Best HELOC Rates and Lenders in Florida (2024)
Updated: April 15, 2024
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Florida's best home equity line of credit (HELOC) lender is Lower. Lower's APR ranges from 8.75% to 13.5% and allows homeowners to borrow between $15,000 and $500,000. This lender requires a minimum credit score of 580, facilitating access for many borrowers.
MoneyGeek's analysis of the best HELOC lenders and rates in Florida considered several factors in addition to cost and included 16 lenders. While not exhaustive, this count captures a broad selection of available options. Local lenders such as Florida Credit Union, MIDFLORIDA Credit Union and First Florida Credit Union also provide HELOCs, but they were not part of our selection process.
HELOC Rates in Florida by Credit Score
Your home equity line of credit (HELOC) APR isn't set in stone. Even with robust credit scores and loan-to-value (LTV) ratios below 80%, your rate fluctuates with repayment terms in Florida. Review the accompanying table to gauge how your rate changes based on the variables above.
Comparing APRs across lenders is a smart move when searching for a HELOC in Florida. A lower APR means you'll pay less over the life of the loan. Different lenders offer varying rates, so taking the time to compare can lead to significant savings and a smoother borrowing experience.
HELOC Calculator: Do You Qualify in Florida?
Based on a TransUnion study, the average total tappable equity for homeowners in Florida is $203,000. With high home equity, you may be able to borrow more against your home. Experian reports the average credit score in Florida is 708. If yours is around this number, getting a HELOC should be achievable.
For a HELOC in Florida, factors like home equity and credit score influence eligibility, among others. Use MoneyGeek's HELOC calculator to assess your eligibility — this tool simplifies finding a HELOC lender fit for your needs.
How to Choose a HELOC Lender in Florida
If you're seeking alternatives to our top picks for HELOC lenders in Florida, here's how to navigate the options and streamline your lender selection process.
FAQ: HELOC Lenders and Rates in Florida
Dive into these frequently asked questions and answers to help you find a suitable HELOC lender in Florida.
A competitive HELOC rate in Florida falls around 7.13%, assuming an LTV ratio of 80% or less and a credit score of 680 to 740. Remember, actual rates may vary depending on creditworthiness and the specific lender.
We rated Lower as the overall best HELOC lender in Florida. With an APR range from 8.75% to 13.5% and loan amounts stretching from $15,000 to $500,000, Lower caters to a wide range of borrowing needs. Homeowners with credit scores starting at 580 can also find options with this lender.
Yes, homeowners with bad credit can still qualify for a HELOC in Florida. For example, U.S. Bank offers HELOCs with APRs ranging from 8.95% to 13.1% to borrowers with a minimum credit score of 660.
Bank of America stands out for large loans, supporting amounts up to $1,000,000 with no annual fees and a generous 20-year repayment period. This can be significant for homeowners needing funds for substantial expenses such as home renovations or investing in real estate.
Yes, a HELOC can be strategic for debt consolidation, as it may offer lower APRs and an adequate loan amount range. We rank PNC Bank best for this purpose due to its 8.22% to 14.5% APR range, loan amounts up to $1 million and swift timeframe of three days after closing to access funds.
To find the right HELOC lender in Florida, assess your intended use for the HELOC and your financial situation. Different needs and financial profiles could steer you towards unique lenders that are best suited to your specific circumstances.