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Charlottesville, Virginia Home Equity Line of Credit Rates

Compare Home Equity Line of Credit rates from lenders in Virginia with a loan amount of $50,000. To change the mortgage product or the loan amount, use the search box above. Click lender name to view more information.

Virginia Home Equity Line of Credit

December 15, 2018 Average Rate: 6.19%

Lender	Rate (%)	Monthly Payment	Learn More
	5.49 %	$	Learn More More Info
Rate after 6 month intro period is dependent on $25K draw at closing. Additional 0.50% discount with auto pay from Flagstar Deposit Account. $75 annual fee waived 1st year. Home Equity Lines of Credit (up to 89.99% CLTV) Home Equity Loans Competitive rates on conventional/government mortgages and refinancing. Retail Banking – checking accounts, savings, money market accounts, and CDs
	4.24 %	$	Learn More More Info
Conditions… Variable APR of Prime minus 1.01% in OH/FL; Prime minus .76% in all other states. Min loan amount $10,000. Max loan amount $150,000. 30-year term. Annual fee waived for the first year. See conditions for guarantee at thirdfederal.com. Third Federal rate are typically 20% lower than other leaders Guaranteed Lowest Rate No closing costs, prepayment penalties, or minimum draw requirements 10 year draw period
Towne Bank Updated 2018-12-13	5.75 %	$
HSBC Updated 2018-12-13	6.75 %	$
American National Bank Updated 2018-12-13	5.25 %	$
Regions Bank Updated 2018-12-13	6.875 %	$
BB&T Updated 2018-12-13	5.24 %	$
Corporate America Family CU Updated 2018-12-13	5.75 %	$
First National Bank Updated 2018-12-13	5.25 %	$
Union Bank & Trust Updated 2018-12-13	5.74 %	$
United Bank Updated 2018-12-13	5.25 %	$
Chase Updated 2018-12-13	6.88 %	$
Washington Trust Bank Updated 2018-12-13	5.75 %	$
State Farm Bank Updated 2018-12-13	7.75 %	$
Northwest FCU Updated 2018-12-13	4.75 %	$
M&T Bank Updated 2018-12-13	6.69 %	$
Navy FCU Updated 2018-12-13	6 %	$
Bank of America Updated 2018-12-13	6.87 %	$
Data from above provided by Informa Research Services, Inc.
Alliant Updated 08/12/2018 Restrictions	4.25	Varies	Learn MoreShow Less
NORTHWEST Updated 08/13/2018 Restrictions	4.50	Varies	Learn MoreShow Less
Wells Fargo Bank, National Association Updated 11/08/2018	4.75	Varies	Learn MoreShow Less
BB&T Updated 11/14/2018	4.99	Varies	Learn MoreShow Less
TD Bank, National Association Updated 11/06/2018	4.99	Varies	Learn MoreShow Less
SunTrust Bank Updated 11/15/2018	5.00	Varies	Learn MoreShow Less
VIRGINIA CREDIT UNION, INC., Updated 08/10/2018 Restrictions	5.00	Varies	Learn MoreShow Less
Armed Forces Bank, National Association Updated 11/09/2018	5.24	Varies	Learn MoreShow Less
CHARTWAY Updated 11/14/2018 Restrictions	5.25	Varies	Learn MoreShow Less
Citibank, National Association Updated 11/08/2018	5.59	Varies	Learn MoreShow Less
Bank of America, National Association Updated 11/15/2018	5.65	Varies	Learn MoreShow Less
Pentagon Updated 11/01/2018 Restrictions	5.75	Varies	Learn MoreShow Less
Navy Federal Credit Union Updated 08/12/2018 Restrictions	5.75	Varies	Learn MoreShow Less
Data provided by BestCashCow

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Rates provided by BestCashCow are based on loan amount of $50,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.

Home Equity Line of Credit - Rates are based on a variable rate, second lien revolving home equity line of credit Virginia for an owner occupied residence with an 80% loan-to-value ratio for line amounts of $50,000. Discount indicates the amount of reduction in the Rate for having monthly payments automatically deducted from an account and/or for having other relationship accounts with the institution, expressed as a percentage. Conditions ‘No closing costs’ indicates that customer is not required to pay closing costs on the line of credit. ‘With closing costs’ indicates that customer is required to pay closing costs on the line of credit. Rates may include discounts. Rates are subject to change without notice.

Home Equity Line of Credit (HELOC) Rates

Home equity lines of credit (HELOCs) are loans secured against the equity in your home, They are typically less costly and more flexible than home equity loans. Since they are lines of credit, the borrower only draws the amount that they need and only pays interest on that amount. The amortization schedule ordinarily does not require payback of the principal drawn until year 10 (HELOCs are, therefore, technically “interest only” loans until that time).

HELOC lenders will lend up to 90% the value of the equity in your home and the typical HELOC line is from $200,000 up to $500,000.

How to Find the Best HELOC Rate

As you see in the table above, the pricing of a home equity line of credit varies from lender to lender. HELOC rates are based on the prime lending rate (“prime”) - the rate that commercial banks charge their most creditworthy customers. Most lenders add on a margin above the prime rate. The average HELOC rate is 6.19%.

Risk to HELOCs

HELOC rates fluctuate. Repayment terms are tied to the prime lending rate and that rate is likely to move up – perhaps dramatically - over the next few years as the Federal Reserve raises the Fed Funds rate. A 10-year home equity loan or a 15-year home equity loan, however, may be a safer option at this time. Depending on your personal circumstances, you should also consider mortgage refinance options.