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.
HELOC
Best HELOC Rates in Ohio (January 2025)
Updated: January 25, 2025
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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 7.9%, compared with 8.4% for a 90% LTV.
HELOC rates vary by city in Ohio. Rockford has an average APR of 7.0%, whereas Cleves' is 11.3%.
Different lenders offer varying rates for the same loan types. 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:
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Line Limit:$100,000
| 8.1% | 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.
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City:Columbus
| $100,000 | 8.6% |
| $50,000 | 8.6% |
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% |
| First National Bank of Pennsylvania | 6.5% |
| Aurgroup Financial Credit Union | 6.8% |
| First Financial Bank | 7.0% |
| Eclipse Bank, Inc. | 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.
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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% |
| First Service Federal Credit Union | Credit Union | 7.8% |
| Heartland Bank | Commercial Bank | 7.8% |
| Together Credit Union | Credit Union | 7.8% |
| Credit Union of Ohio | Credit Union | 7.9% |
| Kemba Financial Credit Union, Inc. | Credit Union | 7.9% |
| Civista Bank | Commercial Bank | 8.0% |
| CNB Bank | Commercial Bank | 8.0% |
| First Merchants 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% |
| BMI Federal Credit Union | Credit Union | 8.5% |
| CFBank National Association | Commercial Bank | 8.5% |
| First Bank of Central Ohio | Commercial Bank | 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. For instance, commercial banks in Ohio have an average APR of 8.3%, while credit unions offer a lower average APR of 7.9%. Credit unions are not-for-profit institutions, which often allows them to provide more competitive rates.
When choosing between banks and credit unions, consider more than just rates. Banks might offer more convenience, whereas credit unions often provide better customer service and lower fees. It's important to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both types of lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
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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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 8.1% compared to 7.9%. This difference arises from their rate structures, with HELOCs having variable rates that can increase over time.
- HELOCs are flexible, revolving credit lines with variable rates that adjust based on market conditions. In rising interest rate environments, HELOC rates can rise, impacting homeowners' finances long-term.
- In contrast, home equity loans provide a lump sum at a fixed rate, ensuring consistent payments throughout the loan term. They're preferable for those who prioritize financial stability.
Both options allow you to borrow against your home's equity, but your choice 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 8.1%, slightly lower than the national average of 8.2%.
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?
HELOC rates in Ohio average 8.1%, while home equity loan rates are lower at 7.9%, which can be beneficial for those with bad credit.
How do HELOC Rates in Ohio vary between banks and credit unions?
Commercial banks in Ohio offer HELOC rates averaging 8.3%, while credit unions offer lower rates at 7.9%.
What's the best HELOC rate in Columbus? How does it compare to the current HELOC rate in Ohio?
Columbus's rates average 8.4%, which is slightly higher than the state average of 8.1%.
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 January 10, 2025.
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.