Home Equity Loan Rates in West 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.

Home equity loan rates in West Virginia are generally higher than the national averages, with 8.2% APR for a 10-year term and 8.1% APR for a 15-year term. The national rates are 7.7% and 7.9%, respectively. We've compiled detailed insights on current home equity loan rates in West 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 West Virginia is 8.1%, but several factors might affect what lenders offer. For example, a higher credit score typically results in a lower APR, while a larger loan amount could 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 West Virginia across different loan terms.

Interest rates for a home equity loan change daily. Staying informed about these fluctuations can help you save money by reducing the amount of interest you pay over the life of the loan. It also lets you plan your budget accurately, ensuring you're borrowing within your means.

For example, a 15-year home equity loan with an 8.0% APR results in a monthly payment of $478 and a total interest of $36,009. In contrast, a 10-year loan with an 8.2% APR has a monthly payment of $612 and a total interest of $23,432.

The rate you qualify for depends on your loan-to-value ratio, which is the amount 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 instance, 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 greater potential risk to lenders, resulting in higher rates. In West Virginia, the average APR of a 15-year equity loan with an LTV ratio of 80% is 7.8%, while it's 8.9% for an LTV ratio of 90%. Use the table below to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in West Virginia. Cities with higher home values or rapid appreciation often have lower rates, as these loans are seen as less risky. Conversely, cities with higher living costs may see slightly higher rates due to increased operational expenses.

In West Virginia, Mannington has an average APR of 5.5%, while Vienna has an average APR of 9.7%. Below is a table showing the cities in West Virginia and their average home equity loan rates for different terms.

Home equity loan rates in West Virginia vary significantly between lenders, influenced by each lender's policies, risk assessments and market strategies. For example, Fairmont Federal Credit Union offers the lowest average APR at 5.5%, while Desco Federal Credit Union has the highest at 10.2%.

Comparing rates and terms from different lenders is recommended to secure the lowest home equity loan rates. See which lenders offer the lowest rates 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 questions about home equity loan rates for West Virginia homeowners, offering precise and reliable information.