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.

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

3.75% to 18%

$25,000 to $1,000,000

660

10-year draw period
and 20-year repayment period

None

N/A

Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

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

3.65% to 8.80%

$15,000 to $750,000

730

10-year draw period,
unspecified repayment period

$90

Not specified

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period

$75

Not specified

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment 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,
15-year repayment period

$50

Not specified

Starting at 3.34%

Starting at $25,000

740

Not specified

$50

Not specified

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

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.


    • 7.49% (introductory rate) then 9.90%APR Range
    • UndisclosedMinimum Credit Score
    • Generally $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • UndisclosedPre-Approval Time

    Bank of America

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.


    • 8.95% to 12.70%APR Range
    • 660Minimum Credit Score
    • $15,000 to $750,000 ($1 million in California)Loan Amount Range
    • 10-year draw period; up to 30 years repayment periodsRepayment Terms
    • Up to $75Annual Fees
    • UndisclosedPre-Approval Time

    U.S. Bank

Best HELOC Lender for Bad Credit in Wisconsin: Figure


  • Figure

    Figure is an excellent option for homeowners with bad credit scores.


    • 6.10% to 14.74%APR Range
    • 640 (680 for investment properties or second homes)Minimum Credit Score
    • $20,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    Figure

Best HELOC Lender for Competitive Rates in Wisconsin: PenFed


  • PenFed Credit Union

    PenFed is ideal for qualified borrowers who want competitive rates.


    • Starting at 8.625%APR Range
    • 680Minimum Credit Score
    • $25,000 to $500,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • UndisclosedPre-Approval Time

    PenFed Credit Union

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.

1

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.

2

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.

3

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.

4

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.

5

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.

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