Jan

2025

Is 637 a Good Credit Score?

By [email protected] | personal_loan | Comments Off

Is 637 a Good Credit Score?

Your credit score of 637 is 33 points below the range of good credit, which typically starts at 670. What’s more, it’s 80 points below the current national credit score average of 717. While you may well find lenders or creditors to approve a loan or credit card, you’ll likely have higher interest rates and less flexible terms than if you had a higher score.

Key Points

• A 637 credit score is not good; it’s fair, and 33 points below the good range.

• Financial products may be available, but with higher interest rates and less favorable terms.

• Credit cards, auto loans, personal loans, and mortgages are likely possible, though with limitations.

• Strategies to improve creditworthiness include on-time payments, reducing debt, and maintaining a long credit history.

• A 637 score is 80 points below the national average, potentially limiting financial options.

What Does a 637 Credit Score Mean?

A credit score gauges your creditworthiness, or how likely you are to demonstrate responsible borrowing behaviors, such as paying back your loans on time. Your three-digit score reflects how well you’ve managed credit in the past. Lenders and creditors use credit scores to determine whether to extend you financing, such as a mortgage, car loan, credit card, or personal loan, and with what kind of terms.

Some details to know about credit scores:

• You have three credit reports from the major credit bureaus: Experian®, Equifax®, and TransUnion®.

• Credit scores are based on scoring models such as FICO® or VantageScore. A lender might also have its proprietary algorithm.

• There are dozens of different scoring models within these scoring models. You can also have different credit scores, which might be used for different purposes, such as insurance policies or taking out a car loan.

• The FICO Score is the most popular credit scoring model in the U.S. The credit score ranges from 300 to 850; the higher the number, the better the score.

The breakdown for the FICO credit score ranges is as follows:

• Poor: 300-579

• Fair: 580-669

• Good: 670-739

• Very Good: 740-799

• Excellent (or exceptional): 800-850

A score of 637 hovers in the fair range, and, as you see, does not make the cut as a good credit score.

What Else Can You Get With a 637 Credit Score?

With a credit score of 637, you have less-than-stellar credit and are considered a higher-risk borrower. Getting approval for that loan or line of credit might take a little more effort. On top of fewer options, the ones made available to you might come with higher interest rates and other drawbacks.

So while you may be approved for most financial products with a 637 credit score, you’ll probably pay more for the same amount of money borrowed due to that higher interest rate. If you are applying for a credit card, in addition to paying a higher interest rate, you may not be offered the same credit card rewards (such cash back or points) as you would with a higher credit score. Here’s a closer look.

Can I Get a Credit Card With a 637 Credit Score?

What kind of credit cards can you get with a 637 FICO score? Typically, you need a 670 credit score for a basic credit card. That said, you may qualify for some unsecured credit cards with a credit score in the fair range. Just note that with fair credit, the card offered will likely charge you a higher interest rate (and credit cards offered to those with good or better credit scores are already considered high-interest). In addition, it will probably lack the rewards, like travel perks, given to those with very good or excellent credit.

With fair credit, here are some other types of credit cards you’ll likely have higher odds of getting approved for:

• A secured card can be a solid route if you have fair credit and are working to build your score. These cards tend to have less rigid credit and financial requirements, lower credit score requirements, and higher debt-to-income (DTI) thresholds.

With a secured card, you typically need to put down a security deposit, which can match your credit limit. So, if you put down a $500 security deposit, your credit limit is also $500. In general, secured cards have lower credit limits.

Some cards allow you to move up from a secured card to an unsecured card after making a series of on-time payments.

• Retail or store cards, like secured cards, usually have looser credit requirements, making them easier to qualify for. You may also hear them referred to as closed-loop cards, which means you can only use them at one retailer or retail group. This is compared to an open-loop card used anywhere the credit card network (i.e., Visa, Mastercard, American Express) is accepted.

While retail or store credit cards are easier to get, they also might come with higher interest rates. Plus, their “interest-free” plans might be a deferred interest plan. In other words, if you don’t pay off the balance in time, you’ll be on the hook with all the accruing interest.

If you feel like your options are limited, don’t despair. Points to consider:

• Creditors don’t just look at your credit score; other factors like your income, education, and debt-to-income ratio (DTI) are also considered.

• If you want a credit card with a higher credit score, practicing sound credit-building behaviors, such as always making on-time payments, lowering your debt load, not applying for credit too often, having a mix of credit (such as installment loans and lines of credit), and maintaining as long a credit history as possible. These moves can have a positive impact on your credit score.

Can I Get an Auto Loan With a 637 Credit Score?

You’ll likely be able to land an auto loan with a 637 credit score, but, as mentioned above, a lower score usually equates to higher interest rates.

According to data compiled by Experian, in the second quarter of 2024, the average interest rate for someone with a credit score between 601 and 660 for a new car was 9.83% and, for a used car, 13.92%. For those with a score between 781 and 850, the interest rates fell to 5.25% and 7.13%. Over the term of a loan, those rate differences can have a real impact on the total amount you’ll pay.

As you think about getting a car loan, it’s also important to look at the total cost of the car, which includes insurance premiums, the cost of gas, and repairs and maintenance. That way you can adequately size up the total outlay of funds before you apply for an auto loan, which can in turn help you stick to your budget.

Can I Get a Mortgage with a 637 Credit Score?

Yes, getting a mortgage with a 637 credit score is possible. The lending criteria and credit score requirements hinge on the type of home loan:

• Conventional home loan: For a conventional home loan, you’re often looking at a minimum credit score of 620. (Some lenders, however, may require 640 or 660 and up.)

• FHA loan: Mortgages backed by the Federal Housing Administration (FHA) usually require a credit score of at least 580 and a 3.5% down payment. If those two criteria are met, you’ll probably be able to get access to the most financing available for FHA loans.

• VA loans: Home loans available through the U.S. Department of Veteran Affairs often require you to have at least a score in the range of 620 or 640. However, some lenders may approve applicants with a lower score, such as 580 or more.

• USDA loans: Loans offered by the USDA generally need you to have a minimum credit score of 640. If you don’t have a 640 credit score, you must undergo a full credit review before landing a USDA loan.

When you have a fair credit score and aren’t rushing to buy a home, you can work on building your credit score to have a broader range of options and possibly land a lower interest rate.

Can I Get a Personal Loan With a 637 Credit Score?

The beauty of personal loans is that they’re very flexible in their use. They’re typically unsecured, offer a fixed rate, and have terms of two to seven years. You might borrow, say, $1,000, or some lenders might extend you a personal loan of $100,000.

You can use personal loans for almost any legal purpose you can think of, such as:

• Paying for a home renovation

• Consolidating credit card debt into a single monthly payment, usually at a significantly lower interest rate (you may need a score of 640 or 670 and up to qualify)

• Taking care of a major medical, dental, or car repair bill

• Financing a wedding or a vacation

• Funding family planning costs, such as IVF or adoption expenses

It’s possible to secure a personal loan when you have a 637 credit score; offers tend to become available with a score of 580 and up. However, you’ll likely have to pay higher interest rates and less favorable terms than if your score were higher. Those with scores of 740 or more tend to get the lowest interest rates. With a fair credit score, you also might need to settle for a smaller loan amount than you were hoping for.

Still, take note: A benefit of a personal loan is that the interest rates are usually lower than what you’d find with credit cards. Per the Federal Reserve, in 2024 the average interest rate for a 24-month personal loan is 12.33%, whereas the average rate for credit cards is 21.76%. So even if you pay a higher interest rate on that personal loan with fair credit, you’re likely paying less than a credit card. You can use a personal loan calculator to run the numbers and see what your payments would look like.

Recommended: What Are Personal Loans Used For?

The Takeaway

A 637 credit score isn’t good. Technically, it falls in the fair credit range, which means you will likely face some challenges getting approved for credit. You might be denied by some lenders or face higher interest rates than those who have loftier scores. However, if you build your credit score, you will likely enjoy more options (and more affordable ones) for credit cards, auto loans, mortgages, and personal loans.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.

View your rate

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Jan

2025

Current HELOC Rates in Missouri Today

By Dana Paltao | mortgage | Comments Off

MISSOURI HELOC RATES TODAY

Current HELOC rates in

Missouri.

Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.

View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in Missouri.

Key Points

• To understand how to get the best home equity line of credit rates in Missouri, it helps to know the factors that shape interest rates.

• Key factors influencing HELOC rates in Missouri include home equity, credit score, income, and combined debt-to-income ratio.

• HELOCs offer lower interest rates because your home serves as collateral. You pay interest only on the amount borrowed, not the full credit line.

• Comparing lenders and their qualification requirements is crucial to finding the best HELOC deals in Missouri.

• Money from HELOCs can be used for any purpose, including renovations, education expenses, and debt consolidation.

Introduction to HELOC Rates

If you’re pondering how to get equity out of your home and considering a home equity line of credit (HELOC), this guide will help you decide if a HELOC is right for you and smooth your application process if you do decide to apply. Best of all, it will help you get the most competitive HELOC interest rate available. You’ll learn the key things that influence HELOC rates in Missouri and how to ensure you’re ready to complete a HELOC application.

Let’s start at the beginning with what is a home equity line of credit.

What Is a HELOC?

A HELOC is a revolving credit line that’s based on the equity you have in your home. If you qualify, you may be able to borrow as much as 90% of your home’s value minus your mortgage. Missouri HELOC rates can vary, so it’s important to compare offers from different lenders to find the best option for your financial situation.

HELOCs offer lower interest rates than many other borrowing methods because your home serves as collateral. It’s also important to know that HELOC rates are variable, so the rate can change during the loan term. HELOCs have two distinct time periods, and it’s important to understand the difference.

The Draw Period

During the home equity line of credit’s draw period, which usually spans 10 years, you can access funds up to the limit of your credit, make payments, and borrow again. During this time, interest payments will be required, but principal payments are usually optional. For effective management of your finances during this phase, consider utilizing a HELOC interest-only calculator.

The Repayment Period

During the repayment period (typically 10 to 20 years), borrowing ends, and the principal is paid back with interest. This is when a HELOC repayment calculator will come in handy.

Where Do HELOC Interest Rates Come From?

HELOC rates are tied to the prime rate. The prime rate is a lender’s benchmark interest rate for creditworthy customers. Lenders set their prime rate in part in response to changes in Federal Reserve policy. Understanding this can help borrowers keep an eye on rate fluctuations and make informed decisions about when to apply for a HELOC.

How Interest Rates Impact HELOC Affordability

The interest rate you secure on a HELOC has a noticeable impact on both your monthly payment amount and the cost of interest over the life of the credit line. Take a look at this chart to see how different interest rates and terms affect payments.

Loan Amount	Loan Term	Interest Rate	Monthly Payment	Total Interest Paid
$100,000	20 years	8.00%	$836	$100,746
	20 years	7.00%	$775	$86,072
	10 years	8.00%	$1,213	$45,593
	10 years	7.00%	$1,161	$39,330
$50,000	20 years	8.00%	$418	$50,373
	20 years	7.00%	$388	$43,036
	10 years	8.00%	$607	$22,797
	10 years	7.00%	$581	$19,665
$25,000	20 years	8.00%	$209	$25,186
	20 years	7.00%	$194	$21,518
	10 years	8.00%	$303	$11,398
	10 years	7.00%	$290	$9,833

HELOC Interest Rate Trends

One way to better understand HELOC interest rates in Missouri is to have a sense of where the average prime rate has been in recent years. Since 2018, the prime rate has fluctuated. It hit a low of 3.25% in 2020 and a high of 8.50% in 2023. Looking at the graphic below, you can see how unusual it is to see a rate below 4.00%.

Historical Prime Interest Rate

Date	U.S. Rate
9/19/2024	8.00%
7/27/2023	8.50%
5/4/2023	8.25%
3/23/2023	8.00%
2/2/2023	7.75%
12/15/2022	7.50%
11/3/2022	7.00%
9/22/2022	6.25%
7/28/2022	5.50%
6/16/2022	4.75%
5/5/2022	4.00%
3/17/2022	3.50%
3/16/2020	3.25%
3/4/2020	4.25%
10/31/2019	4.75%
9/19/2019	5.00%
8/1/2019	5.25%
12/20/2018	5.5%
9/27/2018	5.25%

Source: U.S. Federal Reserve

Historical U.S. Prime Rates

Factors Influencing HELOC Rates

The prime rate is important, but it isn’t the only thing that will guide what HELOC rate you will be offered. There are several other important factors that play a significant role in determining HELOC rates, including your credit score and loan-to-value (LTV) ratio. We’ll examine them one by one.

Home Equity

Home equity is the amount of your home value that you actually own. It’s calculated by subtracting your home loan balance from the market value of your property. For example, if your home is worth $350,000, and your mortgage balance is $250,000, you have $100,000 in home equity. Homeowners generally need a minimum of 15% equity in their property to qualify for a HELOC.

Credit Score

Maintaining a high credit score, ideally 680 or higher, is of utmost importance when applying for a HELOC. Many lenders prefer a credit score of 700 or above.

Stable Income

How stable your job is may be just as important as your actual salary level. A steady income stream serves as a reliable indicator of a reduced likelihood of default, potentially resulting in more favorable HELOC rates. Consistent earnings serve as a testament to your financial dependability, a quality that lenders highly value when assessing your application.

Loan-to-Value Ratio

Most lenders require your combined loan-to-value ratio (mortgage balance plus loan amount / appraised home value) to be 90% or less, although some will allow you to borrow 100% of your home’s value. The ratio is a key metric in determining your credit limit. Here’s an example: Let’s say your home value is $500,000. Your mortgage balance is $300,000, and you’re applying for a $100,000 HELOC:

$300,000 + $100,000 = $400,000

$400,000 / $500,000 = 80%

Your combined LTV ratio would be 80%, well within the safety zone.

Variable vs Fixed Interest Rates

HELOCs have variable interest rates, as we’ve noted. While variable interest rates often start lower than fixed rates, they can adjust up or down in accordance with prevailing market conditions. Experimenting with different interest rate numbers using a HELOC interest-only calculator can provide you with valuable insights into the potential effects of these fluctuations.

Tools & Calculators

Online calculators are useful both before you apply for a HELOC or home equity loan or afterward, when rates change. Here are three of our favorites:

Run the numbers on your HELOC.

Home Equity Loan Calculator

Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.

Calculate
HELOC Payment Calculator

Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.

Calculate
HELOC Interest Only Calculator

Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .

Calculate

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

To obtain the best available Missouri HELOC rates, it is essential to prioritize enhancing your credit score, among other things. Consider these your to-dos before applying for any form of financing based on your home equity.

Cultivate Your Credit Score

Maintaining on-time payments and reducing your credit card balances are two ways to help ensure a healthy credit score. Regularly reviewing your credit report and addressing any errors is another good step to take. Mistakes do happen.

Assess Your Home Equity

You’ll need a minimum of 15%–20% equity in your home before applying for a HELOC. Your equity is your home’s value minus whatever you owe on your mortgage. Divide that result by the home value to get a percentage of equity. (Check a real estate web site for a rough idea of your home’s value.)

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is how much you owe in monthly debt payments divided by your gross monthly income. Home equity lenders generally look for a DTI that’s below 36%, though some will allow a ratio below 50%. A lower DTI can help you qualify for more favorable terms on your HELOC.

Application Process for a HELOC in Missouri

The application process for a HELOC in Missouri involves several steps. Taking them one at a time, completing the entire application, and double-checking everything for accuracy before submitting is the recipe for a smooth application process.

Step 1. Run the Numbers

Check that your credit score is 680 or above and that your DTI ratio is under 36%. Estimate your home equity to understand how much you can borrow. Some lenders offer online prequalification tools to streamline this process.

Step 2. Compare Lenders

Look at published offers from different lenders. Consider interest rates, but also examine qualification requirements, limits, fees, and the length of draw and repayment periods.

Step 3: Gather Your Documents

When preparing your HELOC application, it helps to gather and organize all the necessary documents in advance. This typically includes proof of income (such as W-2 forms and at least one tax return), and property documents such as proof of insurance. If you’re self-employed, lenders may ask for a profit-and-loss statement and two years’ tax returns.

Step 4: Submit Your Application

Check over everything for accuracy and don’t leave questions unanswered. This will help ensure a smooth path through the lender’s evaluation process.

Step 5: Get an Appraisal

A home appraisal plays a pivotal role in determining eligibility for a HELOC. If the appraised value of your home exceeds the outstanding balance of your mortgage, you may qualify for a HELOC. The lender will guide you through the appraisal process.

Step 6: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign an agreement and remit any fees that may be required. Some lenders make funds available within three days of the signing of your paperwork.

Tax Benefits and Considerations

Homeowners can deduct HELOC interest if the borrowed funds are used for buying, building, or significantly improving their primary residence. Interest deductions are limited to interest on the first $375,000 of the principal for individual taxpayers ($750,000 for married couples filing jointly). Consulting a tax advisor can help you confirm eligibility and itemize the deduction.

Closing Costs and Fees

HELOC closing costs are generally lower than typical home-buying or refinancing costs. An appraisal fee ($300-$600) is often the highest expense. Other costs may include application, origination, and administrative fees. Some lenders charge annual maintenance fees, transaction fees, inactivity fees, or early termination fees.

Alternatives to HELOCs

A HELOC is not the only option you have if you need to borrow money. There are different types of home equity loans — or rather, different ways to borrow against your home equity — as well as ways to borrow that don’t involve using your home as collateral. Below we’ll explore home equity loans, cash-out refinances, personal loans, and credit cards. Weigh the options to find the best fit for your needs.

Home Equity Loan

If you’ve been wondering what is a home equity loan, and how it is different from a HELOC, here are the basics: A home equity loan, like a HELOC, is secured by your home. Unlike a HELOC, it typically has a fixed rate for the entire term. And the money you borrow with a home equity loan comes as a lump sum versus through a line of credit.

Borrowers can usually access up to 85% of the equity built in their home through a home equity loan (versus 90% with a HELOC). A home equity loan is a smart option for those who need a specific amount of money for a large, one-time expense. Here’s a quick summary of HELOCs vs. home equity loans:

	HELOC	Home Equity Loan
Type	Revolving line of credit	Installment loan
Interest Rate	Usually variable-rate	Usually fixed-rate
Repayment	Repay only what you borrow; you may have the option to make interest-only payments during the draw period.	Starts immediately at a set monthly payment
Disbursement	Charge only the amount you need.	Lump sum

Cash-Out Refinance

Homeowners can get cash by doing a mortgage refinance for more than they owe. As you consider a cash-out refinance vs. a home equity line of credit, one thing to think about is whether the interest rate on a new loan would be higher than your current rate. If so, you’ll want to look carefully at the total cost of this method as compared to the cost of a HELOC or home equity loan. Some borrowers like the fact that a refinance leaves them with one monthly payment as opposed to two.

Personal Loan

A personal loan is a flexible loan that you pay back in regular payments over a term of 2 to 7 years. Like a HELOC, a personal loan can be used for various purposes, including home improvements, debt consolidation, and other expenses. Because personal loans are usually unsecured, interest rates may be higher than the rate you would obtain with a HELOC.

Credit Cards

Credit cards also typically come with higher interest rates than HELOCs, which can make them much more expensive if you carry a large balance from month to month. While credit cards offer flexibility for smaller purchases, a HELOC or home equity loan may be better suited for larger expenses such as home improvements or debt consolidation.

The Takeaway

Understanding the intricacies of the best HELOC rates in Missouri is the best way to make smart choices about borrowing. By carefully comparing HELOC rates in Missouri, prospective borrowers can effectively secure competitive terms, potentially saving money over the long haul. It is imperative to evaluate factors such as creditworthiness, property values, and prevailing market trends to identify and obtain the most advantageous HELOC rate.

SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.

Unlock your home’s value with a home equity line of credit brokered by SoFi.

View your rate

FAQ

What is the monthly payment on a $50,000 HELOC?

With an 8.00% interest rate and a 10-year term, your monthly payment will come to $607. But exactly how much you’ll pay will depend on your interest rate and loan term. The same 8.00% interest rate over a 20-year term would cost $418 per month, although you would pay more interest overall if you had the 20-year term.

Is a HELOC a smart move for you?

If you need to borrow a large sum but not all at once, or if you aren’t sure how much you need to borrow, a home equity line of credit could provide you with a flexible option. You’ll only pay interest on the amount you actually borrow, but the credit line will be open should you need to borrow more. If you can secure a competitive interest rate thanks to good credit and a healthy level of home equity and are comfortable securing a loan with your home, a HELOC could be a good fit.

What is the monthly payment on a $100,000 HELOC?

The monthly payment for a $100,000 HELOC can fluctuate based on the interest rate and repayment terms. Assuming a 20-year term, here’s the payment amount at several interest rates: $716 (6.00%); $746 (6.50%); $775 (7.00%); $806 (7.50%); $836 (8.00%).

What are the benefits of a HELOC?

The main benefit of a HELOC is that it is so flexible: You borrow what you need from the credit line when you need it, and you only pay interest on the amount you borrow. Borrowers also like HELOC’s competitive interest rates and potential tax advantages.

What disqualifies you from getting a home equity loan?

Several factors can disqualify you from getting a home equity loan, including a lackluster credit history, high debt-to-income ratio, and insufficient home equity.

How difficult is it to get a HELOC?

The difficulty of getting a HELOC depends on your financial situation and the lender’s requirements. Factors such as credit score, home equity, and income will play a role. Preparing the necessary documentation and understanding the application process can make it easier to secure a home equity line of credit. Comparing lenders and their qualification criteria can also help.

Does HELOC affect credit score?

Initially, a HELOC may cause a dip in your score, because getting approved for one necessitates a hard credit inquiry. But after that, as long as you make your payments promptly, a HELOC could have a positive impact on your score.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

^²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOHL-Q424-035

Browse other Missouri home guides.

More HELOC resources.

What is a Home Equity Line of Credit

Learn more
Different Types of Home Equity Loans

Learn more
HELOC vs Home Equity Loan: How They Compare

Learn more

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Jan

2025

Current HELOC Rates in West Virginia Today

By Dana Paltao | mortgage | Comments Off

WEST VIRGINIA HELOC RATES TODAY

Current HELOC rates in

West Virginia.

Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.

View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in West Virginia.

Key Points

• Key factors influencing West Virginia home equity line of credit rates include home equity, credit score, income, and combined loan-to-value (CLTV) ratio.

• HELOCs have two phases: draw and repayment, with flexible borrowing and repayment options during the draw period.

• Interest rates for HELOCs in West Virginia are typically lower than other financing options but can fluctuate due to variable rates.

• Using a HELOC interest calculator can help estimate monthly payments and total interest costs, aiding in informed decision-making.

• To secure the best HELOC rates in West Virginia, maintain a high credit score, stable income, and low loan-to-value ratio.

Introduction to HELOC Rates

This article provides an in-depth look at HELOC rates in West Virginia, helping readers understand the factors that influence these rates and how to secure the best deals. If you’ve been paying off your home loan and need funds for renovations, debt consolidation, or other expenses, this guide will explain what is a home equity line of credit and equip you with the knowledge to make informed decisions. We’ll start with the basics, because once you fully understand HELOCs, you’ll have an even greater appreciation for how important interest rates are.

What Is a HELOC?

There are various types of home equity loans available, and a HELOC is one of them. A HELOC is a line of credit secured by your home. You can borrow against it as needed, with a ceiling that may be up to 90% of your home’s value (minus your mortgage balance). Interest rates on HELOCs are typically lower than other financing options because your home serves as collateral. However, HELOCs have variable interest rates that can fluctuate, making repayment amounts somewhat unpredictable. It’s important to consider the current HELOC rates in West Virginia when planning your finances.

A HELOC has two phases: draw and repayment.