Best HELOC Rates and Lenders in West Virginia for 2024

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Edited byAshley Jacobs

Updated: December 28, 2023

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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 2024

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.


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


Best HELOC Lender for Good Credit in West Virginia: U.S. Bank


Best HELOC Lender for Bad Credit in West Virginia: Figure


Best HELOC Lender for Competitive Rates in West Virginia: PenFed


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.


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.



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.

Your HELOC rate will depend on various factors, including your credit score and your loan-to-value ratio. In West Virginia, PenFed and Bank of America offer the most competitive six-month introductory interest rates, at 0.99% and 1.99%, respectively.

You can use your HELOC to fund significant expenses, such as home renovations, college education and emergency costs. You can also use it to consolidate high-interest debts.

According to the Internal Revenue Service (IRS), your HELOC interest rate is tax-deductible if you use your funds to buy, build or substantially improve your home. However, it’s best to check with your lender or a tax professional for more information.

Your credit line will typically depend on your lender and your financial profile. In West Virginia, your line of credit can range from $5,000 to $1,000,000.

This will depend on your unique situation. A HELOC is ideal if you prefer a revolving line of credit and flexibility in monthly payments. Meanwhile, a HELOAN is the best option if you want a lump sum and fixed monthly payments.

HELOC rates are usually variable and subject to change based on economic trends. However, some lenders offer fixed-rate options.