Best HELOC Rates and Lenders in Ohio for 2023

MoneyGeek chose Bank of America as the best overall HELOC lender in Ohio. The company offers home equity lines of credit ranging from $25,000 to $1,000,000, making it ideal for people in need of larger loans. Unlike other banks, this lender does not charge application or annual fees. In addition, closing costs for lines up to $1,000,000 are covered.

In Ohio, Bank of America provides a low introductory variable APR of 1.99% for six months and a minimum rate of 4.35% thereafter. By setting up automatic monthly payments, you can obtain a 0.25% discount on APR. Plus, by becoming a Bank of America Preferred Rewards member, you can earn an additional discount of up to 0.375%.

Additionally, for every $10,000 withdrawn, you may earn a 0.10% (up to 1.5%) discount on your interest rate. However, Bank of America does not provide the minimum credit score required to apply, making it difficult to determine your eligibility. You must contact the bank to check if you are eligible.

Pros

• No application and annual fees
• No closing costs on lines up to $1,000,000
• 0.25% autopay discount and up to 1.5% discount for initial withdrawals
• Loan maximum of $1 million
• Can switch to fixed rate

U.S. Bank could be a viable alternative for a HELOC for Ohio residents with a credit score of 730 or above. This explains why the company was chosen as the best lender for those with good credit. Your credit history, available equity and current debt determine your eligible line of credit with U.S. Bank, which can range from $15,000 to $750,000. Customers of U.S. Bank's checking or savings accounts are eligible for discounted rates. Plus, those who enroll in autopay may get a 0.5% additional discount on interest rates.

There is an annual fee of up to $90, which may be waived if you have a U.S. Bank Platinum Checking Package. However, an early closure charge of 1% of the initial line amount (maximum $500) will be assessed if the loan is closed within the first 30 months.

Pros

• Low interest rates available
• 0.5% discount on APR for autopayments
• No application fees
• Fixed-rate option available
• Doesn’t charge closing costs

Figure provides HELOCs in Ohio from $15,000 to $400,000 with no annual fee. Borrowers need a minimum credit score of 620, which classifies as fair credit. If you set up automatic payments with Figure, you will get a 0.25% discount. Furthermore, if you join a credit union, you may save an extra 0.5% on your interest rate, thereby obtaining a total of 0.75% savings on your APR.

In the majority of instances, your cash will be sent into your account within five business days. Borrowers are entitled to make subsequent draws as long as the draw term is ongoing if they repay the debt beforehand.

All HELOC loans are subject to up to a 4.99% origination fee. However, qualified borrowers receive HELOCs without origination fees.

Pros

• Low interest rate
• Funds available in five days
• Minimum credit score requirement of 620
• Credit union discounts
• Autopay discounts

MoneyGeek found that PenFed Credit Union offers the most competitive rates for a home equity line of credit in Ohio. The company offers HELOCs at an exceptionally low introductory APR of 0.99% for the first six months. Then, interest rates stay between 4.25% and 18%.

Since PenFed offers loans of up to $1,000,000, this lender is also perfect for homeowners who are in need of big amounts.

However, if this loan is paid off or closed within 36 months of the loan closing anniversary date, you will be responsible for the full amount of the PenFed-paid loan closing expenses. This lender imposes a $99 yearly fee if the borrower didn't pay the same in interest last year.

PenFed Credit Union's website urges prospective borrowers to request a call from a PenFed Credit Union representative if they want to apply for a HELOC online.

Pros

• Lines up to $1,000,000
• Can switch from variable rate to fixed rate
• 0.99% APR for the first six months
• Competitive rates
• Low credit score requirement