Best HELOC Rates and Best HELOC Lenders in Florida (2024)

fact checked icon

Updated: July 22, 2024

Advertising & Editorial Disclosure

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.

Best HELOC Lenders in Florida

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: PNC Bank

MoneyGeek evaluated Florida HELOC lenders against a rubric that included APR ranges, annual fees and affordability, among other criteria.

recency icon

Our analysis was completed in June 2024 and includes lenders that do business in Florida.

16Lenders Analyzed

    Overall Best HELOC Lender in Florida

  • Lower
    • 8.75% to 13.5%APR Range
    • $15,000 to $500,000Loan Amount Range
    • 580Minimum Credit Score
    • 10-year draw period; undisclosed repayment period Repayment Terms
    • NoneAnnual Fees

    Lower is the best HELOC lender for homeowners in Florida. It offers an APR range from 8.75% to 13.5% and loan amounts from $15,000 to $500,000, fitting various financial needs. With a minimum credit score requirement of 580, it caters to a broader spectrum of homeowners who wish to use their home equity. Borrowers benefit from no annual fee and the confidence of working with a lender that has an A+ BBB rating, reinforcing its commitment to customer service and reliability.

    Pros

    • No annual fee
    • Accepts credit scores from 580
    • Personalized post-loan support

    Cons

    • No rate discounts offered
    • No fixed-rate HELOC conversion
    • Unclear repayment period length
    Lower

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.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR7.29%
HELOC (15 year)APR7.29%
HELOC (20 year)APR7.29%

Where does this data come from?

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.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender in Florida for Affordability

  • Aven
    • 7.99% to 15.49%APR Range
    • Up to $250,000Loan Amount Range
    • 620Minimum Credit Score
    • Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
    • NoneAnnual Fees

    Aven is the top pick for Florida homeowners seeking affordable HELOC options. Its product is a hybrid HELOC that operates like a credit card backed by your home's equity, yet it is reported as a HELOC on your credit report. Homeowners can score savings with Aven's competitive 7.99% to 15.49% APR range, no annual fees and a 0.25% rate discount for setting up autopay. This approach to HELOC lending streamlines the financial management for users while maintaining affordability.

    Pros

    • Provides credit cards backed by home equity
    • Unlimited 2% cash back on purchases
    • No fees for origination, annual or prepayment

    Cons

    • Line limit up to $250,000
    • 10-day wait for card delivery
    • 2.5% fee for bank transfers
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Florida for Bad Credit

  • U.S. Bank
    • 8.95% to 13.1%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 660Minimum Credit Score
    • 10-year draw period; up to 20-year repayment periodRepayment Terms
    • Up to $75Annual Fees

    U.S. Bank is the top pick for homeowners in Florida with less-than-perfect credit looking for a HELOC. Accepting borrowers with a minimum credit score of 660, U.S. Bank keeps the door open for a wider range of homeowners. Its maximum APR caps at 13.1%, making maximum borrowing costs clear. You can also reduce your rate by 0.5% by opting into autopay. These features can lead to significant savings while using home equity to manage finances. Although the BBB accredits U.S. Bank, it does not currently have a rating.

    Pros

    • No closing costs
    • May prequalify online
    • Fixed-rate options offered

    Cons

    • Closing must be done in person
    • $75 annual fee
    • Early closure fee up to $500
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Florida for Large Loans

  • Bank of America
    • Starting at 9.82%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees

    Bank of America is the top pick for Florida homeowners seeking higher loan amounts without an annual fee. HELOCs can fund large expenses like home renovations or education costs. With a high maximum loan amount of $1 million and no annual fees, this lender eases the burden on your wallet. A 10-year draw period followed by a 20-year repayment period offers ample time to effectively manage and pay back borrowed funds. Homeowners also benefit from assistance during financial hardships, ensuring support when needed most. Bank of America's product boosts financial flexibility while offering a safety net.

    Pros

    • No application, annual or closing fees
    • Financial hardship assistance available
    • Competitive 6.99% introductory rate

    Cons

    • Closing must be done in person
    • $450 early closure fee
    • Minimum online loan amount is $25,000
    Bank of America

How does MoneyGeek recommend lenders for large loans amounts?


    Best HELOC Lender in Florida for Debt Consolidation

  • PNC Bank
    • 8.22% to 14.5%APR Range
    • $10,000 to $1,000,000Loan Amount Range
    • UndisclosedMinimum Credit Score
    • Undisclosed draw period; 5-30 year repayment periodRepayment Terms
    • $50Annual Fees

    PNC Bank is our top pick for a HELOC lender for debt consolidation in Florida. Using a HELOC, homeowners can combine debts like credit card bills and medical expenses into one loan with typically lower interest rates. PNC Bank offers competitive rates ranging from 8.22% to 14.5%. It enables access to funds within three days after closing and allows loans up to $1 million to cover substantial debt balances. It also offers rate reductions for autopay signups and covers several fees, providing extra savings. PNC Bank's HELOC aligns well with the financial needs of Floridians looking to streamline their debt payments.

    Pros

    • Switches between variable and fixed rates
    • Online document upload and application tracking
    • Reimburses various fees and taxes

    Cons

    • $50 annual fee
    • Charges late fees
    • Does not disclose most information online
    PNC Bank

How does MoneyGeek recommend lenders for debt consolidation?

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.

    girlThinking icon

    Define Your HELOC Goals

    Knowing your HELOC's purpose can steer you to the right Florida lender. Whether you're renovating, consolidating debt or funding higher education, identify lenders offering favorable terms for your specific use. Gather information on lender specialty services to align with your financial strategy.

    trustSeal icon

    Investigate Lender Reputation

    Assess a lender’s reputation by checking with the Better Business Bureau and the Florida Office of Financial Regulation. These resources provide insights into credibility and complaints, which is crucial for Florida borrowers selecting a trusted HELOC lender.

    loanVsLoan icon

    Compare Rates and Fees

    Take the time to shop for competitive rates and low fees among Florida HELOC lenders. Scrutinize closing costs and repayment terms. Lower fees can significantly reduce the overall cost of your HELOC.

    smallBusiness icon

    Check Community Standing

    Local commendations spotlight a lender's customer satisfaction. Choose lenders celebrated for service excellence in Florida communities. Favorable local opinion can reflect a lender's reliability and quality of engagement.

    loanReview icon

    Assess Lender Flexibility

    Opt for Florida lenders that offer flexibility — like interest-only payment options or the ability to convert variable rates to a fixed-rate HELOC. Easy application processes and online prequalification can also indicate borrower-friendly institutions.

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.

What's a good HELOC rate in Florida? What are good HELOC rates in Miami?
Which HELOC lender is best overall in Florida?
Can I still qualify for a HELOC in Florida if I have bad credit?
Which HELOC lender in Florida is best for large loans?
Can I use a HELOC to consolidate debt?
How can I find the right HELOC lender in Florida for me?

Sources

Better Business Bureau. "Get Consumer Help." Accessed July 7, 2024.

Experian. "What Is the Average Credit Score in the US?." Accessed July 7, 2024.

Florida Office of Financial Regulation. "Verify a License." Accessed July 7, 2024.

TransUnion. "Home Equity Trends Report Q3 2023." Accessed July 7, 2024.

Insurance
Mortgage
Credit Cards
Loans
About MoneyGeekPressPrivacy PolicySitemap
Copyright © 2024 MoneyGeek.com. All Rights Reserved Terms of Use