Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity HELOCs Arizona HELOC Rates and Lenders Updated Nov 10, 2024 9-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Taylor Milam-Samuel Written by Taylor Milam-Samuel Expertise: Student loans, credit cards, debt, budgeting Taylor Milam-Samuel is a personal finance writer and credentialed educator who is passionate about helping people take control of their finances and create a life they love. When she's not researching financial terms and conditions, she can be found in the classroom teaching. Learn more about Taylor Milam-Samuel Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® Homeowners in Arizona can apply for a home equity line of credit (HELOC) from online lenders or local banks and credit unions. We’ve reviewed a few lenders that rated highly in our evaluation of HELOCs available nationwide below and explain how to find the best HELOC rates in Arizona. CompanyBest for…Rating (0-5) Best Overall 4.9 View Rates Best Customer Reviews 4.8 View Rates Best Credit Union 4.7 View Rates Best Marketplace 4.5 View Rates Best HELOCs in Arizona Check out our reviews below to find a HELOC lender that meets your needs. Figure Best Overall 4.9 /5 View Rates Why it’s one of the best in Arizona As our highest-rated lender, Figure earns an editorial rating of 4.9 out of 5. The company’s competitive rates start at 8.55%, but what sets it apart from other lenders is that the rates are fixed. Most HELOCs offer variable interest rates that can fluctuate with the market and change your monthly payment. With Figure, your monthly payment stays the same throughout the term. Borrowers in Arizona can choose from various repayment term lengths, ranging from five to 30 years. Shorter terms provide additional flexibility and savings compared to taking decades to pay off the balance. It’s most beneficial if you plan to use the money for a defined project or expense and can pay it back in a shorter term. However, note that upon HELOC origination, Figure requires you to draw 100% of your funds. Get funds in 5 days Borrow $20,000 – $400,000 Flexible repayment terms Loan details Rates (APR)6.55% – 15.54%Loan amounts$15,000 – $400,000Draw period5 yearsRepayment term5, 10, 15, or 30 yearsFunding timeAs few as 5 daysPropertiesPrimary home, second home, or investment propertyCredit score640 Aven Best Customer Reviews 4.8 /5 View Rates Why it’s one of the best in Arizona Aven’s AvenCash HELOC stands out as a top option in Arizona thanks to its borrower-friendly features and highly rated customer experience. Aven’s 5-year draw period gives Arizona residents the flexibility to borrow, repay, and borrow again without reapplying, which is especially useful for managing ongoing projects like home renovations or other large expenses. Arizona’s real estate market can move quickly, and Aven’s 100% digital application process allows homeowners to check their rate without impacting their credit score and get approval in as little as 15 minutes. This quick turnaround is a major benefit for Arizonans who need fast access to their home equity in a competitive housing market. Additionally, Aven’s competitive fixed interest rates and its optional debt protection program provide peace of mind, making it one of the best HELOC options for Arizona homeowners who want a convenient, transparent, and customer-friendly experience. Flexible 5-year draw period allows Arizona homeowners to borrow, repay, and borrow again without reapplying Quick, 100% digital application process with approval in as little as 15 minutes, ideal for Arizona’s fast-moving real estate market Competitive fixed interest rates with the option for debt protection, providing peace of mind in case of financial setbacks Loan details Rates (APR)6.99% – 15.49%Loan amounts$5,000 – $400,000Draw period5 yearsRepayment terms5, 10, 15, or 30 yearsFunding timeAs little as 3 days after signingPropertiesAll typesCredit score640 Bethpage FCU Best Credit Union 4.7 /5 View Rates Why it’s one of the best in Arizona Bethpage FCU is our top credit union lender for HELOCs. The lender offers one of the lowest introductory rates—6.99% for the first 12 months. To qualify for the introductory rate, you must have a credit score of at least 720, make an initial draw of at least $25,000, and not exceed a loan-to-value ratio of 75%. If you meet the criteria, it’s an excellent offer. Arizona homeowners undergoing an extensive renovation or rebuild can also benefit from the maximum loan amount of $1 million. Borrowers have the option to convert all or some of their HELOC to a fixed-rate option. It’s a helpful perk if you want the benefits of a fixed rate and the flexibility of a HELOC for different portions of your loan. Lowest introductory rate Fixed-rate option available $10,000 – $1 million loan amounts Loan details Rates (APR)7.24% for 12 months, then variableLoan amounts$10,000 – $1 millionDraw period10 yearsRepayment term5, 10, or 20 yearsFunding time36 – 70 days, on averagePropertiesPrimary homes, second homes, or condosCredit score670 LendingTree: Best marketplace Best Marketplace 4.5 /5 View Rates Why it’s one of the best in Arizona LendingTree is not a lender but a marketplace that lets homeowners compare offers from HELOC and home equity loan lenders in its network. When you prequalify, you can review offers for both products and determine the best fit. It’s a perk that simplifies the application process. LendingTree has no set eligibility requirements, costs, or credit score impacts when filling out its online form. If matched with a lender, you can expect to access your funds in as little as five days, depending on the lender. Borrow $10,000 to $2 million Compare offers from multiple lenders Checking your rates doesn’t affect your credit Loan details Rates (APR)Starting at 6.24%Loan amounts$10,000 – $2 millionDraw period2 – 20 yearsRepayment term5 – 30 yearsFunding timeVariesPropertiesVariesCredit scoreVaries, 620 advisable Having a relationship with a lender may offer benefits, such as lower rates, peace of mind, and benefits connected with your current checking, savings, or investment accounts. Erin Kinkade CFP® About HELOC rates in Arizona Your location—including your state—influences your HELOC rates, especially since some lenders are only available in select states. However, borrowers in Arizona have access to a wide variety of lenders, including three of LendEDU’s top picks. While HELOC rates don’t vary much state-to-state, it’s worth noting that home values in Arizona have gone up slightly recently. This is good news for HELOC holders since HELOC amounts and rates are affected by your loan-to-value ratio. Your credit score also affects how much you pay. Comparing offers from multiple lenders is one of the most effective ways to secure a lower rate. The Consumer Financial Protection Bureau recommends reviewing loan offers from at least three lenders before deciding. Here are three of the top HELOC lenders with the best rates in Arizona. How your HELOC rate affects your overall loan cost When you borrow money, the lender charges money in the form of an annual percentage rate (APR). The APR is a percentage of the loan amount you pay the lender. As a borrower, you want to minimize how much you have to pay to borrow money, so it’s best to secure the lowest possible rate. HELOC terms typically last at least 10 years, so a lower or higher APR can affect your loan costs by thousands of dollars. To help you see how interest rates can affect your finances, let’s take a look at the numbers. In this example, we’re considering a HELOC of $30,000 with a 15-year repayment term: Lower APR (8.50%)Higher APR (12.00%)Total repayment cost$53,175.94$64,809.08 In this example, you’d pay $11,000 more just because of a higher interest rate. Even a small increase in APR can cost you thousands over the life of your loan. How to get the lowest HELOC rates in Arizona Different factors determine your rate. Two significant factors are: Credit score: You can often get a lower APR if you have a higher credit score. Loan-to-value ratio: This is how much you borrow compared to how much equity you have in your home. Lower ratios typically equate to lower rates. To find the best HELOC rate in Arizona, compare rates from multiple lenders. The Federal Trade Commission recommends borrowers review offers from different institutions, including credit unions, banks, online lenders, and mortgage companies. Most lenders allow you to prequalify for a loan with a soft credit check, which won’t affect your score. Compare offers until you find the best rate, customer service, fees, and repayment terms. How to apply for a HELOC in Arizona It takes time to compare lenders and apply for a HELOC. Here’s how the application process works. Review your credit report. View your credit report to check for mistakes and determine which lenders offer loans for borrowers in your credit tier. If you notice any mistakes, dispute them with the credit reporting agency right away. Determine your home equity. Calculate your home equity—the difference between your mortgage and the market value of your home. It helps determine how much you can borrow, and HELOC lenders often require at least 15%. Find your documents. It’s wise to gather the necessary documentation before you apply to save time once you find the best lender. You often need proof of income, insurance documentation, and mortgage paperwork. Prequalify with select lenders. Research the best lenders and prequalify with a few to compare offers and find the most competitive rate. Finalize one application. Once you narrow it down to your top lender, finalize the application, and complete the process. FAQ What is the lowest HELOC rate in Arizona? The lowest HELOC rate in Arizona depends on individual credit profiles and other factors. If you’re looking for the lowest rate, find lenders that match or beat the prime rate, which is 8.50% as of October 2023. Some lenders, such as Bethpage, offer introductory rates for the first few months that are lower than the prime rate. What HELOC has the highest rates in Arizona? Out of the top lenders for Arizona, Figure is the only one we researched that publishes its highest rate: 16.90%. Most HELOCs have variable rates, which can fluctuate with the market. Beyond that, lenders consider your credit score and other factors when determining your rate. What is the current HELOC rate in Arizona? The current HELOC rate in Arizona starts at 8.50% and goes up to 18%. Your credit score and loan-to-value ratio help determine your APR. To secure the lowest rate, compare offers from multiple lenders. Will my Arizona HELOC have insurance requirements? You must have proof of home insurance to get a HELOC in Arizona. Most lenders require insurance because your house is collateral for the loan. If something happens to your home, the lender wants to ensure you can still repay the loan. Do any lenders not offer HELOCs in Arizona, and why not? Some lenders only offer HELOCs in select states. For example, Hitch, one of our top-rated lenders, does not provide HELOCs in Arizona. States have different licensing requirements for lenders, and some only conduct business in certain states. Recap of the best HELOC lenders in Arizona CompanyBest for…Rating (0-5) Best Overall 4.9 View Rates Best Customer Reviews 4.8 View Rates Best Credit Union 4.7 View Rates Best Marketplace 4.5 View Rates