HELOC rates in West Virginia rose from 4% in early 2022 to 9% by 2024. If this trend continues, homeowners may face increased borrowing costs. Consider securing a rate now to mitigate future financial impacts.
HELOC
Best HELOC Rates in West Virginia (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in West Virginia with an 80% LTV is 8.2%, compared with 8.9% for a 90% LTV.
HELOC rates vary by city in West Virginia. Grafton has an average APR of 7.3%, whereas Buffalo's is 9.1%.
Different lenders offer varying rates for the same loan types. West Virginia Federal Credit Union's average APR is 7.3%, whereas Fifth Third Bank's is 10.4%.
Current HELOC Rates in West Virginia
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HELOC Rates in West Virginia by LTV Ratio
HELOC rates in West Virginia vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV is less risky to lenders as it shows more home equity. For instance, an 80% LTV means you've borrowed less against your home's value compared to 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.
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Line Limit:$100,000
| 8.3% | 9.1% |
HELOC Rates in West Virginia by City
HELOC rates in West Virginia vary by city due to differences in housing markets and lender competition. For instance, cities with stable real estate markets may 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:Charleston
| $100,000 | 8.8% |
| $50,000 | 8.9% |
HELOC Rates in West Virginia by Lender
HELOC interest rates in West Virginia vary among lenders due to differing pricing strategies and risk assessments. Exploring these differences can help you find competitive rates.
The table below highlights the five lenders in West Virginia offering the lowest average APRs, aiding your comparison of options.
| First National Bank of Pennsylvania | 6.5% |
| Chessie Federal Credit Union | 7.5% |
| Community Bank | 7.8% |
| Bayer Heritage Federal Credit Union | 7.8% |
| City National Bank of West Virginia | 7.8% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare APRs to find the best rate in your area.
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City:Charleston
| Element Federal Credit Union | Credit Union | 8.0% |
| Burke & Herbert Bank & Trust Company | Commercial Bank | 8.0% |
| Peoples Bank | Commercial Bank | 8.0% |
| Members Choice WV Federal Credit Union | Credit Union | 8.3% |
| United Bank | Commercial Bank | 8.8% |
| Wesbanco Bank, Inc. | Commercial Bank | 9.0% |
| Union Trades Federal Credit Union | Credit Union | 9.0% |
| The Huntington National Bank | Commercial Bank | 9.1% |
| Fifth Third Bank | Commercial Bank | 10.4% |
COMPARING HELOC RATES IN WEST VIRGINIA: BANKS VS. CREDIT UNIONS
HELOC rates in West Virginia vary between banks and credit unions, with banks typically offering higher rates. For instance, commercial banks in the state have an average APR of 8.5%, while credit unions offer a slightly lower average APR of 8.4%. Credit unions, being not-for-profit institutions, often provide more competitive rates compared to traditional 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 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 are the primary factors that influence HELOC rates, and how can homeowners ensure they get the best rate?
Credit & Mortgage Expert
There are many factors that influence HELOC rates, but the most critical are the following:
Credit score is a crucial factor in determining your interest rate for a HELOC. The higher your credit score, the lower rate you will qualify for. Shoot for a 760 credit score or higher.
Debt-to-income is a vital factor. If the lender doesn’t think you have the ability to repay the debt, you will be denied. Focus on paying off as many credit cards or loans as possible before applying for a HELOC.
Loan-to-value — how much money you borrow based on how much your home is worth plays a large role in interest rate. The more you take out, the higher the risk is for the lender, which translates to a higher interest rate for your loan.
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 West Virginia HELOC payment calculator to estimate your monthly payments based on the amount drawn, loan terms and APR.
Our calculator also provides an amortization schedule, showing the division of payments between principal and interest over time. Understanding these details can help you manage your HELOC more effectively.
West 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.
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How to Get the Best HELOC Rates in West Virginia
Finding the best HELOC rates in West Virginia can lead to significant savings, such as reducing monthly payments by hundreds. To secure competitive rates, consider these five strategies:
Maintain a strong credit score
The average credit score in West Virginia is 703. Improving it can help you secure better rates from lenders.
Compare offers from multiple lenders
Shopping around can uncover competitive rates and provide leverage to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off credit card debt can help.
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 loan expenses. Understanding rate caps helps manage HELOC costs over time.
HELOC Loan Rates vs. Home Equity Loan Rates in West Virginia
HELOC interest rates in West Virginia average 8.4%, slightly higher than the 8.0% for home equity loans. The difference arises from the variable rate structure of HELOCs compared to the fixed rates of home equity loans.
- HELOCs are revolving credit lines with variable rates that can change with market conditions. In rising interest rate environments, HELOC rates may increase, affecting long-term homeowner finances.
- Home equity loans provide a lump sum at a fixed rate, offering stability throughout the loan term. They are preferable when financial certainty is desired.
When deciding between these options, consider your need for flexibility versus predictability. Evaluate how fluctuations in rates might impact your budget and whether the certainty of a fixed rate aligns better with your financial goals. Both allow borrowing against your home's equity, so choose based on your comfort with potential rate changes and repayment terms.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative, replacing your existing primary mortgage with a larger loan to access cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a mortgage backed by the Federal Housing Administration (FHA), you could secure an FHA cash-out refinance to access your home equity.
FAQ: Best HELOC Rates in West Virginia
What are the current HELOC rates in West Virginia and how do they compare to national rates?
West Virginia's HELOC rates average 8.4%, slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in West Virginia?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in West Virginia compare to home equity loan rates?
HELOC rates in West Virginia 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 West Virginia vary between banks and credit unions?
Banks in West Virginia offer HELOC rates averaging 8.5%, while credit unions offer lower rates at 8.4%.
What's the best HELOC rate in Charleston? How does it compare to the current HELOC rate in West Virginia?
Charleston's rates average 8.8%, which is higher than the state average of 8.4%.
MoneyGeek examined 53 different banks and credit unions in West 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 December 13, 2024.
53Lenders 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.