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
If you are looking for the best home equity line of credit in North Dakota, Bank of America is MoneyGeek’s top pick. This lender offers flexible HELOC limits, and you can borrow amounts ranging from $25,000 to $1,000,000, making it ideal if you want a high line of credit.
Bank of America is low on fees, and borrowers will not incur any application fees or annual fees. You can also take advantage of the low introductory APR of 1.99% for the first six months to save on costs. Borrowers can also get discounts for setting up automatic payments.
Bank of America has a robust online account management platform and a convenient mobile app. However, since this lender does not specify their eligibility requirements upfront, you will need to contact them directly to see if you qualify for a HELOC.
Pros
No annual fee
No closing costs on lines up to $1,000,000
Discounts of up to 0.25% for autopayments
Low introductory APR of 1.99%
High loan maximum

Cons
Minimum credit score and eligibility requirements not specified online
Early closure fee
Minimum credit line of $25,000
Certain locations have lower loan amounts
Pre-approval process not clear
APR: 1.99% for 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
on Bank of America Website

Best HELOC Lender for Good Credit in North Dakota: U.S. Bank

U.S. Bank
U.S. Bank offers a fixed-rate APR option for borrowers with good to excellent credit.
- 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
U.S Bank is the best lender for North Dakota borrowers who have good credit. This bank offers flexible credit lines ranging from $15,000 to $750,000, depending on your available equity, creditworthiness and other factors.
This lender is ideal if you already have a U.S Bank checking account since you may qualify for lower interest rates. However, since you need a minimum credit score of 730 to be eligible for a HELOC from U.S. Bank, those with poor or average credit should consider a different lender.
U.S Bank charges a $90 annual fee, but borrowers will not incur any application or closing fees. If you have a U.S. Bank Platinum Checking Package, you may qualify for a waiver of the annual fee.
Pros
No closing fees
Doesn’t charge application fees
Low interest rates offered
Autopay discounts
Fixed-rate option offered

Cons
Annual fee of up to $90
High minimum credit score requirement
Offerings can vary by state
Interest-only repayment could increase monthly costs
Doesn’t disclose repayment periods
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
on U.S. Bank Website

Best HELOC Lender for Bad Credit in North Dakota: Figure

Figure
If you need flexible repayment terms of up to 30 years, Figure is worth considering.
- 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
Figure offers flexible HELOC loans in North Dakota for borrowers with a credit score of 620 or higher. You can borrow between $15,000 to $400,000 at interest rates starting from 3.24%. Figure offers repayment periods of up to 30 years, making it ideal if you want a lender with extended repayment periods.
While Figure is a good option if your credit score is less than stellar, you may not qualify for a loan if your property falls under commercially zoned real estate, multifamily real estate, timeshares, log homes or mixed-use properties.
Figure’s online application process is fast and easy. Funds are also disbursed quickly, so this lender is ideal if you need your funds urgently. However, with origination and recording fees, Figure HELOC loans have high costs.
Pros
0.25% autopay discount
Low interest rate
Funds available in five days
Minimum credit score requirement of 620
Credit union discount

Cons
Charges origination fees
Not all types of homes are eligible
Charges an annual fee
Lower maximum loan amount compared to other lenders
Might charge recording fees and subordination fee
APR: Starts at 3.24%
Loan Amount: $15,000–400,000
Repayment Terms: Five to 30 years
Minimum Credit Score: 620
Annual Fees: None
Pre-Approval Time: 24 hours
on Figure Website

Best HELOC Lender for Competitive Rates in North Dakota: PenFed

PenFed Credit Union
PenFed offers the lowest introductory APR for qualified borrowers.
- 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
If you’re looking for a HELOC lender in North Dakota with competitive APRs, MoneyGeek found that PenFed Credit Union is the best option. This lender offers an introductory 0.99% APR for the first six months, followed by a variable 4.25% to 18% APR. You also have the option of a fixed-rate APR, which can help you manage the interest costs on your HELOC loan.
PenFed Credit Union offers credit lines of up to $1,000,000, so this lender is a good option if you want a high credit line. However, you need a minimum credit score of 660 to qualify, and only PenFed Credit Union members are eligible to apply.
This lender does not have an online application process, so borrowers need to contact the company directly to find out if they qualify for a HELOC loan.
Pros
High loan limits of up to $1,000,000
Fixed-rate option
Low introductory APR of 0.99% for the first six months
Interest-only payments during the draw period
Makes up most of closure costs related to HELOCs

Cons
Annual fee
No online application
Must be a PenFed member to apply
Could have to pay an appraisal fee if required by PenFed
APR: 0.99% for first six months; 4.25%–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
on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Home equity loans and HELOC loans are similar in that they both allow you to borrow money against the equity of your home.

However, there are key differences between a home equity loan and a HELOC.

For example, a home equity loan has a fixed interest rate and a fixed repayment term, while a HELOC has a variable interest rate and does not lock the borrower into a fixed monthly payment.

Additionally, home equity loans are given to the borrower as a lump sum, while a HELOC acts as a credit card where the borrower can borrow as needed up to a specific amount.

You can learn more about how HELOC loans differ from home equity loans in the table below.

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

Applying for a home equity line of credit in North Dakota is a relatively simple process. Most lenders have an online application procedure that you can use to submit your HELOC application.

Determine how much you need

It is important to determine how much you need based on how you intend to use your funds before you apply for a HELOC loan. This will help you avoid overborrowing, which could pose problems in terms of repayment. Determining how much you need will also help you ensure that you choose the best lender for your specific needs.

Assess your financial standing

Considering your debt-to-income ratio and the possible implications of the HELOC loan on your finances is prudent. This will help you avoid taking on more debt than you can handle, which can be costly and cause you to potentially lose your home.

Shop around and compare lenders

Home equity line of credit rates can vary widely depending on the lender, so shopping around can help you save significantly on costs. Comparing lenders will also help you find the best repayment terms and features for your needs.

Apply

Most HELOC lenders accept applications online. You might be required to attach documents for verification, so go through the lender’s requirements and ensure you have them on hand when applying to avoid denial due to improper application.

Use funds wisely

Once you receive your funds, always ensure that you make the minimum monthly repayments required to avoid racking up interest charges. It is important to only borrow as much as you need for the intended purpose to avoid misusing funds for other unplanned uses.

Frequently Asked Questions About HELOCs

MoneyGeek answered the most commonly asked questions about home equity line of credit rates in North Dakota and other features to help you find the best option for your needs.

sources

Bank of America. "Home Equity." Accessed June 7, 2022.
Bank of America. "Home Equity Line of Credit Application." Accessed June 7, 2022.
U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.