On This Page:

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 (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

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.

    • 7.49% (introductory rate) then 9.90%APR Range
    • UndisclosedMinimum Credit Score
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time
    Bank of America

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.

    • 8.95% to 12.70%APR Range
    • 660Minimum Credit Score
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time
    U.S. Bank

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.

    • 6.10% to 14.74%APR Range
    • 640 (680 for investment properties or second homes)Minimum Credit Score
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time
    Figure

Best HELOC Lender for Competitive Rates in North Dakota: PenFed


  • PenFed Credit Union

    PenFed offers the lowest introductory APR for qualified borrowers.

    • Starting at 8.625%APR Range
    • 680Minimum Credit Score
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time
    PenFed Credit Union

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.

1

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.

2

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.

3

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.

4

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.

5

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