Best HELOC Rates and Lenders in Illinois (2024)
Updated: April 24, 2024
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The best home equity line of credit (HELOC) lender in Illinois is Lower. It offers HELOCs with rates between 8.75% and 13.5% and allows homeowners to borrow from $15,000 to $500,000 without annual fees. Lower caters to a broad spectrum of borrowers with a minimum credit score requirement of 580 and operates exclusively online. MoneyGeek weighed a host of elements to pinpoint the top lender, not solely focusing on costs.
MoneyGeek’s study revealed 14 HELOC lenders for Illinois homeowners. While even more lenders exist, not all were included in the review. Options such as Illinois Community Credit Union, U of I Community Credit Union and Illinois Bank and Trust present local HELOC possibilities with distinct features that could suit different homeowner needs.
- 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 top HELOC lender in Illinois, offering competitive features that serve varying homeowner needs. With an APR range of 8.75% to 13.5%, it caters to a broad spectrum of borrowers. The loan amount range extends from $15,000 to $500,000, providing flexibility for different equity amounts. To qualify, homeowners need a minimum credit score of 580, making it accessible to a wider audience. Plus, Lower ensures all the necessary information is clear and accessible on its website, supporting better-informed financial decisions for homeowners aiming to leverage the value of their homes.
Pros
- Accepts credit scores as low as 580
- A+ rating from BBB
- Provides personalized support after completion
Cons
- No rate discounts offered
- Does not offer financial hardship assistance
- Repayment period length not disclosed
Overall Best HELOC Lender in Delaware
HELOC Rates in Illinois by Credit Score
Homeowners in Illinois can secure a home equity line of credit (HELOC) with rates tied to various factors. Even with good credit and a lower loan-to-value (LTV) ratio, your HELOC's APR could differ based on repayment terms. Look at the table to see rate variations against different parameters.
When exploring HELOC options in Illinois, comparing APRs from various lenders can help you save money. A lower APR means smaller monthly payments and less paid over the loan's life. Taking time to research can lead to a more affordable borrowing experience, allowing you to leverage your home equity wisely.
HELOC Calculator: Do You Qualify in Illinois?
Illinois homeowners, you might have access to $95,000 in tappable home equity, says a TransUnion's report . If your equity is high, you may be able to borrow a larger sum. With an average credit score of 720 as cited by Experian, securing a HELOC could be feasible if yours is similar.
Eligibility for a HELOC in Illinois hinges on factors including equity and credit score among others. Use the HELOC calculator to determine eligibility by tweaking various variables, offering assistance in your HELOC hunt.
- 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
For cost-conscious homeowners in Illinois, Aven leads with attractive HELOC options. With APR rates ranging from 7.99% to 15.49%, no annual fees and a 0.25% discount for autopay, savings are clear. Aven's product offers an innovative solution, acting as a credit card backed by home equity, reporting as a HELOC to credit bureaus. These features suit those prioritizing affordability in their search for flexible credit access.
Pros
- Credit card backed by home equity
- 2% unlimited cashback
- No origination or annual fees
Cons
- Line limit only up to $250,000
- Card takes 10 business days
- One-time 2.5% cash-out fee
Best HELOC Lender in Illinois 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 go-to for homeowners with bad credit in Illinois seeking a HELOC. Bad credit doesn't shut the door on opportunity; it just shapes the terms differently. U.S. Bank sets a welcoming minimum credit score of 660 and offers an APR range between 8.95% and 13.1%. There's also money-saving potential with a 0.5% discount for autopay enrollment. The lower APR cap and discount can make payments more manageable. The BBB accredits U.S. Bank, though it currently has no rating.
Pros
- Offers a 0.5% autopay discount
- Prequalify online capability
- Interest-only payment option
Cons
- Must close in person at a bank branch
- Charges an early closure fee of up to $500
- $75 annual fee for account maintenance
Best HELOC Lender in Illinois 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 leads in Illinois for homeowners seeking large HELOCs. Home upgrades and investment properties often require significant funds. Bank of America offers a maximum loan of $1 million and competitive introductory rates, ensuring ample borrowing power for big projects. A 10-year draw period followed by a 20-year repayment term allows for manageable monthly payments over time. Moreover, no annual fees reduce the overall cost of borrowing. Homeowners benefit from financial flexibility without unnecessary fees.
Pros
- Max loan amount $1 million
- No fees for application, annual or closing
- Financial hardship assistance offered
Cons
- Closing must be done in person
- $450 early closure fee charged
- Online applications start at $25,000
Best HELOC Lender in Illinois 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 the best HELOC lender in Illinois for debt consolidation. With a HELOC, you can merge high-interest debts like credit card balances and personal loans into a single payment with lower interest rates. PNC Bank offers a minimum APR of 8.22% and a maximum of 14.5%, competitive rates that can reduce overall interest payments. Funds become available within three days of closing, and homeowners can access up to $1 million, ensuring enough capital to cover large debt amounts. Switching between variable and fixed rates and a 0.25% discount with autopay provides flexible payment options. With these features, PNC Bank helps Illinois homeowners efficiently manage their finances through debt consolidation.
Pros
- Switch between variable and fixed rates
- Offers autopay rate reduction of 0.25%
- Borrow up to $1 million
Cons
- Charges a $50 annual fee
- Charges a late fee
- Does not disclose most information
Best HELOC Lender in Illinois for Debt Consolidation
How to Choose a HELOC Lender in Illinois
MoneyGeek has shared its top picks for HELOC lenders in Illinois. Yet, if you're keen to see what else is out there, the following strategies will guide you through finding a lender that fits your specific needs.
FAQ: HELOC Lenders and Rates in Illinois
Navigating HELOC options in Illinois can feel complex. These frequently asked questions distill key details and lender comparisons, guiding you through selection with confidence and clarity to secure favorable terms for your financial landscape.
A good HELOC rate in Illinois is approximately 6%. These rates typically apply with a loan-to-value (LTV) ratio of 80% or less and a credit score ranging from 680 to 740. Homeowners should note that rates can fluctuate depending on creditworthiness and the lender selected.
Lower is considered the best overall HELOC lender in Illinois. It stands out with an APR range of 8.75% to 13.5%, a minimum credit score requirement of 580 and loan amounts of up to $500,000, making it significant for a wide range of homeowners.
Yes, it's possible to qualify for a HELOC in Illinois even with bad credit, as lenders like U.S. Bank offer HELOCs with minimum credit score requirements as low as 660.
Bank of America is recognized for large loans in Illinois, offering a loan amount range up to $1 million. Homeowners who need to finance significant expenses like home renovations or invest in substantial property improvements might find this lender suitable.
Yes, a HELOC can be used for debt consolidation. PNC Bank is MoneyGeek's pick for this purpose in Illinois, offering an APR range of up to 14.5% and providing funds as quickly as three days after closing. The high APR cap emphasizes the importance of a good credit score for better rates.
To find the right HELOC lender in Illinois, clarify the purpose of the HELOC and assess your financial situation. Different needs and financial profiles can lead to a different best match among lenders, such as those offering low rates, large loan amounts or flexibility for lower credit scores.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 19, 2024.
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 19, 2024.
- Illinois Department of Financial and Professional Regulation. "Division of Financial Institutions." Accessed April 19, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 19, 2024.