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Home Equity

Best HELOC Rates in Colorado

Updated Dec 06, 2023   |   9-min read

A home equity line of credit (HELOC) allows you to use your home’s equity for various needs, such as paying off debt and doing home renovations. If you’re eyeing the best HELOC rates in Colorado, you’re making a financially savvy move. 

Below, we’ll guide you through finding and applying for the top HELOCs in the Centennial State.

In this guide:

About HELOC rates in Colorado

Colorado’s HELOC rates tend to align with national averages, but slight variations may occur based on local economic factors and demand. 

Every state has its own set of regulations and lending environments. But overall, living in Colorado doesn’t inherently raise your home equity line of credit cost compared to other states. 

The best HELOC rates in Colorado

We’ve researched the best HELOC lenders’ product availability in Colorado. Click the lender name in the table below to read more about its home equity products for Arizona residents.

HELOC lenderProductAPR in Colorado
Spring EQHome equity loan and HELOCVaries
HitchHELOCStarts at 8.75%
Bethpage FCUHELOCStarts at 6.99%

Figure – Best HELOC overall

Editorial rating: 4.9 out of 5 

  • Streamlined application process is 100% online, and in most cases, you don’t need an in-person appraisal.
  • Fast approval and funding, often within 5 days of the application.
  • Flexible HELOC terms give you the ability to redraw up to 100% of your loan amount.

Colorado homeowners in the market for a HELOC should consider Figure as a top choice. With its 100% online application process, homeowners can experience a seamless and efficient application, getting approval in as little as five minutes. This feature is notable for those in need of fast access to their funds: Figure promises funding in just five days. 

A unique aspect of Figure’s HELOC is the initial draw feature. When you borrow, you must draw the full loan amount minus any origination fee at once. As you repay your HELOC balance, you can make additional draws. 

The interest rates on additional draws are determined by the prime rate from the previous month plus a fixed margin. The rate could be higher than your initial rate, but it offers flexibility if you need access to more funds during your loan term.


  • APR: 7.90%16.10% fixed
  • Loan amount: $20,000 – $400,000
  • Minimum credit score: 640
  • Repayment terms: 5, 10, 15, and 30 years
  • Fees: Origination fee (0% – 4.99%)

Spring EQ – Best multi-product application

Editorial rating: 4.3 out of 5 

  • Access to up to 95% of your home’s equity without needing to refinance.
  • HELOC options include up to 10 years of interest-only payments.
  • A blend of advanced tech and expert teams ensures faster funding.

For Coloradans looking to tap into their home equity, Spring EQ emerges as a standout option. Its unique offering allows applicants to see offers for a HELOC and a traditional home equity loan at once, giving you a broader view of what’s available to you. 

You can also access up to 95% of your home’s equity, and you have the option to make interest-only payments for up to a decade. This feature can translate to a longer period of lower monthly home payments. 

Spring EQ prides itself on a combination of advanced technology and expert teams, which means you can expect a faster, more efficient funding process. If your home’s value is on the rise, now might be the time to capitalize on your property’s equity with Spring EQ.


  • APR: Varies; Variable or fixed
  • Loan amount: $50,000 – $500,000
  • Minimum credit score: 680
  • Repayment terms: 5 – 30 years
  • Fees: $99 renewal fee; $399 admin fee

Hitch – Best for fast funding

Editorial rating: 4.4 out of 5 

  • Fully digital process allows you to apply online and view equity and rates in just a few minutes.
  • Boasts the fastest average funding time compared to all other lenders on our list. Most customers receive their cash in 21 days. 
  • Offers a balance of cutting-edge technology and personable human support, so you don’t have to go through the application process alone.

For Coloradans eager to use their home’s equity without the traditional wait times, Hitch offers a revolutionary solution. This lender embraces the digital age, promising you can access your potential offers in just minutes without harming your credit score. 

This speed doesn’t just apply to the initial inquiry; Hitch is known for its swift funding, boasting the quickest average funding time among its competitors. This rapid pace doesn’t mean skimping on personal touch though; Hitch provides dedicated loan officers to guide you through every step.

Given Colorado’s booming housing market, many homeowners could be sitting on a gold mine of untapped equity. Whether you aim to undertake home improvements, consolidate high-interest debt, or make a large purchase, Hitch’s digital HELOC may be a way to achieve your goals with minimal stress.


  • APR: Starting at 8.75%
  • Loan amount: $25,000 – $500,000
  • Minimum credit score: Not disclosed
  • Repayment terms: 10 – 30 years
  • Fees: Closing costs (3% – 5%)

Bethpage FCU – Best credit union

Editorial rating: 4.2 out of 5 

  • Lock in a competitive fixed-rate introductory offer for the first 12 months.
  • Access up to $500,000 to use however you’d like.
  • Convert part of your variable-rate HELOC to a fixed-rate loan at no extra cost.

Bethpage FCU offers a HELOC that allows you to access funds when you need them. With a HELOC from Bethpage, you’re not just getting a loan; you’re getting a lower interest rate and more flexibility compared to other types of loans. 

Plus, it offers a fixed-rate option for those who want predictable monthly payments. Bethpage’s streamlined process means you can typically access your funds in just 34 days, letting you tackle your projects faster.

A Bethpage membership is a requirement since it’s a credit union. The lender makes membership easy; you just need to open a minimum $5 share savings account at or prior to your HELOC account opening. 


  • APR: 6.99% fixed for 12 months, then as low as 8.50% variable APR
  • Loan amount: $25,000 – $500,000
  • Minimum credit score: 720 (for best introductory rate)
  • Repayment terms: 5, 10, or 20 years
  • Fees: Bethpage covers all fees for lines up to $500,000 (but if HELOC is closed within the first 36 months, you must repay these fees)

Our expert advises: Consider your local bank or credit union, especially if you already have an account

Erin Kinkade


Having a relationship may provide benefits, such as lower rates based on the length of the relationship, peace of mind that you can go to a place of business to speak with your lender, and other perks connected to their checking, savings, or investment account.

How your HELOC rate affects your overall loan cost

Your HELOC’s interest rate has a significant impact on your overall loan cost. Essentially, the rate determines how much you’ll pay in interest over the life of your line of credit. A higher rate means you’ll pay more in interest; a lower rate means you’ll pay less. Whether your rate is fixed or variable also plays a role.

A fixed rate remains constant throughout the loan, giving predictable costs. However, a variable rate tied to an index—for example, the U.S. prime rate—can fluctuate. If the index rises, so do your interest rate and monthly payments. And if it drops, you’ll pay less.

For instance, if you borrow $50,000 from a HELOC at a fixed 5% interest rate, and the rate remains unchanged, your interest cost will be predictable. But with a variable rate starting at 5% that jumps to 7% after a year, your interest cost would be higher during the period of the rate increase: 

Fixed rate: 5%Variable rate: 5% → 7%
Year 1$2,500$2,500  
Year 2$2,500$3,500

Note: The amounts in the table above reflect interest only.

How to get the lowest HELOC rates in Colorado

A combination of factors influence eligibility for a HELOC in Colorado. But your credit score takes center stage. A higher credit score often translates to a lower interest rate because lenders see you as a lower risk. 

Besides credit score, lenders assess the value of your home, the equity you’ve built, your debt-to-income ratio, and your employment history.

To get the lowest HELOC rate in Colorado:

  • Boost your credit score. Make on-time payments on all debts, and keep your credit utilization low. Regularly review your credit report for any discrepancies, and dispute any mistakes you notice with the credit bureau reporting them.
  • Build more equity. The more equity you have in your home, the more attractive you become to lenders.
  • Maintain steady employment. Lenders prefer you to have a stable income source, whether from a job, government benefits, or investments.
  • Shop around for the right lender. Different lenders have unique criteria and might offer varied rates based on your situation. By getting multiple quotes, you can find the best terms.

How to apply for a HELOC in Colorado

Following these steps can help you apply for a HELOC in Colorado with the best rates and terms. 

  1. Assess your needs. Before diving in, determine how much you need and how you plan to use the funds. This will guide the amount you request.
  2. Check your credit score. Knowing your score beforehand will give you an idea of the rates you’re eligible for. Aim for a higher score, which can secure you a lower interest rate.
  3. Gather your documents. Many lenders request recent pay stubs, proof of employment, tax returns, details about your current mortgage, and information on property taxes and insurance.
  4. Research lenders. Don’t settle for the first lender you find. Research multiple options, including local credit unions, banks, and online lenders. Compare rates, terms, and fees.
  5. Apply. Once you’ve selected a lender, initiate the application process. You can usually apply online, but you may also have the option to do it in person or over the phone.
  6. Get a home appraisal. The lender will likely order a home appraisal to determine its current value and the equity you’ve built.
  7. Wait for approval and review terms. If you’re approved, the lender will provide terms and conditions. Review them carefully, and accept the offer if they align with your needs.


What is the lowest HELOC rate in Colorado?

The lowest starting HELOC rate we’ve seen in Colorado from our list of lenders is 6.99% in December 2023. But the exact rate you qualify for may be lower or higher than this, depending on the market rate at the time you apply and the lender’s terms. 

What HELOC has the highest rates in Colorado?

The highest HELOC rates in Colorado often depend on your credit profile. If you have bad credit, you might get stuck with these higher rates. To ensure you aren’t taking on too much debt, compare lenders, and understand your credit score before applying.

What is the current average HELOC rate in Colorado?

The average starting HELOC rate in Colorado, based on lenders on this list, is around 7.74% APR as of October 2023. But individual rates can vary based on several factors, including your credit profile and the equity you have in your home. 

Will my Colorado HELOC have insurance requirements?

Yes, your Colorado HELOC will typically have insurance requirements. Most lenders require borrowers to maintain adequate homeowner’s insurance to protect the property serving as collateral. In some cases, especially if your property is in a flood-prone area, flood insurance may also be mandated. 

Do any lenders not offer HELOCs in Colorado, and why not?

Some lenders don’t offer HELOCs in Colorado. The reasons can vary, but common ones include the lender’s specific business model, regional regulations, or a strategic decision not to participate in the Colorado market. If you’re interested in a specific lender, check its website for details on whether it serves a specific region.