Home Equity Loan Rates in Louisiana (November 2024)

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

Louisiana's home equity loan rates are slightly higher than national averages — 8.0% APR for a 10-year term (7.7% nationally) and 8.0% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Louisiana, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Louisiana is 8.0%, but several factors can affect what lenders offer you. For instance, a higher credit score typically results in a lower APR, while a larger loan amount might lead to a higher rate. Repayment terms also play a role in determining your rate. Check out the table below to compare the current home equity loan rates in Louisiana across different loan terms.

Interest rates for home equity loans change daily. Keeping track of these changes can benefit you in several ways. A lower rate means you'll pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For instance, a 15-year home equity loan with an 8.0% APR results in a monthly payment of $478 and a total interest of $36,009. In comparison, a 10-year loan with a 7.9% APR has a monthly payment of $604 and a total interest of $22,480. By choosing the right term and rate, you can optimize your financial strategy.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe 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 instance, 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 Louisiana with an LTV ratio of 80% is 7.9%. It's 8.4% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Average APRs vary between cities in Louisiana due to several factors. Differences in property taxes or local fees can influence these rates, as they affect overall borrowing costs. Additionally, cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.

In Louisiana, Saint Francisville has an average APR of 6.7%, while Haughton has an average APR of 11.0%. Explore the table below to see the average home equity loan rates across various Louisiana cities.

Home equity loan rates in Louisiana can vary widely between lenders, influenced by each lender's policies and market strategies. For instance, Breco Federal Credit Union offers the lowest average APR at 6.7%, while BOM Bank has the highest at 11.0%. Comparing rates and terms from different lenders is essential to finding the lowest home equity loan rates available.

To make informed decisions, it's advisable to review and compare offerings from various lenders. Explore the interactive table below to see which lenders provide the lowest home equity loan rates in your city.

Getting the best possible home equity interest rates can transform your borrowing experience by lowering monthly payments and reducing overall costs. Imagine saving enough to fund a dream vacation or invest in home improvements. To secure the best home equity loan rates in Louisiana, consider these strategies:

MoneyGeek answers common questions about home equity loan rates for Louisiana homeowners, offering clear and precise information. Our goal is to ensure you have the reliable insights needed to understand these rates and make informed decisions.