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

fact checked icon

Updated: September 10, 2024

Advertising & Editorial Disclosure

The best home equity line of credit (HELOC) lender in Washington is Lower. It provides loans from $15,000 to $500,000 with an APR between 8.75% and 13.5%, suitable for various home projects or debt consolidation needs. Lower requires a credit score of at least 580 and operates exclusively online, with no annual fees or discounts. MoneyGeek took into account a range of factors beyond cost to pick the top lender.

MoneyGeek's analysis covered 14 HELOC lenders. While other lenders exist in Washington, not all were in this review. Sound Credit Union, Seattle Credit Union and Washington State Employees Credit Union (WSECU) are among local options with unique benefits for residents.

A Summary of the Best HELOC Lenders in Washington

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

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

recency icon

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

14Lenders Analyzed

    Best HELOC Lender Overall

  • 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 best HELOC lender for homeowners in Washington. With Lower, you get an APR range of 8.75% to 13.5% and can access loan amounts from $15,000 to $500,000. A minimum credit score of 580 makes it accessible to a wider range of borrowers. The lack of annual fees and endorsement from the BBB with an A+ rating demonstrates transparency and reliability. This can suit a homeowner looking to leverage their home's equity without the stress of steep requirements or hidden costs.

    Pros

    • A+ rating from the BBB
    • Provides personalized support
    • No annual fee

    Cons

    • No rate discounts offered
    • Does not offer financial hardship assistance
    • Fixed-rate HELOC conversion not available
    Lower

HELOC Rates in Washington by Credit Score

If you're a homeowner in Washington eyeing a HELOC, your APR isn't just about your credit score or a sub-80% LTV ratio. Different lenders offer varied rates based on repayment terms. Use the provided table to see how your rate shifts with different parameters.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.56%
HELOC (15 year)APR6.56%
HELOC (20 year)APR6.56%

Where does this data come from?

Comparing APRs from various HELOC lenders in Washington can lead to significant savings over time. Lower APRs mean less interest paid, making borrowing more affordable. Differences in rates impact monthly payments and the total cost of borrowing, shaping your financial health. Take the time to shop around to find a rate that aligns with your budget needs.

HELOC Calculator: Do You Qualify in Washington?

When securing a HELOC, the more equity you have, the higher your potential loan amount could be. In Washington, the average credit score is 735, as reported by Experian. If your score is around this number, you're likely in a solid position to get a HELOC.

HELOC eligibility in Washington is based on various factors, with home equity and credit score being key elements, but keep in mind there are additional considerations. Our HELOC calculator allows prospective borrowers to use different variables and gain a clearer understanding of their eligibility. For instance, you can adjust your credit score within the calculator to see how it affects the potential loan amount you might receive.

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 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 HELOC lender in Washington for those seeking cost savings. It stands out with competitive APRs that range from 7.99% to 15.49%, coupled with no annual fees or origination charges. Rate reductions like a 0.25% discount for setting up autopay add to the savings. Aven’s product acts like a credit card backed by your home's equity and offers 2% unlimited cashback. Homeowners in Washington can enjoy these financial benefits without worrying about prepayment penalties or early closure fees, optimizing for a wallet-friendly solution in leveraging home equity.

    Pros

    • Credit card backed by home's equity
    • Unlimited 2% cash back on purchases
    • 0.25% autopay rate reduction

    Cons

    • Line limit up to $250,000
    • 2.5% fee for bank transfers
    • Card delivery takes 10 days
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender 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 best HELOC lender for Washington homeowners with bad credit. A low credit score doesn't bar you from a home equity line of credit; it can impact your terms. U.S. Bank's HELOC starts with a minimum credit score of 660 and offers a maximum APR of 13.1%. You'll find a 0.5% rate discount with autopay. This can make borrowing more affordable. U.S. Bank is accredited by the BBB, though currently does not have a rating.

    Pros

    • Allows for interest-only payments
    • Fixed-rate option available
    • Only $15,000 minimum line amount

    Cons

    • Closing must be done in person
    • Early closure fee up to $500
    • $75 annual fee
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender 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 pick for large HELOCs in Washington. Homeowners often use HELOCs for funding renovations or education costs efficiently. Bank of America's product offers a maximum loan amount of $1 million, which accommodates substantial borrowing needs. With a 10-year draw period and a 20-year repayment term, homeowners receive ample time to repay the borrowed funds. Unlike some lenders, it does not charge annual fees, reducing the overall cost of the loan.

    Pros

    • No application or annual fees
    • Offers multiple discounts
    • Assistance during financial hardship

    Cons

    • Charges a $450 early closure fee
    • Minimum $25,000 loan for online apps
    • In-person closing required
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender 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

    In Washington, if you're looking to blend your high-interest debts, such as credit card bills and personal loans, into one manageable payment, PNC Bank is the go-to HELOC lender. It trumps others with competitive rates ranging from 8.22% to 14.5%. The bank shines with a quick turnaround, delivering access to funds within just three days of closing. Notably, PNC Bank endorses flexibility through features like the ability to toggle between fixed and variable interest rates and throws in a reduction of 0.25% off your rate for autopay enrollments from a PNC checking account.

    Pros

    • Offers variable and fixed rate flexibility
    • Autopay discounts with a PNC checking account
    • Online application tracking and document upload

    Cons

    • Charges a $50 annual fee
    • Does not disclose most information
    • Charges a late fee
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Washington

MoneyGeek has spotlighted top HELOC lenders in Washington tailored for diverse needs. The following strategies will streamline the process of selecting a lender that matches your specific scenario in the Evergreen State.

    girlThinking icon

    Define Your HELOC Purpose

    Knowing why you need a HELOC helps find a lender in Washington with suitable terms. For home renovations, some may offer better rates, while debt consolidation might get different terms.

    trustSeal icon

    Check Lender Reputation

    Always review lenders through the Better Business Bureau and Washington Department of Financial Institutions. High ratings often mean reliable service.

    loanVsLoan icon

    Compare Rates and Fees

    Don't just look at interest rates. Evaluate all loan features, including closing costs. This ensures a HELOC that fits your financial plan.

    smallBusiness icon

    Assess Community Reputation

    A lender's local standing, such as awards for service, can be a reliable indicator. Choose one with a strong community reputation in Washington.

    loanReview icon

    Consider Lender Flexibility

    Lenders that offer online prequalification or the option to convert variable rates to a fixed-rate HELOC show adaptability to your needs.

FAQ: HELOC Lenders and Rates in Washington

Navigating the nuances of HELOCs can seem daunting. The answers to these frequently asked questions arm you with the knowledge to confidently select a HELOC lender in Washington, aligning your financial goals with the ideal borrowing terms.

What’s a good HELOC rate in Washington? What are the best HELOC rates in Seattle??

A competitive HELOC rate in Washington is around 6.21%, providing the borrower has a loan-to-value (LTV) ratio of 80% or under and a credit score between 680 and 740. Note that rates could vary due to individual circumstances and the choice of lender. The best HELOC rates in Seattle often mirror the best rates in Washington.

Which HELOC lender is best overall in Washington?

Lower is considered the best overall HELOC lender in Washington, offering an APR range from 8.75% to 13.5%, which can be significant for various homeowner needs. With a minimum credit score of 580 and loan amounts up to $500,000, it caters to a broad range of borrowers.

Can I still qualify for a HELOC in Washington if I have bad credit?

Yes, homeowners with bad credit may still qualify for a HELOC in Washington. U.S. Bank, for instance, offers HELOCs with credit scores starting at 660, providing options even for those with less-than-ideal credit.

Which HELOC lender in Washington is best for large loans?

Bank of America stands out for home renovation projects and other significant expenses, offering loan amounts up to $1 million. Its lack of annual fees and flexible repayment periods of up to 20 years are significant for homeowners needing substantial funds.

Can I use a HELOC to consolidate debt?

Yes, HELOCs can be used for debt consolidation, offering financial flexibility. PNC Bank is acknowledged for this purpose, with its APR range from 8.22% to 14.5%, loan amounts of up to $1 million and funding availability as swift as three days after closing. Be aware of the various HELOC pros and cons before you apply for a HELOC

How can I ensure I find the right HELOC lender in Washington for me?

To find the right HELOC lender in Washington, assess your intended use for the HELOC and thoroughly understand your financial situation. Different priorities, whether it's low rates, flexibility in credit scores or loan amounts, affect which lender is the best match for your specific needs.

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.

sources
Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use