Pnc Home Equity Interest Rates

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Pnc Home Equity Interest Rates

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Home Equity Beckons, But Few Ready To Embrace It

A home equity line of credit or HELOC is a way to access home equity to cover major expenses such as home renovations, debt consolidation, medical bills and more. But not all HELOCs are created equal.

To help you find the best fit, we researched the top HELOC options and came up with this list of the best HELOC lenders. We will examine the features of each HELOC and outline the costs you may incur.

In this article, we'll look at 4 lenders (plus an honorable mention) that offer the best HELOC features available. Each lender offers slightly different services that benefit different borrowers.

Connexus, a credit union open to anyone, offers banking and lending services, including home equity loans and home equity lines of credit.

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A minimum loan amount of $5,000 and support for a loan-to-value ratio (CLTV) of up to 90% make Connexus a great choice for those with little equity in their home. The extended drawdown period of 15 years allows you to use the line of credit longer than many HELOCs.

✍️ Note: The Combined Loan-to-Value Ratio or CLTV is the ratio of all loans received by a property to the current value of the property. The higher the CLTV, the more you can borrow against a given amount of equity.

You must be a member of Connexus Credit Union to qualify for a HELOC. If you don't meet any of the basic eligibility requirements, you can qualify by making a $5 donation to the Connexus Society.

Connexus also charges closing costs. The exact amount you pay depends on the value of the line of credit and the state in which you live. The maximum fee is $2,000, and the minimum is $175.

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Connexus offers an introductory rate of 4.5% on its HELOCs for the first six months and 6.99% thereafter (the introductory APR on HELOCs above 80% CLTV is 6.99%

. This rate is variable and can change every six months, but the APR is capped at a maximum of 16%.

If you choose an interest-only HELOC, you will only have to make monthly interest payments for the first 15 years. If you choose a traditional HELOC, you will have to pay 1.5% of the line of credit used each month.

This large institution, with more than 200 years of banking history, offers a wide range of services, including mortgages and HELOCs.

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Bank of America HELOCs have some of the lowest fees in the industry. There are no application fees, annual fees or closing costs, and the APRs offered are extremely low.

With lines of credit up to $1 million, a 20-year repayment period, and discounted fees, Bank of America HELOCs can be a great option for those who want a large line of credit (ie, over $500,000).

Bank of America offers easy access to your funds, including checking, online banking and using your ATM card.

Bank of America charges zero fees or closing costs for HELOCs up to $1 million. But if you close your HELOC account within three years, you'll have to pay an early closing fee of $450.

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The incoming APR for the first six months is 6.24%, changing to 9.6% after the six month increase. Bank of America offers several discount rates.

These APRs are variable and Bank of America sets the lowest rate at 1.99% and the highest rate at 24%.

Bank of America also allows you to transfer some of the outstanding balance on your HELOC to a fixed rate loan with a fixed repayment period. You can open up to 3 of these fixed rate loan plans at the same time.

This full-service credit union offers a variety of lending, investment and banking products, including mortgages and HELOCs. Based in the New York area, membership in this credit union is open to all but Texas residents.

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Bethpage's HELOCs offer come with a 12-month origination fee lock-in and no fees, making it an attractive option for those looking to save money on their HELOC.

Lines of credit are available up to $10,000 and up to $1 million. However, you will need good equity as Bethpage requires a CLTV ratio of 75% or less to qualify for the introductory APR.

Bethpage does not charge for appraisals or closing costs on lines of credit up to $500,000. In addition, you may have to pay fees, although Bethpage does not say what they will be.

If you decide to close your line of credit within three years, you must repay Bethpage for the closing costs. Depending on the value of your line of credit, this can range from $500 to $15,000.

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Bethpage offers an unheard of 6.99% introductory rate for 12 months (6 months is usually standard). To qualify for this rate, your CLTV must be 75% or less, and your line of credit must be at least $25,000.

After the introductory period, the variable rate is 7.5%. Bethpage advertises that the lowest rate is 3.25% and the highest rate is 18%.

Additionally, Bethpage offers to convert your HELOC balance into a fixed rate loan. You can have up to 3 of these fixed rate plans on your HELOC with repayment periods of 5, 10 or 20 years.

This bank offers various services to individuals, small business owners and large corporations. These include mortgages and HELOCs.

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PNC offers HELOCs up to $1 million and supports a CLTV ratio of up to 90%. But what stands out is that they will help you have the best April ever. They offer you the ability to switch between variable and fixed rates at will and offer a lower rate for automatic payments.

This will help you save money on interest over the life of your line of credit. Unfortunately, there is a transfer fee to change from variable to fixed and vice versa.

If you close your line of credit within 3 years, you will be required to pay any closing charges incurred by PNC.

Although PNC does not advertise a specific interest rate, it does offer conversion to a fixed rate plan. PNC also offers rollovers from fixed to variable rate plans. This allows you to take advantage of the rise and fall of interest rates.

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For example, let's say interest rates rise, so you convert your line of credit balance to a fixed rate plan at 8%. When the variable goes up to 10%, you are protected. If rates then drop to 6% variable, you can change your fixed 8% plan back to variable.

The downside is that PNC charges $100 per transfer, so you'll want to make sure your interest savings outweigh the fee.

If you're looking for an alternative lender that offers high CLTVs and a wide range of credit line amounts, HELOCs offered by Alliant Credit Union may be worth it.

Alliant's main weakness - and the reason they aren't featured higher on our list - is their limited availability. HELOCs from Alliant are only available in 25 states other than Washington DC. That leaves half the country without service.

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If you're in their coverage area, a HELOC from Alliant can be a good alternative to one from Connexus.

Alliant does not charge closing cost fees on lines of credit up to $250,000. Above that threshold, they will pay a flat fee of $1,000.

Alliant charges a $50 annual fee, which is waived in your first year. They also charge a $200 termination fee if you close the account within a year.

Alliant advertises APRs starting at 7.75%. This rate is variable and, according to Alliant, can change monthly, as opposed to the semi-annual schedule used by other lenders.

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And while Alliant doesn't offer a fixed rate plan, they will refinance your HELOC, which can help you lower your interest rate and increase your credit line.

Below is a side-by-side comparison of the top 5 HELOC lenders we covered in this article. All of these lenders offer an interest-only HELOC, but beyond that, many of the HELOC features are different.

* It's worth noting that advertised CLTVs will depend on your state's laws (ie, Texas imposes a maximum CLTV of 80%) and your creditworthiness.

Low APRs are usually a good selling point, but since HELOCs are variable APR products, the APR you get today could easily go up next month.

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It's also worth noting that under the National Credit Union Association (NCUA) law, credit unions must cap the interest rate on HELOCs at 18%.

For example, a California homeowner with substantial equity may need to choose a lender with lines of credit up to $1 million. While the homeowner is inside

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