Question 1

What’s a good HELOC rate in Vermont?

Accepted Answer

Various factors affect HELOC rates, including your financial profile. PenFed Credit Union and Bank of America have the best rates in Vermont, with each having below-market, six-month introductory APRs at 0.99% and 1.99%, respectively.

Question 2

What can I use a HELOC for in Vermont?

Accepted Answer

Your home equity line of credit can be used for home renovations, large purchases, emergency bills and more. However, it’s best that you use your HELOC responsibly and for things that build your wealth.

Question 3

Is HELOC interest tax-deductible in Vermont?

Accepted Answer

HELOC interest payments are usually tax-deductible. However, we recommend consulting with an accountant or tax professional if you want to know more.

Question 4

How much money can I borrow with a HELOC in Vermont?

Accepted Answer

The amount you can get for your HELOC depends on factors like your preferred lender, credit score and home equity value. PenFed Credit Union and Bank of America have the highest maximum credit lines among Vermont’s HELOC lenders at $1 million.

Question 5

Is a HELOC better than a home equity loan (HELOAN)?

Accepted Answer

HELOCs are ideal if you’re looking for easily accessible cash. Meanwhile, HELOANs are best if you want to borrow a lump sum and repay it in fixed monthly installments. Your needs and financial situation will determine which of the two is better.

Question 6

Are HELOC rates fixed?

Accepted Answer

Generally, HELOCs have variable interest rates, which may change depending on when you draw money. However, some lenders allow you to convert your credit lines into fixed-rate loans.

Best HELOC Rates and Lenders in Vermont for 2023

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