A HELOC loan can be used for various purposes, including home upgrades, debt consolidation, education fees or medical expenses and more. Homeowners with substantial equity in their homes are the ideal candidates to apply for a HELOC.
In Oregon, you can get HELOCs with rates ranging from 0.99% to 18%. Bank of America is the state's best HELOC lender overall. You can obtain a home equity line of credit with a lower interest rate by comparing several lenders to see which one has the best rates.
Home Equity Line of Credit (HELOC) Rates for 2023
The table below provides a summary of the home equity line of credit rates as of May 2022 and other information related to the lenders offering them in Oregon. This can help you find the right option for you.
We update the table below on a regular basis since rates and other lender data are always changing.
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 | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw 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, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | None | Not specified |
MoneyGeek’s Picks for Best HELOC Lenders in Oregon
If you live in the state of Oregon, MoneyGeek is committed to helping you find the best lenders for home equity lines of credit. Only a few lenders may issue HELOC loans, and those that do tend to be national banks that cater to borrowers with good credit.
In the event that your request for a HELOC is rejected by a national lender, you should get in touch with the credit unions in your area to see what alternatives are available to you.
Best Overall HELOC Lender in Oregon: Bank of America
- Bank of America
Bank of America offers bigger HELOCs at better rates and discounts than other lenders.
- 9.55%APR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
Best HELOC Lender for Good Credit in Oregon: U.S. Bank
- U.S. Bank
U.S. Bank provides HELOCs with convenient access to funds and flexible repayment terms.
- Not specifiedAPR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
Best HELOC Lender for Bad Credit in Oregon: Figure
- Figure
If you want faster funding of HELOCs and have fair credit, Figure is the best option.
- 8.25%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
Best HELOC Lender for Competitive Rates in Oregon: PenFed
- PenFed Credit Union
PenFed offers higher lines of credit at competitive rates.
- Not specifiedAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- Not SpecifiedPre-Approval Time
HELOC vs. Home Equity Loans
Despite sounding similar, home equity loans and HELOCs are very different. While both loans are based on your home's equity, they have different payback and rate terms.
With home equity loans, you can anticipate fixed-rate payments and a defined payback period. The lender will also disburse your approved loan amount in a lump sum.
Using a HELOC, borrowers can withdraw several times from their available credit during the draw period and repay it during the repayment term. Borrowers often only have to pay interest during the draw period. In addition, HELOCs have variable interest rates that fluctuate with the market.
The table below illustrates the differences between HELOCs and home equity loans more clearly.
HELOC | Home Equity Loan | |
|---|---|---|
Interest Rate | Adjustable interest rate, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
Fund Disbursements | Line of credit | Lump sum delivery |
How to Apply for a HELOC
In Oregon, obtaining a HELOC is simple. Most lenders let individuals apply and supply basic borrower information online, and then wait for approval. Below, MoneyGeek outlines the processes required to get a HELOC.
Determine how much you need
MoneyGeek recommends HELOCs to homeowners in Oregon who handle their finances well and know exactly how much money they need. It's best to use it to cover large expenditures, such as debt consolidation, educational and medical costs and investments. Note that a HELOC may not be the best option if you just require a small sum of money.
Assess your financial standing
Before applying for a HELOC, you should assess your current financial status. Do you currently have a solid financial standing? Do you have any debt or active lines of credit in your name? Most lenders have a minimum credit score requirement for HELOC approval. You can also try to improve your credit score in order to qualify for a HELOC with a lower interest rate.
Shop around and compare lenders
It is wise to research lenders and evaluate the features and rates of the HELOCs they offer. It is the simplest approach to finding the best HELOC and lender for your needs. On certain lender websites, you may also estimate your monthly payments using a home equity line of credit calculator. By choosing the right HELOC lender, you can avoid paying extra fees and benefit from low interest rates.
Apply
Oftentimes, you can apply for a HELOC online. It is easier to submit your application if you have collected all the necessary information beforehand. Your bank, mortgage (if applicable) and income statements could be required.
Use funds wisely
As soon as you start taking money out of your HELOC, you must understand the conditions of repayment and any extra costs. You should not forget to include the amount you have to pay on your HELOC when making a budget for your monthly spending.
Frequently Asked Questions About HELOCs
When it comes to getting a HELOC in Oregon, potential borrowers might be confused by the process. MoneyGeek answered a few common questions about HELOCs in the state.
sources
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- Bank of America. "Home Equity Line of Credit Application." Accessed June 7, 2022.
- Bank of America. "Learn About Home Equity." Accessed June 20, 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. "Homeowners, We're Here for You." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- Internal Revenue Service. "Publication 936 (2021), Home Mortgage Interest Deduction." Accessed June 7, 2022.