A HELOC can be used for many purposes, including major home repairs and improvements, emergency cash needs and consolidation of existing debts. A HELOC also offers several distinct advantages over standard financing options, including lower interest rates and repayment terms ranging from 5 to 30 years.

In Pennsylvania, HELOC rates range from 0.99% to 18%, and Bank of America is the best overall HELOC lender. Before choosing a HELOC lender, it’s important to compare lenders to find the one that best fits your needs.

Home Equity Line of Credit (HELOC) Rates for 2023

In the table below, MoneyGeek provided an overview of different lenders’ rates, requirements, loan amounts, fees and other pertinent details so that you can find the right one for you. It’s important to note that this information was updated as of May 2022. Lenders' rates and terms frequently change, so we regularly update our pages as new information becomes available.

Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time

3.75% to 18%

$25,000 to $1,000,000


10-year draw period
and 20-year repayment period



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
4.350% 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


10-year draw period,
unspecified repayment period


Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period


24 hours

Starting at 3.50%

$15,000 to $400,000


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


Not specified

Starting at 3.34%

Starting at $25,000


Not specified


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


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


Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Pennsylvania

MoneyGeek’s priority is the consumer, so we’ve compiled a list of the best HELOC lenders for different borrower profiles to help you choose the best one for your situation.

Finding a lender with competitive rates and reasonable borrower requirements can be challenging because typically only national banks offer HELOC loans. If you don’t meet the requirements for a HELOC loan with a national bank, you should check with your local credit union.

Best Overall HELOC Lender in Pennsylvania: Bank of America

  • Bank of America

    Bank of America's HELOC has no application fee, no closing costs (up to $1,000,000) and no annual fee.

    • 7.49% (introductory rate) then 9.90%APR Range
    • UndisclosedMinimum Credit Score
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

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

  • U.S. Bank

    U.S. Bank offers flexible repayment options, including interest-only payments to those who qualify.

    • 8.95% to 12.70%APR Range
    • 660Minimum Credit Score
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in Pennsylvania: Figure

  • Figure

    Best for borrowers with bad credit.

    • 6.10% to 14.74%APR Range
    • 640 (680 for investment properties or second homes)Minimum Credit Score
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time


Best HELOC Lender for Competitive Rates in Pennsylvania: PenFed

  • PenFed Credit Union

    PenFed Credit Union offers a competitive 0.99% introductory APR for your first six months.

    • Starting at 8.625%APR Range
    • 680Minimum Credit Score
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

HELOC vs. Home Equity Loans

Though they both use your home as collateral, a home equity line of credit is different from a home equity loan (HELOAN).

A HELOAN is given to the borrower as a lump sum. It has a fixed interest rate and a fixed repayment term, making it a good option for borrowers that want to pay the same amount each month.

On the other hand, a HELOC is an unsecured revolving line of credit based on your home’s value. A HELOC acts like a credit card, wherein a borrower can borrow up to a specific amount during the draw period. It has a variable interest rate, which is why the borrower isn’t locked into a fixed monthly payment.

MoneyGeek outlined additional differences between a HELOC and a HELOAN in the table below.

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

It’s usually easy to apply for a HELOC because most lenders have online applications. Most lenders will also let you submit your information online and await the lender's approval, meaning you can complete your application when it’s convenient.

MoneyGeek recommends taking the following steps before you apply for a HELOC.


Determine how much you need

This is one of the most important steps before applying for a home equity line of credit. You want to ensure you are not borrowing more or less than you need. A home equity line of credit can be used for large purchases and expenses such as debt consolidation, renovations and college expenses. If you only need a small amount of money, you should look into alternative funding sources.


Assess your financial standing

Now that you know how much money you need to borrow, the next step is to see if you qualify for a HELOC. To qualify for a home equity line of credit, you must meet certain lender requirements, such as having a sufficient credit history and income. It’s also important to evaluate your capability to repay the loan. If you already have existing debt, taking on another loan may not be the best financial decision.


Shop around and compare lenders

Now that you have determined how much money you need and assessed your financial standing, it’s time to select the best lender for your needs.

You should consider several factors when choosing a lender, including interest rates, fees, repayment terms, loan-to-value ratio limits, etc. Considering all these factors will save you money on unnecessary costs in the long term.



After finding a lender that meets your needs, it’s time to apply. Typically, completing an online application is a fast and simple process. In order to get approved for a home equity line of credit, you’ll need to provide verifiable documentation such as pay stubs, bank statements, tax returns and W2 forms.


Use funds wisely

If you’re approved, you’ll receive a notification from your lender that your account has been activated. After which, you’ll be able to use your funds. Be mindful that failure to make payments could cause you to lose your home, so it’s important to properly manage your spending. It’s best to use these funds for large purchases like paying off high-interest debt, renovating your house or purchasing investment properties.

Frequently Asked Questions About HELOCs

MoneyGeek answered some frequently asked questions about home equity lines of credit to help you further understand the topic.