Best HELOC Rates and Best HELOC Lenders in Oregon (2024)

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Updated: July 26, 2024

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The best home equity line of credit (HELOC) lender in Oregon is Lower. Homeowners looking for flexible credit options will find it offers APRs from 8.75% to 13.5%. Its loan amounts range from $15,000 to $500,000, suitable for various home projects or debt consolidation. Lower accepts credit scores starting at 580, making its loans accessible even with less-than-perfect credit.

MoneyGeek studied 13 HELOC lenders to find the best lender in Oregon. While more HELOC lenders exist in Oregon, we didn't analyze them. Homeowners also have local lender options, such as Oregonians Credit Union, Oregon State Credit Union and Oregon Community Credit Union, each with unique offerings that may be ideal for your needs.

Best HELOC Lenders in Oregon

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated Oregon HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in July 2024 and includes lenders that do business in Oregon.

13Lenders Analyzed

    Overall Best HELOC Lender in Oregon

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the best HELOC lender in Oregon. It offers an APR range from 8.75% to 13.5% and loan amounts from $15,000 to $500,000, which are suitable for a variety of borrower needs. With a minimum credit score requirement of 580, more homeowners may use their home equity. Lower doesn't charge an annual fee. The lender's A+ rating from the BBB assures borrowers of its transparency and reliability. Oregon homeowners can benefit from Lower’s straightforward approach for tapping into their home equity.

    Pros

    • No annual fee
    • Accepts credit scores from 580
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

HELOC Rates in Oregon by Credit Score

In Oregon, your home equity line of credit (HELOC) APR hinges on factors like credit scores or loan-to-value (LTV) ratios, with lenders setting varied rates based on repayment terms. Check the table to see rate adjustments for different parameters. Rates differ even at an 80% LTV, so review options thoroughly.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.12%
HELOC (15 year)APR7.12%
HELOC (20 year)APR7.12%

Where does this data come from?

When shopping for a HELOC in Oregon, comparing APRs can save you money. Lower APRs mean less interest over time, making borrowing more affordable. Each lender offers unique rates and terms, so exploring your options can lead to a better borrowing experience with manageable payments and less financial strain.

HELOC Calculator: Do You Qualify in Oregon?

In Oregon, access to home equity can directly influence your ability to borrow through a HELOC. A recent study by TransUnion provides insight into the state's total tappable equity, which could indicate potential borrowing power. In addition, the average credit score in Oregon is 732, according to Experian. Your chances of approval for a HELOC are high if your credit score aligns with this figure.

Eligibility for a HELOC depends on multiple variables, including home equity and credit standing. MoneyGeek's HELOC calculator can help you determine your eligibility by adjusting inputs to match your situation. This tool proves invaluable in your journey to find the right HELOC lender.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Oregon for Affordability

  • Aven
    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    Aven is the best HELOC lender for Oregon homeowners who focus on cost savings. It offers competitive APRs from 7.99% to 15.49%, ensuring affordable borrowing costs. Aven's product is a hybrid HELOC that operates like a credit card but is reported as a HELOC to credit bureaus. With no annual fees and a 0.25% rate discount for autopay, homeowners can save more over time. There are no origination fees or prepayment penalties, enhancing the cost-effectiveness for those prioritizing affordability.

    Pros

    • Credit card backed by home equity
    • 0.25% rate reduction for autopay
    • No origination or annual fees

    Cons

    • Line limit of up to $250,000 only
    • One-time 2.5% fee for cashing out
    • 10-day wait for card arrival
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Oregon for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the top choice for Oregon homeowners with less-than-stellar credit. It considers borrowers with a minimum credit score of 660. Its APR range of 8.95% to 13.1% and the 0.5% discount for autopay provide ways to manage costs. Additionally, U.S. Bank is BBB accredited, though it currently doesn't have a rating. Its offering includes no closing costs and the possibility of smaller lines starting at $15,000. This flexibility may appeal to homeowners seeking to leverage their home equity without exceeding their financial boundaries.

    Pros

    • Offers a fixed-rate option
    • Allows for interest-only payment
    • Minimum line amount is only $15,000

    Cons

    • Charges annual fee of $75
    • Closing in person is required
    • No mention of service hours
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Oregon for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the best HELOC lender in Oregon for large loan amounts. A HELOC can provide funding for renovations or education expenses. With a maximum loan amount of $1 million, ample repayment terms of up to 20 years and no annual fees, this lender offers strong flexibility for homeowners needing considerable funds. It also extends hardship assistance, adding a safety net for borrowers during tough times. It’s like having a credit card for your home's equity while also benefiting from potential tax deductions for interest paid. U.S. Bank is accredited by the BBB, though it currently has no rating.

    Pros

    • No application, annual or closing fees
    • Intro rate of 6.99% for six months
    • Maximum loan amount of $1 million

    Cons

    • Minimum online loan is $25,000
    • Must close in person
    • $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Oregon for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is the top HELOC lender for homeowners in Oregon looking to consolidate debt like credit cards or medical bills. It doesn't have a pre-set ceiling on creditworthiness, accommodating a wider array of borrowers. It offers APRs ranging from 8.22% to 14.5%, allowing you to swap out the higher interest rates you're currently paying for a more manageable rate. Borrowers can also access amounts from $10,000 to $1,000,000, which is likely enough to cover combined debt balances. Funds are typically available within three days after closing so you can address debts swiftly. Note that if you decide to close within 36 months, PNC Bank imposes an early closure penalty as reimbursement for covering your closing costs. If you're looking to consolidate with a HELOC, these offerings could streamline your finances without weighing you down in additional fees.

    Pros

    • Ability to switch between variable and fixed rates
    • Rate reduction by signing up for autopay
    • Online tracker for document upload and progress

    Cons

    • Charges a $50 annual fee
    • Charges a late fee
    • Charges a fee for rate locks
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Oregon

MoneyGeek has highlighted stellar HELOC lenders in Oregon for varied needs. If you're looking for alternatives, here's a guide to navigate your options and streamline the selection process.

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    Identify the Purpose of Your HELOC

    Understanding why you want a HELOC in Oregon helps pinpoint the right lender. It's important to clearly define your goals, whether you need a HELOC for home renovations or debt consolidation. Doing so streamlines your search and matches you with advantageous terms.

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    Review Lender Reputation

    Evaluate lenders through the Better Business Bureau and Oregon's own Oregon Division of Finance and Corporate Securities to assure trustworthiness. These agencies provide ratings and records of customer feedback that can signal reliable service.

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    Compare Loan Features

    Shop around to compare rates and fee structures, including HELOC closing costs. Consider other loan attributes aside from the interest rate to save money in the long run and find a HELOC that suits your financial situation.

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    Assess Community Standing

    A lender's local presence, reflected in community awards and positive local feedback, suggests customer satisfaction. Engage with local forums and groups to understand how the lender impacts fellow Oregon homeowners.

    loanReview icon

    Gauge Lender Flexibility

    Flexible lenders might offer features like interest-only payments or a fixed-rate HELOC. Check if they provide online prequalification, which is handy for understanding your options without commitment.

FAQ: HELOC Lender and Rates in Oregon

Review the answers to these frequently asked questions for clear insights on finding the right HELOC lender in Oregon for your financial goals and personal circumstances.

What's a good HELOC rate in Oregon? What are the best HELOC rates in Portland?
Which HELOC lender is best overall in Oregon?
Can I still qualify for a HELOC in Oregon if I have bad credit?
Which HELOC lender in Oregon is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Oregon for me?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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