Best HELOC Rates and Best HELOC Lenders in Vermont (September 2024)

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Updated: October 3, 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.

Best HELOC Lenders in Vermont

Best Overall: U.S. Bank

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

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability.

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Our analysis was completed in September 2024 and includes lenders that do business in Vermont.

12Lenders Analyzed

    Overall Best HELOC Lender in Vermont

  • 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
    U.S. Bank

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.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.77%
HELOC (15 year)APR6.77%
HELOC (20 year)APR6.77%

Where does this data come from?

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?

When seeking a HELOC in Vermont, your home's equity and credit score are key factors in your eligibility, but they're not the only ones. Homeowners in Vermont have an average credit score of 737, according to a study by Experian. With a score near this average, you should find yourself well positioned to secure a HELOC.

To better understand your potential eligibility for a HELOC, using our HELOC calculator can be a wise step. It allows you to experiment with different equity and financial variables, giving you a clearer picture of where you stand. For instance, by adjusting your home's value or your outstanding mortgage balance in the calculator, you could see how much you might be eligible to borrow against your home.

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 Vermont 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 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
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Vermont 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 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
    U.S. Bank

How does MoneyGeek recommend lenders for people with bad credit?


    Best HELOC Lender in Vermont 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 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
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Vermont 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

    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
    PNC Bank

How does MoneyGeek recommend lenders 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.

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    Define Your HELOC Goal

    Knowing why you want a HELOC guides you to the right lender. Renovations or education costs are common uses. Each lender might favor certain uses and offer terms to match. Make a list of your goals and ask Vermont lenders how they can meet them.

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    Research Lender Ratings

    Check a lender's standing with the Better Business Bureau and the Vermont Department of Banking, Insurance, Securities, and Health Care Administration. Solid ratings and a clean history with these agencies suggest reliability and good practices.

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    Compare Rate and Fee Structures

    Don’t just look at interest rates; consider all costs like closing costs. Get quotes from multiple Vermont lenders to see who offers the best overall value. Remember to look at fees over the HELOC's lifetime, not just at the start.

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    Gauge Community Reputation

    Local awards or recognition signal a lender’s community standing. A strong reputation often means better service. Ask around in Vermont, and read local reviews to learn which lenders are truly invested in their customer's satisfaction.

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    Check Flexibility and Support

    Choose a lender that adjusts to your needs. Look for options like interest-only payments or converting from variable rates to a fixed-rate HELOC. Online prequalification is a plus, showing lender accessibility and borrower support.

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.

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

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

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

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