Best HELOC Rates and Best HELOC Lenders in Louisiana (August 2024)

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Updated: August 20, 2024

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The best HELOC lender in Louisiana is Lower. It provides APRs from 8.75% to 13.5%, suitable for various financial situations. Homeowners can secure loans between $15,000 and $500,000 without the burden of annual fees. MoneyGeek considered multiple factors beyond cost to determine the best lender.

MoneyGeek analyzed 10 lenders for Louisiana homeowners seeking a HELOC. While other lenders exist in Louisiana, they were not included in this comparison. For local specialized services, consider La Capitol, Xplore Federal Credit Union and Baton Rouge Telco Federal Credit Union, each offering unique advantages.

Best HELOC Lenders in Louisiana

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: U.S. Bank

We evaluated each lender in our research against a rubric including APR ranges, annual fees and affordability, among other criteria.

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Our analysis was completed in August 2024 and includes lenders that do business in Louisiana.

10Lenders Analyzed

    Overall Best HELOC Lender in Louisiana

  • 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 top HELOC lender for homeowners in Louisiana. Home equity lines of credit, or HELOCs, vary by lender with features like APR, loan limits, credit score minimums and ease of information. Lower makes the cut with an APR range of 8.75% to 13.5%, which can mean more affordable borrowing. It allows loans from $15,000 up to $500,000, fitting different needs. Homeowners with at least a 580 credit score can apply, widening access to equity funds. Plus, Lower doesn't charge annual fees and boasts an A+ rating from the BBB, ensuring credibility without hidden costs.

    Pros

    • No annual fee
    • Credit scores from 580 accepted
    • Personalized post-loan support

    Cons

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

HELOC Rates in Louisiana by Credit Score

The APR on a home equity line of credit (HELOC) can differ based on credit, loan-to-value ratio, and selected repayment terms. Even in Louisiana, borrowers with solid credit and 80% LTV could see varied rates. Review the provided table to see how altering these parameters affects your rates.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% - 95%
HELOC (10 year)APR6.59%
HELOC (15 year)APR6.59%
HELOC (20 year)APR6.59%

Where does this data come from?

When searching for a HELOC in Louisiana, comparing APRs can save you money. A lower APR means less interest over time, making your borrowing more affordable. Different lenders offer varied rates, so review options carefully. This can directly impact the total cost of your loan and your monthly payments.

HELOC Calculator: Do You Qualify in Louisiana?

The higher your home's equity, the more you could potentially borrow with a HELOC. In Louisiana, homeowners with a credit score around the state average of 690, as reported by Experian, are well-positioned to secure a HELOC.

Eligibility for a HELOC in Louisiana hinges on more than just equity and credit score. Our HELOC calculator can demonstrate how different variables affect your eligibility. It assists in finding the best HELOC lender tailored to your financial situation.

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 Louisiana 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 best HELOC lender in Louisiana for cost savings. With Aven, expect a competitive APR range from 7.99% to 15.49%. Homeowners benefit from no annual fees and can enjoy a 0.25% rate discount with autopay. Aven's product acts like a credit card, with the flexibility to cash out directly to your bank, while being recorded as a HELOC on your credit history. With no origination or early closure fees, this lender helps Louisiana homeowners prioritize affordability.

    Pros

    • Provides credit card backed by home equity.
    • Earns 2% cash back on purchases.
    • 0.25% rate reduction for autopay.

    Cons

    • Line limit only up to $250,000
    • Card takes 10 business days
    • No hardship assistance offered
    Aven

How does MoneyGeek recommend lenders for affordability?


    Best HELOC Lender in Louisiana 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 HELOC lender for homeowners in Louisiana with bad credit. Bad credit doesn't stop you from getting a HELOC, but you might face higher rates. U.S. Bank requires a minimum credit score of 660. It offers APR rates from 8.95% to 13.1% and a 0.5% discount with autopay. These features can help Louisiana homeowners manage costs. Minimum lines start at $15,000. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Prequalify online available
    • Interest-only payment option

    Cons

    • In-person closing required
    • Applies early closure fee
    • Annual fee charged
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender in Louisiana 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 lender for homeowners in Louisiana looking to borrow large sums with a HELOC. The option to borrow up to $1 million suits high-cost needs like home renovations and education expenses. Homeowners benefit from a 10-year draw period and a 20-year repayment term, giving them flexibility in managing their finances without the pressure of quick repayment. Additionally, with no annual fees, it eases the financial burden over the lifetime of the loan. Its product also includes a 6.99% introductory rate for the initial six months and multiple discounts to reduce costs further. With features like financial hardship assistance, it supports borrowers during tough times, ensuring a safety net is in place.

    Pros

    • Competitive introductory rate (6.99% for six months)
    • No application or annual fees
    • High max loan amount ($1 million)

    Cons

    • In-person closing at financial center
    • Undisclosed HELOC requirements
    • $450 early closure fee
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender in Louisiana for Debt Consolidation

  • 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 Louisiana looking to consolidate debt with a HELOC. Credit card and personal loan debts often come with high-interest rates. A HELOC can offer a more affordable route by folding these debts into one lower interest rate option. U.S. Bank's HELOC comes with a competitive APR range of 8.95% to 13.1%, which can be lower than many credit cards and personal loans. Additionally, you can get your funds within three business days and have a maximum loan amount of up to $750,000, which might cover all your balances. Their minimum APR is less than what you could be paying on other debts, and they allow you to prequalify online. U.S. Bank is accredited by the BBB, though it currently does not have a rating.

    Pros

    • No closing costs
    • Offers a fixed-rate option
    • Allows for interest-only payment during the draw period

    Cons

    • Charges an annual fee of $75
    • Does not disclose customer service hours
    • Closing must be done in person at a financial center
    U.S. Bank

How does MoneyGeek recommend lenders for debt consolidation?

How to Choose a HELOC Lender in Louisiana

MoneyGeek has shared top picks for HELOC lenders in Louisiana. If you're considering alternative choices, a few smart strategies can guide you through the selection process, ensuring a tailored fit for your financial needs in Louisiana.

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    Define Your HELOC Goals

    Identify why you want a home equity line of credit. Lenders in Louisiana may cater to specific needs like home improvements or debt consolidation. Knowing your goal helps to match with the right lender, offering terms that align with your project or financial strategy.

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    Investigate Lender Reputation

    Investigate lenders through the Better Business Bureau and the Louisiana Office of Financial Institutions. Verifying their standing ensures you partner with a reliable provider that meets state regulations.

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    Compare Rates and Fees

    Evaluate lenders by comparing interest rates and fee structures. Consider HELOC closing costs among various Louisiana lenders to grasp the full cost impact.

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    Check Community Standing

    A lender's local reputation, evidenced by awards or community recognition, signifies their dedication to customer satisfaction in Louisiana. Seek feedback from local homeowners for personal insights.

    loanReview icon

    Assess Lender Flexibility

    Evaluate how lenders accommodate your circumstances. Check if they allow interest-only payments, convert HELOCs with variable rates to a fixed-rate HELOC and if online prequalification is available.

FAQ: HELOC Lenders and Rates in Louisiana

Exploring Louisiana's HELOCs can be smoother with the right knowledge. Below, we've compiled frequently asked questions and answers to help you choose a HELOC lender that matches your needs and lifestyle.

What's a good HELOC rate in Louisiana? What are the best HELOC rates in New Orleans?

A competitive HELOC rate in Louisiana hovers around 6.39%, with similar best HELOC rates in New Orleans likely mirroring those throughout the state. These figures presuppose an LTV ratio of 80% or below and a credit score ranging from 680 to 740. Homeowners should remember that rates are influenced by factors like personal creditworthiness and the selected lender.

Which HELOC lender is best overall in Louisiana?

Lower is considered the best overall HELOC lender in Louisiana. It offers an APR range of 8.75% to 13.5%, loan amounts ranging from $15,000 to $500,000 and caters to a broader credit score range, starting at 580, which makes it significant for a variety of homeowners.

Can I still qualify for a HELOC in Louisiana if I have bad credit?

Yes, homeowners with bad credit can still qualify for a HELOC in Louisiana. U.S. Bank, for example, offers HELOCs with a minimum credit score requirement of 660.

Which HELOC lender in Louisiana is best for large loans?

Bank of America stands out for large loans, with a loan amount range of $25,000 to $1 million and a 10-year draw period followed by a 20-year repayment period. Homeowners might seek large loans for significant expenses such as home renovation projects or to invest in real estate.

Can I use a HELOC to consolidate debt?

When considering a HELOC for debt consolidation, it's best to gain insight into the HELOC pros and cons before applying. Homeowners should look for favorable APR ranges and quick funding times. U.S. Bank is a top pick, offering a competitive APR range of 8.95% to 13.1% and funds availability within three business days.

How can I ensure I find the right HELOC lender in Louisiana for me?

To find the right HELOC lender in Louisiana, understand what you want to use the HELOC for, know your financial situation, and prioritize accordingly. Different goals and financial conditions will lead to different optimal lender choices.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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