Best Virginia HELOC Lenders and Rates [2024]

If you’re a homeowner in Virginia, tapping into your home equity with a HELOC can be a smart way to fund home improvements, consolidate debt, or cover major expenses. With property values steadily rising in Northern Virginia and Richmond, many homeowners are sitting on significant equity that they can leverage for larger loan amounts.

HELOC rates in Virginia may be lower than the national average, with some starting as low as 6.10%. Virginia’s unique housing market, with its restrictive zoning laws and high demand, means home equity can fluctuate. But for those in appreciating areas, such as Alexandria or Arlington, a HELOC offers flexible access to funds while taking advantage of your home’s increased value. These are the top-rated HELOC lenders in Virginia for 2024.

Reviews of the best HELOC lenders in Virginia

These are the top-rated HELOCs for Virginia residents.

Figure

Best Overall

4.9 _/5

LendEDU Rating

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Why it’s one of the best for Virginia residents

Virginians can benefit from Figure’s fast, digital-first HELOC process, which helps avoid delays that might otherwise come with in-person meetings or manual appraisals common in the state. With the convenience of digital notaries and automated home appraisals, Virginia borrowers can access funds in as little as five days—perfect for home renovations in both urban centers such as Richmond or rural areas where service delays are more common.

Figure’s HELOC offers flexibility with fixed-rate draws, so you can lock in stable payments even as market rates fluctuate—ideal for Virginians managing property projects across diverse regions.

• No in-person appraisal 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

• Repay each individual draw with a fixed rate, but the interest rate for each draw may vary
• Must draw 100% of your credit line (minus origination fees) for your first disbursement; after that, the minimum disbursement amount is $500

Rates (APR)	6.10% – 14.74%
HELOC amounts	$15,000 – $400,000
Repayment terms	5, 10, 15, or 30 years

Bethpage FCU

Best Credit Union

4.7 _/5

LendEDU Rating

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Why it’s one of the best for Virginia residents

While Bethpage may not be the fastest lender, its HELOC can be an excellent option for Virginia homeowners looking to save on fees. You won’t pay annual fees, and Bethpage covers closing costs for the first $500,000, which is ideal for those with higher home values in regions, such as Northern Virginia or the Richmond area.

As a credit union, Bethpage is member-focused, meaning it offers benefits that can be hard to find with traditional banks. For instance, credit unions may provide lower interest rates and more flexible terms, and Bethpage is no exception.

If you maintain a balance of $25,000 or more, you’ll enjoy even lower rates during the first year, making it a top option for Virginians planning long-term home renovations. Bethpage’s commitment to its members ensures a personalized experience that can benefit borrowers seeking flexibility and cost savings.

• Appraisals are generally only required for HELOCs above $400,000 or combined loan-to-value ratios above 75%
• 12-month fixed introductory rate for qualified borrowers
• $0 application, origination, and appraisal fees
• $0 closing costs
• Convert some or all of your HELOC into a fixed-rate loan at no cost

• Must join the credit union by depositing $5 in a savings account if approved for a HELOC.
• Typical funding speeds of 34 days. 

Rates (APR)	Starting at 8.50% variable. Fixed rates of 6.99% available for the first 12 months if you qualify, or 9.63% if you convert a portion of your HELOC balance to a loan
HELOC amounts	$10,000 – $1 million
Repayment terms	20 years

LendingTree

Best Marketplace

4.5 _/5

LendEDU Rating

View Rates

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Why it’s one of the best for Virginia residents

LendingTree isn’t a direct lender but a valuable comparison tool for Virginia homeowners seeking the best HELOC or home equity loan. By partnering with a wide network of lenders, LendingTree allows Virginians to quickly compare multiple offers with a single online application.

This feature is especially useful in a diverse housing market such as Virginia’s, where options and rates can vary significantly between urban areas, including Alexandria, and rural regions. For those considering both HELOCs and home equity loans, LendingTree makes it easy to find the best terms that suit your specific financing needs.

• Compare multiple lenders
• See offers without affecting your credit
• Borrow up to $2 million

Rates (APR)	Starting at 6.99%
HELOC amounts	$10,000 – $2 million
Repayment terms	5 – 30 years

How your HELOC rate affects your overall loan cost

Most HELOCs have variable rates, which means your borrowing costs can fluctuate over time. While it’s impossible to predict exactly where HELOC rates will go, let’s look at how interest rates can affect your payments and total loan cost. HELOC rates may start anywhere between 6.30% and 15.70%, and we’ll use these figures to show two possible scenarios.

If you borrow $25,000 with a 10-year draw period and a 10-year repayment period, here’s how your payments and total interest costs could differ based on the interest rate environment:

These figures show how much interest rates can affect your HELOC payments and total costs. Keep in mind that with a variable-rate HELOC, your rates (and therefore your payments) will fluctuate over time, so these amounts could change.

If you secure a HELOC while rates are high, you may initially benefit from lower interest-only payments during the draw period. However, if rates decrease during the repayment period, you could end up paying less overall than someone who locked in a high fixed rate with a home equity loan.

How to get the lowest HELOC rates in Virginia

Lenders tend to look at the same factors when you apply for a HELOC in Virginia as anywhere else in the country. 

Three of the most important factors include:

• Credit score: 720 or higher
• Home equity: 80% to 90% combined loan-to-value ratio (CLTV)
• Debt-to-income ratio: 43% or less

The better you score in each category, the better your odds of finding the lowest rates. For example, if your credit score is 800, and 10% of your monthly income goes toward debt, you may get better HELOC offers than someone with a lower credit score struggling to make their debt payments each month. 

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Tip

It’s important to shop around for rates before you commit to a particular lender. Every HELOC’s pricing and options will be unique, and the lender can provide you with an exact quote before you sign on the dotted line. 

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Virginia residents benefit from a higher average credit score than the rest of the country (721 vs. 714), as well as home equity values that have risen steadily. 

Erin Kinkade, CFP®, generally advises against borrowing money in a high-rate environment but acknowledges it could work for certain borrowers:

Borrowing money during a high-interest-rate environment isn’t ideal, but when home prices are rising, it could make sense for some individuals. For example, those who want to sell their home and move to a similar area with the same housing costs could find it difficult to sell their home due to the high interest rates we are currently experiencing. 

Instead of selling, the decision to apply for a HELOC to make improvements or changes to their current home could be a viable option to meet the goal of having the features they were planning to look for in a new home. In addition, if the borrower has a steady income and excellent credit, they may be able to obtain the most favorable interest rate. And if analysts think interest rates will decline at some point in the near future, it may be wise to select a variable-rate HELOC so you benefit from the lower-rate environment.

Erin Kinkade, CFP®

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How to apply for a HELOC in Virginia

Applying for a HELOC takes a longer than most other loan types because you’re using your home as collateral. That takes more time to sort out. You can expect the process to take two to six weeks with most lenders. 

Virginia homeowners can help speed things up throughout the HELOC application process:

1. Prepare your application: Obtain a copy of your credit report from each bureau and check it for errors. (Dispute errors with the credit bureau reporting them.) Check your credit score so you know whether you’re eligible for a HELOC with each lender. Finally, gather the documents you’ll need to qualify for a HELOC. 
2. Gather quotes: Prequalify with at least three lenders offering HELOCs in Virginia. This usually involves a soft credit pull, which won’t affect your credit score. The final hard credit inquiry—which can cause temporary credit score damage—will come later. 
3. Apply with the best lender: Choose the best HELOC offer from the lenders you checked with, and complete a full HELOC application. You’ll need to submit your documents and any other details the lender requests during the underwriting period.
4. Sign the HELOC agreement: If you’re approved, your lender will send you a final HELOC contract to sign at a scheduled closing. Be sure you read through everything; HELOCs can vary, so you should understand all the terms. 

FAQ

What is the lowest HELOC rate in Virginia?

Figure offers the lowest HELOC rates in Virginia from among our featured lenders. Depending on your qualifications, you could pay rates as low as 6.10%—far below the HELOC rates in Virginia that most other lenders charge. 

What is the current average HELOC rate in Virginia?

The top lenders on our list charge HELOC rates from 6.10% to 8.75% for qualified applicants. Nationwide, the average HELOC rates are 8.40% at credit unions and 8.55% at banks (as of October 2024). 

Will my Virginia HELOC have insurance requirements?

Yes. You will typically need to carry homeowners insurance and flood insurance, if applicable, to be eligible for a HELOC. Lenders require this because you’re using your home as collateral for the HELOC, so they want to know their investment is protected if a hurricane or tornado blows in. 

Recap of the best HELOC lenders in Virginia