Home Equity Loan Rates in Virginia (January 2025)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Virginia's home equity loan rates are 7.7% APR for a 10-year term and 8% for a 15-year term, compared to the national averages of 7.7% and 7.9%, respectively. We've compiled detailed insights on current home equity loan rates in Virginia, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Virginia is 8%, though several factors might affect what lenders offer. A higher credit score could secure you a more favorable APR, while a larger loan amount might increase your rate. Repayment terms also play a role in determining your rate. Explore the table to compare the average APRs of home equity loans in Virginia across different loan terms.

Interest rates for a home equity loan change daily. Keeping track of these changes can help you save money on interest over the life of your loan.

For example, a 15-year home equity loan with an 8% APR results in a monthly payment of $478 and a total interest of $36,009. In contrast, a 10-year loan with a 7.7% APR has a monthly payment of $599 and a total interest of $21,849.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared 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 example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means more risk for lenders, resulting in higher rates. In Virginia, the average APR for a 15-year equity loan with an 80% LTV ratio is 7.8%, compared to 8.5% for a 90% LTV ratio. Check the table below to see what rates you might qualify for based on your LTV ratio and average home equity loan rates.

Average APRs also vary between cities in Virginia. Cities with higher home values or rapid appreciation often have lower rates because the loans are seen as less risky. Cities with stronger job markets and lower unemployment usually see better rates, as borrowers are less likely to default.

In Virginia, Elkton has an average APR of 5%, while Chincoteague has an average APR of 10.9%. Below is a table showing the average home equity loan rates for different terms across Virginia cities.

Home equity loan rates in Virginia can differ widely among lenders, influenced by their unique policies and market strategies. For instance, Merck Employees Federal Credit Union offers the lowest average APR at 5%, while Spectra Federal Credit Union has the highest at 12.5%.

Comparing rates and terms from various lenders is key to securing the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the best rates in your city.

Getting the best home equity loan rates can lower your monthly payments and overall loan costs, freeing up money for other goals. To achieve the best home equity loan rates in Virginia, consider these strategies:

MoneyGeek provides Virginia homeowners with reliable answers to frequently asked questions about home equity loan rates, offering clear insights and factual information.