Best HELOC Rates and Lenders in Wisconsin for 2023

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

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

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

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