Best HELOC Lenders in West Virginia 2019

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If you’re a West Virginia Homeowner looking to tap into your home equity, then there are some amazing second mortgage and home equity borrowing solutions available to you. All across the state, home values are on the rise, and with today’s mortgage rates hitting the historical lows that they are, there is no better time to obtain a home equity line of credit.

Today’s home finance market is primed for homeowners to not only grow the equity in their homes, but to be able to utilize it! Homeowners should be happy to know that the amazingly low mortgage and refinance rates of today extend into the rates available for second mortgages as well. If you are a homeowner interested in a home equity line of credit, now would be a perfect time to start looking for lenders and comparing interest rates.

In this article, we’ll review the best HELOC lenders in the state of West Virginia, and why you should consider working with them for your second mortgage.

Best Way to Find a West Virginia Home Equity Line of Credit Lender : Lending Tree

In today’s times, borrowers have some seriously impressive options when it comes to finding a mortgage product online. While the online mortgage trend grows and evolves each and every day, it is an undeniable fact that near the very top of the pack, one of the best online platforms for finding a mortgage solution is Lending Tree.

Lending Tree is probably the best place for potential borrowers to begin searching for lenders and loan products and to compare the rates available to them. After all, lending tree has a vast network of over 300 banks that it works with in order to provide its users with the best possible loan offers.

In terms of Home Equity options, Lending Tree helps borrowers narrow down the field a little by finding out the most crucial information from the borrower upfront, leaving home equity solutions that more closely match the borrower’s goals. Still, the ability to shop around for the lowest rates and the most favorable loan terms while relaxing at home is unmatched.

#1 West Virginia Home Equity Line of Credit Lender: Citibank

As one of the smaller national banking chains, Citibank keeps up with the competition admirably. Citibank has an ever growing client-base that stands as proof of the quality of service that they provide.

In terms of home equity financing, Citibank offers both home equity loans and home equity lines of credit. However, Citibank may not be able to offer loan amounts as large as some of the other banks, and they are known to have less flexibility when it comes to the LTV of a their second mortgage products.

Even so, they still offer home equity products at rates that are quite competitive to other options on the market. In addition, their application process is simple and straightforward.

Above all else, what most people agree on is the amazing level of customer service exhibited by Citibank loan officers. The experience alone makes any other drawback to choosing Citibank seem more like minor annoyances.

#2 West Virginia Home Equity Line of Credit Lender: J P Morgan Chase Bank

Chase Bank is a big name both in and out of the home finance industry. Throughout the region, Chase is highly commended by previous clients as being an incredible mortgage lender, who gets the job done as advertised.

Chase has countless years of experience with and an impressive volume of home equity lines of credit originated under its belt. Home buyers can expect personalized service and readily available advisers while working with the financial giant, and stress free second mortgage financing with some of the best rates on the market.

While chase doesn’t offer home equity loans, it does give borrowers one of the most widely used HELOC products in the country. Chase’s HELOC comes with a variable interest rate that can be locked in at any time by the borrower, a draw period of 10 years, and allows borrowers a term of up to 20 years for their repayment period.

Eligibility for their HELOC product is extended to borrowers with credit scores of at least 680. A HELOC from Chase has a maximum LTV of 80%.

#3 West Virginia Home Equity Line of Credit Lender: PNC Bank

A popular player in the mortgage industry that plays a large role in home equity financing is PNC Bank. It is one of the largest banking institutions in the country, servicing 19 states as well as the District of Columbia.

PNC bank not only offers home equity loans and HELOCs, but also their home equity rapid refinance loan, which essentially acts as a more streamlined and flexible approach to a cash-out refinance. PNC bank offers a plethora of draw methods on its popular HELOC product, and originates its home equity options at an incredible 89.9% LTV.

PNC’s online platform makes securely uploading important financial documentation requested for a loan approval fast and easy. PNC bank excels in providing an excellent customer experience both online and face-to-face. It is one of the few major lenders with an online platform as robust as the online-only options.

#4 West Virginia Home Equity Line of Credit Lender: SunTrust

SunTrust is a huge name in banking, with over 1,200 branches across the country that serve 4.4 million consumer households. SunTrust was the JD Power selection for “Best Home Equity lending Solution” in 2018, which may be extended to 2019 if they continue with their dedication and commitment to customer satisfaction.

Surprisingly, even against competitors who offer both, SunTrust won the recognition from JD Power while only offering home equity lines of credit. Their HELOC product has a 10-year draw period followed by a 20-year amortized repayment period.

HELOC loan options can be for amounts between $10,000 to $500,000. The kicker is that they offer their HELOC with an option of a fixed interest rate or a variable interest rate, unlike the industry standard which is a variable rate for HELOC products.

In terms of eligibility requirements, SunTrust insists that their only goal is to work with whatever financial situation a borrower may be in, and provide an affordable home equity solution. SunTrust HELOCs have a maximum LTV of 89.9%, and according to them: “No closing costs, as long as your account is open for 3 years.”


Shop Around Before You Get a Home Equity Line of Credit

Our picks for the best home equity line of credit lenders may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best loan terms and interest rates can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal refinance solution that comes with the terms and affordability that best suits any particular financial situation.

While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a mortgage expert!