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.
Wisconsin's home equity loan rates are slightly above national averages — 7.5% APR for a 10-year term (7.7% nationally) and 8.1% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Wisconsin, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.
Home Equity Loan Rates in Wisconsin
The current home equity loan rates in Wisconsin for 10-year loans average 7.5%, slightly lower than the national rate of 7.7%. For 15-year loans, the average rate is 8.1%, compared to 7.9% nationally.
Updated: November 27, 2024
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Key Takeaways
Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in Wisconsin with an 80% LTV is 7.9%, compared to 8.6% for a 90% LTV.
HEL rates vary by city in Wisconsin. For example, for 15-year loans, Withee has an average APR of 2.5%, whereas Brown Deer's is 11.6%.
Different lenders offer varying rates for the same loan types. AbbyBank's average APR is 2.5%, whereas PNC Bank's is 9.6%.
MoneyGeek examined 71 different banks and credit unions in Wisconsin using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.
This data is accurate as of November 2024.
Current Home Equity Loan Rates in Wisconsin
The current average APR for a 15-year home equity loan in Wisconsin is 8.1%, but several factors can influence the rate 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 the APR you receive. Check out the table below to compare the average APRs of home equity loans in Wisconsin across different loan terms.
10Year | 7.5% |
15Year | 8.1% |
5Year | 7.1% |
Interest rates for home equity loans change daily. Keeping an eye on these changes can save you money by reducing the interest you pay over the life of your loan. If you have high-interest debts, a lower rate on a home equity loan can help you consolidate those debts and lower your overall interest payments.
For example, a 15-year home equity loan with an 8.1% APR results in a monthly payment of $481 and a total interest of $36,529. In contrast, a 10-year loan with a 7.5% APR has a monthly payment of $594 and a total interest of $21,221.
Home equity loans and HELOCs are popular choices for homeowners. Home equity loans and home equity lines of credit (HELOC) allow homeowners to tap into their home's equity.
Home equity loan rates in Wisconsin have fixed rates, averaging 7.6%, while HELOC rates in Wisconsin are variable, averaging 8.4%. Fixed rates mean consistent monthly payments, providing financial predictability. Variable rates can start lower but may increase, leading to higher payments over time.
Home Equity Loan Rates by LTV Ratio
The rate you qualify for depends on your loan-to-value ratio, which is the amount 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 instance, if your home is valued at $300,000 and your mortgage balance is $240,000, your LTV ratio is 80%.
A higher LTV ratio presents a greater risk to lenders, resulting in higher rates. In Wisconsin, the average APR of a 15-year equity loan with an LTV ratio of 80% is 7.9%, compared to 8.6% for an LTV ratio of 90%. Use the table to see the average home equity loan rates you might qualify for based on your LTV ratio.
- 10Year
- 15Year
- 5Year
7.4% | 7.9% |
Home Equity Loan Rates by City in Wisconsin
Average APRs also vary between cities in Wisconsin. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Differences in property taxes or local fees can also influence rates, affecting overall borrowing costs.
In Wisconsin, Withee has an average APR of 2.5%, while Waupun has an average APR of 9.5%. Below is a table showing the cities in Wisconsin and their average APRs for home equity loans with different terms.
- Abbotsford
- Adams
- Algoma
- Alma Center
- Amery
- Antigo
- Appleton
- Ashland
- Auburndale
- Balsam Lake
- Baraboo
- Beaver Dam
- Beloit
- Black Creek
- Black River Falls
- Bloomer
- Brillion
- Brookfield
- Brown Deer
- Burlington
- Butler
- Cable
- Cedarburg
- Chetek
- Chilton
- Chippewa Falls
- Clear Lake
- Clintonville
- Cottage Grove
- Crandon
- Crivitz
- Cudahy
- Darlington
- De Forest
- De Pere
- Delafield
- Delavan
- Dodgeville
- Eagle River
- Eau Claire
- Elcho
- Elkhorn
- Elm Grove
- Evansville
- Fall Creek
- Fall River
- Fish Creek
- Fitchburg
- Florence
- Fond du Lac
- Fort Atkinson
- Fort McCoy
- Fox Point
- Franklin
- Freedom
- Galesville
- Germantown
- Gillett
- Gilman
- Glendale
- Grafton
- Green Bay
- Greendale
- Greenfield
- Greenville
- Gresham
- Hartford
- Hartland
- Hayward
- Hazel Green
- Holmen
- Horicon
- Hubertus
- Hudson
- Jackson
- Janesville
- Jefferson
- Juneau
- Kenosha
- Kewaunee
- Kimberly
- Kronenwetter
- La Crosse
- Ladysmith
- Lake Geneva
- Lake Mills
- Lancaster
- Little Chute
- Lomira
- Luxemburg
- Madison
- Manitowish Waters
- Manitowoc
- Marinette
- Marshfield
- Mauston
- Mayville
- Medford
- Mellen
- Melrose
- Menasha
- Menomonee Falls
- Menomonie
- Mequon
- Mercer
- Merrill
- Middleton
- Milwaukee
- Minong
- Monona
- Monroe
- Mosinee
- Mount Horeb
- Mount Pleasant
- Mountain
- Mukwonago
- Muskego
- Necedah
- Neenah
- Neillsville
- New Berlin
- New London
- Niagara
- Oak Creek
- Oconomowoc
- Oconto
- Oconto Falls
- Ogema
- Onalaska
- Oregon
- Oshkosh
- Pembine
- Peshtigo
- Pewaukee
- Phillips
- Plain
- Platteville
- Pleasant Prairie
- Plover
- Plum City
- Plymouth
- Poplar
- Portage
- Prairie du Chien
- Prescott
- Pulaski
- Racine
- Reedsburg
- Rhinelander
- Richland Center
- Ripon
- River Falls
- Rothschild
- Salem
- Sauk City
- Saukville
- Seymour
- Shawano
- Sheboygan
- Sheboygan Falls
- Sherwood
- Solon Springs
- South Milwaukee
- Sparta
- Spencer
- Spooner
- Spring Green
- Spring Valley
- Stanley
- Stevens Point
- Stone Lake
- Stoughton
- Stratford
- Strum
- Sturgeon Bay
- Sturtevant
- Suamico
- Sun Prairie
- Superior
- Sussex
- Theresa
- Thiensville
- Tomah
- Twin Lakes
- Two Rivers
- Verona
- Waldo
- Waterford
- Watertown
- Waukesha
- Waunakee
- Waupun
- Wausau
- Wausaukee
- Wautoma
- Wauwatosa
- West Allis
- West Bend
- West Milwaukee
- West Salem
- Westfield
- Weston
- Whitefish Bay
- Whitewater
- Wisconsin Dells
- Wisconsin Rapids
- Withee
- Woodruff
10Year | 8.4% |
15Year | 9.2% |
5Year | 7.8% |
Home Equity Loan Lenders in Wisconsin
Home equity loan rates in Wisconsin vary significantly among lenders, influenced by their policies and market strategies. For instance, AbbyBank offers the lowest average APR at 2.5%, while PNC Bank has the highest at 9.6%.
Comparing rates and terms from different lenders is crucial for securing the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the best rates in your city.
- Abbotsford
- Adams
- Algoma
- Alma Center
- Amery
- Antigo
- Appleton
- Ashland
- Auburndale
- Balsam Lake
- Baraboo
- Beaver Dam
- Beloit
- Black Creek
- Black River Falls
- Bloomer
- Brillion
- Brookfield
- Brown Deer
- Burlington
- Butler
- Cable
- Cedarburg
- Chetek
- Chilton
- Chippewa Falls
- Clear Lake
- Clintonville
- Cottage Grove
- Crandon
- Crivitz
- Cudahy
- Darlington
- De Forest
- De Pere
- Delafield
- Delavan
- Dodgeville
- Eagle River
- Eau Claire
- Elcho
- Elkhorn
- Elm Grove
- Evansville
- Fall Creek
- Fall River
- Fish Creek
- Fitchburg
- Florence
- Fond du Lac
- Fort Atkinson
- Fort McCoy
- Fox Point
- Franklin
- Freedom
- Galesville
- Germantown
- Gillett
- Gilman
- Glendale
- Grafton
- Green Bay
- Greendale
- Greenfield
- Greenville
- Gresham
- Hartford
- Hartland
- Hayward
- Hazel Green
- Holmen
- Horicon
- Hubertus
- Hudson
- Jackson
- Janesville
- Jefferson
- Juneau
- Kenosha
- Kewaunee
- Kimberly
- Kronenwetter
- La Crosse
- Ladysmith
- Lake Geneva
- Lake Mills
- Lancaster
- Little Chute
- Lomira
- Luxemburg
- Madison
- Manitowish Waters
- Manitowoc
- Marinette
- Marshfield
- Mauston
- Mayville
- Medford
- Mellen
- Melrose
- Menasha
- Menomonee Falls
- Menomonie
- Mequon
- Mercer
- Merrill
- Middleton
- Milwaukee
- Minong
- Monona
- Monroe
- Mosinee
- Mount Horeb
- Mount Pleasant
- Mountain
- Mukwonago
- Muskego
- Necedah
- Neenah
- Neillsville
- New Berlin
- New London
- Niagara
- Oak Creek
- Oconomowoc
- Oconto
- Oconto Falls
- Ogema
- Onalaska
- Oregon
- Oshkosh
- Pembine
- Peshtigo
- Pewaukee
- Phillips
- Plain
- Platteville
- Pleasant Prairie
- Plover
- Plum City
- Plymouth
- Poplar
- Portage
- Prairie du Chien
- Prescott
- Pulaski
- Racine
- Reedsburg
- Rhinelander
- Richland Center
- Ripon
- River Falls
- Rothschild
- Salem
- Sauk City
- Saukville
- Seymour
- Shawano
- Sheboygan
- Sheboygan Falls
- Sherwood
- Solon Springs
- South Milwaukee
- Sparta
- Spencer
- Spooner
- Spring Green
- Spring Valley
- Stanley
- Stevens Point
- Stone Lake
- Stoughton
- Stratford
- Strum
- Sturgeon Bay
- Sturtevant
- Suamico
- Sun Prairie
- Superior
- Sussex
- Theresa
- Thiensville
- Tomah
- Twin Lakes
- Two Rivers
- Verona
- Waldo
- Waterford
- Watertown
- Waukesha
- Waunakee
- Waupun
- Wausau
- Wausaukee
- Wautoma
- Wauwatosa
- West Allis
- West Bend
- West Milwaukee
- West Salem
- Westfield
- Weston
- Whitefish Bay
- Whitewater
- Wisconsin Dells
- Wisconsin Rapids
- Withee
- Woodruff
Educators Credit Union | 7.2% |
Old National Bank | 7.5% |
University of Wisconsin Credit Union | 7.7% |
Forte Bank | 7.7% |
Brewery Credit Union | 7.9% |
Summit Credit Union | 8.4% |
Landmark Credit Union | 8.6% |
U.S. Bank National Association | 8.8% |
BMO BANK NATIONAL ASSOCIATION | 8.9% |
Prime Financial Credit Union | 9.4% |
Marine Credit Union | 9.4% |
PNC Bank | 10.0% |
Considering credit unions in your lender options can be beneficial. In Wisconsin, commercial banks have an average APR of 7.7%, while credit unions offer a slightly lower rate of 7.5%. Credit unions typically provide more competitive home equity loan rates in Wisconsin but may have stricter membership requirements. Weigh these factors when exploring your options.
How to Get the Best Home Equity Loan Rate in Wisconsin
Getting the best possible home equity interest rates can lower your monthly payments and reduce overall borrowing costs, making it easier to manage your finances. For instance, securing a low rate in Wisconsin could free up funds for other expenses. To obtain the best home equity loan rates, consider these strategies:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, Bank of Luxemburg advertises an average APR of 5.3%, while Marine Credit Union offers 9.4%. Comparing different home equity loan lenders in Wisconsin can help you find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. Wisconsin homeowners can increase their home's equity by basement finishing or bathroom remodels.
Improve your credit score
Improve your credit score to get better home equity loan rates. Pay bills on time and reduce credit card debt. The average credit score in Wisconsin is 737, according to Experian.
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 lenders see you as a less risky borrower.
Debt-to-Income Ratio Calculator
Provide your income and recurring payments to calculate your DTI.
Monthly Income Before Taxes
Recurring Monthly Debts
Enter all applicable payments to ensure accurate results.
Your Results
FAQ About Home Equity Loan Rates in Wisconsin
MoneyGeek addresses common questions Wisconsin homeowners have about home equity loan rates. The information provided is precise and reliable, helping you understand your options.
What is the interest rate on a home equity loan in Wisconsin?
As of November 2024, the average APRs for home equity loans in Wisconsin are 7.1% for a 5-year term, 7.5% for a 10-year term, and 8.1% for a 15-year term. Rates vary based on factors like credit score.
How do you calculate your home equity in Wisconsin?
To calculate your home equity, subtract your mortgage balance from your home's current market value. Ensure you meet home equity requirements.
Do home equity loan rates vary between cities in Wisconsin?
Yes, rates vary by city. For example, Withee and Gresham have an average APR of 2.5%, while Waupun and Prairie du Chien have an average APR of 9.5%.
Does a home equity loan in Wisconsin have tax benefits?
Interest on a home equity loan may be tax-deductible if used for home improvements. Consult a tax professional for specific advice.
What are possible drawbacks of securing a home equity loan in Wisconsin?
Potential drawbacks include the risk of foreclosure if payments are missed and the possibility of increasing your overall debt burden.
How long does it take to get a home equity loan in Wisconsin?
The process can take several weeks, depending on the lender and your preparedness with necessary documentation.
How do you get a home equity loan in Wisconsin?
To secure a loan, check your eligibility for a home equity loan and ensure you meet the credit score requirements.
What can I use my funds for? Are there any home equity loan use restrictions in Wisconsin?
Funds can typically be used for home improvements, debt consolidation, or other major expenses. Some lenders may have restrictions, so confirm specific terms.
Can you only take out a home equity loan in Wisconsin on your primary residence?
You can apply for a home equity loan on primary and secondary residences, but terms may differ. Consider a cash-out refinance as an alternative.
What other home equity products can you consider if you want to tap into your home's equity in Wisconsin?
Besides home equity loans, consider a HELOC or a cash-out refinance. Each type of loan has different terms and benefits.
What's the difference between a HELOC and a home equity loan?
A HELOC has a draw period allowing flexible borrowing and may include an annual fee, while a home equity loan offers a lump sum with fixed interest rates.
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.
sources
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed November 27, 2024.
- TransUnion. "Home Equity Trends Report — Q4 2023." Accessed November 27, 2024.