Arizona HELOC Rates and Lenders

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.

Best HELOCs in Arizona

Check out our reviews below to find a HELOC lender that meets your needs.

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

Aven

Best Customer Reviews

4.8 _/5

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Why it’s one of the best in Arizona

Customers praise Aven’s HELOC for its easy-to-understand terms and excellent customer service. It’s ideal for homeowners in Arizona who want a transparent borrowing experience with ongoing support. Aven’s focus on customer satisfaction is reflected in its positive reviews, making it a strong option for anyone looking to finance home improvements without hassle.

• Lowest rate guarantee
• Optional foreclosure protection program
• Approval in as little as 15 minutes
• Excellent Trustpilot reviews from thousands of customers
• 100% digital application process
• Increases credit line for select customers
• Automated appraisals
• High maximum loan-to-value ratio (LTV)
• Fast funding after signing
• Fixed interest rates from start to finish
• Check your rate with no credit impact

• Short draw period
• First-draw fee of 4.90%
• Only available in 32 states*

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $400,000 ($100,000)
Repayment terms	Draw: 5 years / Repayment: 5, 10, 15, or 30 years
Min. credit score	640
Funding time	As little as 3 days after signing

FourLeaf FCU

Best credit union

4.7 _/5

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Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowersⓘ
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

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.

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.

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. 

1. 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.
2. 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%.
3. 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. 
4. Prequalify with select lenders. Research the best lenders and prequalify with a few to compare offers and find the most competitive rate. 
5. 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 FourLeaf, 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