HELOC rates in Illinois rose from 4.2% in 2021 to 8.8% by October 2024. This upward trend suggests potential higher costs for homeowners considering a HELOC. Securing a rate now might be wise to avoid future increases.
Best HELOC Rates in Illinois
As of October 16, 2024, the best HELOC rate in Illinois is 6.0% from Cooperative Choice Network Credit Union in Metamora, much lower than the state and national averages of 8.7%.
Updated: November 2, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Illinois with an 80% LTV is 8.6%, compared with 9.0% for a 90% LTV.
HELOC rates vary by city in Illinois. Lostant has an average APR of 6.6%, whereas Long Grove's is 10.5%.
Different lenders offer varying rates for the same loan types. Cooperative Choice Network Credit Union's average APR is 6.0%, whereas Parkway Bank and Trust Company’s is 11.5%.
Current HELOC Rates in Illinois
HELOC Rates in Illinois by LTV Ratio
HELOC rates in Illinois vary based on your loan-to-value ratio and line limit. A lower LTV ratio indicates more equity in your home, reducing lender risk. For instance, an 80% LTV is less risky than a 90% LTV, making it less likely you'll default on your HELOC.
The table below lets you filter between different loan amounts, offering a clearer view of what you may qualify for.
- $100,000
- $50,000
8.6% | 9.0% |
HELOC Rates in Illinois by City
HELOC rates in Illinois vary between cities due to local housing markets and lender competition. For instance, a city with a robust real estate market might offer lower rates, minimizing lender risk.
Use the table below to filter by your city and view average APRs for $50K and $100K HELOCs.
- Abbott Park
- Addison
- Alachua
- Albany
- Albers
- Aledo
- Algonquin
- Alsip
- Altamont
- Altamonte Springs
- Alton
- Amboy
- Amelia Island
- Andalusia
- Annawan
- Antioch
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Arcola
- Argonne
- Arlington Heights
- Aroma Park
- Arthur
- Astoria
- Atlantic Beach
- Atlantis
- Auburndale
- Aurora
- Aventura
- Avon Park
- Babcock Ranch
- Baker
- Bal Harbour
- Baldwin
- Bannockburn
- Barefoot Bay
- Barrington
- Bartlett
- Bartonville
- Bartow
- Batavia
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Beardstown
- Bedford Park
- Belle Glade
- Belleair Bluffs
- Belleview
- Belleville
- Bellwood
- Belvidere
- Bensenville
- Benton
- Berkeley
- Berwyn
- Beverly Hills
- Big Pine Key
- Bloomingdale
- Bloomington
- Blountstown
- Blue Island
- Boca Raton
- Bolingbrook
- Bonifay
- Bonita Springs
- Bourbonnais
- Boynton Beach
- Bradenton
- Brandon
- Breese
- Bridgeport
- Bridgeview
- Brimfield
- Broadview
- Bronson
- Brooksville
- Buffalo Grove
- Buffalo Prairie
- Burbank
- Burlington
- Burr Ridge
- Bushnell
- Byron
- Cahokia
- Callahan
- Callaway
- Calumet City
- Cambria
- Camp Point
- Canton
- Cape Canaveral
- Cape Coral
- Carbondale
- Carlinville
- Carlyle
- Carmi
- Carol Stream
- Carpentersville
- Carterville
- Carthage
- Cary
- Casey
- Caseyville
- Casselberry
- Catlin
- Cedar Key
- Celebration
- Centralia
- Century
- Cerro Gordo
- Champaign
- Champions Gate
- Channahon
- Charleston
- Chatham
- Chattahoochee
- Chicago
- Chicago Heights
- Chicago Ridge
- Chiefland
- Chillicothe
- Chipley
- Chrisman
- Cicero
- City of Westlake
- Clarendon Hills
- Clearwater
- Clermont
- Clewiston
- Clifton
- Clinton
- Coal City
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Colchester
- Collinsville
- Columbia
- Cooper City
- Coral Gables
- Coral Springs
- Coulterville
- Country Club Hills
- Countryside
- Crawfordville
- Crescent City
- Crest Hill
- Creston
- Crestview
- Crestwood
- Crete
- Cross City
- Crystal Lake
- Crystal River
- Cutler Bay
- Dade City
- Danforth
- Dania
- Danville
- Darien
- Davenport
- Davie
- Davis
- Davis Junction
- Daytona Beach
- DeFuniak Springs
- DeLand
- Decatur
- Deer Park
- Deerfield
- Deerfield Beach
- Dekalb
- Delavan
- Delray Beach
- Deltona
- Des Plaines
- Destin
- Diamond
- Dixon
- Dolton
- Doral
- Downers Grove
- Du Quoin
- Dunedin
- Dunlap
- Dunnellon
- Durand
- Dwight
- Earlville
- East Alton
- East Moline
- East Peoria
- East Saint Louis
- Edgewater
- Edwardsville
- Effingham
- Eglin AFB
- Elburn
- Eldorado
- Elgin
- Elizabeth
- Elizabethtown
- Elk Grove Village
- Elkhart
- Elkville
- Ellenton
- Elmhurst
- Elmwood
- Elmwood Park
- Energy
- Englewood
- Erie
- Estero
- Eureka
- Eustis
- Evanston
- Evergreen Park
- Fairbury
- Fairfield
- Fairmont City
- Fairview Heights
- Farmington
- Fellsmere
- Fern Park
- Fernandina Beach
- Fleming Island
- Florida City
- Flossmoor
- Forest City
- Forrest
- Forsyth
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Fox Lake
- Fox River Grove
- Frankfort
- Franklin Grove
- Franklin Park
- Freeburg
- Freeport
- Fruit Cove
- Fruitland Park
- Fulton
- Gainesville
- Galena
- Galesburg
- Gardner
- Geneva
- Genoa
- Georgetown
- Germantown Hills
- Gibson City
- Gilman
- Glasford
- Glen Carbon
- Glen Ellyn
- Glencoe
- Glendale Heights
- Glenview
- Glenwood
- Godfrey
- Goodfield
- Granite City
- Grayslake
- Great Lakes
- Green Cove Springs
- Greenacres
- Greenville
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Gurnee
- Haines City
- Hallandale Beach
- Hamel
- Hampshire
- Hanna City
- Hanover Park
- Harrisburg
- Harvard
- Harvey
- Havana
- Haverhill
- Hawthorn Woods
- Hawthorne
- Heathrow
- Hernando
- Herrin
- Herscher
- Hialeah
- Hialeah Gardens
- Hickory Hills
- Highland
- Highland Park
- Hillside
- Hinsdale
- Hoffman Estates
- Holiday
- Hollywood
- Holmes Beach
- Homer
- Homer Glen
- Homestead
- Homewood
- Homosassa Springs
- Hoopeston
- Hudson
- Huntley
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Irvington
- Islamorada
- Island Lake
- Itasca
- Ivesdale
- Jacksonville
- Jacksonville Beach
- Jensen Beach
- Jerseyville
- Johnsburg
- Joliet
- Jonesville
- Joy
- Juno Beach
- Jupiter
- Kaneville
- Kankakee
- Kennedy Space Center
- Kent
- Kewanee
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kildeer
- Kirkland
- Kissimmee
- Knoxville
- La Grange
- La Grange Park
- La Salle
- Labelle
- Lacon
- Lady Lake
- Lake Barrington
- Lake Buena Vista
- Lake City
- Lake Forest
- Lake Mary
- Lake Placid
- Lake Villa
- Lake Wales
- Lake Worth
- Lake Zurich
- Lake in the Hills
- Lakeland
- Lakewood Ranch
- Land O' Lakes
- Lansing
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrenceville
- Le Roy
- Lebanon
- Leesburg
- Lehigh Acres
- Leland
- Lemont
- Lena
- Libertyville
- Lighthouse Point
- Lincoln
- Lincolnshire
- Lincolnwood
- Lindenhurst
- Lisle
- Lithia
- Live Oak
- Lockport
- Lombard
- Long Grove
- Longboat Key
- Longwood
- Lostant
- Loves Park
- Loxahatchee
- Lutz
- Lynn Haven
- Lynwood
- Lyons
- MacClenny
- Machesney Park
- Macomb
- Madison
- Mahomet
- Maitland
- Manhattan
- Manito
- Mansfield
- Manteno
- Mapleton
- Marathon
- Marco Island
- Marengo
- Margate
- Marianna
- Marine
- Marion
- Markham
- Maroa
- Marseilles
- Marshall
- Martinsville
- Mary Esther
- Maryville
- Mascoutah
- Mason City
- Matteson
- Mattoon
- Mayport
- Maywood
- McHenry
- McLeansboro
- Melbourne
- Melrose Park
- Melvin
- Mendota
- Merrionette Park
- Merritt Island
- Metamora
- Metropolis
- Mettawa
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Midlothian
- Milan
- Milton
- Mims
- Minier
- Minonk
- Minooka
- Miramar
- Miramar Beach
- Mokena
- Moline
- Monee
- Monmouth
- Monroe Center
- Montgomery
- Monticello
- Morris
- Morrison
- Morrisonville
- Morton
- Morton Grove
- Mount Carmel
- Mount Carroll
- Mount Dora
- Mount Morris
- Mount Olive
- Mount Prospect
- Mount Pulaski
- Mount Vernon
- Mount Zion
- Moweaqua
- Mulberry
- Mundelein
- Murphysboro
- Naperville
- Naples
- Nashville
- Navarre
- Neptune Beach
- New Baden
- New Lenox
- New Port Richey
- New Smyrna Beach
- Newberry
- Newton
- Niantic
- Niceville
- Niles
- Nokomis
- Normal
- Norridge
- North Aurora
- North Barrington
- North Chicago
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- North Riverside
- Northbrook
- Northfield
- Northlake
- O'Fallon
- Oak Brook
- Oak Forest
- Oak Lawn
- Oak Park
- Oakbrook Terrace
- Oakdale
- Oakland
- Oakland Park
- Oakwood
- Oblong
- Ocala
- Ocoee
- Odessa
- Oglesby
- Okeechobee
- Old Town
- Oldsmar
- Olney
- Olympia Fields
- Onarga
- Oquawka
- Orange City
- Orange Park
- Orion
- Orland Hills
- Orland Park
- Orlando
- Ormond Beach
- Oswego
- Ottawa
- Oviedo
- Pace
- Pahokee
- Palatine
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Palmyra
- Palos Heights
- Palos Hills
- Palos Park
- Pana
- Panama City
- Panama City Beach
- Paris
- Park Ridge
- Parker
- Parrish
- Patrick AFB
- Paw Paw
- Paxton
- Pekin
- Pembroke Park
- Pembroke Pines
- Pensacola
- Peoria
- Peoria Heights
- Peotone
- Perry
- Peru
- Petersburg
- Pinckneyville
- Pinecrest
- Pinellas Park
- Piper City
- Plainfield
- Plano
- Plant City
- Plantation
- Pleasant Plains
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Pontiac
- Pontoon Beach
- Poplar Grove
- Port Byron
- Port Charlotte
- Port Orange
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Princeton
- Princeville
- Prophetstown
- Prospect Heights
- Punta Gorda
- Quincy
- Raiford
- Rantoul
- Richmond
- Richton Park
- River Forest
- Riverside
- Riverton
- Riverview
- Riverwoods
- Riviera Beach
- Roanoke
- Robinson
- Rochelle
- Rock Island
- Rockford
- Rockledge
- Rolling Meadows
- Romeoville
- Roscoe
- Roselle
- Rosemary Beach
- Rosemont
- Roseville
- Round Lake
- Round Lake Beach
- Round Lake Heights
- Royal Palm Beach
- Rushville
- Ruskin
- Safety Harbor
- Saint Augustine
- Saint Charles
- Saint Cloud
- Saint Francisville
- Saint James City
- Saint Johns
- Saint Petersburg
- Sainte Marie
- Salem
- Sandwich
- Sanford
- Santa Rosa Beach
- Sarasota
- Satellite Beach
- Sauk Village
- Savanna
- Savoy
- Schaumburg
- Schiller Park
- Scott AFB
- Sebastian
- Sebring
- Seffner
- Seminole
- Seneca
- Serena
- Shabbona
- Shalimar
- Shannon
- Shawneetown
- Shiloh
- Shorewood
- Sidell
- Silver Springs
- Silvis
- Skokie
- Smithton
- Sneads
- Somonauk
- South Barrington
- South Beloit
- South Chicago Heights
- South Daytona
- South Elgin
- South Holland
- South Miami
- South Pasadena
- Southport
- Sparta
- Speer
- Spring Bay
- Spring Grove
- Spring Hill
- Springfield
- Starke
- Staunton
- Steeleville
- Steger
- Steinhatchee
- Sterling
- Stickney
- Stockton
- Stone Park
- Streamwood
- Streator
- Stuart
- Sublette
- Sugar Grove
- Summerfield
- Summit
- Sumner
- Sun City Center
- Sunny Isles Beach
- Sunrise
- Swansea
- Sycamore
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tavernier
- Taylor Ridge
- Taylorville
- Temple Terrace
- Tequesta
- The Villages
- Thomson
- Tierra Verde
- Tinley Park
- Titusville
- Toluca
- Tonica
- Treasure Island
- Tremont
- Trenton
- Trinity
- Trivoli
- Troy
- Tuscola
- Tyndall AFB
- Union
- University Park
- Urbana
- Ursa
- Valrico
- Vandalia
- Venice
- Vernon Hills
- Vero Beach
- Vienna
- Viera
- Villa Park
- Virginia Gardens
- Volo
- Warrenville
- Wasco
- Washburn
- Washington
- Waterloo
- Waterman
- Watseka
- Wauchula
- Wauconda
- Waukegan
- Waverly
- Wellington
- Wesley Chapel
- West Brooklyn
- West Chicago
- West Dundee
- West Frankfort
- West Melbourne
- West Miami
- West Palm Beach
- Westchester
- Western Springs
- Westmont
- Weston
- Westville
- Wheaton
- Wheeling
- White Hall
- Wildwood
- Williamsfield
- Williston
- Willow Springs
- Willowbrook
- Wilmette
- Wilmington
- Wilton Manors
- Wimauma
- Windermere
- Winfield
- Winnetka
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Wood Dale
- Wood River
- Woodridge
- Woodstock
- Worth
- Wyoming
- Yorkville
- Yulee
- Zephyrhills
- Zion
$100,000 | 8.9% |
$50,000 | 9.0% |
HELOC Rates in Illinois by Lender
HELOC interest rates in Illinois vary due to different lenders' pricing strategies and risk assessments. Understanding these differences can help you make informed decisions. Below is a table showcasing the five lenders in Illinois offering the lowest average APRs, enabling you to compare competitive rates.
Cooperative Choice Network Credit Union | 6.0% |
Illini State Bank | 6.6% |
Empeople Credit Union | 7.1% |
Farmers National Bank | 7.3% |
R I A Federal Credit Union | 7.3% |
HELOC rates today can differ among lenders in the same city. Use the table below to filter by city and compare average APRs to find the best rate in your area.
- Abbott Park
- Addison
- Alachua
- Albany
- Albers
- Aledo
- Algonquin
- Alsip
- Altamont
- Altamonte Springs
- Alton
- Amboy
- Amelia Island
- Andalusia
- Annawan
- Antioch
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Arcola
- Argonne
- Arlington Heights
- Aroma Park
- Arthur
- Astoria
- Atlantic Beach
- Atlantis
- Auburndale
- Aurora
- Aventura
- Avon Park
- Babcock Ranch
- Baker
- Bal Harbour
- Baldwin
- Bannockburn
- Barefoot Bay
- Barrington
- Bartlett
- Bartonville
- Bartow
- Batavia
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Beardstown
- Bedford Park
- Belle Glade
- Belleair Bluffs
- Belleview
- Belleville
- Bellwood
- Belvidere
- Bensenville
- Benton
- Berkeley
- Berwyn
- Beverly Hills
- Big Pine Key
- Bloomingdale
- Bloomington
- Blountstown
- Blue Island
- Boca Raton
- Bolingbrook
- Bonifay
- Bonita Springs
- Bourbonnais
- Boynton Beach
- Bradenton
- Brandon
- Breese
- Bridgeport
- Bridgeview
- Brimfield
- Broadview
- Bronson
- Brooksville
- Buffalo Grove
- Buffalo Prairie
- Burbank
- Burlington
- Burr Ridge
- Bushnell
- Byron
- Cahokia
- Callahan
- Callaway
- Calumet City
- Cambria
- Camp Point
- Canton
- Cape Canaveral
- Cape Coral
- Carbondale
- Carlinville
- Carlyle
- Carmi
- Carol Stream
- Carpentersville
- Carterville
- Carthage
- Cary
- Casey
- Caseyville
- Casselberry
- Catlin
- Cedar Key
- Celebration
- Centralia
- Century
- Cerro Gordo
- Champaign
- Champions Gate
- Channahon
- Charleston
- Chatham
- Chattahoochee
- Chicago
- Chicago Heights
- Chicago Ridge
- Chiefland
- Chillicothe
- Chipley
- Chrisman
- Cicero
- City of Westlake
- Clarendon Hills
- Clearwater
- Clermont
- Clewiston
- Clifton
- Clinton
- Coal City
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Colchester
- Collinsville
- Columbia
- Cooper City
- Coral Gables
- Coral Springs
- Coulterville
- Country Club Hills
- Countryside
- Crawfordville
- Crescent City
- Crest Hill
- Creston
- Crestview
- Crestwood
- Crete
- Cross City
- Crystal Lake
- Crystal River
- Cutler Bay
- Dade City
- Danforth
- Dania
- Danville
- Darien
- Davenport
- Davie
- Davis
- Davis Junction
- Daytona Beach
- DeFuniak Springs
- DeLand
- Decatur
- Deer Park
- Deerfield
- Deerfield Beach
- Dekalb
- Delavan
- Delray Beach
- Deltona
- Des Plaines
- Destin
- Diamond
- Dixon
- Dolton
- Doral
- Downers Grove
- Du Quoin
- Dunedin
- Dunlap
- Dunnellon
- Durand
- Dwight
- Earlville
- East Alton
- East Moline
- East Peoria
- East Saint Louis
- Edgewater
- Edwardsville
- Effingham
- Eglin AFB
- Elburn
- Eldorado
- Elgin
- Elizabeth
- Elizabethtown
- Elk Grove Village
- Elkhart
- Elkville
- Ellenton
- Elmhurst
- Elmwood
- Elmwood Park
- Energy
- Englewood
- Erie
- Estero
- Eureka
- Eustis
- Evanston
- Evergreen Park
- Fairbury
- Fairfield
- Fairmont City
- Fairview Heights
- Farmington
- Fellsmere
- Fern Park
- Fernandina Beach
- Fleming Island
- Florida City
- Flossmoor
- Forest City
- Forrest
- Forsyth
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Fox Lake
- Fox River Grove
- Frankfort
- Franklin Grove
- Franklin Park
- Freeburg
- Freeport
- Fruit Cove
- Fruitland Park
- Fulton
- Gainesville
- Galena
- Galesburg
- Gardner
- Geneva
- Genoa
- Georgetown
- Germantown Hills
- Gibson City
- Gilman
- Glasford
- Glen Carbon
- Glen Ellyn
- Glencoe
- Glendale Heights
- Glenview
- Glenwood
- Godfrey
- Goodfield
- Granite City
- Grayslake
- Great Lakes
- Green Cove Springs
- Greenacres
- Greenville
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Gurnee
- Haines City
- Hallandale Beach
- Hamel
- Hampshire
- Hanna City
- Hanover Park
- Harrisburg
- Harvard
- Harvey
- Havana
- Haverhill
- Hawthorn Woods
- Hawthorne
- Heathrow
- Hernando
- Herrin
- Herscher
- Hialeah
- Hialeah Gardens
- Hickory Hills
- Highland
- Highland Park
- Hillside
- Hinsdale
- Hoffman Estates
- Holiday
- Hollywood
- Holmes Beach
- Homer
- Homer Glen
- Homestead
- Homewood
- Homosassa Springs
- Hoopeston
- Hudson
- Huntley
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Irvington
- Islamorada
- Island Lake
- Itasca
- Ivesdale
- Jacksonville
- Jacksonville Beach
- Jensen Beach
- Jerseyville
- Johnsburg
- Joliet
- Jonesville
- Joy
- Juno Beach
- Jupiter
- Kaneville
- Kankakee
- Kennedy Space Center
- Kent
- Kewanee
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kildeer
- Kirkland
- Kissimmee
- Knoxville
- La Grange
- La Grange Park
- La Salle
- Labelle
- Lacon
- Lady Lake
- Lake Barrington
- Lake Buena Vista
- Lake City
- Lake Forest
- Lake Mary
- Lake Placid
- Lake Villa
- Lake Wales
- Lake Worth
- Lake Zurich
- Lake in the Hills
- Lakeland
- Lakewood Ranch
- Land O' Lakes
- Lansing
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrenceville
- Le Roy
- Lebanon
- Leesburg
- Lehigh Acres
- Leland
- Lemont
- Lena
- Libertyville
- Lighthouse Point
- Lincoln
- Lincolnshire
- Lincolnwood
- Lindenhurst
- Lisle
- Lithia
- Live Oak
- Lockport
- Lombard
- Long Grove
- Longboat Key
- Longwood
- Lostant
- Loves Park
- Loxahatchee
- Lutz
- Lynn Haven
- Lynwood
- Lyons
- MacClenny
- Machesney Park
- Macomb
- Madison
- Mahomet
- Maitland
- Manhattan
- Manito
- Mansfield
- Manteno
- Mapleton
- Marathon
- Marco Island
- Marengo
- Margate
- Marianna
- Marine
- Marion
- Markham
- Maroa
- Marseilles
- Marshall
- Martinsville
- Mary Esther
- Maryville
- Mascoutah
- Mason City
- Matteson
- Mattoon
- Mayport
- Maywood
- McHenry
- McLeansboro
- Melbourne
- Melrose Park
- Melvin
- Mendota
- Merrionette Park
- Merritt Island
- Metamora
- Metropolis
- Mettawa
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Midlothian
- Milan
- Milton
- Mims
- Minier
- Minonk
- Minooka
- Miramar
- Miramar Beach
- Mokena
- Moline
- Monee
- Monmouth
- Monroe Center
- Montgomery
- Monticello
- Morris
- Morrison
- Morrisonville
- Morton
- Morton Grove
- Mount Carmel
- Mount Carroll
- Mount Dora
- Mount Morris
- Mount Olive
- Mount Prospect
- Mount Pulaski
- Mount Vernon
- Mount Zion
- Moweaqua
- Mulberry
- Mundelein
- Murphysboro
- Naperville
- Naples
- Nashville
- Navarre
- Neptune Beach
- New Baden
- New Lenox
- New Port Richey
- New Smyrna Beach
- Newberry
- Newton
- Niantic
- Niceville
- Niles
- Nokomis
- Normal
- Norridge
- North Aurora
- North Barrington
- North Chicago
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- North Riverside
- Northbrook
- Northfield
- Northlake
- O'Fallon
- Oak Brook
- Oak Forest
- Oak Lawn
- Oak Park
- Oakbrook Terrace
- Oakdale
- Oakland
- Oakland Park
- Oakwood
- Oblong
- Ocala
- Ocoee
- Odessa
- Oglesby
- Okeechobee
- Old Town
- Oldsmar
- Olney
- Olympia Fields
- Onarga
- Oquawka
- Orange City
- Orange Park
- Orion
- Orland Hills
- Orland Park
- Orlando
- Ormond Beach
- Oswego
- Ottawa
- Oviedo
- Pace
- Pahokee
- Palatine
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
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- Palmyra
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- Palos Park
- Pana
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- Panama City Beach
- Paris
- Park Ridge
- Parker
- Parrish
- Patrick AFB
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- Paxton
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- Pembroke Park
- Pembroke Pines
- Pensacola
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- Peotone
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- Pinckneyville
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- Piper City
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- Sunny Isles Beach
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- Tallahassee
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- Tampa
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- Taylor Ridge
- Taylorville
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- The Villages
- Thomson
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- Tinley Park
- Titusville
- Toluca
- Tonica
- Treasure Island
- Tremont
- Trenton
- Trinity
- Trivoli
- Troy
- Tuscola
- Tyndall AFB
- Union
- University Park
- Urbana
- Ursa
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- Viera
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- Volo
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- Wood Dale
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- Yorkville
- Yulee
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- Zion
Quorum Federal Credit Union | Credit Union | 7.8% |
Scott Credit Union | Credit Union | 8.0% |
Earthmover Credit Union | Credit Union | 8.1% |
First American Bank | Commercial Bank | 8.3% |
First Nations Bank | Commercial Bank | 8.3% |
Justice Federal Credit Union | Credit Union | 8.3% |
Providence Bank & Trust | Commercial Bank | 8.3% |
BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.4% |
American Airlines Federal Credit Union | Credit Union | 8.5% |
Chicago Patrolmens Federal Credit Union | Credit Union | 8.5% |
CIBC Bank USA | Commercial Bank | 8.5% |
Customers Bank | Commercial Bank | 8.5% |
First Merchants Bank | Commercial Bank | 8.5% |
Great Southern Bank | Commercial Bank | 8.5% |
Marquette Bank | Commercial Bank | 8.5% |
Old Second National Bank | Commercial Bank | 8.5% |
Verve A Credit Union | Credit Union | 8.5% |
Vicinity Credit Union | Credit Union | 8.5% |
Waterman Bank | Commercial Bank | 8.5% |
Western Alliance Bank | Commercial Bank | 8.5% |
First Northern Credit Union | Credit Union | 8.7% |
Corporate America Family Credit Union | Credit Union | 8.8% |
Northbrook Bank & Trust Company | Commercial Bank | 8.8% |
Selfreliance Federal Credit Union | Credit Union | 8.8% |
Old National Bank | Commercial Bank | 9.0% |
Peoples Bank | Commercial Bank | 9.0% |
Wintrust Bank | Commercial Bank | 9.3% |
Beverly Bank & Trust Company | Commercial Bank | 9.3% |
Hinsdale Bank & Trust Company | Commercial Bank | 9.3% |
The Huntington National Bank | Commercial Bank | 9.5% |
Self-Help Federal Credit Union | Credit Union | 9.5% |
Credit Union 1 | Credit Union | 9.5% |
HSBC Bank USA | Commercial Bank | 9.6% |
Bank of America | Commercial Bank | 9.7% |
NuMark Credit Union | Credit Union | 9.8% |
U.S. Bank National Association | Commercial Bank | 10.0% |
Great Lakes Credit Union | Credit Union | 10.0% |
Fifth Third Bank | Commercial Bank | 10.1% |
PNC Bank | Commercial Bank | 10.5% |
Belmont Bank & Trust Company | Commercial Bank | 11.3% |
HELOC rates in Illinois vary between banks and credit unions, with banks typically offering higher rates. For example, commercial banks in Illinois have an average APR of 8.9%, whereas credit unions offer a lower average APR of 8.5%. Credit unions are not-for-profit institutions, which often allows them to provide more competitive rates.
When deciding between the two, consider more than just rates. Banks might offer greater convenience, while credit unions often provide better customer service and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Are there any strategies homeowners can use to lock in a favorable HELOC rate in a rising interest rate environment, and how does a rate lock typically work with HELOCs?
Ramsey Coulter has worked in the mortgage and credit industry for over 10 years. Currently a mortgage loan originator with CMG Home Loans, he specializes in helping first-time homebuyers navigate...
HELOCS often have variable interest rates, meaning they go up or down with the Federal Funds rate. So if you are worried about rates rising, you should look into a home equity loan or refinancing your home. That way you have a fixed rate that will not change over time.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity.
Use our Illinois HELOC payment calculator to determine your monthly payments based on amount drawn, APR, and loan terms.
The calculator provides an amortization schedule, showing payment division between principal and interest over time. Understanding these details helps you manage your HELOC more effectively and plan your finances.
Illinois 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.
Credit Line Information
Draw Period Payment
$0
Repayment Period Payment
$0
- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
YEAR
How to Get the Best HELOC Rates in Illinois
Finding the best HELOC rates in Illinois can lead to substantial savings over your loan's lifetime. Consider these five strategies to secure competitive rates:
Maintain a strong credit score
The average credit score in Illinois is 720. While good, aiming for higher can secure better rates.
Compare offers from multiple lenders
Shopping around for lender offers can lead to competitive rates and better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show stability. Paying off debt can improve your chances for better rates.
Increase your home equity
More equity reduces lender risk. Paying down your mortgage or making home improvements can help.
Review closing costs and rate caps
Closing costs impact expenses. Understanding rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Illinois
HELOC interest rates in Illinois average 8.7%, slightly higher than home equity loan rates at 7.8%. This difference arises from the variable rate structure of HELOCs, which can lead to higher costs in changing market conditions.
- HELOCs are revolving credit lines with variable interest rates that adjust based on market trends. In rising interest rate environments, these rates may increase, potentially impacting homeowners' finances over time.
- Home equity loans provide a lump sum with a fixed interest rate, offering stability throughout the loan term. They are ideal for situations where predictability in payments is crucial.
When deciding between these options, consider whether you prefer the flexibility of a HELOC or the stability of a home equity loan. Evaluate your financial situation and risk tolerance, and think about how changes in your home's equity might influence your decision.
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a larger loan, providing cash access. Unlike HELOCs or home equity loans, it forms a new primary mortgage.
For example, with a Federal Housing Administration (FHA) mortgage, a home valued at $300K and a $150K balance could refinance to $200K, offering $50K cash.
FAQ: Best HELOC Rates in Illinois
The average HELOC rate in Illinois is 8.7%, matching the national average rate.
Common fees include application, appraisal, annual and early closure fees, but specifics vary by lender.
HELOC rates in Illinois average 8.7%, while home equity loan rates are lower at around 7.8%, which can be beneficial for those with bad credit.
Commercial banks in Illinois offer HELOC rates averaging 8.9%, while credit unions offer lower rates at 8.5%.
The average HELOC rate in Illinois is 8.7%, while Chicago's rates are slightly higher, averaging 9.0%.
MoneyGeek examined 193 different banks and credit unions in Illinois using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of October 16, 2024.
About Zachary Romeo, CBCA
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.