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 (January 2025)
Updated: January 18, 2025
Advertising & Editorial Disclosure
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 8.1%, compared with 9.0% for a 90% LTV.
HELOC rates vary by city in West Virginia. Follansbee has an average APR of 6.9%, whereas Elkins' is 9.1%.
Different lenders offer varying rates for the same loan types. First National Bank of Pennsylvania's average APR is 6.9%, whereas The United Federal Credit Union's is 10.8%.
Current HELOC Rates in West Virginia
Loading...
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.
Data filtered by:Results filtered by:
Select
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.
Data filtered by:Results filtered by:
Select
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.
Data filtered by:Results filtered by:
Select
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 due to their different operational structures. Commercial banks in the state have an average APR of 8.4%, which is the same as the average APR offered by credit unions, which are not-for-profit institutions typically known for lower rates.
When choosing between the two, consider more than just rates. Banks may offer more convenience and a wider range of services, while credit unions often provide better customer service and lower fees. Look into membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do lenders assess risk when setting HELOC rates for different property types (e.g., primary residence vs. investment property), and how can borrowers mitigate higher rates for non-primary homes?
Credit & Mortgage Expert
All loans are about risk. The higher the risk, the higher your rate will be. With investment properties or second homes, since they are not your primary residence the risk is inherently higher in the eyes of the lender — for example, if someone falls on hard times, they are more likely to continue making timely payments on the home they live in rather than an investment or second home.
Usually, if you are taking a HELOC on an investment property, you are using those funds to improve the property or using it to buy another investment property. Having access to cash to make more cash is what investors do. They should always take into account the higher rates when making an investment decision. If successful, the higher rate won't be a problem.
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.
Credit Line Information
Draw Period Payment
$0
Repayment Period Payment
$0
- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
YEAR
Ending balance
Principal paid
Interest paid
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 8.1% for home equity loans. This difference arises from the variable rate structure of HELOCs, which can lead to higher costs in rising interest rate environments.
- HELOCs are revolving credit lines with variable rates that adjust with the market. In rising interest rate environments, HELOC rates can increase, potentially impacting homeowners' finances over time.
- Home equity loans offer a fixed-rate lump sum, ensuring consistent payments. They are ideal for situations where financial predictability is a priority.
When deciding between these options, consider your financial goals and tolerance for rate fluctuations. If you value flexibility and can manage potential rate increases, a HELOC might suit you. For those prioritizing stable payments, a home equity loan could be more appropriate. Evaluate your home's equity and personal financial situation to make an informed choice.
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 8.2%.
What fees are commonly associated with HELOCs in West Virginia?
Common fees include application, appraisal, annual, 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 8.1%, especially important for those with bad credit.
How do HELOC Rates in West Virginia vary between banks and credit unions?
Commercial banks in West Virginia offer HELOC rates averaging 8.4%, while credit unions offer lower rates at the same 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 are higher, averaging 8.8%, compared to 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 January 10, 2025.
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.