The ideal candidate for a HELOC is someone who wants to have a source of money at any given time. Typically, a HELOC is used for home renovation, debt consolidation, paying off your tuition and more.
According to our research, the best HELOC lender in Florida is Bank of America, with an APR of 4.35%. HELOC rates may vary depending on your lender, so it’s always important to shop around and explore your options when applying for a HELOC. In Florida, the average rates range from .99% to 18%.
Home Equity Line of Credit (HELOC) Rates for 2023
MoneyGeek found relevant information that can guide you in choosing the right lender. We gathered information on APRs, loan amounts, terms and more from different lenders and organized them in the table below.
The information in this table was updated in May 2022. Rates and other characteristics of these loans may have changed, but MoneyGeek does update this information regularly to give you the latest data.
Lender | APR | Loan Amount | Min. Credit Score Requirement | Repayment Terms | Annual Fees | Pre-Approval Time |
|---|---|---|---|---|---|---|
3.75% to 18% | $25,000 to $1,000,000 | 660 | 10-year draw period | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw period | None | 24 hours | |
Starting at 3.50% | $15,000 to $400,000 | 620 | 5 to 30 years | 3% to 4.99% | 24 hours | |
Starting at Prime - 0.50% | Starting at $17,500 | Not specified | 10-year draw period, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | None | Not specified |
MoneyGeek’s Picks for Best HELOC Lenders in Florida
MoneyGeek conducts research with the consumer's best interests in mind. As part of our mission to assist you in your financial decisions, we are committed to helping you find the best HELOC lender for your needs.
Not many lenders offer HELOC loans, so national banks are usually the ones who provide them. You can also consider visiting local credit unions to see if they offer HELOC loans, especially if your application has been denied by a national bank.
Best Overall HELOC Lender in Florida: Bank of America
- Bank of America
Bank of America offers an APR of 1.99% for the first six months of your HELOC.
- 9.55%APR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
Best HELOC Lender for Good Credit in Florida: U.S. Bank
- U.S. Bank
U.S. Bank allows borrowers to shift to a fixed interest rate for their HELOC.
- Not specifiedAPR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
Best HELOC Lender for Bad Credit in Florida: Figure
- Figure
Figure does not charge prepayment, opening and maintenance fees.
- 8.25%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
Best HELOC Lender for Competitive Rates in Florida: PenFed
- PenFed Credit Union
PenFed Credit Union has an APR of 0.99% on the first six months of your HELOC.
- Not specifiedAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- Not SpecifiedPre-Approval Time
HELOC vs. Home Equity Loans
Home equity loans and home equity lines of credit (HELOCs) are similar in that their funds are borrowed against your home equity. However, two of their striking differences are their interest rates and the manner of releasing funds.
HELOCs have variable interest rates, while home equity loans have fixed interest rates. Moreover, funds from HELOCs can be withdrawn anytime and in sums that depend on the borrower, as long as they don’t go over their credit limit. Home equity loan lenders, on the other hand, release the entire amount of the loan in one go.
The table below provides a visual of the differences between a home equity loan and a home equity line of credit.
HELOC | Home Equity Loan | |
|---|---|---|
Interest Rate | Adjustable interest rate, | Fixed interest rate |
Monthly Payment | Changes depending | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
Fund Disbursements | Line of credit | Lump sum delivery |
How to Apply for a HELOC
Applying for a HELOC is easy since the majority of home equity line of credit lenders accept online applications. The following steps will guide you in choosing the right lender according to your needs, financial standing and priorities.
Determine how much you need
A HELOC is ideal for applicants who know how much money they need. Even though you might not know the exact amount that you need to borrow, it pays to have an idea of how much you’ll need for a particular purpose. For example, if you’re going to spend the money on remodeling the kitchen, take note of the cost of labor, materials, plumbing and other expenses.
Assess your financial standing
Check the requirements of each lender before applying to see if you qualify for a loan. Lenders often have a minimum credit score requirement, among other proof that you can pay your bills. Therefore, before applying for a HELOC, make sure to assess if the loan can fit into your budget.
Shop around and compare lenders
Doing enough research allows you to explore your options. It makes you aware of the different rates, amounts, terms and other characteristics of every lender. Through this, you can find the best deals and save more money in the long run.
Apply
Most lenders accept HELOC applications online. Having all of the information and documentation you need will give you smoother and faster transactions. More importantly, filling out the right information in the application form prevents delays in your application.
Use funds wisely
Using funds wisely may mean a lot of things to different people. Whatever way you want to use these funds, always consider that a HELOC is a long-term commitment. Therefore, it’s best to use the funds on something that will benefit you in the long run, whether that’s consolidating debt, paying off student loans or improving a part of your home.
Frequently Asked Questions About HELOCs
HELOCs may appear confusing at first, so it’s alright to have some questions as you do your research about this topic. To help you understand it more, MoneyGeek answered frequently asked questions regarding home equity lines of credit in Florida.
sources
- Bank of America. "Home Equity." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- U.S. Bank. "Home Equity FAQs." Accessed June 7, 2022.
- Figure. "Home Equity Line." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed Credit Union. "HELOC." Accessed June 7, 2022.
- PenFed Credit Union. "HELOC Disclosures." Accessed June 21, 2022.