HELOC rates in Tennessee rose from 4.2% in 2021 to 8.7% by October 2024. With rates consistently climbing, homeowners considering a HELOC might benefit from locking in current rates to avoid paying more in the future.
Best HELOC Rates in Tennessee
As of October 16, 2024, the best HELOC rate in Tennessee is 4.0% from Listerhill Credit Union in Columbia, significantly lower than the state average of 8.6% and the national average 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 Tennessee with an 80% LTV is 8.4%, compared with 9.2% for a 90% LTV.
HELOC rates vary by city in Tennessee. Pegram has an average APR of 4.8%, whereas Joelton's is 10.6%.
Different lenders offer varying rates for the same loan types. Listerhill Credit Union's average APR is 4.0%, whereas Fifth Third Bank's is 10.9%.
Current HELOC Rates in Tennessee
HELOC Rates in Tennessee by LTV Ratio
HELOC rates in Tennessee vary based on your loan-to-value (LTV) ratio and line limit. Lenders view a lower LTV as less risky, as you have more equity. For instance, with an 80% LTV, you've borrowed less against your home compared to a 90% LTV, reducing the chance to default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
- $100,000
- $50,000
HELOC Rates in Tennessee by City
HELOC rates in Tennessee vary between cities due to local housing markets and lender competition. For instance, cities with stable real estate markets may offer lower rates, reducing lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
- Adamsville
- Alachua
- Alamo
- Alcoa
- Alexandria
- Altamonte Springs
- Amelia Island
- Antioch
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Ardmore
- Arlington
- Ashland City
- Athens
- Atlantic Beach
- Atlantis
- Atoka
- Auburndale
- Aventura
- Avon Park
- Babcock Ranch
- Baker
- Bal Harbour
- Baldwin
- Barefoot Bay
- Bartlett
- Bartow
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Belle Glade
- Belleair Bluffs
- Belleview
- Benton
- Beverly Hills
- Big Pine Key
- Blountstown
- Blountville
- Boca Raton
- Bolivar
- Bonifay
- Bonita Springs
- Boynton Beach
- Bradenton
- Brandon
- Brentwood
- Bristol
- Bronson
- Brooksville
- Brownsville
- Buchanan
- Bushnell
- Callahan
- Callaway
- Cape Canaveral
- Cape Coral
- Carthage
- Casselberry
- Cedar Key
- Celebration
- Celina
- Centerville
- Century
- Champions Gate
- Chattahoochee
- Chattanooga
- Chiefland
- Chipley
- City of Westlake
- Clarkrange
- Clarksville
- Clearwater
- Clermont
- Cleveland
- Clewiston
- Clinton
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Collegedale
- Collierville
- Collinwood
- Columbia
- Cookeville
- Cooper City
- Coral Gables
- Coral Springs
- Cordova
- Cornersville
- Covington
- Crawfordville
- Crescent City
- Crestview
- Cross City
- Cross Plains
- Crossville
- Crystal River
- Cutler Bay
- Dade City
- Dandridge
- Dania
- Davenport
- Davie
- Dayton
- Daytona Beach
- DeFuniak Springs
- DeLand
- Decatur
- Decherd
- Deerfield Beach
- Delray Beach
- Deltona
- Destin
- Dickson
- Doral
- Dover
- Dresden
- Ducktown
- Dunedin
- Dunnellon
- Dyersburg
- Edgewater
- Eglin AFB
- Elizabethton
- Ellenton
- Englewood
- Erin
- Erwin
- Estero
- Etowah
- Eustis
- Fairview
- Farragut
- Fayetteville
- Fellsmere
- Fern Park
- Fernandina Beach
- Fleming Island
- Florida City
- Forest City
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Franklin
- Freeport
- Friendship
- Fruit Cove
- Fruitland Park
- Gainesville
- Gallatin
- Gatlinburg
- Germantown
- Goodlettsville
- Gordonsville
- Gray
- Green Cove Springs
- Greenacres
- Greenbrier
- Greeneville
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Haines City
- Hallandale Beach
- Harriman
- Harrogate
- Haverhill
- Hawthorne
- Heathrow
- Henderson
- Hendersonville
- Hermitage
- Hernando
- Hialeah
- Hialeah Gardens
- Hixson
- Hohenwald
- Holiday
- Hollywood
- Holmes Beach
- Homestead
- Homosassa Springs
- Hudson
- Humboldt
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Islamorada
- Jacksboro
- Jackson
- Jacksonville
- Jacksonville Beach
- Jamestown
- Jefferson City
- Jensen Beach
- Joelton
- Johnson City
- Jonesborough
- Jonesville
- Juno Beach
- Jupiter
- Kennedy Space Center
- Kenton
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kingsport
- Kingston
- Kingston Springs
- Kissimmee
- Knoxville
- Kodak
- La Follette
- La Vergne
- Labelle
- Lady Lake
- Lafayette
- Lake Buena Vista
- Lake City
- Lake Mary
- Lake Placid
- Lake Wales
- Lake Worth
- Lakeland
- Lakewood Ranch
- Land O' Lakes
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrenceburg
- Lebanon
- Leesburg
- Lehigh Acres
- Lenoir City
- Lewisburg
- Lexington
- Lighthouse Point
- Lithia
- Live Oak
- Livingston
- Longboat Key
- Longwood
- Lookout Mountain
- Loudon
- Loxahatchee
- Luttrell
- Lutz
- Lyles
- Lynchburg
- Lynn Haven
- MacClenny
- Madison
- Madisonville
- Maitland
- Manchester
- Marathon
- Marco Island
- Margate
- Marianna
- Martin
- Mary Esther
- Maryville
- Maynardville
- Mayport
- McKenzie
- McMinnville
- Melbourne
- Memphis
- Merritt Island
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Milan
- Millington
- Milton
- Mims
- Miramar
- Miramar Beach
- Monterey
- Monticello
- Morrison
- Morristown
- Mount Carmel
- Mount Dora
- Mount Juliet
- Mount Pleasant
- Mountain City
- Mulberry
- Munford
- Murfreesboro
- Naples
- Nashville
- Navarre
- Neptune Beach
- New Johnsonville
- New Port Richey
- New Smyrna Beach
- New Tazewell
- Newberry
- Newport
- Niceville
- Nokomis
- Nolensville
- Norris
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- Oak Ridge
- Oakland
- Oakland Park
- Obion
- Ocala
- Ocoee
- Odessa
- Okeechobee
- Old Hickory
- Old Town
- Oldsmar
- Oliver Springs
- Oneida
- Ooltewah
- Orange City
- Orange Park
- Orlando
- Orlinda
- Ormond Beach
- Oviedo
- Pace
- Pahokee
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Panama City
- Panama City Beach
- Paris
- Parker
- Parrish
- Parsons
- Patrick AFB
- Pegram
- Pembroke Park
- Pembroke Pines
- Pensacola
- Perry
- Pigeon Forge
- Pinecrest
- Pinellas Park
- Piney Flats
- Plant City
- Plantation
- Pleasant View
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Port Charlotte
- Port Orange
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Portland
- Powell
- Pulaski
- Punta Gorda
- Quincy
- Raiford
- Red Bank
- Ridgely
- Ripley
- Riverview
- Riviera Beach
- Roan Mountain
- Rockledge
- Rockwood
- Rogersville
- Rosemary Beach
- Royal Palm Beach
- Ruskin
- Safety Harbor
- Saint Augustine
- Saint Cloud
- Saint James City
- Saint Johns
- Saint Petersburg
- Sanford
- Santa Rosa Beach
- Sarasota
- Satellite Beach
- Savannah
- Scotts Hill
- Sebastian
- Sebring
- Seffner
- Selmer
- Seminole
- Sevierville
- Seymour
- Shalimar
- Sharon
- Shelbyville
- Signal Mountain
- Silver Springs
- Smithville
- Smyrna
- Sneads
- Soddy-Daisy
- Somerville
- South Daytona
- South Fulton
- South Miami
- South Pasadena
- Southport
- Sparta
- Speedwell
- Spring City
- Spring Hill
- Springfield
- Starke
- Steinhatchee
- Stuart
- Summerfield
- Sun City Center
- Sunny Isles Beach
- Sunrise
- Sweetwater
- Talbott
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tavernier
- Temple Terrace
- Tequesta
- The Villages
- Thompson's Station
- Tierra Verde
- Tiptonville
- Titusville
- Treasure Island
- Trenton
- Trinity
- Tullahoma
- Tyndall AFB
- Unicoi
- Union City
- University Park
- Valrico
- Venice
- Vero Beach
- Viera
- Virginia Gardens
- Vonore
- Wartburg
- Wauchula
- Waverly
- Waynesboro
- Wellington
- Wesley Chapel
- West Melbourne
- West Miami
- West Palm Beach
- Westmoreland
- Weston
- White House
- Whiteville
- Wildwood
- Williston
- Wilton Manors
- Wimauma
- Winchester
- Windermere
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Woodbury
- Yulee
- Zephyrhills
$100,000 | 8.8% |
$50,000 | 8.9% |
HELOC Rates in Tennessee by Lender
HELOC interest rates in Tennessee differ among lenders due to varying pricing strategies and risk assessments. Compare competitive rates by reviewing the table below, which highlights the five lenders in Tennessee offering the lowest average APRs.
Listerhill Credit Union | 4.0% |
United Community Bank | 4.8% |
SmartBank | 5.6% |
Leaders Credit Union | 7.0% |
Eclipse Bank, Inc. | 7.3% |
HELOC rates today can vary between lenders even in the same city. Use the table below to filter by city and compare APRs to find the best rate in your area.
- Adamsville
- Alachua
- Alamo
- Alcoa
- Alexandria
- Altamonte Springs
- Amelia Island
- Antioch
- Apalachicola
- Apollo Beach
- Apopka
- Arcadia
- Ardmore
- Arlington
- Ashland City
- Athens
- Atlantic Beach
- Atlantis
- Atoka
- Auburndale
- Aventura
- Avon Park
- Babcock Ranch
- Baker
- Bal Harbour
- Baldwin
- Barefoot Bay
- Bartlett
- Bartow
- Bay Harbor Islands
- Bay Lake
- Bayonet Point
- Belle Glade
- Belleair Bluffs
- Belleview
- Benton
- Beverly Hills
- Big Pine Key
- Blountstown
- Blountville
- Boca Raton
- Bolivar
- Bonifay
- Bonita Springs
- Boynton Beach
- Bradenton
- Brandon
- Brentwood
- Bristol
- Bronson
- Brooksville
- Brownsville
- Buchanan
- Bushnell
- Callahan
- Callaway
- Cape Canaveral
- Cape Coral
- Carthage
- Casselberry
- Cedar Key
- Celebration
- Celina
- Centerville
- Century
- Champions Gate
- Chattahoochee
- Chattanooga
- Chiefland
- Chipley
- City of Westlake
- Clarkrange
- Clarksville
- Clearwater
- Clermont
- Cleveland
- Clewiston
- Clinton
- Cocoa
- Cocoa Beach
- Coconut Creek
- Coconut Grove
- Collegedale
- Collierville
- Collinwood
- Columbia
- Cookeville
- Cooper City
- Coral Gables
- Coral Springs
- Cordova
- Cornersville
- Covington
- Crawfordville
- Crescent City
- Crestview
- Cross City
- Cross Plains
- Crossville
- Crystal River
- Cutler Bay
- Dade City
- Dandridge
- Dania
- Davenport
- Davie
- Dayton
- Daytona Beach
- DeFuniak Springs
- DeLand
- Decatur
- Decherd
- Deerfield Beach
- Delray Beach
- Deltona
- Destin
- Dickson
- Doral
- Dover
- Dresden
- Ducktown
- Dunedin
- Dunnellon
- Dyersburg
- Edgewater
- Eglin AFB
- Elizabethton
- Ellenton
- Englewood
- Erin
- Erwin
- Estero
- Etowah
- Eustis
- Fairview
- Farragut
- Fayetteville
- Fellsmere
- Fern Park
- Fernandina Beach
- Fleming Island
- Florida City
- Forest City
- Fort Lauderdale
- Fort Myers
- Fort Pierce
- Fort Walton Beach
- Franklin
- Freeport
- Friendship
- Fruit Cove
- Fruitland Park
- Gainesville
- Gallatin
- Gatlinburg
- Germantown
- Goodlettsville
- Gordonsville
- Gray
- Green Cove Springs
- Greenacres
- Greenbrier
- Greeneville
- Greenwood
- Groveland
- Gulf Breeze
- Gulfport
- Haines City
- Hallandale Beach
- Harriman
- Harrogate
- Haverhill
- Hawthorne
- Heathrow
- Henderson
- Hendersonville
- Hermitage
- Hernando
- Hialeah
- Hialeah Gardens
- Hixson
- Hohenwald
- Holiday
- Hollywood
- Holmes Beach
- Homestead
- Homosassa Springs
- Hudson
- Humboldt
- Hurlburt Field
- Immokalee
- Indialantic
- Indian Harbour Beach
- Indian Shores
- Interlachen
- Inverness
- Islamorada
- Jacksboro
- Jackson
- Jacksonville
- Jacksonville Beach
- Jamestown
- Jefferson City
- Jensen Beach
- Joelton
- Johnson City
- Jonesborough
- Jonesville
- Juno Beach
- Jupiter
- Kennedy Space Center
- Kenton
- Key Biscayne
- Key Largo
- Key West
- Keystone Heights
- Kingsport
- Kingston
- Kingston Springs
- Kissimmee
- Knoxville
- Kodak
- La Follette
- La Vergne
- Labelle
- Lady Lake
- Lafayette
- Lake Buena Vista
- Lake City
- Lake Mary
- Lake Placid
- Lake Wales
- Lake Worth
- Lakeland
- Lakewood Ranch
- Land O' Lakes
- Lantana
- Largo
- Lauderdale Lakes
- Lauderdale-by-the-Sea
- Lauderhill
- Lawrenceburg
- Lebanon
- Leesburg
- Lehigh Acres
- Lenoir City
- Lewisburg
- Lexington
- Lighthouse Point
- Lithia
- Live Oak
- Livingston
- Longboat Key
- Longwood
- Lookout Mountain
- Loudon
- Loxahatchee
- Luttrell
- Lutz
- Lyles
- Lynchburg
- Lynn Haven
- MacClenny
- Madison
- Madisonville
- Maitland
- Manchester
- Marathon
- Marco Island
- Margate
- Marianna
- Martin
- Mary Esther
- Maryville
- Maynardville
- Mayport
- McKenzie
- McMinnville
- Melbourne
- Memphis
- Merritt Island
- Miami
- Miami Beach
- Miami Gardens
- Miami Lakes
- Miami Shores
- Miami Springs
- Middleburg
- Middleton
- Milan
- Millington
- Milton
- Mims
- Miramar
- Miramar Beach
- Monterey
- Monticello
- Morrison
- Morristown
- Mount Carmel
- Mount Dora
- Mount Juliet
- Mount Pleasant
- Mountain City
- Mulberry
- Munford
- Murfreesboro
- Naples
- Nashville
- Navarre
- Neptune Beach
- New Johnsonville
- New Port Richey
- New Smyrna Beach
- New Tazewell
- Newberry
- Newport
- Niceville
- Nokomis
- Nolensville
- Norris
- North Fort Myers
- North Miami
- North Miami Beach
- North Palm Beach
- North Port
- Oak Ridge
- Oakland
- Oakland Park
- Obion
- Ocala
- Ocoee
- Odessa
- Okeechobee
- Old Hickory
- Old Town
- Oldsmar
- Oliver Springs
- Oneida
- Ooltewah
- Orange City
- Orange Park
- Orlando
- Orlinda
- Ormond Beach
- Oviedo
- Pace
- Pahokee
- Palatka
- Palm Bay
- Palm Beach
- Palm Beach Gardens
- Palm City
- Palm Coast
- Palm Harbor
- Palm Springs
- Palmetto
- Palmetto Bay
- Panama City
- Panama City Beach
- Paris
- Parker
- Parrish
- Parsons
- Patrick AFB
- Pegram
- Pembroke Park
- Pembroke Pines
- Pensacola
- Perry
- Pigeon Forge
- Pinecrest
- Pinellas Park
- Piney Flats
- Plant City
- Plantation
- Pleasant View
- Pompano Beach
- Ponte Vedra
- Ponte Vedra Beach
- Port Charlotte
- Port Orange
- Port Richey
- Port Saint Joe
- Port Saint John
- Port Saint Lucie
- Portland
- Powell
- Pulaski
- Punta Gorda
- Quincy
- Raiford
- Red Bank
- Ridgely
- Ripley
- Riverview
- Riviera Beach
- Roan Mountain
- Rockledge
- Rockwood
- Rogersville
- Rosemary Beach
- Royal Palm Beach
- Ruskin
- Safety Harbor
- Saint Augustine
- Saint Cloud
- Saint James City
- Saint Johns
- Saint Petersburg
- Sanford
- Santa Rosa Beach
- Sarasota
- Satellite Beach
- Savannah
- Scotts Hill
- Sebastian
- Sebring
- Seffner
- Selmer
- Seminole
- Sevierville
- Seymour
- Shalimar
- Sharon
- Shelbyville
- Signal Mountain
- Silver Springs
- Smithville
- Smyrna
- Sneads
- Soddy-Daisy
- Somerville
- South Daytona
- South Fulton
- South Miami
- South Pasadena
- Southport
- Sparta
- Speedwell
- Spring City
- Spring Hill
- Springfield
- Starke
- Steinhatchee
- Stuart
- Summerfield
- Sun City Center
- Sunny Isles Beach
- Sunrise
- Sweetwater
- Talbott
- Tallahassee
- Tamarac
- Tampa
- Tarpon Springs
- Tavernier
- Temple Terrace
- Tequesta
- The Villages
- Thompson's Station
- Tierra Verde
- Tiptonville
- Titusville
- Treasure Island
- Trenton
- Trinity
- Tullahoma
- Tyndall AFB
- Unicoi
- Union City
- University Park
- Valrico
- Venice
- Vero Beach
- Viera
- Virginia Gardens
- Vonore
- Wartburg
- Wauchula
- Waverly
- Waynesboro
- Wellington
- Wesley Chapel
- West Melbourne
- West Miami
- West Palm Beach
- Westmoreland
- Weston
- White House
- Whiteville
- Wildwood
- Williston
- Wilton Manors
- Wimauma
- Winchester
- Windermere
- Winter Garden
- Winter Haven
- Winter Park
- Winter Springs
- Woodbury
- Yulee
- Zephyrhills
United Community Bank | Commercial Bank | 4.8% |
Synovus Bank | Commercial Bank | 7.4% |
Volunteer State Bank | Commercial Bank | 8.0% |
US Community Credit Union | Credit Union | 8.0% |
Ascend Federal Credit Union | Credit Union | 8.0% |
American Airlines Federal Credit Union | Credit Union | 8.5% |
Cadence Bank | Commercial Bank | 8.5% |
Enbright Credit Union | Credit Union | 8.5% |
First Horizon Bank | Commercial Bank | 8.5% |
Regions Bank | Commercial Bank | 8.5% |
Southeast Financial Credit Union | Credit Union | 8.5% |
Wilson Bank & Trust | Commercial Bank | 8.5% |
Fortera Federal Credit Union | Credit Union | 8.8% |
FirstBank | Commercial Bank | 8.8% |
Old National Bank | Commercial Bank | 9.0% |
First South Financial Credit Union | Credit Union | 9.0% |
Republic Bank & Trust Company | Commercial Bank | 9.0% |
First Farmers and Merchants Bank | Commercial Bank | 9.0% |
Simmons Bank | Commercial Bank | 9.2% |
Bank of Tennessee | Commercial Bank | 9.5% |
U.S. Bank National Association | Commercial Bank | 10.4% |
Truist Bank | Commercial Bank | 10.6% |
Bank of America | Commercial Bank | 10.7% |
Fifth Third Bank | Commercial Bank | 10.9% |
HELOC rates in Tennessee vary between banks and credit unions, with commercial banks typically offering higher rates. For instance, the best HELOC rate from a bank in Tennessee is currently at 8.7%, while credit unions offer a slightly lower average APR of 8.6%. Credit unions, as not-for-profit institutions, often provide more competitive rates due to their unique structure.
When deciding between these options, consider more than just rates. Banks may provide greater convenience and a wider range of services, whereas credit unions often excel in 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 Tennessee HELOC payment calculator to determine your monthly payments based on the amount drawn, APR and loan terms. Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC and plan for future payments.
Tennessee 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.
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How to Get the Best HELOC Rates in Tennessee
Finding the best HELOC rates in Tennessee can help you save thousands over the life of your loan. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in Tennessee is 705. Improving it can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Settling for the first offer you receive may be costly. By shopping around, you can find competitive rates and even use offers to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lenders favor borrowers with lower debt-to-income (DTI) ratios because it shows financial stability. Reducing your debt can make you a more attractive candidate for a lower rate.
Increase your home equity
The more equity you have, the less risk the lender assumes, which can lead to a lower rate. Paying down your mortgage or making home improvements can increase your equity.
Review closing costs and rate caps
Some lenders charge closing costs between 2% and 5%, whereas others don't. Compare rate caps to limit your costs as rates adjust over time.
HELOC Loan Rates vs. Home Equity Loan Rates in Tennessee
HELOC interest rates in Tennessee average 8.6%, while home equity loan rates are 7.9%. This difference is due to their rate structures, which influence the average APRs.
- HELOCs are flexible, revolving credit lines with variable rates that adjust based on market conditions. In rising interest rate environments, HELOC rates can increase, potentially impacting homeowners' finances over time.
- Home equity loans provide a lump sum at a fixed rate, offering stable payments throughout the loan term. They are ideal for situations where financial certainty is preferred over flexibility.
Both options let you borrow against your home's equity, but your decision depends on whether you value the flexibility of a HELOC or the predictability of a home equity loan.
A cash-out refinance is a HELOC alternative that replaces your existing mortgage with a new, larger loan, allowing you to access cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K gives $50K cash, with payments based on $200K.
FAQ: Best HELOC Rates in Tennessee
On average, Tennessee's HELOC rate is 8.6%, slightly below the national average of 8.7%.
Common fees include application fees, appraisal fees, annual fees and early closure fees, but specifics vary by lender.
Tennessee's HELOC rates average 8.6%, while home equity loan rates are lower at 7.9%.
Commercial banks in Tennessee offer HELOC rates averaging 8.7%, while credit unions offer lower rates at 8.6%.
Nashville's rates average 8.8%, slightly higher than the state average of 8.6%.
MoneyGeek examined 97 different banks and credit unions in Tennessee 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.