Home Equity Loan Rates in Ohio

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Updated: November 21, 2024

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Tappable equity is the portion of your home’s value you can borrow. According to TransUnion, tappable equity averages $92,000 in Ohio. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.

Ohio's home equity loan rates are slightly higher than national averages — 8% APR for a 10-year term (7.7% nationally) and 8.2% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.

Key Takeaways

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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in Ohio with an 80% LTV is 8%, compared to 8.7% for a 90% LTV.

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HEL rates vary by city in Ohio. For example, for 15-year loans, Elmore has an average APR of 5%, whereas Eastlake's is 12%.

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Lenders offer different rates for the same loan types. S&T Bank's average APR is 5.1%, whereas Hancock Federal Credit Union's is 12%.

MoneyGeek examined 101 different banks and credit unions in Ohio using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of November 2024.

101Lenders Analyzed

Current Home Equity Loan Rates in Ohio

The current average APR for a 15-year home equity loan in Ohio is 8.2%, but several factors can influence lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.

10Year8.0%
15Year8.2%
5Year7.7%

Ohio HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. It can also help you consolidate high-interest debts.

For example, a 15-year home equity loan at 8.2% APR has a $487 monthly payment and $37,575 in total interest. A 10-year loan at 8% APR has a $607 monthly payment and $22,797 in total interest.

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HOME EQUITY LOANS VS. HELOCS IN OHIO

Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans in Ohio have fixed rates, averaging 8%, while HELOCs have variable rates, averaging 8.4%.

HELs offer consistent monthly payments with fixed rates, making budgeting easier. HELOC rates in Ohio can start lower but may increase, leading to higher costs over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value (LTV) ratio, which compares your mortgage balance to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio poses a greater risk to lenders, resulting in higher rates. Ohio's average APR for a 15-year equity loan with an 80% LTV is 8%, compared to 8.7% for a 90% LTV. Use the table below to compare average rates based on LTV ratios.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:15Year
8.0%8.7%

Home Equity Loan Rates by City in Ohio

Average APRs for home equity loans vary across Ohio cities. Cities with higher home values or faster appreciation often have lower rates, as lenders view these loans as less risky. Cities with higher living costs may see slightly higher rates due to increased operational expenses.

In Ohio, Elmore's average APR is 5%, while Eastlake's is 12%. See the table below for average home equity loan rates across Ohio cities.

Data filtered by:Results filtered by:
City:
City:Columbus
10Year8.6%
15Year8.7%
5Year8.5%

Home Equity Loan Lenders in Ohio

Due to differing policies and market strategies, home equity loan rates in Ohio vary greatly among lenders. S&T Bank offers the lowest average APR at 5.1%, while Hancock Federal Credit Union has the highest at 12%.

Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.

Data filtered by:Results filtered by:
City:
City:Columbus
CNB Bank5.6%
First Commonwealth Bank6.9%
Pathways Financial Credit Union, Inc.7.1%
First Financial Bank7.4%
First Merchants Bank7.6%
Credit Union of Ohio8.1%
Telhio Credit Union, Inc.8.2%
Together Credit Union8.2%
CME Federal Credit Union8.4%
Wesbanco Bank, Inc.8.7%
Heartland Bank9.1%
Wright-Patt Credit Union, Inc.9.1%
U.S. Bank National Association9.2%
PNC Bank9.6%
Fifth Third Bank10.0%
BMI Federal Credit Union10.0%
KeyBank National Association11.9%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Considering credit unions can benefit your search for home equity loan rates. While commercial banks in Ohio offer an average APR of 8.3%, credit unions provide a lower rate of 7.9%. However, credit unions often have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in Ohio

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, S&T Bank advertises an average APR of 5.1%, while KeyBank National Association offers 11.9%. Compare home equity loan providers to find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Ohio homeowners can increase their home's equity by modernizing older homes with bathroom remodels or increasing usable space with basement finishing.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Ohio is 716, according to Experian.

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    Decrease your debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.

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Provide your income and recurring payments to calculate your DTI.

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FAQ About Home Equity Loan Rates in Ohio

MoneyGeek addresses common homeowner questions about home equity loan rates in Ohio, offering clear and accurate information.

What is the interest rate on a home equity loan in Ohio?
How do you calculate your home equity in Ohio?
Do home equity loan rates vary between cities in Ohio?
Does a home equity loan in Ohio have tax benefits?
What are possible drawbacks of securing a home equity loan in Ohio?
How long does it take to get a home equity loan in Ohio?
How do you get a home equity loan in Ohio?
What can I use my funds for? Are there any home equity loan use restrictions in Ohio?
Can you take out a home equity loan in Ohio only on your primary residence?
What other home equity products can you consider if you want to tap into your home's equity in Ohio?
What's the difference between a HELOC and a home equity loan?

About Zachary Romeo, CBCA

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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.

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