Ohio HELOC Rates and Lenders

The Buckeye State is known for Cincinnati chili, the Rock and Roll Hall of Fame, and its manufacturing industry. But if you’re a homeowner in Ohio looking to tap into your home equity, you’ll want to focus on something else: finding the best HELOC rates. 

You have plenty of options when it comes to home equity lines of credit in Ohio. So if you feel overwhelmed, we’re here to help. The LendEDU team has scoured the market to find the best HELOC rates in Ohio. Read on to explore top lenders and get tips for unlocking the lowest rates.

Reviews of the best Ohio HELOC lenders

Here are our reviews of the best HELOC lenders in Ohio.

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

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

Through its HELOC, Aven offers Ohio homeowners a flexible and efficient way to access home equity. Fixed interest rates for the entire loan term allow you to have stable monthly payments. Aven stands out with its Lowest Rate Guarantee and the ability to check rates without affecting credit scores.

Aven also offers an optional debt protection program through Securian, covering your minimum payments for up to six months if you lose your job.

• Fixed interest rates
• Lowest Rate Guarantee
• 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

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 Federal Credit Union

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 Ohio

Rates for home equity lines of credit in Ohio generally align with the national average, so you can expect to find competitive offers whether you’re shopping locally or nationally. 

Lenders in Ohio primarily base their rates on your credit score, debt-to-income ratio, and home equity. They also consider market conditions and the prime rate. The Consumer Financial Protection Bureau suggests reviewing loan offers from at least three lenders before deciding.

Ohio law mandates that if you get a HELOC from a credit union, it must comply with these requirements: 

• Borrowers must provide proof of fire and casualty insurance on the property securing the HELOC, with a mortgage loss payable clause in favor of the credit union.
• The combined amount of the first mortgage and HELOC generally cannot exceed 100% of the property’s appraised value. For loans of $400,000 or more or those exceeding 95% of the appraised value, an appraisal by a certified or licensed independent appraiser is required.
• HELOC payments must be made at least quarterly and include amortization of principal and interest. The loan term cannot exceed 40 years.

Before applying for a HELOC, make sure you understand the pros and cons. As always, you need to watch out for the risk of foreclosure. If you default on your HELOC payments, you could lose your home since your HELOC is secured by the property.

How your HELOC rate affects your overall loan cost

Your HELOC rate directly impacts your total loan cost. A higher rate means you’ll pay more interest over the life of the loan, while a lower rate can save you thousands of dollars.

Let’s look at an example to illustrate the importance of HELOC rates. Assume you have a $50,000 HELOC with a 20-year repayment period. Here’s how different interest rates affect your overall costs:

	9% fixed rate	12% fixed rate
Monthly payment	$375	$500
Total interest paid	$90,000	$120,000
Total loan cost	$140,000	$170,000

In this scenario, a 3% difference in interest rate results in a $30,000 difference in total loan cost.

In reality, most HELOCs have variable interest rates, which means they can fluctuate at any time as the market shifts. However, some lenders offer the option to convert a portion or all of your balance to a fixed rate, which can help provide some stability.

HELOC repayment typically consists of two phases: a draw period and a repayment period. 

• During the draw period, you can borrow money as needed and may only be required to make interest payments. 
• In the repayment period, you’ll make principal and interest payments until the loan is paid off. 

Making principal payments during the draw period can help reduce your overall interest costs.

HELOCs and home equity loans typically offer greater lending amounts, but a personal loan may be the best option if a borrower only needs a small loan.

Erin Kinkade, CFP®

How to get the best HELOC rates in Ohio

There are a few things you can do to increase your chances of getting the best HELOC rates in Ohio: 

• Exceed the minimum eligibility requirements. Most HELOCs require a credit score of at least 620, a debt-to-income ratio (DTI) below 43% and a minimum of 15% to 20% equity in your home. But aim for a credit score of 740 or higher, a DTI below 36% and more equity in your home to unlock the best deals.
• Focus on boosting your credit. Your credit score is arguably one of the most important factors in determining your HELOC rate. If your credit could use some brushing up, try making payments on time, paying down your credit card balances, and avoiding applying for new credit unless absolutely necessary. 
• Get a smaller loan. Most lenders let you borrow up to 80% of your home’s value. But you may get a lower interest rate if you borrow less than your maximum limit. 

How to apply for a HELOC in Ohio

Specific steps will vary by lender, but you’ll generally follow this process to apply for a HELOC in Ohio: 

1. Check your credit score. Make sure it meets the lender’s requirements. If it needs work, take steps to boost it before applying.
2. Get prequalified. It always pays to slow down and grab prequalification offers from a handful of lenders. You’ll be able to view rates and terms without altering your credit. You can start with our top HELOC picks or any other providers you come across.
3. Round up your documents. It’s better to gather your paperwork before you apply so you’re not rushing to get it during the moment. You’ll usually need proof of income, bank statements, mortgage statements, and your property information.
4. Fill out one application. After you’ve found the right lender, it’s time to officially apply. Complete the process online or at a branch, and be prepared to provide your paperwork.
5. Wait for the green light. The lender will review your application, check your credit profile, and assess your property. They might order an appraisal to get your home’s value. There’s nothing for you to do during this step except answer any additional questions or paperwork requests they have.
6. Review and accept loan terms. If you’re approved, read the fine print to ensure you understand your interest rates, fees, and repayment obligations. If it looks good, sign on the dotted line.

After determining the amount needed, the next step is to shop for terms that fit their financial condition/budget. I always recommend shopping at least three financial institutions and creating a want/need list and a pros and cons list to determine the best lender for you.

Erin Kinkade, CFP®

FAQ

What is the lowest HELOC rate in Ohio?

The lowest HELOC rates in Ohio are currently around the prime rate, which is 8.50% as of May 2024. If you find a lender that matches this rate or beats it, it’s generally considered a low rate. 

That said, some lenders like FourLeaf FCU have introductory offers that start around 6.99% for six months—so much lower than prime. Look out for these deals as you shop around. 

What HELOC has the highest rates in Ohio?

Not all lenders publish their highest HELOC rates online. But of the lenders we researched, Figure had one of the highest maximum APRs at 17.20%. 

We didn’t have any credit unions make our list, but the maximum APR for HELOCs at these institutions is usually 18% due to  National Credit Union Administration (NCUA) regulations. 

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

Some lenders do not offer HELOCs in Ohio. This can be for several reasons, including licensing requirements or the business’s operating model. You can check each lender’s website or call customer service for details on if it operates in the Ohio market. 

But we have double-checked our list and can confirm that Figure, Hitch, FourLeaf FCU, and LendingTree all lend in the state.

Recap of the best HELOC rates in Ohio