Best HELOC Rates and Lenders in Virginia (2024)

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Reviewed byTimothy Manni
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Reviewed byTimothy Manni
Edited byDenise Cristobal
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Updated: June 19, 2024

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The best home equity line of credit (HELOC) lender in Virginia is Lower. It stands out for its flexibility, offering APRs from 8.75% to 13.5% and loan amounts ranging from $15,000 to $500,000. With a minimum credit score requirement of 580, Lower extends its reach to a wide array of homeowners. This lender operates online only, providing services across Virginia without brick-and-mortar branches.

MoneyGeek's assessment to identify the best lender considered multiple factors besides cost. We included 16 HELOC lenders in the analysis for Virginia homeowners, though many more lenders weren't part of this study. Homeowners may also consider options like Apple Federal Credit Union, Arlington Community Federal Credit Union and Dominion Energy Credit Union, each with distinctive offerings for Virginia residents.

Best HELOC Lenders in Virginia

Best Overall: Lower

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

MoneyGeek evaluated Virginia HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in April 2024 and includes lenders that do business in Virginia.

16Lenders Analyzed

    Overall Best HELOC Lender in Virginia

  • Lower

    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the standout HELOC lender in Virginia. It offers APRs from 8.75% to 13.5%, allowing homeowners flexibility with their borrowing costs. It caters to a variety of financial needs, with its loan amounts ranging from $15,000 to $500,000. Lower accepts applicants with a minimum credit score of 580, making its HELOCs accessible to a broader audience. Its website provides clear information on its offerings, ensuring homeowners can make informed decisions easily. With these features, Lower supports Virginians in effectively tapping into their home equity.

    Pros

    • No annual fee
    • Accepts credit scores from 580
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

HELOC Rates in Virginia by Credit Score

Homeowners in Virginia looking for a favorable home equity line of credit (HELOC) should consider that APRs can vary. Even with good credit and n loan-to-value ratio under 80%, rates differ based on repayment terms. Review the provided table to see how rates change based on chosen parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.33%
HELOC (15 year)APR7.33%
HELOC (20 year)APR7.33%

Where does this data come from?

Comparing APRs from various Virginia HELOC lenders ensures you lock in a lower cost over the loan's life. A lower APR means less interest paid, making borrowing against your home’s equity more affordable and potentially freeing up funds for other uses or savings. You can influence your financial flexibility and borrowing experience by taking the time to compare APRs.

HELOC Calculator: Do You Qualify in Virginia?

If you're a homeowner in Virginia, tappable equity matters when looking for a HELOC. A study by TransUnion sheds light on the total tappable equity in the state. High home equity means you might be able to borrow more.

Eligibility for a HELOC in Virginia hinges on several factors, with home equity and credit score being key components. The average credit score in the state is 722, according to Experian. If your credit score is close to this figure, you're likely to get a HELOC.

Use the HELOC calculator below to explore different variables and assess your eligibility. This calculator could be the first step in your Virginia HELOC journey.

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 Virginia 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 is the best pick for homeowners in Virginia looking to save costs on HELOCs. It offers competitive APRs ranging from 7.99% to 15.49% and favors borrowers with a credit score of 620 or higher. Aven's product acts like a credit card that is backed by your home's equity. It's reported as a HELOC, offering clarity to your financial records. Homeowners save more with no annual fees and a 0.25% rate discount for setting up autopay. With no origination fees or prepayment penalties, Aven leads in affordability.

    Pros

    • Credit card backed by home equity
    • Unlimited 2% cash back
    • 0.25% rate reduction for autopay

    Cons

    • Line limit of up to $250,000
    • Card delivery in 10 business days
    • One-time 2.5% cash out fee
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Virginia 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 pick for Virginia homeowners with bad credit who are looking to tap into their home equity. Bad credit won't block you from a HELOC, but the terms might be different. With a minimum credit score of 660, U.S. Bank makes HELOCs accessible for homeowners with less-than-stellar credit scores. Its competitive APR range caps at 13.1%, which helps manage the cost over time. The provider also offers a 0.5% rate discount for autopay enrollees, further reducing costs. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Fixed-rate option available
    • Minimum line is $15,000

    Cons

    • Must close in person at a physical branch
    • Early closure fee of up to $500
    • Charges a $75 annual fee
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Virginia 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 lender for homeowners in Virginia seeking a substantial HELOC for expenses like home renovations or education costs. The lender offers a competitive introductory rate of 6.99% for the first six months and has no application or annual fees. Its maximum loan amount of $1 million is ideal for funding significant projects or purchases. Furthermore, the flexibility of a 10-year draw period followed by a 20-year repayment period gives borrowers time to manage their finances effectively. With hardship assistance available, Bank of America ensures additional support during unexpected events.

    Pros

    • Maximum loan amount of $1 million
    • No application, annual or closing fees
    • Provides assistance during financial hardship

    Cons

    • Closing must be done in person
    • Minimum online loan amount of $25,000
    • $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Virginia 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

    PNC Bank is the best option in Virginia for consolidating debt with a HELOC. It offers APRs from 8.22% to 14.5%, allowing for cost-effective borrowing. Its HELOC allows borrowing up to $1 million, providing ample space for larger debt consolidation. You can receive funds within three days after closing, ensuring speed in managing your debt. The lender has an online tracker for easy document upload and application tracking, ensuring you are always in the loop with your application's progress. Other benefits include the ability to switch between variable and fixed rates and a 0.25% rate discount for automatic payments from qualifying PNC checking accounts. Moreover, PNC Bank also generously reimburses various fees and supports customers during financial hardships, adding a layer of security for your financial management. This lender can be a smart choice for those looking to combine credit card or medical bills into a single payment.

    Pros

    • Ability to switch between variable and fixed rates
    • 0.25% rate reduction with autopay
    • Reimburses various loan processing fees

    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 Virginia

MoneyGeek has highlighted the top HELOC lenders in Virginia. But if you're scouting for alternatives, these pointers will streamline your hunt for a lender that aligns with your financial needs and goals.

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    Define the Purpose of Your HELOC

    Understand why you need a HELOC. Knowing whether it's for home renovations, debt consolidation or another purpose can lead you to the right Virginia lender. For instance, some might have terms favoring extensive remodeling projects.

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    Assess Lender Credibility

    Verify lender reliability by checking ratings with the Better Business Bureau and consulting Virginia's Bureau of Financial Institutions for licensed and regulated financial institutions.

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    Compare Loan Details

    Shop for the best terms and compare rates from different lenders, making sure to examine HELOC closing costs. Lower rates might seem appealing, but closing costs can impact the total expense.

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    Consider Community Standing

    Local awards indicate lender quality and customer focus in Virginia. Check for community recognitions or testimonials when choosing.

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    Evaluate Flexibility Options

    Assess the lender’s adaptability, checking if it allows interest-only payments and shifting to a fixed-rate HELOC. Also, consider how smooth its application process is, including online prequalification benefits.

FAQ: HELOC Lender and Rates in Virginia

Navigating HELOC options in Virginia can be simplified with the right information. These frequently asked questions offer clarity on lender selection — tailored to your financial scenario and needs — to ensure you make informed choices for your home equity line of credit.

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