The Best HELOC Rates and Lenders in West Virginia

A home equity line of credit (HELOC) allows you to borrow against the value of your home and receive that money as a revolving credit line. You can draw as often as needed up to a certain limit to fund significant expenses.

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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
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment 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
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment 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,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    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.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR 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
    • N/APre-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,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending on
    the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • 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.

1

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.

2

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.

3

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.

4

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.

5

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.

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