Best HELOC Rates and Lenders in Louisiana (2024)
Updated: April 23, 2024
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The best HELOC lender in Louisiana is Lower. It provides APRs from 8.75% to 13.5%, suitable for various financial situations. Homeowners can secure loans between $15,000 and $500,000 without the burden of annual fees. MoneyGeek considered multiple factors beyond cost to determine the best lender.
MoneyGeek analyzed 10 lenders for Louisiana homeowners seeking a HELOC. While other lenders exist in Louisiana, they were not included in this comparison. For local specialized services, consider La Capitol, Xplore Federal Credit Union and Baton Rouge Telco Federal Credit Union, each offering unique advantages.
- 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 for homeowners in Louisiana. Home equity lines of credit, or HELOCs, vary by lender with features like APR, loan limits, credit score minimums and ease of information. Lower makes the cut with an APR range of 8.75% to 13.5%, which can mean more affordable borrowing. It allows loans from $15,000 up to $500,000, fitting different needs. Homeowners with at least a 580 credit score can apply, widening access to equity funds. Plus, Lower doesn't charge annual fees and boasts an A+ rating from the BBB, ensuring credibility without hidden costs.
Pros
- No annual fee
- Credit scores from 580 accepted
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Overall Best HELOC Lender in Louisiana
HELOC Rates in Louisiana by Credit Score
The APR on a home equity line of credit (HELOC) can differ based on credit, loan-to-value ratio, and selected repayment terms. Even in Louisiana, borrowers with solid credit and 80% LTV could see varied rates. Review the provided table to see how altering these parameters affects your rates.
When searching for a HELOC in Louisiana, comparing APRs can save you money. A lower APR means less interest over time, making your borrowing more affordable. Different lenders offer varied rates, so review options carefully. This can directly impact the total cost of your loan and your monthly payments.
HELOC Calculator: Do You Qualify in Louisiana?
Based on TransUnion's report, homeowners in Louisiana have tappable equity that could allow them to borrow against their homes. If you have built up a good amount of home equity, you could potentially borrow more with a HELOC.
With an average credit score of 690 in Louisiana, courtesy of Experian, you stand a fair chance to qualify for a HELOC. However, your eligibility for a HELOC isn't solely dependent on equity and credit score; additional factors must be considered.
Using the HELOC calculator is a strategic move in understanding your options. It allows you to adjust various figures to see how they could influence your eligibility, presenting a clearer path to finding the right HELOC.
- 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 best HELOC lender in Louisiana for cost savings. With Aven, expect a competitive APR range from 7.99% to 15.49%. Homeowners benefit from no annual fees and can enjoy a 0.25% rate discount with autopay. Aven's product acts like a credit card, with the flexibility to cash out directly to your bank, while being recorded as a HELOC on your credit history. With no origination or early closure fees, this lender helps Louisiana homeowners prioritize affordability.
Pros
- Provides credit card backed by home equity.
- Earns 2% cash back on purchases.
- 0.25% rate reduction for autopay.
Cons
- Line limit only up to $250,000
- Card takes 10 business days
- No hardship assistance offered
Best HELOC Lender in Louisiana 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 HELOC lender for homeowners in Louisiana with bad credit. Bad credit doesn't stop you from getting a HELOC, but you might face higher rates. U.S. Bank requires a minimum credit score of 660. It offers APR rates from 8.95% to 13.1% and a 0.5% discount with autopay. These features can help Louisiana homeowners manage costs. Minimum lines start at $15,000. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Prequalify online available
- Interest-only payment option
Cons
- In-person closing required
- Applies early closure fee
- Annual fee charged
Best HELOC Lender in Louisiana 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 lender for homeowners in Louisiana looking to borrow large sums with a HELOC. The option to borrow up to $1 million suits high-cost needs like home renovations and education expenses. Homeowners benefit from a 10-year draw period and a 20-year repayment term, giving them flexibility in managing their finances without the pressure of quick repayment. Additionally, with no annual fees, it eases the financial burden over the lifetime of the loan. Its product also includes a 6.99% introductory rate for the initial six months and multiple discounts to reduce costs further. With features like financial hardship assistance, it supports borrowers during tough times, ensuring a safety net is in place.
Pros
- Competitive introductory rate (6.99% for six months)
- No application or annual fees
- High max loan amount ($1 million)
Cons
- In-person closing at financial center
- Undisclosed HELOC requirements
- $450 early closure fee
Best HELOC Lender in Louisiana for Large Loans
- 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 Louisiana looking to consolidate debt with a HELOC. Credit card and personal loan debts often come with high-interest rates. A HELOC can offer a more affordable route by folding these debts into one lower interest rate option. U.S. Bank's HELOC comes with a competitive APR range of 8.95% to 13.1%, which can be lower than many credit cards and personal loans. Additionally, you can get your funds within three business days and have a maximum loan amount of up to $750,000, which might cover all your balances. Their minimum APR is less than what you could be paying on other debts, and they allow you to prequalify online. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Offers a fixed-rate option
- Allows for interest-only payment during the draw period
Cons
- Charges an annual fee of $75
- Does not disclose customer service hours
- Closing must be done in person at a financial center
Best HELOC Lender in Louisiana for Debt Consolidation
How to Choose a HELOC Lender in Louisiana
MoneyGeek has shared top picks for HELOC lenders in Louisiana. If you're considering alternative choices, a few smart strategies can guide you through the selection process, ensuring a tailored fit for your financial needs in Louisiana.
FAQ: HELOC Lenders and Rates in Louisiana
Exploring Louisiana's HELOCs can be smoother with the right knowledge. Below, we've compiled frequently asked questions and answers to help you choose a HELOC lender that matches your needs and lifestyle.
A good HELOC rate in Louisiana hovers around 6.60%, considering an LTV ratio of 80% or less and a credit score of 680 to 740. However, actual rates may vary due to individual creditworthiness and the lender chosen.
Lower is considered the best overall HELOC lender in Louisiana. It offers an APR range of 8.75% to 13.5%, loan amounts ranging from $15,000 to $500,000 and caters to a broader credit score range, starting at 580, which makes it significant for a variety of homeowners.
Yes, homeowners with bad credit can still qualify for a HELOC in Louisiana. U.S. Bank, for example, offers HELOCs with a minimum credit score requirement of 660.
Bank of America stands out for large loans, with a loan amount range of $25,000 to $1 million and a 10-year draw period followed by a 20-year repayment period. Homeowners might seek large loans for significant expenses such as home renovation projects or to invest in real estate.
When considering a HELOC for debt consolidation, homeowners should look for favorable APR ranges and quick funding times. U.S. Bank is a top pick, offering a competitive APR range of 8.95% to 13.1% and funds availability within three business days.
To find the right HELOC lender in Louisiana, understand what you want to use the HELOC for, know your financial situation, and prioritize accordingly. Different goals and financial conditions will lead to different optimal lender choices.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 21, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 21, 2024.
- Louisiana Office of Financial Institutions. "Louisiana Office of Financial Institutions." Accessed April 21, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 21, 2024.