HELOC rates in Virginia rose from 4% in early 2022 to 9% by mid-2024. If this trend persists, homeowners might encounter higher borrowing costs. Consider locking in a rate now to avoid future increases.
HELOC
Best HELOC Rates in Virginia
Updated: November 19, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Virginia with an 80% LTV is 8.3%, compared with 8.7% for a 90% LTV.
HELOC rates vary by city in Virginia. Exmore has an average APR of 7.6%, whereas Eastville's is 10.8%.
Different lenders offer varying rates for the same loan types. Wright Patman Congressional Federal Credit Union's average APR is 7.5%, whereas Pinnacle Bank's is 11.8%.
Current HELOC Rates in Virginia
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HELOC Rates in Virginia by LTV Ratio
HELOC rates in Virginia vary depending on your loan-to-value (LTV) ratio and line limit. Lenders consider a lower LTV less risky, as it shows more equity in your home. For instance, an 80% LTV indicates less borrowed against your home's value than a 90% LTV, reducing the risk of 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
HELOC Rates in Virginia by City
HELOC rates in Virginia vary by city due to differences in local housing markets and lender competition. For instance, a city with a robust real estate market may offer lower rates, reducing lender risk.
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:Virginia Beach
| $100,000 | 8.4% |
| $50,000 | 8.5% |
HELOC Rates in Virginia by Lender
HELOC interest rates in Virginia vary among lenders due to differing pricing strategies and risk assessments. Comparing rates can help you find competitive options. The table below highlights the five lenders in Virginia offering the lowest average APRs.
| Wright Patman Congressional Federal Credit Union | 7.5% |
| State Department Federal Credit Union | 7.5% |
| NextMark Federal Credit Union | 7.5% |
| Salem VA Medical Center Federal Credit Union | 7.5% |
| Pentagon Federal Credit Union | 7.6% |
HELOC rates today can vary between lenders even within the same city. Use the table below to filter by city and compare APRs, helping you find the best rate available in your area.
Data filtered by:Results filtered by:
City:
City:Virginia Beach
| Pentagon Federal Credit Union | Credit Union | 7.6% |
| TowneBank | Commercial Bank | 7.8% |
| ABNB Federal Credit Union | Credit Union | 7.8% |
| Langley Federal Credit Union | Credit Union | 8.0% |
| 1st Advantage Federal Credit Union | Credit Union | 8.0% |
| The Old Point National Bank of Phoebus | Commercial Bank | 8.0% |
| Newport News Shipbuilding Employees' Credit Union, Inc. | Credit Union | 8.1% |
| Beach Municipal Federal Credit Union | Credit Union | 8.5% |
| Chartway Federal Credit Union | Credit Union | 8.5% |
| Fulton Bank | Commercial Bank | 8.5% |
| Southern Bank and Trust Company | Commercial Bank | 8.5% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| Bank of America | Commercial Bank | 9.4% |
| PNC Bank | Commercial Bank | 9.7% |
COMPARING HELOC RATES IN VIRGINIA: BANKS VS. CREDIT UNIONS
HELOC rates in Virginia vary between banks and credit unions, with banks typically offering higher rates. For example, the best HELOC rate at commercial banks averages 8.6%, while credit unions offer a slightly lower average rate of 8.3%. Credit unions are not-for-profit institutions that provide financial services to their members, often at more favorable rates.
When choosing between the two, consider more than just rates. Banks may offer conveniences such as a wider range of services and more branch locations, while credit unions often provide better customer service and lower fees. Check membership requirements for credit unions and review any potential hidden fees or rate adjustments with both lenders.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Virginia HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms.
It also offers a full amortization schedule, showing the division between principal and interest over time. Understanding these details can help you better manage your HELOC and plan future payments.
Virginia 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.
Credit Line Information
Draw Period Payment
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Repayment Period Payment
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- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
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Ending balance
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How to Get the Best HELOC Rates in Virginia
Finding the best HELOC rates in Virginia can save you thousands over your loan's life. For instance, securing a rate that's 1% lower can reduce your monthly payments significantly. Consider these five strategies:
Maintain a strong credit score
Virginia's average credit score is 722. Improving it can secure better rates from lenders.
Compare offers from multiple lenders
Shopping around can uncover competitive rates and help negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Pay off credit card debt to improve your ratio.
Increase your home equity
More equity lowers lender risk. Paying down your mortgage or making home improvements can help.
Review closing costs and rate caps
Closing costs affect expenses. Rate caps help manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Virginia
HELOC interest rates in Virginia average 8.4%, compared to 7.7% for home equity loans. This difference is due to HELOCs having variable rates, which can increase in rising interest rate environments.
- HELOCs are revolving credit lines with variable rates, making them susceptible to market fluctuations. In rising interest rate environments, this can lead to increased costs for homeowners over time.
- Home equity loans offer a lump sum at a fixed rate, providing stability and predictability. They are preferable when you need a large, one-time expense or want to avoid the risk of rate increases.
When deciding between these options, consider your financial needs and risk tolerance. Evaluate whether you prefer the flexibility of a HELOC or the predictability of a home equity loan, and assess how each option aligns with your financial goals and the equity in your home.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan. It differs from HELOCs or home equity loans by creating a new primary mortgage.
For example, if you have a mortgage backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 mortgage balance, an FHA cash-out refinance for $200,000 could provide $50,000 in cash, with new loan payments based on $200,000.
FAQ: Best HELOC Rates in Virginia
What are the current HELOC rates in Virginia and how do they compare to national rates?
Virginia's HELOC rates average 8.4%, matching the national average for similar loan types.
What fees are commonly associated with HELOCs in Virginia?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, though specifics vary by lender.
How do HELOC rates in Virginia compare to home equity loan rates?
Virginia's HELOC rates average 8.4%, while home equity loan rates are lower at 7.7%, especially beneficial for those with bad credit.
How do HELOC Rates in Virginia vary between banks and credit unions?
Commercial banks in Virginia offer HELOC rates averaging 8.6%, while credit unions offer lower rates at 8.3%.
What's the best HELOC rate in Virginia Beach? How does it compare to the current HELOC rate in Virginia?
Virginia Beach's rates average 8.5%, slightly higher than the state average of 8.4%.
MoneyGeek examined 116 different banks and credit unions in Virginia 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.
116Lenders 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.