Best HELOC Rates and Lenders in Vermont for 2024
Updated: April 23, 2024
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The best home equity line of credit (HELOC) lender in Vermont is U.S. Bank. Homeowners can apply for its HELOC online or in person at branches. It offers competitive rates from 8.95% to 13.1% and allows borrowing between $15,000 and $750,000. Customers can enjoy a 0.5% rate discount for autopay, with an annual fee of up to $75. MoneyGeek acknowledged multiple attributes to select the best lender, not solely cost.
MoneyGeek researched 12 HELOC lenders in Vermont. Other lenders are available but were not included in the study. Of those available, Vermont Federal Credit Union, New England Federal Credit Union and North Country offer diverse options and benefits for Vermonters. These local lenders could provide unique advantages to meet individual homeowner needs.
- 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 HELOC lender for homeowners in Vermont looking to tap into their home equity. With APRs from 8.95% to 13.1% and loan amounts ranging $15,000 to $750,000, it fits a variety of needs. A minimum credit score of 660 makes it accessible to a broad audience.
Features like no closing costs, a 0.5% discount with autopay and the option to prequalify online showcase its commitment to convenient lending. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Offers a fixed-rate option
- Minimum line amount is $15,000
Cons
- Must close in person at a center
- Early closure fee up to $500
- Charges $75 annual fee
Overall Best HELOC Lender in Vermont
HELOC Rates in Vermont By Credit Score
When you consider a home equity line of credit (HELOC), the APR can be influenced by credit scores, your home's equity amount — often expressed as LTV ratio — and your chosen repayment terms. Even Vermont homeowners with solid credit and an LTV ratio below 80% might see varied rates. Review the table to see how rate offerings adjust with different parameters.
When you're eyeing a HELOC in Vermont, comparing APRs from diverse lenders is a savvy move. It influences how much you'll pay over the loan's life. Lower APRs mean fewer interest charges, keeping cash in your pocket. This step could shape your borrowing experience by reducing long-term costs and ensuring you snag a deal that aligns with your financial situation.
HELOC Calculator: Do You Qualify in Vermont?
Your eligibility for a HELOC in Vermont hinges on a few conditions such as equity and credit score, among others. The HELOC calculator lets you weigh various factors to gauge your qualification levels.
With a state average credit score of 737, if you're around this mark, you're likely set for a HELOC in Vermont. Checking your home equity could reveal your borrowing capacity, especially bacause the state's Vermont's numbers stand tall, according to TransUnion.
- 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 shines for Vermont homeowners seeking a budget-friendly HELOC option. Its product is unique as a hybrid HELOC that functions like a credit card, but it's recorded as a HELOC on credit reports. With APRs ranging from 7.99% to 15.49%, there are no annual fees, which reduces overall costs.
Additionally, Aven offers a 0.25% rate cut for setting up autopay. These features make it an attractive choice for homeowners focused on affordability while managing their equity efficiently.
Pros
- 0.25% rate reduction for autopay
- Earns you 2% unlimited cashback
- No origination/annual fees, no prepayment penalty
Cons
- Line limit only up to $250,000
- 2.5% fee for bank transfer
- 10 business days for card arrival
Best HELOC Lender in Vermont for Affordability
- 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 go-to for Vermont homeowners with bad credit seeking a HELOC. A low credit score doesn't mean you can't borrow against your home's equity. It does mean you might face higher APRs, though. Luckily, U.S. Bank keeps rates competitive, offering 8.95% to 13.1% APR, which is lower than many.
With a minimum score requirement of 660, U.S. Bank is accessible to those with less-than-perfect credit. Additionally, homeowners enjoy a 0.5% discount on rates with autopay enrollment, which could lower monthly costs. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- Offers a 0.5% autopay discount
- Interest-only payment option
- Prequalify online available
Cons
- Must close in person at a bank branch
- Early closure fee up to $500
- Undisclosed customer service hours
Best HELOC Lender in Vermont for Bad Credit
- 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 top HELOC lender for Vermont homeowners needing large loan amounts. It provides up to $1 million, ensuring homeowners have enough to cover substantial costs. With a 10-year draw period and a 20-year repayment period, it offers a long horizon to manage borrowed funds effectively.
Bank of America also eliminates worry about annual fees, helping you save over the lifetime of the loan. It's designed to support homeowners through potential financial hardship, offering an additional safety net.
Pros
- Competitive introductory rate (6.99% for six months)
- Offers multiple discounts
- No fees for application, annual or closing
Cons
- Closing must be done in-person
- Charges a $450 early closure fee
- Online applications require $25,000 minimum
Best HELOC Lender in Vermont for Large Loans
- 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
If you're eyeing a HELOC in Vermont to merge debts like credit card balances or personal loans into one, PNC Bank could be your go-to. Ideal lenders offer lower rates than existing debts, provide fast fund access and can cover your outstanding balances. PNC Bank fits the bill with a minimum APR of 4.22%, a possibility of reducing this rate further by 0.25% with autopay from a PNC account and a high loan limit of up to $1 million.
Funds can be transferred to you as soon as three days after closing, setting a swift pace for your debt consolidation. Plus, it absorbs several fees, stretching your savings even further.
Pros
- Switch between variable/fixed rates
- Up to $1 million borrowing limit
- Online application tracking available
Cons
- Charges a $50 annual fee
- Does not disclose most information online
- Charges a late fee
Best HELOC Lender in Vermont for Debt Consolidation
How to Choose a HELOC Lender in Vermont
MoneyGeek offered top picks for Vermont HELOC lenders tailored to diverse needs. Yet, deciding on the right one for you can be tricky. Here's practical guidance to navigate the options and land a lender for you.
FAQ: HELOC Lenders and Rates in Vermont
Navigating the choices of HELOC lenders in Vermont can be tricky. Our collection of frequently asked questions offers clear, concise insights to help borrowers evaluate their options and make informed decisions on securing the right home equity line of credit tailored to their needs. Navigating the choices of HELOC lenders in Vermont can be tricky. Our collection of frequently asked questions offers clear, concise insights to help borrowers evaluate their options and make informed decisions on securing the right home equity line of credit tailored to their needs.
A good HELOC rate in Vermont is approximately 7%. These rates typically assume an LTV ratio of 80% or lower and a credit score between 680 and 740. Homeowners should be aware that rates can vary based on individual creditworthiness and the lender chosen.
U.S. Bank is deemed best overall in Vermont, likely due to its competitive APR range of 8.95% to 13.1%, loan amounts up to $750,000 and a minimum credit score requirement of 660, making it a significant option for homeowners in Vermont seeking a HELOC.
Homeowners with bad credit can still qualify for a HELOC in Vermont. U.S. Bank is an example, offering HELOCs with a minimum credit score requirement of 660.
Bank of America is the top pick in Vermont for large loans, ideal for goals like home renovation or investing in real estate due to its loan amount range and beneficial repayment terms.
Yes, a HELOC can be utilized for debt consolidation. Selecting a lender like PNC Bank, which offers APRs as low as 8.22% and up to $1,000,000 in loan amounts, could be optimal for consolidating various debts into one payment.
Finding the right HELOC lender in Vermont requires clarity on the HELOC's purpose and an understanding of your financial situation. Different needs and financial standings can lead to different lenders being the best match for an individual.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 19, 2024.
- Vermont Department of Banking, Insurance, Securities, and Health Care Administration. "Verify a License." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.