Oregon HELOC Rates and Lenders
Opening a home equity line of credit (HELOC) can turn your home into a free-flowing funnel of cash. Of course, you must repay that cash, so it’s important to secure a low rate. To help Oregon homeowners find the best HELOCs at the most competitive rates, we’ve researched dozens of lenders. Keep reading for our […]
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Opening a home equity line of credit (HELOC) can turn your home into a free-flowing funnel of cash. Of course, you must repay that cash, so it’s important to secure a low rate.
To help Oregon homeowners find the best HELOCs at the most competitive rates, we’ve researched dozens of lenders. Keep reading for our top picks—and a few suggestions on how to choose the right HELOC for you.
Best online HELOCs in Oregon
Online lenders exist primarily in the digital space. You won’t need to wait in line or rush to the bank before 5 p.m. to apply for or manage your HELOC. Instead, you’ll use your lender’s app or website. If you’re looking to save time and hassle, take a look at these online HELOCs.
Figure
Best overall
Why we picked it
Figure is an excellent choice for Oregon borrowers due to its streamlined online application process and quick approval times. The company uses blockchain technology to offer a more efficient and transparent lending experience, which can appeal to tech-savvy borrowers. With competitive rates and no hidden fees, Figure stands out as a modern and reliable option for accessing home equity.
- 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 | $15,000 – $400,000 |
| Draw period | 5 years |
| Repayment term | 5, 10, 15, or 30 years |
| Funding time | As few as 5 days |
| Properties | Primary home, second home, or investment property |
| Credit score | 640 |
Bethpage FCU
Best for large HELOCs
Why we picked it
Bethpage Federal Credit Union is known for its member-focused approach and competitive HELOC rates, making it a solid choice for Oregon residents. As a credit union, Bethpage offers lower fees and favorable terms. The personalized customer service and community-focused values of Bethpage FCU provide a supportive environment for managing your home equity line of credit.
- No application, origination, or appraisal fees
- Convert part 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 |
| Loan amounts | $10,000 – $1 million |
| Draw period | 10 years |
| Repayment term | 5, 10, or 20 years |
| Funding time | 36 – 70 days, on average |
| Properties | Primary |
| Credit score | 670 |
LendingTree
Best marketplace
Why we picked it
LendingTree is an excellent option for Oregon borrowers who want to compare multiple HELOC offers in one place. The platform allows users to retrieve quotes from various lenders, making it easier to find the best rates and terms. This comprehensive comparison tool saves time and provides borrowers with a broad view of available options, ensuring they can make an informed decision about their home equity line of credit.
- Multiple HELOC offers in one place
- Easy comparison of rates and terms
- Saves time in finding the best deal
- Broad view of available options
Loan details
| Rates (APR) | Starting at 6.24% |
| Loan amounts | $10,000 – $2 million |
| Draw period | 2 – 20 years |
| Repayment term | 5 – 30 years |
| Funding time | Varies |
| Properties | Varies |
| Credit score | Varies, 620 advisable |
Local HELOCs in Oregon
Local HELOCs offer the in-person support online lenders can’t. Many regional banks and credit unions also provide some degree of online account access. For a HELOC that bridges old-school and new-school lending, check out these local Oregon lenders:
| Company | Rates (APR) | Locations |
| Northwest Community Credit Union | 8.50% – 18.00% | Willamette Valley, Southern Oregon |
| MidOregon Credit Union | 8.99% – 18.00% | Central Oregon |
| First Community Credit Union | 6.27% – 18.00% | Statewide |
| Advantis Credit Union | 8.65% – 18.00% | Portland area |
Here are a few questions to ponder as you explore local HELOCs:
- Where do you qualify for membership?
- Which lenders are within a reasonable driving distance?
- How long is each lender’s draw period?
- Do any credit unions offer fixed-rate conversion options?
- Which lenders have the lowest starting rates?
Some of these criteria, such as membership eligibility, may automatically narrow down your list. Others are best considered holistically.
Take First Community Credit Union: It has the lowest starting APR on our list, but its draw period is only five years. Northwest Community Credit Union has a higher APR floor, but you can draw from your HELOC over 10 years.
In other words, weighing these factors against each other—and against your priorities—will help you find the lender that’s truly the right fit.
What’s the difference between online and local HELOCs in Oregon?
The most glaring difference between online and local Oregon lenders is how tech-heavy each HELOC is. But that’s not the only distinction. The table below will give you a better idea of how each type of lender differs from the other.
| Online | Local | |
| Account access | Website, app | Website, app, in-person |
| Contact options | Phone, chat, email | Phone, chat, email, in-person |
| After-hours support? | Often | Sometimes |
| Appraisal process | Virtual or traditional | Traditional |
| Known for | Convenience | Community ties |
Furthermore, most credit unions serve a limited geographic range. You can still use your HELOC if you travel outside that area, but you’ll have a much easier time accessing a HELOC that’s available everywhere.
The trade-off there is that local lenders often have a smaller staff and offer more personalized service. The online lenders we recommend take care of their customers too, but if you prefer working with the same set of representatives, a local HELOC is likely a better choice.
Still not sure whether an online or local lender is right for you? These scenarios may help you decide:
| Borrowers who… | Should consider… |
| Live in rural Oregon | Online HELOCs |
| Need a one-stop banking and lending shop | Local HELOCs |
| Work during typical business hours | Online HELOCs |
| Are already credit union members | Local HELOCs |
| Are tech-savvy | Online HELOCs |
| Prefer in-person support | Local HELOCs |
If you’d be content with a lender from either category, you can adapt the credit union criteria we mentioned earlier to help you choose. Compare lenders’ APR ranges, draw periods, fees, and initial draw requirements to make your selection.
How do Oregon HELOC rates compare to other states?
You may see some variation in HELOC rates by state, but not for the reason you might think. Fluctuations in HELOC rates have less to do with borrowers’ locations and more to do with their credit scores.
Like home prices, average credit scores shift by state. This is often due to differences in state economies, but it gives the illusion that HELOC rates depend on where you live.
As of April 2024, Oregon’s average VantageScore stood at 718. In other words, Oregonians have some of the highest average scores on the West Coast, second only to Washington State.
Based on this data, it’s reasonable to assume that Oregon also has some of the lowest HELOC rates. Still, HELOC rates are individualized. Knowing how to lock in the best rate for your credit profile is crucial, regardless of your state’s typical credit score.
How to get the best HELOC rates in Oregon
Generally speaking, the higher your credit score, the lower your APR. The surest way to get a good rate is to improve your credit before you apply for a HELOC. Here are a few strategies you can try:
- Pay all your accounts as agreed.
- If you’re behind on any payments, bring those accounts current.
- Check your credit report, and dispute any errors you find.
- Make extra payments toward your debts.
If you’re able to pay down your debt balances, try to direct some of those funds toward your mortgage.
How much you can borrow with a HELOC depends in part on your loan-to-value ratio (LTV). Your LTV compares your mortgage balance to your home’s value. Reducing your principal could improve your credit standing and help you qualify for a larger credit line.
You’re not the only one influencing your APR and credit line amount. Your lender plays a role as well. For that reason, we suggest shopping around for the right lender before applying for a HELOC. Here’s how to do it:
- Make a list of the lenders you’re considering.
- Note which ones let borrowers prequalify with a soft credit pull, which will not affect your credit score.
- Complete each lender’s prequalification process.
- Write down your personalized rates beside each lender.
- Cross out any lenders that exceed your maximum desired rate.
Your remaining lenders may offer similar rates. In that case, you’ll want to research each one’s unique HELOC features and benefits to help you decide between them.
Are there any Oregon-specific requirements or regulations?
Based on our research, Oregon doesn’t appear to have many laws or regulations around HELOCs.
On the one hand, this means borrowers don’t have legal protections beyond Oregon’s basic consumer rights laws. However, it also means homeowners aren’t subject to additional rules or requirements—at least not per the state of Oregon.
Your lender can set its own borrower stipulations, such as requiring you to provide proof of homeowners insurance. These requirements vary by lender, so check with the lenders you’re considering about how to become and remain HELOC-eligible.
FAQ
What credit score do you need for an Oregon HELOC?
Many HELOC lenders require a minimum credit score of 620. However, a higher credit score—a FICO score above 700—is ideal to secure the best interest rates and terms. Lenders may have different requirements, so it’s important to check with the specific lender for its criteria.
What are the typical fees for an Oregon HELOC?
The typical fees for an Oregon HELOC can include an application fee ranging from $0 to $500, an origination fee of 0.5% to 1% of the credit limit, and an appraisal fee of $300 to $500. You might pay an annual fee of $50 to $100 and an early termination fee if you close the HELOC within the first few years. These fees vary by lender, so it’s important to compare different lenders to understand the total cost.
Are there any special programs or incentives for Oregon HELOCs?
Yes, some lenders in Oregon offer special programs or incentives for HELOCs, such as lower introductory APRs for the initial six to 12 months, discounts for setting up automatic payments, loyalty discounts for current customers, and no closing costs under certain conditions. It’s best to inquire with lenders about any available promotions or special programs.
What happens if I move to another state with a HELOC in Oregon?
If you move to another state with a HELOC in Oregon, your HELOC terms should remain the same. You are still responsible for repaying the HELOC according to the original terms, and if you rent out or sell the Oregon property, you may need to pay off the HELOC in full. Always notify your lender about your move, and discuss any potential implications to ensure compliance with the terms of your HELOC.
Recap of Oregon HELOC rates and lenders
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