Updated: November 23, 2024
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The best HELOC lender in West Virginia is Truist Bank with a MoneyGeek score of 96 out of 100, followed by The Huntington National Bank with a MoneyGeek score of 94 out of 100.
The average HELOC limit in West Virginia is $72,159. How much you can borrow often depends on factors like your home's equity and credit score.
Comparing rates can help find suitable lenders. MoneyGeek compiled the best HELOC rates in West Virginia, updated weekly to assist you.
The average HELOC balance in West Virginia for the third quarter of 2023 is $28,465, according to Experian.
It's important to calculate your HELOC payments to manage this type of debt effectively. Planning for any adjustments in your financial obligations is key. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time.
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.
Draw Period Payment
Repayment Period Payment
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Home Equity Lines of Credit (HELOCs) are popular in West Virginia because they offer flexibility and control over borrowing amounts and repayment timelines. These features make HELOCs an attractive option for homeowners looking to manage their finances effectively.
Below is a list of ways you can use a HELOC to meet various financial needs.
Home improvements or renovations
A HELOC is ideal for home improvements, offering flexibility as costs aren't final. It allows you to access funds as needed, ensuring your renovation dreams become reality without financial strain.
Consolidating high-interest debt
With average 2023 consumer debt in West Virginia at $64,320, a HELOC simplifies debt consolidation. It reduces interest rates and streamlines payments, easing financial burdens.
Funding education expenses
Using a HELOC for education expenses, like tuition and books, offers better terms than other debts. It provides a flexible, cost-effective way to invest in your future without the high interest of student loans.
Investment properties
A HELOC can fund investment properties, offering potential returns. It's crucial to shop around for the best HELOC lenders for investment property to secure favorable rates and terms, maximizing your investment's profitability.
Understanding the steps to apply for a HELOC in West Virginia can make the process smoother and more manageable. Below, we've broken down this journey into six straightforward steps.
Reviewing your financial health is key when considering a HELOC. Assess your credit score, debt-to-income ratio, and home equity. In West Virginia, the average credit score is 703 in the third quarter of 2023 based on Experian data. A higher score can improve your chances of approval.
Comparing rates in West Virginia can help you secure the best HELOC deal. Look beyond rates and consider lender features like repayment terms, fees and fixed-rate options. This comprehensive approach ensures you choose a lender that aligns with your financial needs.
Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns, and information on your mortgage and home value. Having these ready can make your application smoother and faster.
Submitting your HELOC application can be done online or in-person if your lender has a branch. Ensure all information is accurate and complete to avoid delays. Double-check for errors or omissions before submission to keep the process on track.
Some lenders may require a home appraisal to determine your home's current market value. A home appraisal involves a professional assessment of your property's worth, which plays a crucial role in your HELOC approval process.
After submitting your application, the approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, easing the financial burden.
The average HELOC limit in West Virginia is $72,159, according to Experian's third-quarter 2023 data. The maximum amount you can borrow is usually linked to the equity you have in your home. The more equity you have, the higher your potential credit limit can be.
Check out the table below to see the range of credit lines offered by West Virginia lenders in our database.
| Fifth Third Bank | $10,000 to $500,000 |
| First National Bank of Pennsylvania | Up to $750,000 |
| PNC Bank | $10,000 to $1,000,000 |
| Truist Bank | Up to $500,000 |
| Wesbanco Bank, Inc. | $25,000 to $1,000,000 |
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.
Truist Bank is the best HELOC lender in West Virginia, with a MoneyGeek score of 96 out of 100. It excels in customer service and education, has an efficient application process and quick approval turnaround, and is credible and transparent about its HELOC terms and process.
A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider factors like flexible eligibility criteria, lower interest rates and transparent terms.
Consider factors like interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender in West Virginia.
Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.
Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.
Our analysis was completed in October 2024 and considered different banks and credit unions in West Virginia from S&P Global's SNL Depository Rates dataset.
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.
