Best HELOC Rates and Lenders in West Virginia for 2023

MoneyGeek chose Bank of America as the best overall HELOC lender in West Virginia because of its low interest rates and additional discounts. It offers lines of credit between $25,000 and $1,000,000 with no application, annual or closing fees.

Bank of America is ideal for borrowers who want to take advantage of interest rate discounts. You can earn a 0.25% discount for setting up automatic payments and up to a 1.50% discount for making initial withdrawals of $10,000 each.

With Bank of America, you can convert your variable-rate balance to a fixed-rate loan option at no additional cost. However, you will be required to pay an early closure fee of $450 plus taxes and fees if you terminate your account within 36 months of opening it.

Pros

• No application and annual fees
• No closing costs
• 0.25% autopay discount
• Has a fixed-rate option
• High loan maximum

• APR: 1.99% for six months; 4.35% thereafter
• Loan Amount: $25,000–1,000,000
• Repayment Terms: 10-year draw period; 20-year repayment period
• Minimum Credit Score: Not specified
• Annual Fees: None
• Pre-Approval Time: Not specified

U.S. Bank is best for borrowers who are looking for HELOC loans and have good credit. You can qualify for a credit line between $15,000 and $750,000 if you have a credit score of at least 730.

It’s worth noting that U.S. Bank offers low rates starting at 4.20%. While this national bank doesn’t have closing costs, it charges an annual fee of up to $90 after the first year. However, the annual fee may be waived with a U.S. Bank Platinum Checking Package.

Furthermore, U.S. Bank charges an early closure fee of 1% of the original line amount (up to a maximum of $500) if your line is paid off within the first 30 months.

Pros

• No closing costs
• Low interest rates
• Has a fixed-rate option
• 0.5% discount for autopay
• No application fees

• APR: 4.20%–9.35%
• Loan Amount: $15,000–750,000
• Repayment Terms: 10-year draw period; unspecified repayment period
• Minimum Credit Score: 730
• Annual Fees: $90
• Pre-Approval Time: Not specified

If you are looking for a HELOC but have bad credit, Figure may be the best option for your needs. You only need a minimum credit score of 620 to be eligible for a line of credit between $15,000 and $400,000.

With Figure, you won’t have to pay any account opening fee, maintenance fee or prepayment penalty. However, there’s an origination fee based on your creditworthiness and location. You can also earn up to a 0.75% interest rate discount, including 0.25% for setting up automatic payment and 0.50% for having a credit union membership.

Note that this option is not ideal for borrowers who are applying with a co-op, commercial real estate property, multifamily real estate property, manufactured home, earth or dome home, timeshare, log home, houseboat or mixed-use property.

Pros

• Fair credit score requirement
• 0.25% autopay discount
• No account opening fee
• No prepayment penalty
• Credit union members can get a discount

• APR: Starts at 3.24%
• Loan Amount: $15,000–400,000
• Repayment Terms: 5 to 30 years
• Minimum Credit Score: 620
• Annual Fees: None
• Pre-Approval Time: 24 hours

MoneyGeek found that PenFed has the most competitive home equity line of credit rates in West Virginia. It offers lines of credit from $25,000 to $1,000,000 for members with a credit score of at least 660.

PenFed’s HELOCs come with a 0.99% introductory APR for the first six months. This credit union also covers most closing costs associated with a HELOC. That said, you will be required to reimburse PenFed the total amount if you close your account within 36 months. Plus, there’s an annual fee of $99 if you don’t pay the same amount in interest during the previous year.

Keep in mind that PenFed doesn’t allow online applications, so this lender may not be for you if you don't like visiting brick-and-mortar locations.

Pros

• 0.99% APR for the first six months
• Lines up to $1,000,000
• Interest-only payments during draw period
• Has a fixed-rate option
• Somewhat low credit score requirement

• APR: 0.99% for first six months; 4.25%–18% thereafter
• Loan Amount: $25,000–1,000,000
• Repayment Terms: 10-year draw period; 20-year repayment period
• Minimum Credit Score: 660
• Annual Fees: $99
• Pre-Approval Time: Not applicable