[HELOC Rates](/blog/best-heloc-lenders-2026) in Portland, OR: Your 2026 Guide to Home Equity Lines of Credit

Portland homeowners have watched their equity grow considerably over the past decade, even as the market cooled from its 2022 highs. The City of Roses offers a unique combination: home values high enough to generate meaningful equity, but not so astronomical that you need a seven-figure income to own property. That sweet spot makes Portland one of the more practical metros for tapping home equity through a HELOC.

Whether you're upgrading a Craftsman bungalow in Sellwood, adding an ADU in Northeast Portland, or funding your kid's college tuition, this guide covers what Portland-area homeowners need to know about HELOCs in 2026.

Current HELOC Rates in Portland (February 2026)

Portland HELOC rates currently range from 7.00% to 9.25% APR for borrowers with solid credit profiles. Oregon's credit union market is exceptionally competitive, which keeps rates favorable.

• Credit unions: 7.00% – 8.00% APR for borrowers with 740+ credit scores and LTV under 80%
• Community and regional banks: 7.50% – 8.50% APR
• National banks: 8.00% – 9.25% APR, some with introductory rates starting at 6.49%

Rates are variable, tied to the prime rate (8.50% as of February 2026), with your margin based on credit score, LTV, and loan amount. Portland's credit unions often offer margins of prime minus 1.00% to prime minus 1.50%.

Best HELOC Lenders in Portland

Credit Unions

OnPoint Community Credit Union OnPoint is Oregon's largest credit union with over 500,000 members and is the default recommendation for Portland-area HELOC shoppers. Membership is open to anyone who lives or works in one of several Oregon or Washington counties (covering the entire Portland metro).

• Typical rate: Prime minus 0.75% to prime minus 1.50%
• No annual fee
• No closing costs for lines under $250,000
• Draw period: 10 years, repayment period: 15 years
• Fixed-rate lock option: Yes, on portions of balance
• Maximum HELOC: $500,000

Unitus Community Credit Union Headquartered in Portland, Unitus offers competitive HELOC rates and is known for fast, responsive service. They're a strong alternative to OnPoint and sometimes beat them on rate.

• Typical rate: Prime minus 0.50% to prime minus 1.25%
• No closing costs (36-month minimum open requirement)
• No annual fee
• 10-year draw, 20-year repayment

Advantis Credit Union Another Portland-based credit union with solid HELOC products. Advantis tends to be slightly more flexible on LTV requirements than OnPoint, which can help if your equity is borderline.

iQ Credit Union Based in Vancouver, WA, but serving the Portland metro, iQ Credit Union is worth considering — especially for homeowners in North Portland or those who work in Clark County. They frequently offer promotional HELOC rates.

Banks

Columbia Bank A Pacific Northwest regional bank with a strong Portland presence. Columbia Bank offers HELOCs with competitive rates and a more personalized approach than national banks. Their local underwriters understand Portland's unique neighborhoods and property types.

• Typical rate: Prime + 0.00% to prime + 0.75%
• Flexible on non-standard properties (older homes, mixed-use, etc.)

Umpqua Bank Headquartered in Roseburg but with significant Portland operations, Umpqua is known for its "human-centered banking" approach. Their HELOC products are competitive, and they're often willing to work with borrowers who don't fit neatly into standard underwriting boxes.

Banner Bank Another Northwest regional bank with solid HELOC offerings. Banner Bank's rates tend to sit between credit union rates and big-bank rates.

Wells Fargo / Chase / Bank of America All present in Portland. Wells Fargo has the largest local footprint among national banks and occasionally runs competitive HELOC promotions. All offer relationship discounts of 0.25%–0.50%.

Portland Housing Market and Your Equity

Home Values

The median [home value](/blog/appraisal-process-explained) in metro Portland is approximately $510,000 as of early 2026. Portland's market peaked around $555,000 in mid-2022, pulled back to about $485,000 in 2023, and has been gradually recovering since.

Neighborhood breakdown:

How Much Can You Borrow?

Portland lenders generally allow 80% to 90% CLTV. Example:

Your home is worth $525,000 and you owe $320,000 on your mortgage.

At 80% CLTV:

• $525,000 × 80% = $420,000
• $420,000 – $320,000 = $100,000 HELOC

At 90% CLTV:

• $525,000 × 90% = $472,500
• $472,500 – $320,000 = $152,500 HELOC

Market Conditions

Portland's housing market in 2026 is in a transitional phase. The pandemic-era frenzy is firmly over, and the market has absorbed the impact of Portland's well-publicized challenges with homelessness, crime perception, and downtown vacancy. Prices have stabilized, and many neighborhoods — particularly in Southeast and Northeast Portland — are seeing renewed demand.

For HELOC borrowers, the stabilization is positive. Lenders are comfortable with Portland valuations, though some remain cautious about downtown condos and properties in areas that experienced the most social disruption. Single-family homes in established neighborhoods appraise predictably.

ADU factor: Portland was one of the first cities to embrace accessory dwelling units (ADUs), and many homeowners have added them. If your property has an ADU, it typically increases your appraised value, which boosts your HELOC borrowing power. Make sure your appraiser accounts for it.

Oregon HELOC Regulations

Oregon Consumer Finance Laws

Oregon has strong consumer protection laws governing home equity lending. The Oregon Consumer Finance Act and related statutes require clear fee disclosures, limit certain charges, and give borrowers specific rights.

No State LTV Cap

Oregon does not impose a state-level maximum on [home equity borrowing](/blog/home-equity-loan-vs-heloc-2026). Your CLTV limit is set by the lender.

Oregon Mortgage Lender Law

All HELOC lenders operating in Oregon must be licensed under the Oregon Mortgage Lender Law (unless exempt as a bank or credit union). This licensing requirement ensures a baseline level of regulatory oversight and consumer protection.

Recording Fees

Multnomah County (Portland) charges recording fees of approximately $77 for the first page and $5 per additional page for deeds of trust. Washington County (Beaverton, Hillsboro, Tigard) and Clackamas County (Lake Oswego, West Linn, Milwaukie) have similar fee structures. Total recording costs for a typical HELOC deed are $100–$200.

No Mortgage Tax

Unlike some states (including neighboring Washington with its REET), Oregon does not impose a separate mortgage recording tax or intangibles tax on new mortgage debt. This keeps [HELOC closing costs](/blog/heloc-closing-costs-breakdown) lower compared to states that do charge these taxes.

Right of Rescission

The federal three-business-day right to cancel applies to all Portland-area HELOCs on primary residences.

Tax Implications for Portland Homeowners

Federal Tax Deduction

HELOC interest is deductible federally if the funds are used to buy, build, or substantially improve your home, subject to the $750,000 total mortgage debt limit.

Oregon State Tax Deduction

Oregon has no sales tax but makes up for it with a relatively high state income tax — the top marginal rate is 9.90% (plus a 1.5% surcharge on taxable income above $250,000, effectively creating a top rate of about 11.40% for high earners).

Oregon generally conforms to federal itemized deduction rules for mortgage interest. This means HELOC interest used for home improvement is deductible on your Oregon return, providing meaningful additional tax savings.

The math: For a Portland homeowner in the 24% federal bracket and 9.90% Oregon bracket, deductible HELOC interest provides a combined tax benefit of about 34%. On a $100,000 HELOC at 7.50%, that's roughly $2,550/year in tax savings — effectively reducing your after-tax interest rate to about 4.95%.

Maximizing the Tax Benefit

Use your HELOC for home improvements whenever possible. Common tax-deductible HELOC uses in Portland include:

• Kitchen and bathroom remodels
• Seismic retrofitting (common in Portland's older homes)
• ADU construction
• Roof replacement
• Foundation repair
• Energy efficiency upgrades (new windows, insulation, heat pumps)

Keep detailed records: contractor contracts, invoices, material receipts, and building permits.

Portland-Specific HELOC Considerations

Older Housing Stock

Portland's housing stock skews older — many homes in desirable neighborhoods were built between 1900 and 1950. This is charming but can create HELOC complications:

• Appraisal issues: Older homes sometimes appraise lower than expected due to outdated electrical, plumbing, or foundation concerns.
• [Renovation](/blog/bathroom-renovation-cost-guide) costs: Working on older homes often costs more (lead paint abatement, knob-and-tube wiring, etc.), so budget accordingly when sizing your HELOC.
• Deferred maintenance: If the inspector or appraiser identifies significant deferred maintenance, it could affect your LTV and ultimately your rate.

ADUs and Multi-Dwelling Zoning

Portland's progressive zoning allows ADUs on most residential lots, and recent changes allow up to four units on lots previously zoned for single-family homes. If you're considering building an ADU [using HELOC funds](/blog/heloc-draw-period-explained):

• The interest is generally deductible since you're "substantially improving" your home
• An ADU can increase your property value by $100,000–$200,000 while costing $80,000–$175,000 to build
• Rental income from the ADU can help offset your HELOC payments

Climate and Insurance

Oregon doesn't face the same insurance crises as California or Florida, but wildfire risk is increasingly relevant in areas near the urban-wildland interface (parts of SW Portland, West Linn, Lake Oswego). Ensure your homeowner's insurance is adequate — lenders will verify this as part of the HELOC process.

Frequently Asked Questions

How long does it take to get a HELOC in Portland?

Expect 2 to 4 weeks from application to closing. OnPoint typically closes in 2–3 weeks. Smaller credit unions may take 3–4 weeks. Winter closings can be slightly faster since lender volume tends to be lower.

What credit score do I need for a HELOC in Portland?

Most Portland lenders require 680 minimum. For rates below 7.50%, aim for 740+. OnPoint and Unitus may offer HELOCs to borrowers with scores as low as 660, but at significantly higher rates.

Can I get a HELOC on a manufactured home in Portland?

It depends on the property. If your manufactured home is on a permanent foundation and classified as real property (not personal property), most Portland lenders will consider it. However, LTV limits are typically lower (70%–75%), and rates may be slightly higher. Credit unions like OnPoint are more likely to work with manufactured homes than national banks.

Should I choose a HELOC or a [cash-out refinance](/blog/cash-out-refinance-guide) in Portland?

If you locked in a mortgage rate below 4% during 2020–2021, a HELOC almost certainly makes more sense. A cash-out refinance would replace your low-rate mortgage with a new one at current rates (around 6.5%–7.0%), which would increase your total interest cost dramatically. A HELOC lets you keep your existing mortgage while borrowing only what you need.

Are there programs to help Portland homeowners with seismic retrofitting?

Oregon doesn't currently offer state-funded grants for seismic retrofitting, but several Portland-area lenders offer preferential rates for loans used for safety improvements. The Portland Bureau of Emergency Management maintains a list of resources. A HELOC is commonly used to fund seismic upgrades, and the interest would be deductible as a home improvement expense.

Bottom Line

Portland's solid equity positions, competitive credit union market (led by OnPoint), absence of a state mortgage recording tax, and high state income tax rate (which amplifies interest deductions) make it a favorable metro for HELOC borrowers. Start with OnPoint and Unitus, compare against a regional bank like Columbia or Umpqua, and factor in both the rate and the closing costs — especially the mortgage registry fees. Most Portland homeowners with good credit should land a HELOC in the 7.00%–8.25% range, and the after-tax cost could be significantly lower if you're using the funds for home improvement.

Related Articles

• [Home [Equity Explained](/blog/home-equity-explained): What It Is and How to Build It](/blog/home-equity-explained)
• Oregon HELOC Guide
• Best HELOC Lenders in 2026 - Compare Rates and Draw Periods