Home Equity Loan Rates in Ohio (January 2025)

Tappable equity is the portion of your home’s value you can borrow. According to TransUnion, tappable equity averages $99,000 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 — 7.9% APR for a 10-year term and 8.2% APR for a 15-year term, compared to 7.7% and 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.

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.

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 $50,000 home equity loan over 15 years with an 8.2% APR results in a monthly payment of $484 and a total interest of $37,051. A 10-year loan with a 7.9% APR has a monthly payment of $607 and a total interest of $22,797.

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 it, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is worth $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 7.9%, compared to 8.7% for a 90% LTV. Use the table below to compare average rates based on LTV ratios.

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.

For example, Port Clinton's average APR is 5%, while Highland Heights' is 12%. See the table below for average home equity loan rates across Ohio cities.

Home equity loan rates in Ohio vary among lenders due to differing policies and market strategies. S&T Bank offers the lowest average APR at 5.1%, while Hancock Federal Credit Union presents 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.

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:

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