A HELOC can help fund major expenses, including home renovations, education costs, debt consolidation, medical bills and more. It’s ideal for borrowers who have considerable home equity and can budget their money wisely.
When applying for a HELOC, it’s essential to compare lenders to determine the best option for your needs. Current HELOC rates in the state range from 0.99% to 18%. MoneyGeek found that Bank of America is the best overall HELOC lender in West Virginia, offering low interest rates and additional discounts.
Home Equity Line of Credit (HELOC) Rates for 2023
Comparing HELOC rates and lenders can help you make a smarter financial decision and select the best option for your situation.
The table below provides an overview of equity rates and pertinent lender information as of May 2022. Note that rates and other features are constantly changing, but MoneyGeek updates the data frequently.
Lender | APR | Loan Amount | Min. Credit Score Requirement | Repayment Terms | Annual Fees | Pre-Approval Time |
---|---|---|---|---|---|---|
3.75% to 18% | $25,000 to $1,000,000 | 660 | 10-year draw period | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
4.65% to 9.99% | $35,000 to $300,000 | 620 | 10 to 30 years | None | 1 to 2 weeks | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw period | None | 24 hours | |
Starting at 3.50% | $15,000 to $400,000 | 620 | 5 to 30 years | 3% to 4.99% | 24 hours | |
Starting at Prime - 0.50% | Starting at $17,500 | Not specified | 10-year draw period, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | None | Not specified |
MoneyGeek’s Picks for Best HELOC Lenders in West Virginia
MoneyGeek gathered the best home equity line of credit lenders in West Virginia to help you find the best option for your particular needs and situation. This is because we care about consumers and want to help them be successful financially.
Keep in mind that there are not many HELOC lenders, and most HELOC loans are offered by national banks that cater to borrowers with good to excellent credit. We recommend checking with your local credit union if a national lender denies your application.
Best Overall HELOC Lender in West Virginia: Bank of America
- Bank of America
Bank of America offers a 1.99% introductory APR for six months.
- 6.740% for 6 months, then 9.550%APR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
on Bank of America Website
Best HELOC Lender for Good Credit in West Virginia: U.S. Bank
- U.S. Bank
U.S. Bank is ideal for borrowers with good to excellent credit scores.
- 4.20% to 9.35%APR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
on U.S. Bank Website
Best HELOC Lender for Bad Credit in West Virginia: Figure
- Figure
Figure is best for borrowers with a credit score of 620.
- From 6.55% to 15.54%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
on Figure Website
Best HELOC Lender for Competitive Rates in West Virginia: PenFed
- PenFed Credit Union
PenFed offers the lowest APR for qualified borrowers.
- 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- Not SpecifiedPre-Approval Time
on PenFed Credit Union Website
HELOC vs. Home Equity Loans
Knowing the difference between home equity loans (HELOANs) and HELOCs is critical when determining the best option for your particular needs.
A home equity loan is delivered in a lump sum that’s equivalent to your home’s equity. It has a fixed repayment plan, interest rates and monthly installments, making it ideal for homeowners who want predictability in their loan payments.
On the other hand, a home equity line of credit acts like a credit card, allowing borrowers to draw when needed up to a certain limit during the draw period. Its interest rates tend to change based on economic trends.
The table below breaks down the differences between HELOANs and HELOCs to help you choose the right option for you.
HELOC | Home Equity Loan | |
---|---|---|
Interest Rate | Adjustable interest rate, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
Fund Disbursements | Line of credit | Lump sum delivery |
How to Apply for a HELOC
It’s generally easy to apply for a HELOC since most lenders allow online applications. You only have to submit your personal information and wait for approval. Below, MoneyGeek outlines the important steps you can take when applying for a HELOC in West Virginia.
Determine how much you need
A HELOC is ideal for borrowers who are careful with credit. When you’re considering a HELOC, make sure you know how much you need to borrow and what you’ll use it for. Usually, HELOCs are used to finance significant expenses or consolidate debt.
Assess your financial standing
Consider your current financial situation to decide whether or not a HELOC is right for you. You can do this by checking your credit score, gross income and current loan-to-value ratio. Reviewing your financial standing also helps in determining if you can repay the loan.
Shop around and compare lenders
It’s critical to look into each lender and see what they offer in terms of loan amounts, interest rates, repayment terms and additional fees. Compare lenders to find the best available deals and benefit from low rates.
Apply
Most HELOC applications can be completed online, making the process extremely convenient. Prepare all the necessary documents that your lender may require before you start filling out the application. Also, make sure that all your provided information is accurate to increase your chances of approval.
Use funds wisely
Exercise caution once you receive your line of credit. Try not to overborrow to avoid being stuck in a tight financial spot. Keep in mind that you could lose your house if you fail to make payments.
Frequently Asked Questions About HELOCs
Applying for a home equity line of credit can be an unfamiliar process, especially for first-time borrowers. MoneyGeek answered some frequently asked questions about HELOCs in West Virginia to help you learn more.
sources
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
- Figure. "Homeowners, We're Here for You." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- Internal Revenue Service. "Publication 936 (2021), Home Mortgage Interest Deduction." Accessed June 7, 2022.