Home Equity Loan Rates in Florida

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $204,000 in Florida. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Florida's home equity loan rates are just under national averages — 7.4% APR for a 10-year term (7.7% nationally) and 7.8% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Florida, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

Key Takeaways

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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in Florida with an 80% LTV is 7.6%, compared to 8.2% for a 90% LTV.

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HEL rates vary by city in Florida. For 15-year loans with an 80% LTV, Palm Springs has an average APR of 5%, whereas Gainesville's is 10.8%.

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Different lenders offer varying rates for the same loan types. Miami Postal Service Credit Union's average APR is 4.9%, whereas Grow Financial Federal Credit Union's is 10%.

MoneyGeek examined 48 different banks and credit unions in Florida using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of September 2024.

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Current Home Equity Loan Rates in Florida

Assuming you have an 80% LTV ratio, the current average APR for a 15-year home equity loan in Florida is 7.6%. Factors like repayment terms influence rates. For the same LTV ratio, a 10-year loan averages 7.3% APR, while a five-year loan averages 6.9%. The line chart below shows how current home equity loan rates in Florida compare to the national average.

Home Equity Rates in Florida vs. National Rates

Home Equity Rates in Florida vs. National Rates

Florida HEL interest rates change daily. Keeping track of rate changes can help you save thousands on interest over the life of your loan, making financing renovations or repairs more affordable. For example, a 15-year home equity loan with a 7.6% APR results in a monthly payment of $839 and a total interest of $61,098, whereas a 10-year loan with a 7.3% APR has a monthly payment of $1,059 and a total interest of $37,073.

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HOME EQUITY LOANS VS. HELOCS IN FLORIDA

Home equity loans (HELs) and home equity lines of credit (HELOC) both allow homeowners to borrow against their home's value, but HELs have fixed rates, while HELOCs are often variable.

Fixed rates mean your monthly payments remain the same, providing financial predictability. Although HELOC rates in Florida are typically lower, variable rates can fluctuate, potentially leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value (LTV) ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Florida with an LTV ratio of 80% is 7.6%. It's 8.3% for an LTV ratio of 90%. Below is a chart showing what rates you might qualify for based on your LTV ratio.

Home Equity Loan Rates in Florida by LTV Ratio

Home Equity Loan Rates in Florida by LTV Ratio

Home Equity Loan Rates by City in Florida

Average APRs vary not just between states but also between cities. Cities with higher home values or rapid appreciation often have lower average rates because lenders see the loans as less risky. Additionally, cities with stronger job markets and lower unemployment usually offer better rates, as borrowers are less likely to default.

In Florida, Palm Springs has an average APR of 5.0%, while Gainesville has an average APR of 10.8%. These rates are for 15-year home equity loans with an LTV ratio of 80%. The table below shows the average HEL rates across Florida cities with 15-year terms.

5 Lowest APRs
5 Highest APRs

Palm Springs, FL

5.00%

Gainesville, FL

10.75%

Lake Mary, FL

6.50%

Tampa, FL

9.00%

Panama City, FL

6.50%

Newberry, FL

8.75%

Fort Walton Beach, FL

6.50%

Delray Beach, FL

8.63%

Rockledge, FL

6.74%

Temple Terrace, FL

8.50%

Home Equity Loan Lenders in Florida

Home equity loan rates in Florida can vary significantly between lenders. For instance, Miami Postal Service Credit Union offers the lowest average APR at 4.9%, while Suncoast Credit Union has the highest at 10.0%.

By comparing lenders, you can find the lowest home equity loan rates and secure favorable rates and terms. Including credit unions in your search can also be beneficial, as they typically offer lower rates but may have stricter membership requirements.

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HEL LENDERS IN FLORIDA WITH LOW RATES

Here are the home equity loan lenders in Florida with the lowest average APRs:

  • Miami Postal Service Credit Union: 4.9%
  • Gold Coast Federal Credit Union: 5.0%
  • Tyndall Federal Credit Union: 6.1%
  • FAIRWINDS Credit Union: 6.3%
  • First Choice Credit Union: 6.4%

How to Get the Best Home Equity Loan Rate in Florida

Securing a good home equity interest rate can result in lower monthly payments and reduced overall costs, possibly freeing up funds for other financial goals. To lock in the best home equity loan rate in Florida, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, FAIRWINDS Credit Union advertises an average APR of 6.3%, while Guardians Credit Union offers 6.8%. Comparing different home equity loan lenders in Florida can help you find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Florida homeowners can increase their home's equity by hurricane-proofing or adding patio enclosures.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Florida is 708, according to Experian.

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    Decrease debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income that goes toward paying debts — can lead to better rates as insurers see you as a less risky borrower.

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FAQ About Home Equity Loan Rates in Florida

MoneyGeek addresses common homeowner questions about home equity loan rates, providing precise and reliable information for Florida residents.

What's the interest rate on a home equity loan in Florida?

How do you calculate your home equity in Florida?

Do home equity loan rates vary between cities in Florida?

Does a home equity loan have tax benefits in Florida?

What are possible drawbacks of a home equity loan in Florida?

How long does it take to get a home equity loan in Florida?

How do you get a home equity loan in Florida?

What can I use my funds for? Are there any home equity loan use restrictions in Florida?

Can you only take out a home equity loan in Florida on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in Florida?

What's the difference between a HELOC and a home equity loan?

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.


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