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Home Equity HELOCs

Ohio HELOC Rates and Lenders

The Buckeye State is known for its 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’s equity, you’ll want to focus on another thing: finding the best HELOC rates. 

You have a lot 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.

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Reviews of the best Ohio HELOC lenders

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


Best overall

4.9 /5
LendEDU Rating

Why we picked it

Figure is a top contender for a HELOC in Ohio. We value its fixed interest rates, which offer consistent and predictable repayment terms. Unlike many other lenders, Figure simplifies the lending process by removing the need for an in-person appraisal, potentially reducing the time to receive funds to as little as five days.

Figure requires borrowers to access 100% of their line of credit—which can be between $20,000 and $400,000—right away. If you plan to spend the full amount immediately, this lender might be an excellent fit. 

You can check your rate without affecting your credit score, making it an appealing option for homeowners who want to explore their borrowing potential without any obligation. Be aware of the origination fee, which can be as high as 4.99%.

  • Competitive fixed rates
  • Quick and hassle-free process
  • Must borrow 100% of your credit line (minus fees) at closing
HELOC details
Rates (APR)8.80%17.45%
Loan amounts$15,000 – $400,000
Draw period5 years
Repayment term5, 10, 15, or 30 years
Funding timeAs few as 5 days
PropertiesPrimary home, second home, or investment property
Credit score640

Bethpage Federal Credit Union

Best credit union

4.7 /5
LendEDU Rating

Why we picked it

Bethpage Federal Credit Union (FCU) offers distinct advantages in its fee structure and flexible rate options for Ohio residents. 

Borrowers can obtain amounts ranging from $10,000 to $1 million with no application, origination, or appraisal fees, which can significantly lower the overall cost of securing a HELOC. The option to convert a portion of your HELOC to a fixed-rate loan is an appealing feature for those seeking stable repayment amounts.

Bethpage’s low introductory fixed rate of 6.99% for the first 12 months for applicants with VantageScores of 720 and above (followed by a variable rate) is an excellent offer. 

This rate is contingent on drawing at least $25,000 at closing, making Bethpage FCU an excellent option for those looking to access a larger initial sum. Its comprehensive approach positions it as a top choice among credit unions for Ohioans seeking cost-effective, flexible home equity options.

  • 12-month intro rate of 6.99% for VantageScores of 720 and up; then a variable rate
  • Borrow $10,000 – $1 million
  • No application, origination, or appraisal fees
HELOC details
Rates (APR)7.24% for 12 months, then variable
Loan amounts$10,000 – $2 million
Draw period10 years
Repayment term5, 10, or 20 years
Funding time36 – 70 days, on average
PropertiesPrimary homes, second homes, or condos
Credit score670


Best marketplace

4.5 /5
LendEDU Rating

Why we picked it

LendingTree stands out with its user-friendly platform, making it easy for Ohio homeowners to find the best HELOC rates. By providing multiple offers through a single application, LendingTree saves time and empowers borrowers with a wide comparison of available options. 

It’s a favorite among users who appreciate having all the necessary information and tools accessible for making informed decisions.

Beyond its core service, LendingTree offers extensive lender reviews, tools, and resources to help prospective borrowers better understand their options. This educational approach, combined with the convenience of one-stop shopping for financial products, makes LendingTree a valuable resource for Ohio homeowners seeking HELOC options.

  • Single application for multiple offers
  • Comprehensive lender reviews
  • Tools and resources for decision-making
HELOC details
Rates (APR)Starting at 6.24%
Loan amounts$10,000 – $2 million
Draw period2 – 20 years
Repayment term5 – 30 years
Funding timeVaries
Credit scoreVaries, 620 advisable

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 rate12% 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


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.

Ask the expert

Erin Kinkade


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.


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 Bethpage 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, Bethpage FCU, and LendingTree all lend in the state.

Recap of the best HELOC rates in Ohio

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