What’s a good HELOC rate in Wisconsin?

Your HELOC rate will be based on certain factors, such as your credit score and loan-to-value ratio. In Wisconsin, the lenders offering the most competitive introductory APR are PenFed (0.99%) and Bank of America (1.99%).

What can I use a HELOC for in Wisconsin?

You can use your HELOC to finance significant expenses, including home renovations, medical bills, debt consolidation, college education and investments.

Is HELOC interest tax-deductible in Wisconsin?

The Internal Revenue Service (IRS) states that your HELOC interest rate is tax-deductible if you use your funds to buy, build or substantially improve your home. Still, it’s best to contact your lender for more information.

How much money can I borrow with a HELOC in Wisconsin?

Your credit line will depend on your lender. In Wisconsin, your line can be as low as $5,000 or as high as $1,000,000.

Is a HELOC better than a home equity loan (HELOAN)?

Ultimately, this will depend on your situation. A HELOC is ideal if you want a revolving line of credit and variable rates. Meanwhile, a HELOAN is the best option if you prefer a lump sum and fixed rates.

Are HELOC rates fixed?

Usually, HELOC rates are variable. This means they can change according to the current economic trends. However, some lenders allow you to convert your variable rate to a fixed rate.

The Best HELOC Rates and Lenders in Wisconsin

A home equity line of credit (HELOC) lets you access cash based on the equity you have in your home. Similar to a credit card, you can draw from a HELOC when needed up to a certain amount to finance large expenses.

Advertising & Editorial DisclosureLast Updated: 12/6/2022

Edited By

Ashley Jacobs

A HELOC can be used to finance significant expenses, including home renovations, debt consolidation, college education, medical bills and emergency costs. If you have home equity and good credit, a HELOC could be a good option for you.

Before applying for a HELOC, make sure to shop around and compare lenders so you can determine the best one for your needs. MoneyGeek found that current rates range from 0.99% to 18%, and the best overall lender in Wisconsin is Bank of America.

WHAT WE’RE GEEKING OUT ON

Home Equity Line of Credit Rates
Best HELOC Lender Overall in Wisconsin
Best HELOC Lender for Good Credit in Wisconsin
Best HELOC Lender for Bad Credit in Wisconsin

Home Equity Line of Credit (HELOC) Rates for 2023

When considering a HELOC, it’s vital to compare HELOC rates and lenders so that you choose the best option.

The table below shows an overview of equity rates and pertinent lender details as of May 2022. Note that rates and other features may change over time, but we do our best to stay up to date with the most current information.

Lender
APR
Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time
PenFed Credit Union
3.75% to 18%
$25,000 to $1,000,000
660
10-year draw period
and 20-year repayment period
None
N/A
PNC Bank
Not specified
Not specified
Not specified
Not specified
Not specified
Not specified
Bank of America
1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable
$25,000 to $1,000,000
Not specified
10-year draw period,
20-year repayment period
Not specified
Not specified
U.S. Bank
3.65% to 8.80%
$15,000 to $750,000
730
10-year draw period,
unspecified repayment period
$90
Not specified
Discover
4.65% to 9.99%
$35,000 to $300,000
620
10 to 30 years
None
1 to 2 weeks
Flagstar
Starting at 3.99%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
$75
Not specified
SunTrust/Truist
Starting at 4.64%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
None
24 hours
Figure
Starting at 3.50%
$15,000 to $400,000
620
5 to 30 years
3% to 4.99%
24 hours
Citizens Bank
Starting at Prime - 0.50%
Starting at $17,500
Not specified
10-year draw period,
15-year repayment period
$50
Not specified
TD Bank
Starting at 3.34%
Starting at $25,000
740
Not specified
$50
Not specified
Connexus Credit Union
3.49% for 6 months
(4.08% thereafter)
Starting at $5,000
Not specified
15-year draw period
with 15-year repayment period
None
24 hours
Regions Bank
3.75% to 10.63% variable
$10,000 to $500,000
Not specified
10-year draw period,
and then 20 years for repayment
None
Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Wisconsin

At MoneyGeek, we want to help you choose the best home equity line of credit lender for your particular situation. This is because we care about consumers and want to help them be successful with their finances.

Keep in mind that not many lenders offer HELOC loans, and those that do are mostly national banks that cater to borrowers with good to excellent credit scores.

We recommend checking with your local credit unions if a national lender denies your application.

Best Overall HELOC Lender in Wisconsin: Bank of America

Bank of America
Bank of America is ideal for borrowers who want a special introductory APR offer.
- 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
Bank of America is MoneyGeek’s pick for the best overall HELOC lender in Wisconsin. It offers lines of credit from $25,000 to $1,000,000, making it ideal for homeowners who want to take out a larger loan.
It’s worth noting that Bank of America’s HELOCs don’t come with application and annual fees. Closing costs are also covered for lines up to $1,000,000. However, closing your account within 36 months can lead to an early termination fee of $450 plus associated taxes and fees.
Bank of America offers interest rate discounts that you can take advantage of, including a 0.25% discount for setting up automatic payments.
However, if you need a lender that is transparent about eligibility requirements, Bank of America might not be the best solution for you.
Pros
No application and annual fees
No closing costs on lines up to $1,000,000
Low introductory APR
0.25% autopay discount
Has a fixed-rate option

Cons
Has early closure fee
No upfront eligibility requirements
High minimum line of credit
Doesn’t share minimum credit requirement
Might only be able to get up to a $500,000 maximum line of credit, depending on your location
APR: 1.99% for six months; 4.35% thereafter
Loan Amount: $25,000–1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: Not specified
Annual Fees: None
Pre-Approval Time: Not specified
on Bank of America Website

Best HELOC Lender for Good Credit in Wisconsin: U.S. Bank

U.S. Bank
Borrowers with good credit scores can take advantage of U.S. Bank’s features.
- 4.20% to 9.35%APR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
Borrowers with good credit scores may find U.S. Bank to be the best option for a HELOC. It offers lines of credit from $15,000 to $750,000 and interest rates starting at 4.20%.
U.S. Bank’s HELOCs come with no closing costs, and the annual fee (up to $90) might be waived if you have a U.S. Bank Platinum Checking Package. Note, however, that U.S. Bank requires you to pay an early closure fee of 1% of the original line amount, up to a maximum of $500, if your account is paid off within the first 30 months.
You could be better off considering another bank if your credit score is below 730 or you don’t want to pay an annual fee.
Pros
No closing costs
Autopay discount
Free to apply
Has a fixed-rate option
Low potential rates

Cons
Has annual fee
Has early closure fee
Minimum credit score requirement of 730
Repayment period is unspecified
Programs may vary by state
APR: 4.20%–9.35%
Loan Amount: $15,000–750,000
Repayment Terms: 10-year draw period; unspecified repayment period
Minimum Credit Score: 730
Annual Fees: $90
Pre-Approval Time: Not specified
on U.S. Bank Website

Best HELOC Lender for Bad Credit in Wisconsin: Figure

Figure
Figure is an excellent option for homeowners with bad credit scores.
- From 6.55% to 15.54%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
Figure’s HELOCs are ideal for homeowners with a minimum credit score of 620. This lender offers lines of credit from $15,000 to $400,000 without any account opening fees, maintenance fees or prepayment penalties.
It’s worth noting that Figure offers a combined discount of up to 0.75% APR rate reduction. This includes 0.25% for automatic payments and 0.50% for credit union memberships.
However, you may look for another company if you don’t want to pay an origination fee. Figure is also not an option for those who are applying with a co-op, commercial real estate property, multifamily real estate property, manufactured home, earth or dome home, timeshare, log home, houseboat or mixed-use property.
Pros
Credit union members can get a discount
No account opening fee
No prepayment penalty
0.25% autopay discount
Fair credit score requirement

Cons
Charges an origination fee
Not all properties are eligible
May pay recording and subordination fees
Low maximum funding amount
Charges an annual fee
APR: Starts at 3.24%
Loan Amount: $15,000–400,000
Repayment Terms: 5 to 30 years
Minimum Credit Score: 620
Annual Fees: None
Pre-Approval Time: 24 hours
on Figure Website

Best HELOC Lender for Competitive Rates in Wisconsin: PenFed

PenFed Credit Union
PenFed is ideal for qualified borrowers who want competitive rates.
- 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- N/APre-Approval Time
In Wisconsin, PenFed offers the most competitive home equity line of credit rates, starting at 0.99% for the first six months and then 4.25% to 18% after the introductory period. Its credit lines range from $25,000 to $1,000,000 and are available to qualified borrowers.
While its rates are attractive, note that PenFed charges an annual fee of $99 if you don’t pay the same amount in interest that you paid during the previous year. It also requires you to reimburse the full amount of the closing costs that PenFed covered if you close your account within 36 months.
PenFed doesn’t lend on mobile homes, co-ops or timeshares, properties that are currently listed on the market for sale, underdeveloped or used for commercial purposes. You’re also better off looking for another option if your credit score is below 660 or you want to complete an online application.
Pros
0.99% introductory APR
High loan maximum
Has a fixed-rate option
Interest-only payments during the draw period
Fairly low credit score requirement

Cons
Potential annual fee of $99
No online application
Not all properties are eligible
Must be a PenFed member
Might have to pay appraisal fees
APR: 0.99% for first six months; 4.25%–18% thereafter
Loan Amount: $25,000–1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: 660
Annual Fees: $99
Pre-Approval Time: Not applicable
on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Both HELOANs (home equity loans) and HELOCs allow you to borrow against the equity of your home, but that’s where the similarities end.

A home equity loan is a lump sum given to a borrower all at once. It usually has a fixed repayment plan, interest rates and monthly payments. This option is ideal for borrowers who know how much they need and what they’ll use the money for.

Meanwhile, a home equity line of credit is a revolving line of credit that you can draw from as often as needed, up to a certain amount. It generally has a variable interest rate, subject to change based on economic trends.

To help you choose between a HELOAN and HELOC, MoneyGeek breaks down their differences in the table below.

HELOC
Home Equity Loan
Interest Rate
Adjustable interest rate,
but fixed-rate options are available
Fixed interest rate
Monthly Payment
Changes depending on
the amount of money borrowed
Fixed monthly payments
Repayment Terms
During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest
Repayment starts as soon as
the money is given to the borrower
Fund Disbursements
Line of credit
Lump sum delivery

How to Apply for a HELOC

Applying for a HELOC in Wisconsin is easy since it can usually be done online. Plus, the application process will only require you to submit basic information and wait for approval. MoneyGeek outlined the steps that you can take when submitting a HELOC application.

Determine how much you need

Before applying for a HELOC, make sure you know your desired credit line and what you’ll use it for. The most common reasons why people take out HELOCs include home renovations, debt consolidation, education costs and medical bills.

Assess your financial standing

Take a look at your current financial situation and decide whether a HELOC is a good financial decision. Check the factors that may affect your chances of getting a HELOC, such as your credit score, income and current loan-to-value ratio. By evaluating your financial standing, you can determine whether you have the means to repay what you owe.

Shop around and compare lenders

It’s important to research HELOC lenders and compare offerings. This way, you can narrow down your options and choose one that’s perfect for your needs and situation. Make sure to look into each lender’s loan amount ranges, interest rates and repayment terms. Also, keep an eye out for fees.

Apply

It’s usually possible to apply for a HELOC online. Gather all the documents that your lender may require and make sure that the information you provide is accurate. By doing so, you increase your chances of getting a HELOC approval.

Use funds wisely

Once you receive your line of credit, take note of how much you’re borrowing. It’s best to be careful with credit as you can lose your house if you fail to keep up with payments.

Frequently Asked Questions About HELOCs

Understanding how a home equity line of credit works can be confusing for first-time borrowers. MoneyGeek answered some frequently asked questions to help you learn more about HELOCs in Wisconsin.

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. "Homeowners, We're Here for You." Accessed June 13, 2022.
Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
Internal Revenue Service. "Publication 936 (2021), Home Mortgage Interest Deduction." Accessed June 7, 2022.