Best HELOC Lenders in New Jersey (December 2024)

Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Key Takeaways

blueCheck icon

The best home equity line of credit (HELOC) lender in New Jersey is Manufacturers and Traders Trust Company, with a MoneyGeek score of 97 out of 100, followed by Truist Bank, with a MoneyGeek score of 96 out of 100.

blueCheck icon

The average HELOC limit in New Jersey is $148,665. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

blueCheck icon

Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in New Jersey, which are updated weekly to assist you.

Overall Best HELOC Lender in New Jersey

Company logo for Manufacturers and Traders Trust Company
Manufacturers and Traders Trust Company
MoneyGeek Score:
97/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.09%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $15,000
  • Option to convert balance to fixed-rate loan
  • Allows interest-only payments during the draw period
CONS
  • Accounts closed within 36 months reimburse fees
  • Late payment fees apply
  • Charges $100 to lock interest rate

Runner-Up for Best HELOC Lender in New Jersey

Company logo for Truist Bank
Truist Bank
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.90%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Offers a fixed-rate HELOC option
  • Can advance your closing costs and waive reimbursement
  • Provides payment relief options on qualifying HELOCs
CONS
  • Charges a $50 annual fee
  • HELOC can only be secured with your primary or secondary home or a condo
  • Does not disclose minimum credit score requirement

Calculate Your Monthly Payment

The average HELOC balance in New Jersey for the third quarter of 2023 was $52,028, according to Experian. Understanding your HELOC payments is key to managing this debt effectively.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much of your payments go toward interest and principal over time.

New Jersey HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

$
%
years
years

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance
Principal paid
Interest paid

Best HELOC Lender in New Jersey for Affordability

Company logo for TD Bank
TD Bank
MoneyGeek Score:
92/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.84%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Option to lock your interest rate
  • Offers a 0.25% relationship discount
  • Provides assistance during financial hardship
CONS
  • Minimum line amount is $25,000
  • Charges an annual fee of $50
  • Charges a $99 origination fee

Best HELOC Lender in New Jersey for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.13%
Draw PeriodUndisclosed
Repayment Period5 to 30 years
Time to Receive FundsNext Day After Closing
PROS
  • Borrow up to $1 million
  • Provides a 0.25% interest rate discount
  • Allows switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for interest rate changes
  • Late fees apply

What You Can Use a HELOC for in New Jersey

Home equity lines of credit (HELOCs) are popular in New Jersey due to their flexibility and the control they provide over borrowing amounts and repayment timelines. They allow homeowners to access funds as needed rather than in a lump sum. Here are some common ways to use a HELOC to meet your financial needs.

    paintingRoller icon

    Home improvements or renovations

    A HELOC is great for home improvements, providing flexibility as costs change. It's perfect for projects with uncertain expenses, allowing you to adjust your budget as needed.

    debtConsolidation icon

    Consolidating high-interest debt

    The average 2023 consumer debt in New Jersey was $111,172. Using a HELOC for debt consolidation simplifies payments and reduces interest.

    graduationCap icon

    Funding education

    A HELOC can fund education expenses like tuition and books, often at better rates than other loans. It's a smart choice for managing educational costs efficiently.

    money icon

    Investment properties

    Using a HELOC for investment properties can yield returns. Shop around to find the best HELOC lenders for investment properties to secure favorable rates and terms.

How to Apply for a HELOC in New Jersey

Understanding the steps to apply for a HELOC in New Jersey can help you navigate the process confidently. We've outlined this journey into six clear steps below.

  1. 1

    Review your financial health

    Check your credit score, debt-to-income ratio and home equity. In New Jersey, the average credit score is 725, based on Experian data for the third quarter of 2023. A score like this can improve your chances of HELOC approval.

  2. 2

    Compare rates in New Jersey

    Comparing HELOC rates can help you secure the best deal. Also, consider repayment terms, fees and the option to apply for a fixed-rate HELOC.

  3. 3

    Prepare required documentation

    Preparing the necessary documents for a HELOC can streamline your application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

  4. 4

    Submit an application

    When submitting your HELOC application, you can choose between online and in-person options if your lender has a physical branch. Double-check for errors or omissions in your application to avoid any potential delay.

  5. 5

    Undergo a home appraisal

    Some lenders may require an appraisal to determine your home's current market value. An appraisal involves a professional assessment of your property's worth and ensures that the loan amount aligns with the property's value.

  6. 6

    Wait for approval and closing

    After submitting your application, the approval process can take two to six weeks. Once approved, you'll go through the closing process, which may involve signing documents and paying closing costs. Some lenders might offer to cover part of your closing costs.

Know How Much You Can Borrow in New Jersey

The average HELOC limit in New Jersey was $148,665, according to Experian data for the third quarter of 2023. The maximum amount you can borrow with a HELOC is typically linked to your home equity. The more equity you have, the higher your potential credit limit could be.

Check out the table below for the range of credit lines offered by New Jersey lenders in our database.

Bank of America$15,000 to $1,000,000
HSBC Bank USAUp to $500,000
Manufacturers and Traders Trust Company$15,0​00 to $1,000,000
PNC Bank$10,000 to $1,000,000
TD BankFrom $25,000
Truist BankUp to $500,000
Valley National BankUp to $1,000,000
Ask the experts:

What risks or potential downsides should homeowners consider when choosing a lender for a HELOC?

Credit & Mortgage Expert

When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.

FAQ: Best HELOC Lenders in New Jersey

Who is the best HELOC lender in New Jersey?

How to find the best HELOC lenders for bad credit in New Jersey?

What factors should I consider when choosing a HELOC lender in New Jersey?

What are common fees associated with HELOCs that I should compare in New Jersey?

What is the typical draw period for HELOCs, and does it vary between lenders in New Jersey?

How can I find a lender with flexible repayment options in New Jersey?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on the inclusion or exclusion of certain desirable features in various critical categories.

recency icon

We completed our analysis in December 2024 and considered different banks and credit unions in New Jersey from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

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.


sources