Best HELOC Rates and Lenders in Florida (2024)
Updated: April 23, 2024
Advertising & Editorial Disclosure
Florida's best home equity line of credit (HELOC) lender is Lower. Lower's APR ranges from 8.75% to 13.5% and allows homeowners to borrow between $15,000 and $500,000. This lender requires a minimum credit score of 580, facilitating access for many borrowers.
MoneyGeek's analysis of the best HELOC lenders and rates in Florida considered several factors in addition to cost and included 16 lenders. While not exhaustive, this count captures a broad selection of available options. Local lenders such as Florida Credit Union, MIDFLORIDA Credit Union and First Florida Credit Union also provide HELOCs, but they were not part of our selection process.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender for homeowners in Florida. It offers an APR range from 8.75% to 13.5% and loan amounts from $15,000 to $500,000, fitting various financial needs. With a minimum credit score requirement of 580, it caters to a broader spectrum of homeowners who wish to use their home equity. Borrowers benefit from no annual fee and the confidence of working with a lender that has an A+ BBB rating, reinforcing its commitment to customer service and reliability.
Pros
- No annual fee
- Accepts credit scores from 580
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Overall Best HELOC Lender in Florida
HELOC Rates in Florida by Credit Score
Your home equity line of credit (HELOC) APR isn't set in stone. Even with robust credit scores and loan-to-value (LTV) ratios below 80%, your rate fluctuates with repayment terms in Florida. Review the accompanying table to gauge how your rate changes based on the variables above.
Comparing APRs across lenders is a smart move when searching for a HELOC in Florida. A lower APR means you'll pay less over the life of the loan. Different lenders offer varying rates, so taking the time to compare can lead to significant savings and a smoother borrowing experience.
HELOC Calculator: Do You Qualify in Florida?
Based on a TransUnion study, the average total tappable equity for homeowners in Florida is $203,000. With high home equity, you may be able to borrow more against your home. Experian reports the average credit score in Florida is 708. If yours is around this number, getting a HELOC should be achievable.
For a HELOC in Florida, factors like home equity and credit score influence eligibility, among others. Use MoneyGeek's HELOC calculator to assess your eligibility — this tool simplifies finding a HELOC lender fit for your needs.
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
Aven is the top pick for Florida homeowners seeking affordable HELOC options. Its product is a hybrid HELOC that operates like a credit card backed by your home's equity, yet it is reported as a HELOC on your credit report. Homeowners can score savings with Aven's competitive 7.99% to 15.49% APR range, no annual fees and a 0.25% rate discount for setting up autopay. This approach to HELOC lending streamlines the financial management for users while maintaining affordability.
Pros
- Provides credit cards backed by home equity
- Unlimited 2% cash back on purchases
- No fees for origination, annual or prepayment
Cons
- Line limit up to $250,000
- 10-day wait for card delivery
- 2.5% fee for bank transfers
Best HELOC Lender in Florida for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the top pick for homeowners in Florida with less-than-perfect credit looking for a HELOC. Accepting borrowers with a minimum credit score of 660, U.S. Bank keeps the door open for a wider range of homeowners. Its maximum APR caps at 13.1%, making maximum borrowing costs clear. You can also reduce your rate by 0.5% by opting into autopay. These features can lead to significant savings while using home equity to manage finances. Although the BBB accredits U.S. Bank, it does not currently have a rating.
Pros
- No closing costs
- May prequalify online
- Fixed-rate options offered
Cons
- Closing must be done in person
- $75 annual fee
- Early closure fee up to $500
Best HELOC Lender in Florida for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is the top pick for Florida homeowners seeking higher loan amounts without an annual fee. HELOCs can fund large expenses like home renovations or education costs. With a high maximum loan amount of $1 million and no annual fees, this lender eases the burden on your wallet. A 10-year draw period followed by a 20-year repayment period offers ample time to effectively manage and pay back borrowed funds. Homeowners also benefit from assistance during financial hardships, ensuring support when needed most. Bank of America's product boosts financial flexibility while offering a safety net.
Pros
- No application, annual or closing fees
- Financial hardship assistance available
- Competitive 6.99% introductory rate
Cons
- Closing must be done in person
- $450 early closure fee
- Minimum online loan amount is $25,000
Best HELOC Lender in Florida for Large Loans
- PNC Bank
- 8.22% to 14.5%APR Range
- $10,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- Undisclosed draw period; 5-30 year repayment periodRepayment Terms
- $50Annual Fees
PNC Bank is our top pick for a HELOC lender for debt consolidation in Florida. Using a HELOC, homeowners can combine debts like credit card bills and medical expenses into one loan with typically lower interest rates. PNC Bank offers competitive rates ranging from 8.22% to 14.5%. It enables access to funds within three days after closing and allows loans up to $1 million to cover substantial debt balances. It also offers rate reductions for autopay signups and covers several fees, providing extra savings. PNC Bank's HELOC aligns well with the financial needs of Floridians looking to streamline their debt payments.
Pros
- Switches between variable and fixed rates
- Online document upload and application tracking
- Reimburses various fees and taxes
Cons
- $50 annual fee
- Charges late fees
- Does not disclose most information online
Best HELOC Lender in Florida for Debt Consolidation
How to Choose a HELOC Lender in Florida
If you're seeking alternatives to our top picks for HELOC lenders in Florida, here's how to navigate the options and streamline your lender selection process.
FAQ: HELOC Lenders and Rates in Florida
Dive into these frequently asked questions and answers to help you find a suitable HELOC lender in Florida.
A competitive HELOC rate in Florida falls around 7.13%, assuming an LTV ratio of 80% or less and a credit score of 680 to 740. Remember, actual rates may vary depending on creditworthiness and the specific lender.
We rated Lower as the overall best HELOC lender in Florida. With an APR range from 8.75% to 13.5% and loan amounts stretching from $15,000 to $500,000, Lower caters to a wide range of borrowing needs. Homeowners with credit scores starting at 580 can also find options with this lender.
Yes, homeowners with bad credit can still qualify for a HELOC in Florida. For example, U.S. Bank offers HELOCs with APRs ranging from 8.95% to 13.1% to borrowers with a minimum credit score of 660.
Bank of America stands out for large loans, supporting amounts up to $1,000,000 with no annual fees and a generous 20-year repayment period. This can be significant for homeowners needing funds for substantial expenses such as home renovations or investing in real estate.
Yes, a HELOC can be strategic for debt consolidation, as it may offer lower APRs and an adequate loan amount range. We rank PNC Bank best for this purpose due to its 8.22% to 14.5% APR range, loan amounts up to $1 million and swift timeframe of three days after closing to access funds.
To find the right HELOC lender in Florida, assess your intended use for the HELOC and your financial situation. Different needs and financial profiles could steer you towards unique lenders that are best suited to your specific circumstances.