North Carolina HELOC Rates and Lenders

Finding the best HELOC rates in North Carolina can save you thousands of dollars in interest over the life of the loan, so it pays to compare your options. Whether you’re looking for an online or local lender, these are the best HELOC lenders in the Tar Heel State:

Best online HELOCs in North Carolina

Home equity lines of credit from online lenders tend to have easier digital applications and quicker funding times compared to local options. They may also have more lenient credit score requirements. 

The LendEDU team found these lenders to have the best online HELOCs for North Carolinians. 

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 we picked it

• Lowest Rate Guarantee
• Fixed interest rates
• Optional debt protection through Securian
• Fully digital application process
• 3,600 5-star reviews on Trustpilot (as of September 2024)
• 3-day funding after signing

Aven offers a solution for North Carolina homeowners looking to access their home equity through a HELOC. With fixed interest rates and a Lowest Rate Guarantee, you benefit from competitive and predictable monthly payments. Checking your rate doesn’t impact your credit score.

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	3 days from signing
Properties	All types
Min. credit score	640

FourLeaf FCU

Local HELOCs in North Carolina

Local lenders are based in North Carolina, so they specialize in offering HELOCs to people in your area. They know the ins and outs of the local market and may be more focused on building a long-term relationship with you as a customer or working with you if you have an unusual situation. 

The LendEDU team found these three local lenders to have the best HELOC rates in North Carolina: 

Company	Rates (APR)*	Location
Coastal Credit Union	8.10% – 13.95%	Raleigh, NC
Peoples Bank	8.50% – 16.00%	Newton, NC
State Employees’ Credit Union	7.50% – 18.00%	Raleigh, NC

At the time of writing, State Employees’ Credit Union has the lowest starting rate at 7.50% APR, which you could qualify for with excellent credit. But Coastal Credit Union has the lowest maximum rate at 13.95%, which could be better for bad credit. 

In addition to interest rates, some lenders in North Carolina may offer other appealing benefits, such as no-closing-cost loans, fixed APRs, introductory offers, or longer repayment terms.

What’s the difference between online and local HELOCs in North Carolina?

Your two main options for HELOCs in North Carolina are local lenders and online lenders. The main difference is what each lender focuses on. 

Local lenders, including Coastal Credit Union, Peoples Bank, and State Employees’ Credit Union, know North Carolina like the back of their hand. They get the local economy and housing market, which can work in your favor if you have a unique financial situation. 

However, online lenders, such as Figure, Hitch, FourLeaf, and LendingTree, often offer faster funding times and a smoother application process. You could also be looking at lower fees and competitive rates. 

At the end of the day, it’s all about shopping around with both local and online lenders. An online lender might be the way to go if you’re all about convenience and speed. But a North Carolina-based lender could be better if you’re into face-to-face banking or a small-town touch.

How do North Carolina HELOC rates compare to other states? 

The national average HELOC rate is 9.17% as of May 2024. Because the federal funds rate or prime rate influences HELOC rates, you can expect interest rates to generally be about the same from state to state. 

Based on the top lenders we found, rates in North Carolina tend to range from 7.50% to 18%, which falls within the current average range. If you live in North Carolina, you may pay more or less for a HELOC than in other states, depending on your credit score, income, and home equity. 

That’s why shopping around is so important—you might be able to snag a better deal regardless of where you live. For instance, LendingTree’s rates start at just 6.99% APR, which is lower than the average range in North Carolina.

How to get the lowest HELOC rates in North Carolina

If your primary goal is to get the lowest possible HELOC rates in North Carolina, you can take these four actions to polish up your application:

1. Focus on your credit score. Ideally, you’ll want a credit score of at least 780 to get the absolute lowest rates. But the higher your score, the better. You can try boosting your score by keeping your credit card balances low, continuing to make your payments on time, and combing through your credit report for errors that could be dragging it down.
2. Borrow less. You can usually borrow up to 80% of your home’s value with a HELOC. But the less you borrow, the less risky you will be to lenders, and the better rate you may get. 
3. Watch your debt-to-income ratio. Your DTI is your total monthly debt payments divided by your monthly income. Ideally, you want your debt to be less than 43% of your income. 
4. Shop with multiple lenders. You’ll never know if a lender is offering you the best HELOC rates in North Carolina unless you compare those rates to other offers. Most lenders let you check HELOC rates without dinging your credit, and you can use LendingTree or another marketplace to save time.

Are there any North Carolina-specific requirements or regulations?

The North Carolina Secure and Fair Enforcement Mortgage Licensing Act (NC SAFE Act) requires all loan originators to be licensed and registered and to disclose their identity to you as a borrower. Each lender has a unique identifier that should be clearly listed on any loan documents, advertisements, or websites you view. 

Also, the NC SAFE Act prohibits lenders from charging early prepayment penalties on loans up to $150,000. So if your loan is up to this amount, you shouldn’t be penalized for paying it off early.

Aside from these state-specific rules, all HELOC borrowers have a three-day right of rescission. This rule gives you three business days after signing to cancel your HELOC for any reason whatsoever. So if you have second thoughts, don’t be afraid to exercise this right.

FAQ

What credit score do you need for a North Carolina HELOC?

A HELOC in North Carolina generally requires a credit score of at least 620. Higher credit scores can secure better rates and terms. Lenders may also consider your debt-to-income ratio and overall financial health.

What are the typical fees for a North Carolina HELOC?

Typical fees for a North Carolina HELOC include an application fee, an annual maintenance fee, and closing costs. Depending on the lender, these fees range from $200 to $1,000. Some lenders may waive certain fees as part of promotional offers.

Are there any special programs or incentives for North Carolina HELOCs?

Yes, several lenders offer special programs or incentives for HELOCs in North Carolina. These can include lower introductory rates, no closing costs, or discounts for current customers. It’s worth shopping around to find these offers.

How we chose the best personal loans in North Carolina

LendEDU evaluates personal loan lenders to help readers find the best personal loans. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in North Carolina.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of North Carolina HELOC rates and lenders