Best HELOC Rates and Best HELOC Lenders in West Virginia (September 2024)

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Updated: September 10, 2024

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The best home equity line of credit (HELOC) lender in West Virginia is Lower. It offers a wide range of loan amounts — from $15,000 to $500,000 — to homeowners looking for financial flexibility. Its APR runs between 8.75% and 13.5%, accommodating various borrowing needs. To qualify, you need a minimum credit score of 580, and while it doesn't boast physical branches, you can easily access its services online.

MoneyGeek reviewed 10 HELOC lenders to help you pinpoint the top option in West Virginia. Remember, this is only part of the picture, as other lenders in the state might offer competitive HELOC options. In particular, West Virginia Federal Credit Union, Peoples Federal Credit Union and Arlington Community Federal Credit Union stand out as local alternatives that may present unique benefits worth your attention.

Best HELOC Lenders in West Virginia

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

MoneyGeek evaluated West Virginia HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

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

10Lenders Analyzed

    Overall Best HELOC Lender in West Virginia

  • 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

    In West Virginia, Lower is the top HELOC lender, offering APRs from 8.75% to 13.5% and loans ranging from $15,000 to $500,000. Homeowners can apply with a minimum credit score of 580. Lower provides personalized support post-application and is noted for transparency, with clear information on its website. This benefits those looking to leverage home equity straightforwardly.

    Pros

    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

HELOC Rates in West Virginia by Credit Score

Your Home Equity Line of Credit (HELOC) APR hinges on factors like credit scores and loan-to-value (LTV) ratios. In West Virginia, even a solid credit score and a sub-80% LTV might net varied rates shaped by repayment terms. Homeowners should review the rates table to see the impact of different parameters on their HELOC's APR.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.61%
HELOC (15 year)APR6.61%
HELOC (20 year)APR6.61%

Homeowners should compare APRs from different HELOC lenders in West Virginia to ensure they get a favorable deal. APRs affect monthly payments and the total cost over the loan's life. Lower APRs lead to savings, while higher ones can increase your financial burden. Careful comparison puts you in control of your borrowing experience.

Where does this data come from?

HELOC Calculator: Do You Qualify in West Virginia?

If your home's equity is high, chances are you might be eligible to borrow a greater sum with a HELOC. Meanwhile, the average credit score in West Virginia hovers around 703, as reported by Experian. Holding a credit score near this average positions you well for HELOC approval in the state.

When considering a HELOC in West Virginia, keep in mind that eligibility hinges on more than just equity and credit scores. Our HELOC calculator allows you change different variables. For example, adjusting your home's equity value could show how much you might be able to borrow.

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 in West Virginia 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 top pick for West Virginia homeowners seeking cost-effective HELOC options. It offers competitive APRs ranging from 7.99% to 15.49%, so you can find a rate that fits your budget. Plus, Aven helps you keep more money in your pocket with no annual fees and the potential to lower your rate by 0.25% if you opt for autopay. Aven's product is a hybrid HELOC that works like a credit card backed by your home's equity — it's reflected as a HELOC on your credit report and to credit bureaus. This could be the affordable solution you've been searching for.

    Pros

    • Provides credit card backed by home equity
    • No origination, annual fees or prepayment penalty
    • 0.25% rate reduction for autopay

    Cons

    • Limit up to $250,000 only
    • Fees for bank cashouts
    • Card delivery takes time
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in West Virginia 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 a top choice for West Virginia homeowners with bad credit seeking a HELOC. Bad credit doesn't shut you out of a HELOC but affects your terms. U.S. Bank offers a maximum APR of 13.1%, with a credit score minimum of 660, which is approachable for those with less-than-perfect credit. You can even prequalify online, which simplifies the borrowing process. Plus, autopay sign-ups lead to a 0.5% rate discount. These features support West Virginia homeowners by providing a more affordable way to leverage home equity. The BBB accredits U.S. Bank, though it currently has no rating.

    Pros

    • No closing costs
    • Prequalify online available
    • Fixed-rate option offered

    Cons

    • Must close in person at financial center
    • Early closure fee up to $500
    • Annual fee of $75
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in West Virginia 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 offers a solid HELOC solution for West Virginia homeowners needing large loan amounts for big expenses like home renovations or educational costs. It features a high maximum loan amount of $1 million, giving borrowers the flexibility to fund significant projects. With a 10-year draw period and 20-year repayment term, it allows ample time for repayment. Adding to the benefits, homeowners don’t have to worry about annual fees, which can add up over time. Plus, it offers competitive initial rates and multiple discount opportunities, making it a helpful tool for managing large financial needs.

    Pros

    • Competitive initial 6.99% rate
    • No fees for application
    • Financial hardship assistance

    Cons

    • Closing must be in person at a branch
    • Undisclosed minimum HELOC requirements
    • Online applications start at $25,000 minimum
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in West Virginia 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

    PNC Bank is the top HELOC lender for consolidating high-interest debts like credit card and personal loan balances in West Virginia. The ideal lender offers lower interest than other debts, fast access to funds, and a high loan limit. It aligns with PNC Bank's features: homeowners can enjoy a rate as low as 8.22% and as high as 14.5%, get funds quickly, usually within three days after closing, and borrow up to $1 million, accommodating hefty balances. Additionally, PNC Bank entices with perks like the option to choose between fixed and variable rates and a 0.25% rate cut for autopay setup with a PNC checking account. PNC Bank also covers costs such as valuation and recording, easing the financial load. Homeowners facing genuine financial hardship can find solace in assistance offerings. PNC Bank accommodates those looking to streamline their finances under one manageable plan.

    Pros

    • Switch between fixed and variable rates
    • Autopay discount from PNC checking accounts
    • Online document upload and application tracker

    Cons

    • Charges a $50 annual fee
    • Does not disclose key information
    • Charges a fee for interest rate lock/unlock
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in West Virginia

Now that MoneyGeek has shared its top HELOC lenders in West Virginia, here are some pointers that will streamline your search for a HELOC lender that meets your specific needs.

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    Define Your HELOC Goals

    Knowing why you need a HELOC guides your lender choice. Some cater to renovations while others favor debt consolidation. In West Virginia, identify your goal, be it upgrading your home or managing debt, to find a lender with terms that align with your plan.

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    Investigate Lender Reputation

    Check a lender's standing with the Better Business Bureau and West Virginia's Division of Financial Institutions. High ratings and few complaints suggest reliable service and customer satisfaction.

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    Compare Rates and Fees

    Don't just glance at rates; detailed comparisons of loan features, especially HELOC closing costs, are essential. In West Virginia, analyze lenders' rate offers and fee structures, choosing the most favorable.

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    Check Community Standing

    A lender's local reputation is telling. In West Virginia, seek those recognized for excellence. Awards or community endorsements can signal a lender's dedication to satisfying homeowners.

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    Assess Lender Flexibility

    Flexible lenders adapt to your needs. Consider options like interest-only payments or converting from variable rates to a fixed-rate HELOC. Online prequalification is a bonus, indicating a hassle-free application process.

FAQ: HELOC Lenders and Rates in West Virginia

Navigating the choice of a HELOC lender in West Virginia can feel complex. By addressing these common questions, we aim to streamline your understanding, enabling you to make informed decisions that align with your financial goals and needs for home equity borrowing.

What's a good HELOC rate in West Virginia? What are the best HELOC rates in Charleston?

A competitive HELOC rate in West Virginia would be around 6.50%. Note that these rates are based on an LTV ratio of 80% or less and a credit score of 680 to 740. Rates may fluctuate depending on creditworthiness and chosen lender. The best HELOC rates in Charleston typically mirror the best HELOC rates in West Virginia.

Which HELOC lender is best overall in West Virginia?

Lower is recognized as the best overall HELOC lender in West Virginia. It offers an APR range of 8.75% to 13.5%, serves borrowers with a minimum credit score of 580, and provides loan amounts ranging from $15,000 to $500,000. These flexible terms are significant for homeowners seeking a HELOC.

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

Yes, it's possible to qualify for a HELOC in West Virginia even with bad credit. U.S. Bank, for example, offers HELOCs to those with lower credit scores, starting at 660.

Which HELOC lender in West Virginia is best for large loans?

Bank of America stands out for large HELOCs in West Virginia. Homeowners could need substantial funds for major expenses like home renovations or investing in real estate.

Can I use a HELOC to consolidate debt?

Homeowners can use a HELOC for debt consolidation if they feel it's a beneficial move after considering HELOC pros and cons. PNC Bank is MoneyGeek's top choice for this purpose, offering a loan amount range of $10,000 to $1 million with APRs between 8.22% to 14.5%, and money can be received three days after closing.

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

Identifying the right HELOC lender in West Virginia involves understanding your financial situation and what you plan to use the HELOC for. Whether you prioritize low rates, high loan amounts or quick fund disbursement, aligning your goals with lender offerings will help you find the best match for your 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.

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