Updated: November 21, 2024
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Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.
West Virginia's home equity loan rates are higher than national averages — 8.2% APR for a 10-year term (7.7% nationally) and 8.1% 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.
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in West Virginia with an 80% LTV is 7.8%, compared to 8.7% for a 90% LTV.
HEL rates vary by city in West Virginia. For example, for 15-year loans, Fairmont has an average APR of 5.5%, whereas Vienna's is 10.4%.
Lenders offer different rates for the same loan types. Fairmont Federal Credit Union's average APR is 5.5%, whereas Desco Federal Credit Union's is 10.2%.
MoneyGeek examined 25 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 loan rates.
This data is accurate as of November 2024.
The current average APR for a 15-year home equity loan in West Virginia is 8.1%, but several factors might affect 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.
| 10Year | 8.2% |
| 15Year | 8.1% |
| 5Year | 7.8% |
West Virginia 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 with an 8.1% APR results in a $484 monthly payment and $37,051 in total interest. A 10-year loan with an 8.2% APR has a $615 monthly payment and $23,751 total interest.
Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 8.2%, while HELOC rates in West Virginia are variable, averaging 8.7%.
With fixed rates, your monthly payments remain consistent, making budgeting easier. Variable HELOC rates can start lower but may increase, potentially leading to higher payments over time.
The rate you qualify for depends on your loan-to-value (LTV) 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 instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.
A higher LTV ratio means greater risk to lenders, resulting in higher rates. In West Virginia, the average APR of a 15-year equity loan with an 80% LTV is 7.8%, while it's 8.7% for a 90% LTV. Use the table below to check rates based on your LTV ratio.
| 7.8% | 8.7% |
Average APRs vary by city in West Virginia. Differences in property taxes or local fees influence rates, affecting overall borrowing costs. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.
In West Virginia, Mannington's average APR is 5.5%, while Vienna's is 10.4%. The table below shows average home equity loan rates across West Virginia cities.
| 10Year | 8.2% |
| 15Year | 8.1% |
| 5Year | 8.1% |
Home equity loan rates in West Virginia differ significantly among lenders, influenced by their policies and risk assessments. Fairmont Federal Credit Union offers the lowest average APR at 5.5%, while Desco Federal Credit Union has the highest at 10.2%.
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.
| Burke & Herbert Bank & Trust Company | 7.0% |
| Wesbanco Bank, Inc. | 8.7% |
| Fifth Third Bank | 9.1% |
Considering credit unions for home equity loan rates can be advantageous. Credit unions offer an average APR of 7.9%, compared to 8.2% from commercial banks. While credit unions typically provide lower rates, they may have stricter membership requirements.
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:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, First Peoples Community Federal Credit Union offers an average APR of 6.2%, while Desco Federal Credit Union offers 10.2%. Compare home equity loan providers to find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. West Virginia homeowners can increase their home's equity by remodeling their kitchen or adding decks.
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 West Virginia is 703, according to Experian.
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.
Provide your income and recurring payments to calculate your DTI.
Enter all applicable payments to ensure accurate results.
MoneyGeek addresses common questions about home equity loan rates for West Virginia homeowners, offering precise and reliable information.
As of November 2024, the average APRs for home equity loans in West Virginia are 7.8% for five-year, 8.2% for 10-year and 8.1% for 15-year terms. Rates depend on factors like your credit score.
To calculate your home equity, subtract your outstanding mortgage balance from your home's current market value. Understanding home equity requirements can help you determine eligibility.
Yes, rates can vary. For example, Mannington's average APR is 5.5%, while Vienna's is 10.4%.
Home equity loan interest may be tax-deductible, depending on how the funds are used and current tax laws.
Drawbacks include the risk of foreclosure if you can't repay the loan and the possibility of increased debt. Assess your ability to repay before proceeding.
The process typically takes two to six weeks, depending on the lender and how prepared you are with the required documentation.
Assess your eligibility for a home equity loan, including meeting credit score requirements. Then, compare lenders and apply with the necessary documentation.
Funds can be used for various purposes like home improvements or debt consolidation, but some lenders may impose restrictions on certain uses.
While you can apply for a home equity loan on a primary residence, some lenders allow loans on second homes or investment properties.
Consider a HELOC or a cash-out refinance as another type of loan to access your home's equity.
A HELOC offers a draw period and may include an annual fee, while a home equity loan typically has fixed interest rates, providing a lump sum with set repayment terms.
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.
