If you’re a homeowner in New Hampshire with significant equity in your house, you can tap into that equity by applying for a home equity line of credit (HELOC)—a revolving line of credit you can use when you need it, and your home is the collateral. You can use New Hampshire HELOCs for many purposes, […]
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If you’re a homeowner in New Hampshire with significant equity in your house, you can tap into that equity by applying for a home equity line of credit (HELOC)—a revolving line of credit you can use when you need it, and your home is the collateral.
You can use New Hampshire HELOCs for many purposes, including paying for home renovations, going back to school, and consolidating debt. We’ll provide reviews of the best HELOCs in the state, including online and local lenders. We’ll also explain how to get the lowest HELOC rates possible.
If you need quick access to cash, using an online lender for your New Hampshire HELOC might be the best option. Online lenders tend to have faster processing times than local lenders, but it depends on which one you use and how fast you provide documentation.
Sometimes, online lenders offer more competitive interest rates than local lenders, but it depends on your credit history. If you have excellent credit, you’re more likely to qualify for the best interest rates. Here are four of the top online lenders to consider.
Best overall
Figure stands out for its innovative use of technology, offering a fully digital HELOC application process. This lender is known for its speed and efficiency, often providing funding in as little as five days. With competitive rates and no hidden fees, Figure is an excellent choice for those seeking a straightforward and transparent HELOC experience.
| 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 |
Best credit union
Bethpage Federal Credit Union offers attractive HELOC options with flexible terms and competitive rates. As a credit union, Bethpage provides personalized member service and potentially lower costs compared to traditional banks. Its commitment to community and customer satisfaction makes Bethpage a reliable choice for New Hampshire homeowners.
| 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 |
Best marketplace
LendingTree is a top choice for New Hampshire HELOCs due to its extensive network of lenders, allowing borrowers to compare multiple offers. Its platform simplifies the search for competitive rates and terms, making it easier for homeowners to find the best deal. LendingTree’s comprehensive resources and customer reviews provide added confidence in selecting the right HELOC.
| 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 |
Best for flexible qualification
Hitch is a promising option for New Hampshire HELOCs, offering innovative solutions tailored to modern homeowners. Its unique approach and customer-focused service set it apart from traditional lenders. Hitch provides competitive rates and a straightforward application process, making it an appealing choice for those looking for a fresh take on HELOCs.
| Rates (APR) | 8.25% – 13.00% |
| Loan amounts | $25,000 – $500,000 |
| Draw period | 10 years |
| Repayment term | 20 years |
| Funding time | 21 days on average |
| Properties | Most single-family homes, including apartments, condominiums, and houses |
| Credit score | 620 (640 preferred) |
If you’re not comfortable with online lending options, New Hampshire residents can apply for a HELOC at several local banks and credit unions. The benefit of a local option is getting more personalized service and visiting a branch to ask questions.
Sometimes, local credit unions have promotional offers for members, such as low introductory rates or no payments for the first 90 days. If you’re interested in local options for your HELOC, here are three lenders to consider.
| Company | Rates (APR) | Location |
| Service Credit Union | Starting at 6.49% | Various locations in NH, ND, & abroad |
| St. Mary’s Bank | Starting at 7.331% | Various locations in NH |
| Union Bank | Starting at 7.50% | VT & NH |
When comparing local lenders, first find one with a location near you. Then compare rates to other local lenders and online lenders to see whether your bank offers competitive interest rates. If your bank has excellent customer service with low rates, it could be a terrific option for your HELOC.
However, if online lenders have much lower rates, consider the above options to save on interest costs over time.
When deciding between online and local HELOCs, it comes down to personal preference and interest rates. If you’re wary about online lenders and prefer to use a bank with a name you know and trust, a local lender might be best for you.
However, if you’re tech-savvy and focused on getting the lowest rates possible, online lenders tend to offer better rates due to having lower overhead costs. Online lenders can also offer faster loan disbursement times compared to traditional lenders.
It’s wise to compare rates and terms from three to five lenders to ensure you’re getting the best possible HELOC. Even a 0.25% difference in interest rate can save significant money over the course of your HELOC term, so it’s worth taking the time to get quotes from online and local banks.
According to the Wall Street Journal, the average HELOC rate nationwide was 8.61% as of May 2024. New Hampshire’s online and local lenders offer rates starting at 6.24% and 6.49%, respectively, which is competitive compared to national averages.
To get the best rates in New Hampshire, you’ll need excellent credit, and your eligibility will vary depending on the lender. Average rates don’t fluctuate much between states, but some states have more lending options than others.
In New Hampshire, you have access to several online lenders, including Figure and Hitch, which gives you more options to compare when finding the best HELOC. Data from Zillow shows that the average New Hampshire home value is up 8.9% over the past year, which translates to potential significant equity growth for many homeowners.
Additionally, data shows that New Hampshire’s average credit limit for HELOCs is $125,536 higher than the national average, which was $117,598 in 2023. This is likely due to the higher average home price in New Hampshire, which is $479,363, according to Zillow.
To get the best HELOC rates, make sure you meet the following qualifications.
New Hampshire has many consumer protection laws that prevent lenders from taking advantage or being unnecessarily aggressive when collecting debt. For example, New Hampshire law RSA 358 expands the federal definition of a debt collector and prevents them from being unfair or deceptive when trying to collect a debt.
However, New Hampshire also allows high-interest loans for amounts of $10,000 or less. Loans are considered high-interest if the APR is over 10%. For this reason, many payday loan and title loan companies operate in New Hampshire.
It might be tempting to use a payday loan in New Hampshire, but the sky-high interest rates aren’t worth it. It’s far better to apply for a traditional HELOC with a reputable lender.
You can find a reputable lender for a HELOC by ensuring its licenses are clearly listed on its website. You can also look up the lender on Trustpilot to verify and read online reviews.
In 2023, the New Hampshire Department of Banking identified an unlicensed person using an online platform to assist consumers in getting loans. Because they didn’t have a license to conduct a lending business, the Department of Banking instituted a $39,000 fine. It’s always smart to verify lenders before sharing your personal information.
The lenders on this list are verified and reputable and are an excellent starting point when researching HELOCS.
To qualify for a HELOC in New Hampshire, most lenders require a minimum credit score of around 620. However, a higher credit score (above 700) can help you secure better interest rates and more favorable terms.
Typical fees for a New Hampshire HELOC can include application fees, appraisal fees, annual fees, and closing costs. These fees can range from a few hundred to several thousand dollars. Some lenders may waive certain fees or offer promotional incentives, so reviewing the fee structure with each lender you consider is important.
Yes, some lenders offer special programs or incentives for New Hampshire HELOCs. These can include introductory interest rate discounts, fee waivers, or cashback offers. Credit unions and local banks may have specific programs tailored to New Hampshire residents. It’s beneficial to inquire with various lenders about any available special programs or incentives.
If you move to another state with a HELOC originated in New Hampshire, the terms of your HELOC typically remain the same. You will continue to make payments to your lender as agreed upon in the original terms. However, it’s important to notify your lender of your new address and any changes to your contact information to ensure you continue to receive important communications regarding your HELOC.
Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
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