Best HELOC Rates and Best HELOC Lenders in Virginia (2024)

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.

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.

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.

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.

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.