Best HELOC Rates and Lenders in Tennessee (2024)

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Reviewed byTimothy Manni
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Updated: April 19, 2024

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The best home equity line of credit (HELOC) lender in Tennessee is Lower. It stands out for its competitive APR range from 8.75% to 13.5% and a loan amount range from $15,000 to $500,000. While it doesn't offer physical branches and operates online only, it accommodates a broad spectrum of borrowers with a minimum credit score requirement of 580.

MoneyGeek examined 15 lending options for homeowners looking for a HELOC in Tennessee. Remember, additional lenders operate in the state, but not all were included in this analysis. Local choices such as Piedmont Advantage Credit Union, TNConnect Credit Union and Lowland Credit Union also feature HELOC offerings with distinct advantages for Tennesseans.

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HELOC Rates in Tennessee by Credit Score

For Tennessee homeowners seeking a HELOC, your APR isn't just about credit scores or an 80% LTV ratio. Lenders set rates based on repayment terms, too. Review the table to see rate differences for varied parameters.

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Selecting a HELOC lender in Tennessee isn't just about getting cash — it's about smart borrowing. Shopping for the best APR can lead to lower monthly payments and save you money over the loan's life. Different lenders offer varying APRs, which can significantly impact how much you pay back in the end. Taking time to compare rates can make your borrowing experience more manageable financially.

HELOC Calculator: Do You Qualify in Tennessee?

Based on a study by TransUnion, homeowners in Tennessee might find they can borrow more with a HELOC if their home's equity is high. The average credit score in the state is 705, as cited by Experian, which suggests a fair chance for HELOC approval.

Eligibility for a HELOC in Tennessee isn't just about equity and credit score; other factors play a role, too. Use the HELOC calculator to experiment with different values and better understand your potential eligibility. It's a handy tool that streamlines the search for the right HELOC lender.

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How to Choose a HELOC Lender in Tennessee

MoneyGeek has highlighted top HELOC lenders in Tennessee. Yet, finding the perfect fit requires knowing your needs. Below, discover strategies to streamline your search for a Tennessee-based HELOC lender tailored to your financial situation.

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FAQ: HELOC Lenders and Rates in Tennessee

Choosing the right HELOC lender in Tennessee can streamline your borrowing experience while saving money. These frequently asked questions address the nuances of lender selection to help you understand your options and make informed decisions tailored to your financial landscape.

A competitive HELOC rate in Tennessee is around 6.71%. These rates generally apply to those with a loan-to-value ratio of 80% or less and a credit score in the range of 680 to 740. Be aware that individual rates can vary depending on a homeowner's creditworthiness and the lender selected.

Lower is recognized as the best overall HELOC lender in Tennessee. It stands out due to its competitive APR range from 8.75% to 13.5%, loan amount offerings from $15,000 to $500,000 and accommodating a minimum credit score of 580. These factors make it a significant choice for homeowners in Tennessee seeking flexible HELOC options.

Yes, you can still qualify for a HELOC in Tennessee with bad credit. An example is U.S. Bank, which offers HELOC options for credit scores as low as 660.

Bank of America is the top lender in Tennessee for large HELOC loans, offering amounts up to $1 million. Homeowners may need large loans for significant home renovation projects or to invest in real estate, which can be facilitated through home renovation financing.

Yes, using a HELOC for debt consolidation can be beneficial due to competitive APRs like PNC Bank's range of 8.22% to 14.5%. With the possibility of receiving funds within three days after closing and loan amounts up to $1 million, it can be a viable option to manage and pay down debt.

Finding the right HELOC lender in Tennessee requires clarity on your intended use for the HELOC and a thorough understanding of your financial situation. Different needs and priorities, such as seeking low rates, needing large loan amounts or requiring specific repayment terms, will influence which lender is the best match for you.

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