Alaska HELOC Rates and Lenders
A home equity line of credit (HELOC) offers a flexible way to tap into your home’s value. You can access your credit line for debt consolidation, large purchases, or other expenses as needed, and you only pay interest on the portion you use.
If you’re seeking a HELOC, shopping around and comparing rates is wise. We’ve researched the best options for Alaska HELOCs from online lenders, so you don’t have to. We’ve also profiled several local Alaska HELOC lenders to see how they measure up.
Best online HELOCs in Alaska
Choosing an online lender for a HELOC in Alaska offers several advantages over local options. Online lenders provide a streamlined application process you can complete from home, eliminating the need for in-person visits.
Due to reduced overhead costs, online platforms often offer competitive rates and lower fees. They also provide greater transparency and flexibility, allowing borrowers to easily access loan details and track progress. Here are our recommended online lenders for Alaska HELOCs.
Figure
Best overall
Why we picked it
We selected Figure as the best overall online HELOC provider in Alaska due to its user-friendly digital platform, competitive fixed interest rates, and fast funding process.
Figure’s application process is straightforward, and you can complete it online, making it convenient for busy homeowners. Its platform provides clear and transparent information, allowing Alaska borrowers to understand their loan terms and manage their HELOCs without needing in-person visits.
Figure stands out for its quick approval and funding times, with many customers getting funds in as few as five days. This speed, combined with flexible draw and repayment terms, makes Figure an excellent choice for homeowners looking for a reliable and efficient HELOC solution and who plan to use the full credit line immediately.
- Seamless online application process with minimal paperwork
- Transparent and easy-to-understand loan terms
- High customer satisfaction with responsive customer support
- Innovative digital platform that simplifies loan management
- Competitive and flexible interest rates
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
Best credit union
Why we picked it
We chose Bethpage Federal Credit Union as the best credit union for online HELOCs in Alaska because of its member-centric approach and favorable terms for borrowers.
As a not-for-profit institution, Bethpage often offers lower fees and better rates than traditional banks. Its HELOC products offer competitive introductory rates and a variety of repayment options, making them a solid choice for credit union members.
Bethpage provides personalized customer service, helping members navigate the borrowing process with ease. Its reputation for reliability and strong community ties further enhances its appeal, ensuring that borrowers get the support they need throughout the life of their loan.
- Lower fees and competitive rates due to not-for-profit status
- Strong community focus and reliable customer support
- Personalized service tailored to member needs
- Reputation for trustworthiness and financial stability
- Access to a variety of financial products and services
Loan details
| Rates (APR) | 7.24% 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 homes, second homes, or condos |
| Credit score | 670 |
LendingTree
Best marketplace
Why we picked it
We selected LendingTree as the best marketplace for online HELOCs in Alaska due to its extensive network of lenders and the ability to compare multiple offers.
By filling out a single application, borrowers can review offers from various lenders, allowing them to choose the best terms and rates available. This competitive approach ensures borrowers access to the most favorable HELOC options.
LendingTree’s user-friendly platform has tools and resources that help borrowers make informed decisions. Its wide range of loan amounts and flexible terms make LendingTree a versatile option for homeowners with diverse financial needs.
- Access to multiple lender offers with one application
- Comprehensive comparison tools to find the best rates and terms
- User-friendly platform with educational resources
- Flexibility to accommodate various financial situations and needs
- Strong reputation for customer satisfaction and support
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 Alaska
You might prefer working with a local HELOC lender if you’d like to ask questions or get customer support in person at a nearby branch. Local lenders may also be able to offer lower rates or special relationship rate discounts for customers. Here are three noteworthy options for local Alaska HELOCs.
| Company | Rates (APR)* | Locations |
| True North Federal Credit Union | 8.50% – 18.00% | Anchorage, Juneau |
| Northern Skies Federal Credit Union | Starting at 8.50% | Anchorage |
| First National Bank Alaska | Not disclosed | Anchorage, Bethel, Cordova, Eagle River, Fairbanks, Glenallen, Haines, Healy, Homer, Juneau, Kenai, Ketchikan, Kodiak, Palmer, Seward, Sitka, Soldotna, Valdez, and Wasilla |
When comparing local lenders, it’s helpful first to weigh whether you’d like to get a HELOC through a credit union or bank. Credit unions typically have membership requirements, which may be based on where you live, work, go to school, or attend church. You may also qualify for membership based on military or other affiliations.
Credit unions may offer lower rates than banks, but the membership requirement may be hard for some borrowers to meet. Other factors to consider include:
- Branch locations and availability
- Closing speed
- Customer service and support
Choosing the right local lender to work with can hinge on what you need or value most. For example, if you prefer to manage your HELOC or make cash withdrawals from your line of credit in person, you may lean toward an Alaska bank or credit union with a larger physical footprint.
Transparency also matters for comparing the interest rates and fees you’ll pay. When researching local Alaska HELOC lenders, we found that many banks and credit unions do not publish HELOC rates online. You must call for a quote or start a HELOC application to see what rates you might qualify for.
Consider the bank or credit union’s local reputation. What do your friends, neighbors, coworkers, and family members say about the lenders you’re considering? Talking to people using a particular bank or credit union’s services can illuminate what’s good or bad about it.
What’s the difference between online and local HELOCs in Alaska?
Choosing between an online and local HELOC lender is often a question of what matters most to you. For instance, if your top priority is getting the lowest rates possible, that can influence your decision-making.
When you compare HELOC rates from the online and local lenders we researched, online lenders fare better. Figure, for example, offers fixed HELOC rates as low as 6.55%. In August 2024, the lowest rate we could find with local Alaska lenders was 8.50% variable.
That’s a decent gap, and it can make a significant difference in what you pay for a HELOC over the long term. Aside from rate considerations, it’s helpful to compare:
- Minimum and maximum loan limits
- Draw periods, or how long you’ll have to access your line of credit
- Repayment terms
- Closing costs and other fees
- Minimum credit score and other eligibility requirements
At the end of the day, the best HELOC for you is the one that offers the most favorable terms based on your credit history and financial profile. Getting multiple rate quotes from online and local lenders is the easiest way to estimate what you might qualify for.
How do Alaska HELOC rates compare to other states?
With many lenders to consider and rates that can fluctuate daily, it’s difficult to determine an average HELOC rate for Alaska. Alaska lenders offer lower rates for the most creditworthy borrowers than the national average HELOC rate, which hovers around 10% in August 2024.
We looked at HELOC rates by state and found that they don’t vary much overall. However, two state-specific factors can influence what you pay:
- State laws. States can impose rate caps on HELOCs and other mortgage loans that determine the maximum interest rate you’ll pay.
- Location. Living in a location that’s more prone to natural disasters could elevate your risk profile, which may affect your HELOC rate.
Lenders also consider the specifics of the home, including its age and loan-to-value ratio (LTV). LTV measures the value of your home against what you owe. Most lenders cap LTV at 80% to 85% for HELOCs, but it’s possible to find lenders that offer up to 100% financing.
How to get the best HELOC rates in Alaska
Your credit is more important than location when determining HELOC rates. Lenders use your credit scores and history, along with other financial information, to determine whether to approve you for a HELOC and, if approved, what interest rate you’ll pay. The higher your score, the lower your rate is likely to be.
Checking your credit before applying can give you an idea of what rate range you might fall into. Here are additional tips for securing the best HELOC rates:
- Reduce your debt. Reducing debt levels can improve your debt-to-income ratio (DTI), which may lower the rate.
- Increase credit limits. Raising limits on credit cards can improve your credit utilization ratio, which measures how much of your credit you’re using.
- Shop around. Comparing HELOC lenders lets you see who has the lowest rates and which loans you will most likely be approved for. Viewing HELOC rates through an online marketplace is the simplest way to compare lenders.
Are there any Alaska-specific requirements or regulations?
We researched Alaska statutes and did not find a specific mention of home equity line of credit products. The requirements to get a HELOC here appear to be the same as in other states, meaning you must meet a lender’s requirements, including:
- Minimum credit score
- Minimum income
- DTI
- LTV
Once you apply for a HELOC, the lender will likely order an appraisal, which you’ll pay for. A separate home inspection is not required for most HELOCs, but if you choose to have one, you’ll pay for that, too.
You’ll also pay the required closing costs to get a HELOC in Alaska. You may pay these out of pocket at closing or roll them into your HELOC if the lender gives you that option.
Alaska law does not require homeowners insurance. However, your lender may require you to obtain a policy that meets minimum coverage requirements before approving you for a HELOC. You can talk to your lender about other requirements you must meet before you apply.
FAQ
What credit score do you need for an Alaska HELOC?
To qualify for a HELOC in Alaska, a credit score of at least 620 is generally required, though some lenders may have higher minimum score requirements. A higher credit score can help you secure better interest rates and loan terms.
What are the typical fees for an Alaska HELOC?
Typical fees for an Alaska HELOC can include application fees, appraisal fees, annual fees, and closing costs. These fees vary by lender but generally range from a few hundred to several thousand dollars. It’s important to ask lenders for a detailed fee schedule before applying.
Are there any special programs or incentives for Alaska HELOCs?
Some lenders may offer special programs or incentives for HELOCs in Alaska, such as reduced interest rates for new customers, fee waivers, or promotional rate periods. Credit unions and local banks might also have specific programs tailored to Alaska residents. We recommend inquiring with lenders about any current promotions or special offers.
What happens if I move to another state with a HELOC in Alaska?
If you move to another state with a HELOC on your Alaska property, the HELOC remains tied to the property, not your residence. You will continue to make payments as agreed upon in your loan terms. However, it’s important to notify your lender of your move to ensure proper communication and avoid issues with your account management.
How we selected the best Alaska HELOCs
LendEDU evaluates HELOC lenders to help readers find the best HELOCs. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Alaska.
Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.
Recap of Alaska online HELOC rates and lenders
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