HELOC rates in Ohio rose from 4% in 2022 to about 9% in 2024. If this trend continues, homeowners may face higher borrowing costs. Consider locking in a rate now to avoid future increases.
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Best HELOC Rates in Ohio
Updated: November 23, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Ohio with an 80% LTV is 8.2%, compared with 8.7% for a 90% LTV.
HELOC rates vary by city in Ohio. Rockford has an average APR of 7.0%, whereas Monroe's is 11.3%.
Different lenders offer varying rates for the same loan limits. Miami University Community Federal Credit Union's average APR is 4.4%, whereas Fifth Third Bank's is 11.3%.
Current HELOC Rates in Ohio
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HELOC Rates in Ohio by LTV Ratio
HELOC rates in Ohio vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio represents less risk to lenders, as it indicates more equity in your home. For example, an 80% LTV means you've borrowed less against your home's value compared to a 90% LTV, making you less likely to default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
| 8.2% | 8.6% |
HELOC Rates in Ohio by City
HELOC rates in Ohio vary between cities due to local housing markets and lender competition. A city with stable real estate might offer lower rates.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
Data filtered by:Results filtered by:
City:
City:Columbus
| $100,000 | 8.7% |
| $50,000 | 8.7% |
HELOC Rates in Ohio by Lender
HELOC interest rates in Ohio vary by lender due to different pricing strategies and risk assessments. To help you find competitive rates, the table below shows the five lenders in Ohio with the lowest average APRs.
| Miami University Community Federal Credit Union | 4.4% |
| Aurgroup Financial Credit Union | 6.8% |
| First Financial Bank | 7.0% |
| Eclipse Bank, Inc. | 7.3% |
| The First National Bank of Waverly | 7.3% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare average APRs to find the best rate in your area.
Data filtered by:Results filtered by:
City:
City:Columbus
| First Financial Bank | Commercial Bank | 7.0% |
| Pathways Financial Credit Union, Inc. | Credit Union | 7.5% |
| First Commonwealth Bank | Commercial Bank | 7.7% |
| Together Credit Union | Credit Union | 7.8% |
| First Service Federal Credit Union | Credit Union | 7.8% |
| Civista Bank | Commercial Bank | 8.0% |
| CNB Bank | Commercial Bank | 8.0% |
| First Merchants Bank | Commercial Bank | 8.0% |
| Heartland Bank | Commercial Bank | 8.0% |
| Telhio Credit Union, Inc. | Credit Union | 8.0% |
| The Park National Bank | Commercial Bank | 8.0% |
| CME Federal Credit Union | Credit Union | 8.0% |
| Credit Union of Ohio | Credit Union | 8.1% |
| Kemba Financial Credit Union, Inc. | Credit Union | 8.5% |
| First Bank of Central Ohio | Commercial Bank | 8.5% |
| CFBank National Association | Commercial Bank | 8.5% |
| BMI Federal Credit Union | Credit Union | 8.5% |
| Wright-Patt Credit Union, Inc. | Credit Union | 8.8% |
| Wesbanco Bank, Inc. | Commercial Bank | 9.0% |
| The Huntington National Bank | Commercial Bank | 9.1% |
| PNC Bank | Commercial Bank | 9.4% |
| U.S. Bank National Association | Commercial Bank | 9.9% |
| Bank of America | Commercial Bank | 10.2% |
| KeyBank National Association | Commercial Bank | 11.3% |
| Fifth Third Bank | Commercial Bank | 11.3% |
COMPARING HELOC RATES IN OHIO: BANKS VS. CREDIT UNIONS
HELOC rates in Ohio vary between banks and credit unions, with banks typically offering higher rates. Currently, the best HELOC rate for commercial banks in Ohio is 8.5%, while credit unions offer a slightly lower average APR of 8.3%. Credit unions are not-for-profit institutions, which allows them to provide more competitive rates compared to banks.
When choosing between the two, consider more than just rates. Banks may offer greater convenience, while credit unions often provide better customer service and lower fees. It's also important to check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
What advice do you have for homeowners who are considering a HELOC in today’s economic climate — should they act now or wait for more favorable conditions?
Credit & Mortgage Expert
As with anything there are pros and cons. Even though rates may be higher right now, the home values are also high. This could lead to you getting approved for more of a HELOC compared to if rates are lower but housing values decrease (not saying they will). In my opinion, it’s better to get a HELOC now and have it for when you need it. Also, HELOC rates are variable — so if rates go down, so will the rate on your HELOC.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our Ohio HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. It also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
Ohio HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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Repayment Period Payment
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How to Get the Best HELOC Rates in Ohio
Finding the best HELOC rates in Ohio can yield substantial savings over your loan's term. For example, securing a 1% lower rate could save you $10,000 on a $100,000 loan. To achieve this, consider these five strategies:
Maintain a strong credit score
Ohio's average credit score is 716, which is good. Improving your score can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Shopping around for lender offers can yield competitive rates and provide leverage for negotiating better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income ratios indicate financial stability. Paying off credit card debt can improve your DTI ratio.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs can affect loan expenses. Understanding rate caps helps manage costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in Ohio
HELOC interest rates in Ohio are generally higher than home equity loan rates, averaging 8.4% compared with 8.0%. This difference is due to their rate structures, influencing the average APRs.
- HELOCs operate as flexible, revolving credit lines with variable interest rates that fluctuate based on market conditions. In rising interest rate environments, HELOC rates can increase, potentially affecting homeowners' finances over time.
- By contrast, home equity loans provide a lump sum at a fixed interest rate, which remains consistent throughout the loan term. This predictability makes home equity loans a better choice for those seeking financial certainty.
Both options let you borrow against your home's equity, but your decision depends on whether you value the flexibility of a HELOC or the predictability of a home equity loan.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a larger loan, giving you access to cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if your mortgage is backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 balance, an FHA cash-out refinance for $200,000 could provide $50,000 in cash, with new payments based on $200,000.
FAQ: Best HELOC Rates in Ohio
What are the current HELOC rates in Ohio and how do they compare to national rates?
Ohio's HELOC rates are 8.4%, which is the same as the national average.
What fees are commonly associated with HELOCs in Ohio?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Ohio compare to home equity loan rates?
Ohio's HELOC rates average 8.4%, while home equity loan rates are lower at 8.0%, which can be beneficial for those with bad credit.
How do HELOC Rates in Ohio vary between banks and credit unions?
Banks in Ohio offer HELOC rates averaging 8.5%, while credit unions offer lower rates at 8.3%.
What's the best HELOC rate in Columbus? How does it compare to the current HELOC rate in Ohio?
Columbus's rates average 8.7%, slightly higher than Ohio's average of 8.4%.
MoneyGeek examined 167 different banks and credit unions in Ohio using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of November 15, 2024.
167Lenders Analyzed
About Zachary Romeo, CBCA
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.