HELOC Rates FloridaBest FL Home Equity Line of Credit Rates

Compare home equity line of credit (HELOC) rates in Florida

(Last Updated: 12/23/2024)
Home Equity Lenders
APR
Rate
Initial Draw
 Contact details
6.990% Intro APR
6.990% After Intro PeriodIntro Period: 0 months		 6.990% Rate $0 Min. Initial Draw Amount
Conditions:
Conditions… Variable APR of Prime minus 1.01% in all states. Min loan amount $10,000. Max loan amount $200,000. 30-year term. Annual fee waived for the first year. See conditions for guarantee at thirdfederal.com.
  • Third Federal rate are typically 20% lower than other leaders
  • Guaranteed Lowest Rate
  • No closing costs, prepayment penalties, or minimum draw requirements
  • 10 year draw period
7.900% Intro APR
7.900% After Intro PeriodIntro Period: 0 months		 7.900% Rate $25,000 Min. Initial Draw Amount
Conditions:
A Guaranteed Rate HELOC is secured with your home as collateral, whereas personal loans and credit cards are not. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. Guaranteed Rate Home Equity Line is an open-end product where the full loan amount (minus lender, broker, third party, and governement fees, as applicable) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
  • Apply in 5 minutes, get your money in as fast as 5 days.
  • Digital application experience.
  • Funds directly to your bank account.
  • No in-person appraisal needed.
10.625% Intro APR
10.625% After Intro PeriodIntro Period: 0 months		 10.625% Rate $0 Min. Initial Draw Amount
Conditions:
Home Equity loans are available through our affiliate Achieve Loans (NMLS ID #1810501), Equal Housing Lender. All loan requests are subject to eligibility requirements, application review, loan amount, loan term, and lender approval. Product terms are subject to change at any time. Offers are a line of credit. Loans are not available to residents of all states and available loan terms/fees may vary by state where offered. Line amounts are between $15,000 and $300,000 and are assigned based on product type, debt-to-income ratio, and combined loan-to-value ratio. Minimum 640 credit score applies for debt consolidation requests, minimum 700 applies for cash out requests. Other terms, conditions and restrictions apply. Fixed rate APRs range from 8.75% - 15.00% and are assigned based on underwriting requirements; offer APRs include a .50% discount for automatic payment enrollment (autopay enrollment is not a condition of loan approval). Example: average HELOC is $57,150 with an APR of 12.75% and estimated monthly payment of $951 for a 15-year loan. 10, 15, 20, and 30-year terms available (20 and 30 year terms only available for cash out requests). All terms have a 5-year draw period with the remaining term being a no draw period. Payments are fully amortized during each period and determined on the outstanding principal balance each month. Closing fees range from $750 to $6,685, depending on line amount and state law requirements and typically include origination (3.5% of line amount) and underwriting ($725) fees if allowed by law. Property must be owner-occupied and combined loan-to-value ratio may not exceed 80%, including the new loan request. Property insurance is required and flood insurance may be required if the subject property is located in a flood zone. You must pledge your home as collateral. Contact Achieve Loans for further details.
  • Competitive rates, Pre-qualify in minutes
  • Mortgage Advisors standing by to help find the best solution
  • Flexible terms with fast funding
  • Minimum credit score: 640
Home Equity Line of Credit - Equal Housing Lender
Conditions:
Interest-only payments during the 10-year draw period
  • Home Equity Line of Credit - Equal Housing Lender
  • Loans Amounts from $25,000 - $500,000
  • Get a HELOC from PenFed to Put Your Home Equity to Work
  • HELOCs Can Offer Lower Rates Than Credit Cards or Personal Loans
HELOC approval in 5 minutes, funding in 5 days. Borrow up to $400k online.
Conditions:
The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
  • Fastest way to turn home equity into cash
  • Flexible terms, redraw up to 100%, borrow $20k-$400k
  • Approval in as little as 5 minutes. Funding in as few as 5 days.
  • Use to consolidate debt or finance your next home project
As low as 8.25% APR on your initial draw*
Conditions:
1. APRs for initial advances range from 8.25% to 18.00% based on funded HELOCs as of September 2024. Your actual rate will depend on many factors such as your credit history, loan-to-value ratio, line amount, loan term, lien position, and property state. The lowest rates are only available to the most qualified applicants. The APR is variable, but the APR that will apply to each draw will be fixed on the date the draw is made. 2. As of October 2024, 10% of funded HELOCs achieved a closing timeline of 6 days or less and a funding timeline of 10 days or less. This timeline assumes consumers close with our remote online notary, provide supporting documentation promptly, and ensure the information provided is accurate and consistent with our verification process. Delays, discrepancies, and other unforeseen factors may impact the closing timeline. MBA’s 2024 Home Lending Study reports an average industry closing time of 31 days. 3. A Home Equity Line of Credit has a variable rate. The APR may change, but the APR that will apply to each draw will be fixed on the date the draw is made. Your APR will be the Prime Rate at the time of draw plus a margin fixed for the life of the HELOC.
  • As low as 8.25% APR on your initial draw*
  • Get your money up to 5x faster than the industry standard*
  • Fixed rate on each draw*
  • No paperwork needed to apply
Home Equity Loans & Refinance – Cash out
Conditions:
• Home Equity Loans & Refinance – Cash out • Customized rate quote with no impact to credit • Low Rates, Quick Approvals, Wide Range of Products • Over 100 Billion Funded. 22 Years in Business
  • Home Equity Loans & Refinance – Cash out
  • Customized rate quote with no impact to credit
  • Low Rates, Quick Approvals, Wide Range of Products
  • Over 100 Billion Funded. 22 Years in Business
Get cash now in exchange for a percentage of your homes future equity.
Conditions:
Unlock isn't a lender & doesn't offer loans, so you don't need perfect credit to apply! No Additional Debt!
  • No monthly payments or interest charges
  • Minimum Credit score: 500
  • Access up to $500k
  • No need to refinance
Cash-Out and Home Equity Options Available.
Conditions:
Cash-Out and Home Equity Options Available.
  • Home Improvement, Buy a Vacation Home
  • 303k+ positive reviews, A rating from the BBB
  • Pay off higher interest rate credit cards, Pay college tuition
  • 100% online mortgage application available
No Lender Fees
Conditions:
HELOC, HELOAN or CASHOUT REFI all available.
  • No Lender Fees
  • Fast
  • Easy
  • Over 20 Years Experience
"Unlock Your Home's Potential"
Conditions:
Please note that the interest rates offered are subject to change based on market conditions and borrower eligibility. The pricing and rate provided are accurate as of the specified date. It is important to be aware that the minimum loan amount for any loan program is $50,000. The specific amount and terms of the credit offer will be determined based on underwriting approval and guidelines, which include factors such as your credit history, your ability to make payments, and the available equity in your home. To qualify for this offer, you must meet the required criteria and demonstrate creditworthiness. Additionally, providing up to two years of income verification may be necessary. The severity of your credit may also impact the required down payment. It is crucial to understand that the lender reserves the right to cancel this offer if the provided information cannot be verified. Please note that all bankruptcies must be discharged in order to be eligible. This offer is nontransferable and is specifically available for single-family residences or owner-occupied condominiums. Please be aware that mobile homes and cooperatives are not included in this offer. It is important to note that the lender must hold a valid first lien position, and property hazard insurance is a requirement. These are some key details to consider when evaluating this offer. It is essential to thoroughly review the terms and conditions and seek clarification from the lender regarding any specific questions or concerns you may have before proceeding with the application process.
  • Transform Your Home Equity Into Cash: Explore our Tech-Powered Solutions!
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  • Maximize Your Equity: Get Cash-Out Using Our HELOC for Your Next Big Step
  • Secure Your Future: Experience the Ease of our Fixed Home Equity Loans
2.990% Intro APR
8.700% After Intro PeriodIntro Period: 6 months		 8.700% Rate $0 Min. Initial Draw Amount
8.250% Intro APR
8.250% After Intro PeriodIntro Period: 36 months		 8.250% Rate $10,000 Min. Initial Draw Amount
7.190% Intro APR
7.750% After Intro PeriodIntro Period: 12 months		 7.750% Rate $0 Min. Initial Draw Amount
7.500% APR 7.500% Rate $0 Min. Initial Draw Amount
7.750% APR 7.750% Rate $0 Min. Initial Draw Amount
8.400% APR 8.400% Rate $0 Min. Initial Draw Amount
5.990% Intro APR
8.850% After Intro PeriodIntro Period: 12 months		 8.850% Rate $25,000 Min. Initial Draw Amount
4.990% Intro APR
9.125% After Intro PeriodIntro Period: 6 months		 9.125% Rate $0 Min. Initial Draw Amount
8.000% APR 8.000% Rate $0 Min. Initial Draw Amount
8.750% Intro APR
8.750% After Intro PeriodIntro Period: 6 months		 8.750% Rate $0 Min. Initial Draw Amount
8.190% APR 8.190% Rate $0 Min. Initial Draw Amount
8.000% APR 8.000% Rate $0 Min. Initial Draw Amount
8.250% APR 8.250% Rate $0 Min. Initial Draw Amount
6.490% Intro APR
9.250% After Intro PeriodIntro Period: 6 months		 9.250% Rate $100,000 Min. Initial Draw Amount
5.750% Intro APR
8.125% After Intro PeriodIntro Period: 12 months		 8.125% Rate $15,000 Min. Initial Draw Amount
6.240% Intro APR
8.500% After Intro PeriodIntro Period: 6 months		 8.500% Rate $0 Min. Initial Draw Amount
7.240% Intro APR
8.250% After Intro PeriodIntro Period: 36 months		 8.250% Rate $10,000 Min. Initial Draw Amount
7.750% APR 7.750% Rate $5,000 Min. Initial Draw Amount
7.800% APR 7.800% Rate $0 Min. Initial Draw Amount
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Home equity lines of credit (HELOCs) are a popular way for homeowners in Florida to access the equity they have built up in their homes. A HELOC is a revolving line of credit that is secured by the equity in your home. This means that you can borrow against the equity in your home, up to a certain limit, and then repay the loan over time. In Florida, home equity lines are subject to certain regulations that borrowers should be aware of.

One of the main regulations in Florida regarding HELOCs is the requirement for lenders to provide borrowers with a disclosure statement that outlines the terms and conditions of the loan. This statement should include information about the interest rate, fees, and any other costs associated with the loan. Borrowers should review this statement carefully before taking out a HELOC to ensure that they understand the terms of the loan.

Another regulation in Florida that affects HELOCs is the requirement for lenders to provide borrowers with a three-day right of rescission. This means that borrowers have three business days to cancel the loan without penalty. If you are considering taking out a HELOC, be sure to ask your lender about this right of rescission.

Overall, HELOCs can be a useful tool for homeowners in Florida who need to access the equity in their homes. However, it is important to be aware of the regulations and requirements that apply to these loans in Florida to ensure that you make an informed decision. Be sure to review your options carefully and speak with a trusted financial advisor before taking out a HELOC.

In addition to these regulations, Florida homeowners should also be mindful of the potential impact of fluctuating interest rates on their HELOC. Since many HELOCs have variable interest rates, the amount you owe could increase as rates rise. It's crucial to consider how this could affect your monthly payments and overall financial plan.

Furthermore, understanding the equity requirements and how much you can borrow based on the value of your home is essential, as this can vary significantly between lenders. Engaging with a lender who offers transparent terms and thorough explanations of all aspects of your HELOC can help ensure that you are making a wise financial decision that aligns with your long-term goals.


https://consumer.ftc.gov/articles/home-equity-loans-and-home-equity-lines-credit

Additional Advice

1) As with any loan secured by your home, it's crucial to carefully evaluate your ability to make consistent payments, as failing to do so could put your property at risk.

2) Floridians considering a HELOC should ensure they have a clear plan for how they intend to use the funds, whether for home improvements, debt consolidation, or other purposes, to avoid overextending themselves financially.

3) In addition to interest rates, borrowers should inquire about any annual fees, closing costs, or prepayment penalties associated with HELOCs offered by Florida lenders to fully understand the total cost of the loan.

4) Given the unique risks and requirements involved, consulting a financial advisor or real estate attorney can provide valuable guidance when exploring HELOCs as an option for tapping into your home's equity in Florida.

5) While HELOCs offer flexibility, homeowners should be mindful of the temptation to treat the line of credit as perpetual, as interest costs can accumulate, and developing a disciplined repayment strategy is advisable.

6) As property values can fluctuate, Florida residents utilizing a HELOC may want to periodically review their equity position to ensure they maintain sufficient collateral backing the line of credit.

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