Best HELOC Lenders in Louisiana (December 2024)

Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Key Takeaways

blueCheck icon

The best home equity line of credit (HELOC) lender in Louisiana is Keesler Federal Credit Union with a MoneyGeek score of 97 out of 100, followed by Consumers Credit Union with a MoneyGeek score of 95 out of 100.

blueCheck icon

The average HELOC limit in Louisiana is $104,758. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

blueCheck icon

Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Louisiana, updated weekly to assist you.

Overall Best HELOC Lender in Louisiana

Company logo for Keesler Federal Credit Union
Keesler Federal Credit Union
MoneyGeek Score:
97/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.00%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $10,000
  • Pays all closing costs
  • No origination fee
CONS
  • No rate discounts disclosed
  • Doesn't disclose minimum credit score requirements
  • No hardship assistance program for HELOC

Runner-Up for Best HELOC Lender in Louisiana

Company logo for Consumers Credit Union
Consumers Credit Union
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR7.25%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • No annual fees
  • Allows interest-only payments
  • Introductory fixed rate for the first 12 months
CONS
  • May impose an early closure fee
  • Requires membership to apply
  • Most HELOC information not disclosed on website

Calculate Your Monthly Payment

The average HELOC balance in Louisiana for the third quarter of 2023 is $42,019, according to Experian. Understanding your HELOC payments is essential for managing this type of debt effectively.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time.

Louisiana HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

$
%
years
years

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance
Principal paid
Interest paid

Best HELOC Lender in Louisiana for Affordability

Company logo for b1Bank
b1Bank
MoneyGeek Score:
93/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.75%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Convenient for users seeking low-cost banking options
CONS
  • Limited transparency may frustrate detail-oriented customers

Best HELOC Lender in Louisiana for Service Quality

Company logo for Hancock Whitney Bank
Hancock Whitney Bank
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR10.13%
Draw Period10 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Offers a 0.50% rate discount for certain clients
  • May pay certain closing costs
  • Option to lock in a fixed rate
CONS
  • Charges a $50 fee for switching to a fixed rate
  • Requires reimbursement if account canceled within 12 months
  • Must close the loan in a Financial Center

What You Can Use a HELOC for in Louisiana

HELOCs are popular in Louisiana because they provide flexibility and control over borrowing amounts and repayment timelines. These features make them an appealing option for those looking to manage their finances effectively.

Here's a list of where you can use a HELOC.

    paintingRoller icon

    Home Improvements or Renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. It allows you to fund projects without finalizing costs upfront, making it a smart choice for dynamic renovation needs.

    debtConsolidation icon

    Consolidating High-Interest Debt

    With average 2023 consumer debt in Louisiana at $80,616, using a HELOC for debt consolidation can lower interest rates and simplify payments.

    graduationCap icon

    Funding Education Expenses

    A HELOC is a cost-effective option for education expenses, covering tuition, books, and fees. It offers lower interest rates compared to other debts, making it a smart choice for funding educational pursuits.

    money icon

    Investment Properties

    Using a HELOC for investment properties can enhance your portfolio. Shop around for the best HELOC lenders for investment property to secure favorable terms and rates, maximizing your investment potential.

How to Apply for a HELOC in Louisiana

Understanding the steps to apply for a HELOC in Louisiana is key to making informed decisions about leveraging your home equity. We have broken down this journey into six steps below.

  1. 1
    Review your financial health

    Reviewing your financial health is essential before applying for a HELOC. This includes checking your credit score, debt-to-income ratio, and home equity. In Louisiana, the average credit score is 690 in the third quarter of 2023 based on Experian data. A higher score can improve your chances of approval.

  2. 2
    Compare rates in Louisiana

    Comparing rates in Louisiana can help you secure the best HELOC deal. Look into lender features such as repayment terms, fees, and the option for a fixed-rate HELOC. These factors can significantly impact your overall loan experience and costs.

  3. 3
    Prepare required documentation

    Preparing the necessary documents in advance can streamline your HELOC application. Commonly required documents include proof of income, recent tax returns, and information on your mortgage and home value. Having these ready can make the process smoother and faster.

  4. 4
    Submit an application

    Most lenders offer the convenience of applying online, but you can also apply in-person if a branch is available. Ensure all information is accurate and complete to avoid delays. Double-check for errors or omissions before submission.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to assess your home's current market value. A home appraisal involves a professional evaluation of your property's worth, which helps determine the amount you can borrow.

  6. 6
    Wait for approval and closing

    The approval process for a HELOC can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs.

Know How Much You Can Borrow in Louisiana

The average HELOC limit in Louisiana is $104,758, according to Experian's data for the third quarter of 2023. The maximum amount you can borrow through a HELOC is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit can be.

Check out the table below to see the range of credit lines offered by Louisiana lenders in our database. This will give you a better idea of what options might be available to you based on your specific financial situation.

Chevron Federal Credit UnionUp to $350,000
Keesler Federal Credit Union$10,000 to $250,000
Regions Bank$10,000 to $500,000
Ask the experts:

What risks or potential downsides should homeowners consider when choosing a lender for a HELOC?

Credit & Mortgage Expert

When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.

FAQ: Best HELOC Lenders in Louisiana

Who is the best HELOC lender in Louisiana?

How to find the best HELOC lenders for bad credit in Louisiana?

What factors should I consider when choosing a HELOC lender in Louisiana?

What are common fees associated with HELOCs that I should compare in Louisiana?

What is the typical draw period for HELOCs, and does it vary between lenders in Louisiana?

How can I find a lender with flexible repayment options in Louisiana?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

recency icon

Our analysis was completed in December 2024 and considered different banks and credit unions in Louisiana from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


sources