Best HELOC Rates and Lenders in Ohio for 2024

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Edited byAshley Jacobs

Updated: December 28, 2023

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You may finance home improvements, consolidate debt, pay school fees and medical bills and more with a HELOC loan. A HELOC is perfect for creditworthy homeowners who have significant home equity.

According to MoneyGeek's analysis, home equity line of credit (HELOC) rates in Ohio range from 0.99% to 18%, and Bank of America is the top HELOC lender overall. Prior to applying for a HELOC, it is important to compare quotes from multiple lenders in order to get the best rate.


Home Equity Line of Credit (HELOC) Rates for 2024

The table below provides a summary of home equity line of credit interest rates and related lender data. This can help you find the right option for your needs.

The data is current as of May 2022. MoneyGeek updates the data periodically since the rates and other information are subject to change over time.


MoneyGeek’s Picks for Best HELOC Lenders in Ohio

MoneyGeek is committed to assisting Ohio borrowers in finding the best home equity line of credit lenders. You may only find a few lenders offering HELOC loans, and those that do tend to be national banks that cater to clients with good credit scores.

MoneyGeek recommends that if a national lender turns down your HELOC application, you should check with your local credit unions to find alternatives.

Best Overall HELOC Lender in Ohio: Bank of America


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


Best HELOC Lender for Bad Credit in Ohio: Figure


Best HELOC Lender for Competitive Rates in Ohio: PenFed


HELOC vs. Home Equity Loans

Home equity loans and home equity lines of credit (HELOCs) sound alike, but they are two distinct financial products.

Home equity loans come with fixed interest rates and repayment terms. The money is given to borrowers in one lump payment by the bank.

A HELOC functions like a credit card. During the draw period, borrowers can withdraw funds from the available credit and repay the amount through the repayment period. Most lenders generally require borrowers to only pay the interest during the draw period.

More details about the differences between these products are shared below.


How to Apply for a HELOC

Applying for a home equity line of credit (HELOC) in Ohio is fairly easy. Most lenders enable applicants to submit basic information online and await approval. Below, MoneyGeek discusses the steps to apply for a HELOC.


Determine how much you need

Note that a home equity line of credit (HELOC) isn't for everyone. MoneyGeek recommends it to Ohio homeowners who have a good handle on their finances and know exactly how much funds they need. You should consider using a HELOC to finance significant expenses like investments, education and debt consolidation.


Assess your financial standing

You should also assess your current financial status. In order to evaluate your ability to repay the loan, most lenders set a minimum credit score requirement. Before applying for a HELOC, you might be able to lower your interest rate by taking a few simple steps to improve your credit score.


Shop around and compare lenders

Researching lenders and comparing what they offer is a good idea. It's the simplest approach to finding the best offer for your individual circumstances and demands. A home equity line of credit calculator is available on certain lender websites to help you estimate your monthly payments. You may avoid paying extra fees and take advantage of cheap rates if you choose the right HELOC lender.



In most cases, you can apply for a HELOC online. You can save time by being prepared with the information you'll need to submit the application. Documentation, such as bank statements, mortgage statements and proof of income, may be required.


Use funds wisely

Be mindful of the payback terms and additional costs once you begin withdrawing cash from your HELOC. While budgeting your monthly spending, keep note of how much you need to pay while your HELOC is open.

Frequently Asked Questions About HELOCs

You might be uncertain about how to go about getting a home equity line of credit (HELOC) in Ohio. MoneyGeek has compiled a list of frequently asked questions about HELOCs in Ohio.

The interest rate on a HELOC varies based on your financial standing and other factors. PenFed Credit Union and Bank of America provide competitive rates in Ohio, with the former offering an introductory APR of 0.99% for the first six months and the latter offering a special introductory rate of 1.99%.

You may use your HELOC to pay major expenses, such as education, home improvements, medical expenses and debt consolidation.

In most cases, the interest on a HELOC is tax-deductible. As per the Internal Revenue Service (IRS), HELOCs used to fund, buy, build or substantially improve your home come with tax-deductible interest rates. Nevertheless, it is best to consult a financial counselor or check with the lender to learn if their HELOCs have tax-deductible rates.

Lenders in Ohio set their own maximum and minimum HELOC loan amounts. HELOC amounts can range from $5,000 to $1,000,000.

The answer depends on how you want your finances to be available and how you want to repay the loan. If you need an open-ended credit line with variable interest rates, HELOCs are perfect. On the contrary, home equity loans come with fixed interest rates and are offered in a lump sum.

HELOCs don't usually come with fixed rates. As a revolving line of credit, a HELOC has interest rates that change based on how much you borrow. However, some lenders provide fixed-rate HELOCs. It's best to check with your lender to see whether they have that option available.