The Best HELOC Rates and Lenders in Ohio

A home equity line of credit (HELOC) is a revolving credit line secured by your home's equity. You can qualify for a HELOC loan based on your financial profile and needs. The loans are generally sought to fund major expenses.

Advertising & Editorial DisclosureLast Updated: 12/6/2022
Edited By     |  

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 2023

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.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 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

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 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

  • 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 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


  • Bank of America

    This lender is perfect for borrowers who need larger fund amounts and better discounts.


    • 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

    on Bank of America Website

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


  • U.S. Bank

    U.S. Bank provides HELOCs with convenient access to funds.


    • 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

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Ohio: Figure


  • Figure

    For borrowers in need of faster HELOCs with longer repayment terms, Figure is a top option.


    • 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

    on Figure Website

Best HELOC Lender for Competitive Rates in Ohio: PenFed


  • PenFed Credit Union

    PenFed offers HELOCs with competitive rates and the lowest introductory APR.


    • 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

    on PenFed Credit Union Website

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.

  • 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 (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.

1

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.

2

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.

3

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.

4

Apply

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.

5

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.

sources