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Sep
06
2025

Current HELOC Rates in Greenville, SC Today

By | mortgage | Comments Off on Current HELOC Rates in Greenville, SC Today

GREENVILLE HELOC RATES TODAY

Current HELOC rates in

Greenville, SC.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in Greenville.

Key Points

•   Home equity line of credit rates are influenced by the prime rate and borrower creditworthiness.

•   Homeowners can usually borrow up to 90% of their home equity with a HELOC.

•   HELOCs have two main phases: the draw period and the repayment period.

•   With variable rates, monthly payments can fluctuate, so it’s important to be prepared.

•   HELOCs come with the risk of foreclosure if you don’t manage them properly.

Introduction to HELOC Rates

In this guide, we’ll take a deep dive into home equity line of credit rates in Greenville, South Carolina, so you can confidently get equity out of your home. We’ll cover the factors that impact HELOC rates, the pros and cons of these financial tools, and how to shop around for the best deal. Whether you’re dreaming of a home makeover, looking to streamline your debt, or have a big expense on the horizon, we’ll empower you to make savvy financial choices.

What Exactly Is a HELOC?

A HELOC is a revolving credit line secured by your home equity (the value of your home less the amount you owe on your home loan). Most lenders will require you to have at least 15% equity in your home to qualify for a HELOC. You can typically borrow up to 90% of that equity. HELOCs have two main phases: the draw period and the repayment period. It’s important to understand how payments differ in each phase, given that missing payments can result in a lender foreclosing on your home.

The Draw Period

Borrowers first have a draw period, often 10 years, during which they can borrow in increments up to a specified credit ceiling. During this time, you would only have to make interest payments on what you have borrowed. A HELOC interest-only calculator can show you what these payments might look like.

The Repayment Period

After the draw period comes the repayment period, which can last up to 20 years. At this time, you won’t be able to borrow any more, and you’ll begin to pay back the principal plus interest, so monthly payments may increase. A HELOC monthly payment calculator can help you see how much your payments might be at this stage.

Recommended: Different Types of Home Equity Lending

The Origin of HELOC Interest Rates

HELOC interest rates are linked to the prime rate, which is shaped by the Federal Reserve’s actions. Each lender then adds a margin to the prime rate, which is why you’ll find varying HELOC rates (and why it’s so important to seek rate quotes from multiple lenders before committing to a HELOC). Lenders also take into account factors such as your credit score, debt-to-income (DTI) ratio, income, and the amount of equity in your home.

How Interest Rates Impact HELOC Affordability

It’s no secret that interest rates play a big role in how affordable a HELOC is for you. Even a small difference in rates can add up to significant extra interest payments over time. For example, let’s say you have a $50,000 HELOC and borrow the full amount at 8.50%, repaying it over 15 years. In this case, you would have monthly payments of $492 during the repayment period and total interest of $38,627. But at a 9.50% rate, the monthly payments would be $522 and the total interest would be $43,980. HELOC rates are variable so your actual results will differ. But a lower starting rate is better.

HELOC Interest Rate Trends

While no one can predict the future, keeping an eye on the prime rate can offer some valuable insights. Over the years, we’ve seen it fluctuate from an unusually low 3.25% in 2020 to a high of 8.50% in 2023. Understanding this historical data can give you a sense of the potential ups and downs of HELOC rates and can also help put whatever rate you’re seeing in the current market into perspective.

Date U.S. Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.5%
9/27/2018 5.25%

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

HELOCs often come with variable (also called adjustable) interest rates, which means your rate can change based on the market. This means your rate can be a bit unpredictable, but it’s not entirely so. Your HELOC agreement will spell out how often your rate can change and how much. You can put the potential high and low rates into a HELOC calculator to see what your payments might look like at various borrowing levels. That should help you decide if you can manage payments within the parameters. If you can’t, there are alternatives to a HELOC — we’ll get into those details below.

Helpful Tools & Calculators

Before you take the leap and apply for a HELOC, you can use online tools to get a sense of what your monthly payments and interest costs might look like. Here are three useful calculators you’ll want to keep handy.

Run the numbers on your HELOC.

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

To secure an attractive HELOC rate, you must meet specific criteria. Lenders typically look for a minimum credit score of 640, a DTI ratio below 50%, and at least 15% equity in your home. But a stronger credit score and lower DTI ratio could lead to more favorable HELOC rates. Learn how to get there:

Improve Your Credit Score

A credit score of 700 or higher can help you get the best HELOC rates. Making timely payments and chipping away at credit card balances can give your score a lift. Also check your credit report for errors and dispute any you find. Keep old credit accounts open and avoid opening new credit accounts in the months leading up to a HELOC application.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple calculation: Divide your total monthly debt payments by your gross monthly income. When it comes to HELOC applications, lenders typically favor a DTI below 36% when they hand out the lowest interest rates. To boost your chance of making the grade, reduce your debt or increase your income — or better yet, do both.

Application Process for a HELOC in Greenville

The application process for a HELOC in Greenville is a breeze when you prequalify online. This initial step gives you a clear picture of the current HELOC rates and the amount you could qualify for. Once prequalified, simply gather the necessary documentation and submit a formal application to the lender. They’ll take a good look at your credit history, income, and property value to determine your eligibility and the specific terms of the loan.

Step 1: Run the Numbers

Before you apply for a HELOC, it’s wise to take a good look at your financial landscape. Start by checking your credit scores from all three major credit bureaus and calculating your debt-to-income (DTI) ratio. Also assess your home equity: Subtract your outstanding mortgage balance from your home’s estimated value. Then divide the answer by your home value to arrive at a percentage. As noted above, you’ll need at least 15% equity to move forward.

Step 2: Compare Lenders

To find the best HELOC lender in Greenville, you’ll want to compare rates and terms from multiple possible lending partners. Look at the interest rates, qualification requirements, minimum and maximum amounts you can borrow, fees, and the length of the draw and repayment periods. Because the terms vary from lender to lender, it’s important to shop around and read the fine print before you commit to a HELOC.

Step 3: Submit Your Application

Now it’s time for the paperwork (which might be completed online). You’ll need your government-issued ID, recent pay stubs, W-2 forms, and copies of your last tax return. If you’re self-employed, a lender may ask for a profit-and-loss statement in addition to two years’ worth of tax returns. Property documentation includes a homeowners insurance declaration page. Submit your HELOC application online, over the phone, or in person.

Step 4: Get an Appraisal

A home appraisal is usually necessary to determine your home’s value. The cost ranges from $300 to $600. This step is important in determining the amount of equity you can potentially access and the specific terms of your HELOC agreement. A prospective lender will tell you what kind of appraisal is required, so wait for instructions.

Step 5: Prepare for Closing

Once you’ve been approved, you’ll need to sign the HELOC agreement and pay any closing costs before you can access your HELOC funds. You may have to pay for an appraisal, title search, origination fee, and other fees. Some lenders charge an annual fee. Be sure you know all the costs involved with the HELOC.

Recommended: HELOC vs. Home Equity Loan

Closing Costs and Fees

When it comes to HELOCs, the good news is that closing costs are generally more affordable than what you’d encounter with a home purchase or a cash-out refinance. The appraisal fee is often the most significant expense. You might also see a title search fee (anywhere from $100 to $450), an application fee, origination fee, and some administrative fees. Keep an eye out for potential annual maintenance fees, which could be up to $250, and transaction fees for withdrawals.

Tax Benefits and Considerations

Here’s a nice counterpoint to the closing costs you’ll pay: If you use your HELOC to cover the cost of significantly improving your home, the interest could be deductible on your 2025 federal taxes. Chat with a tax advisor to make sure you’re on the right track and to confirm your eligibility, and keep records of how you spend your HELOC funds. HELOC tax benefits may change in future tax years but your tax advisor can help you keep tabs on that.

Alternatives to HELOCs

There are other ways to tap into your home equity, beyond a HELOC, and if you’re not sure about this borrowing strategy (or if you just want to cover all bases), take some time to study your options:

Home Equity Loan

With a home equity loan, you get a fixed-rate loan secured by your home equity. You’ll get the money all at once and begin repaying it immediately. You can usually borrow up to 85% of your equity. Lenders look for a credit score of 680 or higher, though as with a HELOC, 700 is preferred. If you like the predictability of a fixed interest rate, this might be a good fit. A home equity loan calculator can help you assess your borrowing power.

Cash-Out Refinance

A cash-out mortgage refinance lets you borrow against your equity by trading your existing mortgage for a new, larger one. You’ll pocket the difference to use as you wish. To qualify, you’re generally going to need a credit score of 620 or higher, and a DTI ratio under 43%. You can choose fixed or variable rates. A cash-out refinance vs. home equity line of credit point of difference? The former leaves you with one monthly payment.

Personal Loan

A personal loan is typically unsecured, so you don’t risk foreclosure if you find yourself unable to make payments. It’s typically repaid in regular, fixed installments over two to seven years. Many lenders look for a credit score of 610 or higher for these loans, so this is an option if you think you can’t qualify for a HELOC. While they’re relatively speedy to secure, personal loans’ interest rates may be higher than those of HELOCs.


The Takeaway

As you mull over the possibility of a HELOC, consider the benefits and the potential pitfalls: A line of credit offers flexibility in your borrowing and HELOC interest rates are usually better than those for personal loans. But fluctuating interest rates and the risk of foreclosure are not to be taken lightly. Always take the time to weigh your financial situation and compare lenders’ rates before committing.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

View your rate


FAQ

What’s the monthly payment on a $100,000 HELOC?

The monthly payment on a $100,000 HELOC can fluctuate depending on how much of the credit line you have used and the current interest rate. If you borrow the full $100,000 during the draw period and have an 8.00% rate, you might only pay around $667 per month, covering the interest. Once the repayment phase kicks in, you would start paying down the principal, which will adjust your monthly payment upward to $1,213. Remember that HELOC rates are variable so your exact results will differ.

What could prevent you from getting a home equity loan?

There are a few things that might prevent you from securing a home equity loan, such as a less-than-ideal credit score, a high debt-to-income ratio, or not enough equity built up in your home. Most lenders look for a credit score of 680 or better, a debt-to-income ratio under 50%, and at least 15% equity in your home. Other factors, like a history of late payments, significant existing debt, or a recent foreclosure, could also be red flags.

How tough is it to get a HELOC?

Obtaining a HELOC is quite manageable if you meet the lender’s basic criteria: a credit score of 640 or better, a DTI ratio under 50%, and at least 15% equity in your home. The application process involves a review of your credit history, a professional appraisal of your home, and a closing where you’ll sign documents and pay fees.

Will HELOC impact your credit score?

A lender’s initial inquiry into your credit score which is part of the application process to open a HELOC could cause a slight dip in your credit score, but that’s just a temporary blip. What really matters is how you manage your HELOC over time. Make your payments on time, and you could see your score rise. Miss payments, and it could drop. And remember, as with credit cards, keeping your credit utilization low and not maxing out your use of the credit line can help you maintain a healthy score.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.


¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.


†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


SOHL-Q225-425

Browse other South Carolina home guides.

Browse HELOC rates by state guides.

More HELOC resources.

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

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Sep
06
2025

Current HELOC Rates in Des Moines, IA Today

By | mortgage | Comments Off on Current HELOC Rates in Des Moines, IA Today

DES MOINES HELOC RATES TODAY

Current HELOC rates in

Des Moines, IA.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in Des Moines.

Key Points

•   Interest rates for a home equity line of credit in Des Moines are typically tied to the prime rate and your creditworthiness.

•   HELOCs offer a revolving line of credit and typically are less costly than a personal loan.

•   You’re only charged interest on the amount of the credit line that you actually use.

•   You can use a HELOC for a variety of reasons, such as home improvements or consolidating debt.

•   Variable interest rates can mean your monthly payment amount will change from time to time.

Introduction to HELOC Rates

This guide is designed to help you understand home equity line of credit (HELOC) rates in Des Moines, Iowa, so you can make an informed decision if you decide to apply. We’ll cover the factors that affect HELOC rates, the benefits and drawbacks of using a HELOC, and how to compare different options. Whether you’re thinking about funding a home renovation, paying off debt, or covering other large expenses, this guide will help you understand how to secure the best available deal.

What Exactly Is a HELOC?

A HELOC, or home equity line of credit, is a revolving credit line that’s secured by your home’s equity (the value of your home minus the balance of your mortgage). Typically, you’ll need at least 15% equity in your home to qualify, and you can often borrow up to 90% of that equity. Bear in mind, though, that using your home as collateral means that if you fail to make timely payments on your HELOC, a lender could foreclose. HELOCs have two main phases: a draw period and a repayment period:

The Draw Period

During the HELOC’s draw period (usually 10 years) you can use funds from the credit line in increments, as needed. You’ll have to pay interest on what you borrow, but most lenders won’t require you to pay down the principal — although you can do so if you wish to draw on the credit line again. A HELOC interest-only calculator will show you what these payments might look like.

The Repayment Period

After the draw period ends, the repayment period of between 10 and 20 years begins. Monthly payments will increase as you begin to repay the principal plus interest. HELOC interest rates are usually variable, which means the amount you pay each month may go up or down as rates change. You can use a HELOC monthly payment calculator to calculate what you might owe.

The Origin of HELOC Interest Rates

HELOC interest rates are tied to the prime rate, which is affected by the Federal Reserve’s actions. Each lender then adds a margin to the prime rate to determine its HELOC rate. From there, lenders take into account individual borrower factors such as credit score, debt-to-income (DTI) ratio, income, and the amount of equity in the home. Understanding these factors can help you anticipate rate fluctuations and choose the best time to apply for a HELOC.

How Interest Rates Impact HELOC Affordability

You probably know from paying your home loan that interest rates determine how much you pay each month. This is true for HELOCs as well. And even a small rate change can affect your HELOC’s affordability. Let’s say you borrow $50,000 with a HELOC and have a 10-year repayment period. If you had an interest rate of 8.00%, you’d pay $607 per month and a total of $22,797 in interest. But if you were able to wrangle an interest rate of 7.00%, your monthly payments would shrink to $581 and you’d save more than $3,000 over the repayment term. Of course, HELOCs have variable interest rates so your actual results may differ somewhat.

Recommended: HELOC vs. Home Equity Loan

HELOC Interest Rate Trends

While there’s no crystal ball that can show the future of interest rates, you may start gazing at the prime rate more frequently when you are considering a HELOC. The rate hit a low of 3.25% in 2020 and a high of 8.50% in 2023. Knowing the history of the prime rate can help put today’s interest rates into perspective. You might not be able to wait to apply until HELOC rates hit a low like they did in 2020. But you can improve your financial profile so that you qualify for the best available rate. We’ve got how-tos for you below.

Date U.S. Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.5%
9/27/2018 5.25%

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

A HELOC, as we’ve noted, tends to come with a variable (also called adjustable) interest rate. But what does this mean? Typically the HELOC agreement will put some restrictions around the variability, spelling out how often the rate can adjust and by how much, and articulating an overall rate cap. You can experiment with various interest rates in an online calculator to check your comfort level with the variations you might encounter.

Helpful Tools and Calculators

Before you take the leap, consider using our online tools to get a sense of what your monthly payments and interest costs might look like. Here are three calculators you’ll find useful as you explore borrowing based on your equity.

Run the numbers on your HELOC.

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

If you want to secure the most competitive HELOC rate, your credit score, debt-to-income (DTI) ratio, and home equity are critically important. Lenders look for you to have at least 15% equity — though more is better. Here are some ways to help ensure your finances are up to snuff before you apply:

Improve Your Credit Score

Keeping your credit score at 700 or above is key to unlocking the best HELOC rates (though you can probably qualify for a HELOC with a score of 640). You can nudge your number north by paying your bills on time and chipping away at balances. Also review your credit report for any inaccuracies. Disputing errors ensures your score truly reflects your financial responsibility.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple calculation: Divide your total monthly debt payments by your gross monthly income. Most HELOC lenders want a DTI under 50%, but for the best HELOC interest rates in Des Moines, you’ll want to get below 36%. Paying down debt (or increasing earnings) will enhance your financial profile.

Application Process for a HELOC in Des Moines

Many lenders offer online prequalification for a HELOC, which can make the application process smoother. Prequalifying online will give you a good idea of the rate, fees, and terms a lender might offer you. If you proceed to the application phase, follow this guide:

Step 1: Run the Numbers

Before you take the plunge with a HELOC, it’s wise to take a good look at your financial landscape. Start by checking your credit scores from all three major credit bureaus and calculating your debt-to-income (DTI) ratio. Then consider your home equity, which grows as you make regular mortgage payments and as your home’s value increases over time. Subtract your outstanding mortgage balance from your home’s estimated value. Then divide the answer by your home value to arrive at a percentage. As noted above, you’ll need at least 15% equity to move forward.

Step 2: Compare Lenders

Roll up your sleeves and examine different lenders’ interest rates, qualification requirements, credit line minimums and maximums, fees, and the length of the draw and repayment periods. Because each lender has its own individual terms, it’s important to review multiple offers carefully. This will help ensure you get the most competitive deal possible.

Step 3: Submit Your Application

Gather all necessary documentation: a valid form of identification, recent pay stubs, W-2 forms, and your latest tax return. If you are self-employed, lenders may additionally request a detailed profit-and-loss statement and two years of tax returns. Have your homeowners insurance declaration page at hand, too. Submit your application online, by phone, or directly in person to formally start the process.

Step 4: Get an Appraisal

An appraisal is a professional, objective opinion of your home’s value based on a detailed analysis of your home’s size, age, condition, and recent sales of similar homes. The cost of the appraisal can vary, but it usually ranges from $300 to $600. If your appraisal value comes in higher than your mortgage balance, you may be able to access that equity in the form of a higher credit limit.

Step 5: Prepare for Closing

Once you’ve been approved, before you can access your HELOC funds, you’ll need to sign the HELOC agreement and pay any closing costs. Make sure you read everything carefully. You may be able to access your credit line in as little as three days.

Recommended: Different Types of Home Equity Lending

Closing Costs and Fees

The good news is that HELOC closing costs are generally more affordable than what you encounter with a home purchase or refinance. The appraisal fee is often the most significant expense. A title search, if required, can cost between $100 and $450. You may also encounter application, origination, and administrative fees, as well as annual maintenance fees. Some lenders charge transaction, inactivity, or early termination fees. Keep in mind that while many lenders offer to reduce or even waive closing costs, they may offer a higher HELOC rate to compensate.

Tax Benefits and Considerations

HELOCs come with some fees attached, but there’s also the potential for a tax break. You can deduct the interest you pay on your HELOC on your federal taxes if you’ve used the funds to significantly improve your primary residence. The current tax guidelines for this deduction are in force through 2025. To confirm your eligibility for these deductions and keep tabs on how rules change in the future, connect with a tax advisor.

Alternatives to HELOCs

There are other ways to get equity out of your home in addition to a HELOC, and a personal loan — which doesn’t involve your home equity — is also an option. If you’re on the fence about a HELOC or just want to cover all your bases, here’s the lowdown:

Home Equity Loan

A home equity loan provides you with a lump sum of cash upfront and sets you up with a fixed interest rate to pay it back. You can usually tap into up to 85% of your home’s equity with this type of loan and a home equity loan calculator can give you a preview of your borrowing power. Lenders will be looking for a credit score of around 680, but 700 and above is often the sweet spot. You’ll begin making monthly principal-plus-interest payments on this loan immediately.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance for more than you currently owe and pocket the difference. This option is handy for those who need a substantial sum upfront, provided current interest rates are more attractive than the rate on their existing loan. A credit score of 620 or higher and a debt-to-income ratio under 43% are needed. In the cash-out refinance vs. home equity line of credit comparison, note that with a refi, you can have a fixed or variable rate.

Personal Loan

A personal loan is a versatile, typically unsecured loan that you repay in regular, fixed installments over a period of two to seven years. The key perk here is that your home is not at risk of foreclosure. Most lenders look for a credit score of 610 or higher when considering a personal loan application. While the process of securing a personal loan is often swift, the interest rates may be higher than those for HELOCs or home equity loans.


The Takeaway

As you mull over a HELOC, consider its pros and cons. These lines of credit provide flexibility and potentially lower interest rates than personal loans, but remember, your home is on the line if you don’t make payments. Compare HELOC rates in Des Moines with rates and terms on other options like cash-out refinancing and personal loans to find what best suits your financial needs.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

View your rate


FAQ

What’s the monthly payment on a $100,000 HELOC?

The monthly payment on a $100,000 HELOC can vary greatly depending on the interest rate and the repayment period. During the draw period, you may only need to pay interest on the amount you’ve borrowed, which isn’t necessarily going to be the full $100,000. If you did use the entire credit line of $100,000, your interest rate for repayment would likely be a variable one. But at an average of 8.00% and a repayment term of 20 years, you would pay $836 per month.

What are the benefits of a HELOC?

HELOCs have some impressive perks. You can use the funds for just about anything, enjoy a revolving credit line during the draw period, and only pay interest on what you borrow during this time. The interest you pay may be tax-deductible as well.

Do you need an appraisal for a HELOC?

An appraisal is typically required for a HELOC. This step is crucial as it determines your home’s current market value, which in turn helps to calculate the amount of equity you can borrow against. Getting a professional appraisal according to your lender’s instruction is key to securing the best HELOC terms.

Will a HELOC affect my credit score?

Opening a HELOC can have an impact on your credit score. When you apply for a HELOC, the lender will perform a hard credit inquiry, which can cause a temporary dip in your score. After you open the HELOC, how you manage it will determine whether it helps or hurts your credit score. Making on-time payments can help your score, while missing payments can hurt it. The amount of your credit limit that you use (so-called credit utilization) is an important factor in your credit score as well. To help maintain a healthy credit score, keep your credit utilization low.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.


¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.


†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


SOHL-Q225-440

Browse other Iowa home guides.

Browse HELOC rates by state guides.

More HELOC resources.

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Read more
Sep
06
2025

Current HELOC Rates in Columbia, SC Today

By | mortgage | Comments Off on Current HELOC Rates in Columbia, SC Today

COLUMBIA HELOC RATES TODAY

Current HELOC rates in

Columbia, SC.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in Columbia.

Key Points

•   Home equity line of credit rates in Columbia are influenced by the prime rate and individual borrower qualifications.

•   HELOC rates can vary significantly between lenders, so it’s important to shop around.

•   HELOCs work like a credit card, with interest due only on the amount you actually borrow.

•   Variable interest rates can make monthly payments somewhat unpredictable.

•   The interest on a HELOC might be tax-deductible if you use the funds to improve your home.

Introduction to HELOC Rates

If you’re thinking about how to get equity out of your home with a home equity line of credit (HELOC) in Columbia, South Carolina, we’re here to help. This guide will explain HELOC rates and help you understand what influences them, so that you can obtain your best possible rate. We’ll also explore the benefits and potential pitfalls of HELOCs and share tools to help you estimate your monthly payments and overall costs. By the time you’re done, you’ll be in a great position to decide if a HELOC is right for you and to get the lowest rate around.

What Exactly Is a HELOC?

Before you explore HELOC interest rates in Columbia, let’s make sure you understand what a home equity line of credit is in the first place. A HELOC is a revolving credit line that allows you to borrow against your home equity (the market value of your home, minus what you still owe on your home loan).

To qualify, homeowners typically need to have at least 15% equity. You can borrow up to 90% of that equity, but it’s important to realize that if you fail to repay what you borrow, your home will be at risk of foreclosure. HELOCs come with a draw period followed by a repayment period, and payments are different in each phase.

The Draw Period

During the HELOC’s draw period (usually 10 years) you can borrow money against the credit line in increments, as needed. You’ll have to pay interest on what you borrow, but most lenders won’t require you to repay the principal — although you can do so if you wish to draw on the full credit line again. A HELOC interest-only calculator will show you what these payments might look like.

The Repayment Period

After the draw period ends, the repayment period of between 10 and 20 years begins. Monthly payments will increase as you begin to repay the principal plus interest. HELOC interest rates are usually variable, which means the amount you pay may go up or down as rates change. You can use a HELOC monthly payment calculator to calculate what you might owe.

How Are HELOC Interest Rates Determined?

HELOC interest rates are tied to the prime rate, which is influenced by the decisions of the Federal Reserve. Each lender adds a margin to the prime rate to determine the final HELOC rate. Lenders also consider individual borrower factors, such as credit score, debt-to-income (DTI) ratio, and the amount of equity in the home. This is why it’s so important to seek out rate quotes from multiple lenders before you sign on to a HELOC. By keeping an eye on the prime rate and working to improve your creditworthiness, you can secure more favorable HELOC rates in Columbia.

How Interest Rates Impact HELOC Affordability

You’ll find it worth the time and energy you will invest to pursue a good interest rate for your HELOC. Even a seemingly small difference in rates can translate to a substantial change in the total interest you’ll end up paying. Let’s say you had a $50,000 HELOC with a 20-year term. A one-percentage-point rate increase from 7.00% to 8.00% can bump your monthly payment up by $30, which may not seem like a lot of money until you consider that the increase in the total interest paid over the life of the HELOC would be almost $7,000. Obviously the more you borrow, the greater the increase would be. HELOCs’ variable rates mean it’s unlikely that your rate would remain the same for 20 full years. But generally speaking, a lower rate is always a better one.

Recommended: Different Types of Home Equity Lending

HELOC Interest Rate Trends

While no one can predict the future of HELOC rates, monitoring the prime interest rate can offer insights into where HELOC rates in Columbia are headed. And having a sense of the history of the prime rate can help you put current rates into perspective. The prime rate hit a low of 3.25% in 2020 and a high of 8.50% in 2023. You may be tempted to wait until rates drop to file your HELOC application, but not every borrower can wait. If you need to apply when rates are relatively high, focus on improving your financial profile so you can get the lowest of the available rates.

Date U.S. Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.5%
9/27/2018 5.25%

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

A HELOC, as noted above, tends to have a variable (also known as adjustable) interest rate. Where the rate will go is not entirely unpredictable. The HELOC agreement will put some restrictions around the variability, spelling out how often the rate can change and by how much, and articulating an overall rate cap. You can experiment with various interest rates in an online calculator to assess your comfort level with potential variations.

Helpful Tools & Calculators

Before you apply for a HELOC, online tools can help you estimate your monthly payment and interest costs, whether you’re in the draw (interest-only) or repayment phase. You’ll find these calculators useful before and after you apply for a HELOC.

Run the numbers on your HELOC.

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

To land the most competitive HELOC rate, your credit score, debt-to-income (DTI) ratio, and home equity are very important. Lenders will look for you to have at least 15% equity in your home — though more is better. Follow these guidelines to help ensure your finances are HELOC-ready before you apply.

Improve Your Credit Score

Keeping your credit score at 700 or above is key to unlocking the best HELOC rates. The good news is, you can nudge your number north by paying your bills on time and chipping away at credit card balances. Also review your credit report for any inaccuracies. Disputing errors can ensure your score truly reflects your financial responsibility.

Calculate Your Debt-to-Income (DTI) Ratio

Your DTI ratio is a simple calculation: Divide your total monthly debt payments by your gross monthly income. Most HELOC lenders want a DTI under 50%, but for the best HELOC interest rates in Columbia, you’ll want to get below 36%. Paying down debt (or increasing earnings) will enhance your financial profile.

Application Process for a HELOC in Columbia

Some lenders offer the convenience of prequalifying for a HELOC online, which can save you time and streamline the process. This preliminary step can give you a clear picture of the HELOC rates in Columbia and the terms you could secure, all before you submit a formal application. If you decide to proceed with an application, you can follow these steps:

Step 1. Run the Numbers

First off, check your credit score and calculate your debt-to-income ratio (DTI). Then, assess your home equity. This is as simple as subtracting your remaining mortgage balance from your home’s current market value, then dividing the result by the home value to arrive at a percentage of equity. Regular mortgage payments are your ticket to building home equity, and over time, you’ll see your ownership stake grow.

Step 2. Compare Lenders

To find the best HELOC lender for your situation, you’ll want to compare not only the rate they are offering but also the qualification requirements, minimum and maximum amounts you can borrow, fees, and the length of the draw and repayment periods. Because the terms can vary from lender to lender, it’s important to shop around and read the fine print before you commit to a HELOC.

Step 3: Submit Your Application

You’ll need government-issued identification, recent pay stubs, W-2 forms, and copies of your last tax return. If you’re self-employed, a lender may ask for a profit-and-loss statement plus two years’ worth of tax returns. Property documentation includes a homeowners insurance declaration page. Submit your HELOC application online, over the phone, or in person to get the ball rolling.

Step 4: Get an Appraisal

A home appraisal is a professional and objective analysis conducted to determine your home’s value. The cost for a home appraisal typically ranges from $300 to $600. This step is important in determining the amount of equity you can potentially access and the specific terms of your HELOC agreement. A prospective lender will tell you what kind of appraisal is required, so wait for instructions.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you must sign some documents and pay any necessary fees. Some lenders make funds available within three days following the official closing.

Closing Costs and Fees

HELOC closing costs are generally less than those for a home purchase or refinance. The most significant expense is usually the appraisal fee. A title search, if required, can cost between $100 and $450. You may also encounter application, origination, and administrative fees, as well as annual maintenance fees. Some lenders may charge transaction, inactivity, or early termination fees.

Tax Benefits and Considerations

You’ll pay fees to have a HELOC but you may also be able to take advantage of tax benefits. You can deduct the interest you pay on your HELOC on your federal taxes if you’ve used the funds to significantly improve your primary residence. The current tax guidelines for this deduction are valid through 2025. To confirm your eligibility for these deductions and keep tabs on how rules change in the future, connect with a tax advisor.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

Other financing options besides HELOCs include home equity loans, cash-out refinancing, and personal loans. Each has its own set of pros and cons, so take the time to explore these options if you aren’t sure a HELOC is for you.

Home Equity Loan

A home equity loan provides a lump-sum loan at a fixed interest rate, and you’ll begin making principal-plus-interest payments at once. You can typically borrow up to 85% of your equity. Lenders look for a credit score of 680 or more, with many favoring 700+. This option is great if you need a defined amount of money and prefer the predictability of fixed payments. A home equity loan calculator can help you see what you might qualify for.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance for more than you currently owe and take the difference in cash. It’s a good pick if the interest costs of a new mortgage are better than what you’d have at your current rate. Things to think about with a cash-out refinance vs. a home equity line of credit: With a refi you’d need a credit score of 620 or higher and a debt-to-income ratio under 43%. You can opt for a fixed or variable interest rate.

Personal Loan

A personal loan is unsecured and repaid a bit faster than a HELOC, over just two to seven years. The beauty of this option is that your home isn’t on the line. Many lenders look for a credit score of 610 or more. While the interest rates may be higher on personal loans than on a HELOC or home equity loan, these loans are often approved faster than the alternative and don’t require an appraisal.


The Takeaway

When you’re mulling over a HELOC, it’s crucial to consider the pros and cons. They’re great for flexible borrowing and often come with competitive interest rates, perfect for ongoing or unpredictable expenses like home improvements or consolidating debt. But it’s important to have a plan in place to keep up with a HELOC’s variable interest rate and payments. Otherwise your home is at risk. Always take the time to compare HELOC estimates from different lenders to get the best deal on interest rates.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

View your rate


FAQ

What can a HELOC be used for?

A HELOC is a versatile financial tool that can be used for a variety of expenses, from home improvements to debt consolidation. It provides a flexible line of credit, allowing you to withdraw funds as needed during the draw period, typically 10 years, and make interest-only payments during that time (after which you’ll repay all you borrow, plus interest). HELOCs are especially useful for managing ongoing expenses or large projects that have unpredictable costs.

What would the monthly payments be on a $50,000 HELOC?

Your monthly payment on a $50,000 HELOC will vary according to the rate and terms of your agreement. During the draw period, you might only need to pay interest, which can be quite manageable. For instance, at a 7.00% interest rate, your monthly interest-only payment would be approximately $292. But keep in mind, once the repayment period kicks in, you’ll be paying both principal and interest, so your monthly expense will increase.

Do you need an appraisal for a HELOC?

You typically do need a home appraisal to secure a HELOC. The appraisal determines your home’s current market value, which is essential for calculating the amount of equity you can access. The appraisal fee is usually $300 to $600, and it’s an important step in the application process.

How hard is it to get a HELOC?

Getting a HELOC can be quite manageable if you meet the lender’s criteria. The main qualifications are a minimum credit score of 640, a debt-to-income (DTI) ratio under 50%, and a home equity of at least 15%. By diligently preparing your application and comparing HELOC rates from various lenders, you can significantly enhance your prospects of securing a HELOC with favorable terms.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.


¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.


†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


SOHL-Q225-441

Browse other South Carolina home guides.

Browse HELOC rates by state guides.

More HELOC resources.

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Read more
Sep
06
2025

Current HELOC Rates in Modesto, CA Today

By | mortgage | Comments Off on Current HELOC Rates in Modesto, CA Today

MODESTO HELOC RATES TODAY

Current HELOC rates in

Modesto, CA.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


View your rate

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in Modesto.

Key Points

•   Home equity line of credit rates are influenced by the prime rate and lender policies.

•   Homeowners can access up to 90% of their home equity with a HELOC.

•   HELOCs come with two main phases: a draw period and a repayment period.

•   Variable rates mean your payments could change from month to month.

•   HELOCs are great for large expenses or consolidating debt.

Introduction to HELOC Rates

Welcome to our comprehensive guide to home equity line of credit (HELOC) rates in Modesto, California. Our goal is to equip you, the homeowner, with the knowledge to not only understand the rates but to also qualify for the best terms. We’ll explore the benefits and potential pitfalls of HELOCs, and you’ll learn how to use tools to estimate your payments. Armed with this information, you can make informed financial decisions and manage your home equity with confidence.

What Is a HELOC?

A HELOC is a revolving credit line that uses your home as collateral. Your equity is the difference between your home’s value and your home loan balance. Most lenders require you to have at least 15% equity in your home. You can borrow up to 90% of that equity. HELOCs have two main phases: a draw period (typically 5 to 10 years) and a repayment period (typically 10 to 20 years). It’s important to understand the difference:

The Draw Period

The draw period is the time when you can borrow money in increments, up to your credit limit, repay what you’ve borrowed (or carry a balance), and borrow again. During these years, you may only have to make interest payments, so consider using a HELOC interest-only calculator.

The Repayment Period

Borrowing ends now and you must begin to pay back the principal plus interest. HELOCs have variable interest rates, with rates following the market, so the monthly payment amount can vary over the repayment term. A HELOC monthly payment calculator will be handy at this point.

Where Do HELOC Interest Rates Originate?

HELOC interest rates are primarily influenced by the prime rate, which is influenced by the actions of the Federal Reserve. Each lender then adds a margin to the prime rate to determine individual HELOC rates. Lenders also consider individual factors such as credit score, debt-to-income (DTI) ratio, income stability, and the amount of equity in your home. Once you understand all these variables, it becomes clear that getting rate quotes from multiple lenders is an important part of seeking out a HELOC. Each lender might make you a different offer, and they all have different terms and conditions.

How Interest Rates Impact HELOC Affordability

With HELOC interest rates, even a small percentage can make a big difference in what you pay. For example, if you entered the repayment phase owing $100,000 at an 8.00% interest rate, you would pay $1,213 each month. If you had an interest rate of 7.00%, however, you would pay $1,161. The difference may not seem so significant, but it adds up to roughly $6,000 in extra interest over a 10-year period. This is why it pays to seek out the lowest rate.

HELOC Interest Rate Trends

Keeping an eye on the prime rate can give you a sense of where HELOC rates in Modesto might be headed. And knowing a bit about the history of the rate can put the current rates you are seeing into perspective. The prime rate hit a low of 3.25% in 2020 and a recent high of 8.50% in 2023. There’s a good chance the rates you’ll see will be in this range. You may not be able to wait for a rate as low as 2020’s, but you can certainly prepare your financial profile to help you qualify for the best of the available rates.

Date U.S. Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.5%
9/27/2018 5.25%

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

HELOCs often come with variable (also called adjustable) interest rates, which can change with the market. This can work in your favor if rates are forecast to drop, but it does add an element of unpredictability. Your HELOC rate wouldn’t be entirely unpredictable, however. The HELOC agreement would spell out how often the rate can change and by how much. There is usually a rate cap. You have to assess whether you’re comfortable with the range of rates that might result. One way to do this is to play with different rates in an online calculator.

Helpful Tools & Calculators

Before you apply for a HELOC, you can use online tools to estimate your monthly payments and interest costs. These are the few of the calculators you can use to assess the effect of HELOC rates on your budget and gauge your overall financial health.

Run the numbers on your HELOC.

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

To obtain the best possible HELOC rate, it helps to exceed the minimum 15% home equity mark. Lenders will also be carefully examining your credit score and DTI ratio. Learn how to make them shine:

Improve Your Credit Score

A credit score of 700 or higher will help you get the best HELOC rates in Modesto, though you may be approved for a HELOC with a minimum score of 640. You can give your score a boost by paying on time and keeping credit card balances in check. Avoid closing old credit accounts or opening new ones in the months before your HELOC application. And before you apply for a HELOC, review your credit report, clear up any errors, and watch your score rise.

Calculate Your Debt-to-Income (DTI) Ratio

Your DTI ratio is a tally of your monthly debt payments divided by your gross monthly income. Most HELOC lenders prefer a DTI below 50%, but the lower, the better. A reduced DTI can work in your favor, potentially opening doors to a HELOC with more attractive terms.

Application Process for a HELOC in California

The process of applying for a HELOC in Modesto is made simpler by prequalifying online. You put in a little basic information and the lender will provide an estimated rate and the terms you may be eligible for. If you decide to move forward with a full application, you can follow these steps:

Step 1. Run the Numbers

Check that your equity level, credit score, and DTI ratio meet the minimums a lender will look for. That’s 15% equity, a credit score of at least 640, and a DTI of 50% or less. To compute your equity level, subtract what you owe on your mortgage from your home’s estimated value. Then divide the answer by the home value to get a percentage of equity. If it’s at least 15%, move to the next step.

Step 2. Compare Lenders

Compare different lenders to find the best HELOC rate you can get in Modesto. Don’t just look at interest rates. Narrow the field based on rates, but also examine qualification requirements, minimums and maximums, fees, and the length of the draw and repayment periods. Each lender has unique terms and conditions, so read the fine print to understand the full scope of what you’d be signing up for.

Step 3: Submit Your Application

You’ll need to gather your ID, proof of income (pay stubs, W-2, tax documents), and insurance policy information for the property you’re using as collateral. If you’re self-employed, a lender might ask for a profit-and-loss statement and a couple years’ worth of tax returns. Once you’ve got everything together, you can apply online, over the phone, or in person. Doublecheck the accuracy of the info you provide to keep the process moving along smoothly.

Step 4: Get an Appraisal

After you submit an application and solidify your choice of lender, you’ll likely need an appraisal. Work with the lender to ensure you get the appraisal and documentation the lender requires. If your home is appraised for more than what you owe — to the point that you hit that 15% equity target — you’ll have cleared a bar necessary for a HELOC.

Step 5: Prepare for Closing

If you’re approved for a HELOC, you’ll need to sign the HELOC documents and take care of any associated fees. Most lenders will make the funds available within three business days of the HELOC closing. Before you sign on the dotted line, be sure you understand all the terms and conditions. This is an important step to avoid any surprises and to make sure you’re prepared to use your HELOC.

Closing Costs and Fees

HELOC closing costs are generally more affordable than those for a standard home purchase or refinance. The priciest item is often the appraisal fee, which can range from $300 to $600. You might also encounter a title search fee ($100 to $450), application fee, and origination fee. Some lenders may offer to reduce or even waive these closing expenses, but be sure to consider the trade-off: Often, it means a higher HELOC rate.

Tax Benefits and Considerations

Homeowners can deduct the interest on a HELOC if the loan is used to substantially improve the taxpayer’s primary residence. These tax rules apply through 2025; a tax pro can help you navigate any changes that come in 2026 and beyond. You’ll have to itemize on your return in order to capture this deduction.

Recommended: Different Types of Home Equity Lending

Alternatives to HELOCs

Other ways to get equity out of your home include home equity loans and cash-out refinancing. If you are at all iffy on a HELOC, you could consider one of these, or explore a personal loan. Here’s the lowdown:

Home Equity Loan

A home equity loan is often confused for a HELOC, but they are different. With a home equity loan, you get a fixed sum of money and begin repaying it, with interest, immediately. Because the interest rate is fixed, your monthly payment will be consistent. You can usually borrow up to 85% of your home’s value, minus what you owe, and you’ll need a credit score of at least 680 and a DTI ratio under 50%. Home equity loans are a good option when you need a large sum all at once. A home equity loan calculator can tell you how much you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance your mortgage for more than you currently owe. You then pocket the difference. This is a great option if you need a large amount of money at once, as long as the current interest rates are an improvement on your original rate. Typically, you’ll need a credit score of 620 or higher and a debt-to-income ratio under 43% for this option. When comparing a cash-out refinance vs. a home equity line of credit, note that the former allows you to choose between fixed or variable rates.

Personal Loan

A personal loan is a versatile, typically unsecured loan that you repay in regular, fixed installments over a period of two to seven years. The key advantage here is the safety of your home; because your property doesn’t serve as collateral, your home isn’t on the line if you can’t make your payments. Lenders usually look for a credit score of 610 or higher for this type of loan. While the interest rates may be a bit higher than HELOCs or home equity loans, the approval process is often more swift.


The Takeaway

If you’re considering a HELOC, take the time to weigh the benefits and risks. HELOCs offer a flexible line of credit with potentially lower interest rates compared to personal loans, which can make them a good choice for large, ongoing expenses. But remember, if you default, you could lose your home. Always assess your financial situation and compare offers from different lenders to find the one that’s the best fit for you.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

View your rate


FAQ

What’s the monthly payment on a $50,000 HELOC?

Your monthly payment on a $50,000 HELOC will vary based on three factors: how much of the $50,000 credit line have you actually used; what is your interest rate; and whether you are in the draw or repayment period. In the former you pay interest only and in the latter you will pay down the principal plus interest. For this reason, it’s best to use an online calculator to compute your specific payment amount.

Do you need an appraisal for a HELOC?

An appraisal is required for a HELOC in most cases. This step is important as it determines your home’s current market value, which in turn helps to calculate the amount of equity you can borrow against. Getting a professional appraisal according to your lender’s instruction is key to securing the best HELOC terms.

How hard is it to secure a HELOC?

Gaining approval for a HELOC is within reach if you meet the lender’s criteria. Lender requirements vary, but the basic prerequisites are a credit score of at least 640, a debt-to-income ratio below 50%, and a home equity level of 15%. The best interest rates go to those with a credit score of at least 700 and a DTI ratio under 36%. The application process includes submitting financial records and arranging for a home appraisal.

Will a HELOC impact your credit score?

The mere act of opening a HELOC can cause a slight dip in your credit score due to the necessary hard credit inquiry by a prospective lender. But use your HELOC responsibly — make timely payments and keep balances in check — and you may actually see an improvement in your score. On the flip side, missing payments or maxing out your HELOC can be detrimental.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.


¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.


†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


SOHL-Q225-442

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Browse HELOC rates by state guides.

More HELOC resources.

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Sep
06
2025

Current HELOC Rates in San Jose, CA Today

By | mortgage | Comments Off on Current HELOC Rates in San Jose, CA Today

SAN JOSE HELOC RATES TODAY

Current HELOC rates in

San Jose, CA.



Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.


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Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Compare HELOC rates in San Jose.

Key Points

•  Home equity line of credit rates are influenced by the prime rate and lender policies.

•  HELOCs provide a revolving line of credit with variable interest rates.

•  Your credit score, debt-to-income ratio, and the amount of equity in your home are key factors in the rate you’re offered.

•  Online calculators can help borrowers estimate interest costs.

•  HELOCs can be used for a variety of purposes, including home improvements, personal expenses, and debt consolidation.

Introduction to HELOC Rates

In this guide, we’ll cover the following to help you understand home equity line of credit (HELOC) interest rates in San Jose, California: how HELOCs work and what they’re typically used for; the factors that influence HELOC rates; the benefits and risks of using a HELOC and how you can prepare your application for scrutiny by prospective lenders. You’ll soon have a better understanding of whether a HELOC is right for you and how to get the best rate.

What Exactly Is a HELOC?

First things first: It’s important to understand what a HELOC is. A HELOC is a revolving credit line that’s secured by your home equity (the market value of your home minus what you owe on your home loan). To qualify, you’ll typically need to have at least 15% equity in your home. With a HELOC, you can borrow up to 90% of that equity. This means that if you don’t make payments on your HELOC, you could risk foreclosure. A HELOC has two phases: The draw period, during which you make interest-only payments, can last around 10 years. Then there is a repayment period of 10 to 20 years. You’ll want to understand how they differ:

The Draw Period

The draw period is the time when you can borrow money in increments, up to your credit limit, repay what you’ve borrowed (or carry a balance), and borrow again. During this window, you may only have to make interest payments, so consider using a HELOC interest-only calculator.

The Repayment Period

The repayment period is when borrowing ends and you must pay back the principal plus interest. HELOCs have variable interest rates so the monthly payment amount can vary over the 10 or 20 years of the repayment term. A HELOC monthly payment calculator is handy now.

The Origin of HELOC Interest Rates

HELOC interest rates are influenced by the prime rate, which is set based on the Federal Reserve’s policies. Lenders then add a margin to the prime rate, which leads to varying HELOC rates among different financial institutions. Moreover, your credit score, debt-to-income ratio, income stability, and the equity in your home all factor into the rate you’ll be offered. This is why it’s so important to get HELOC quotes from multiple lenders before you select the most opportune lending partner.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC can make a big difference in your monthly payment amount. Let’s say you have a HELOC with a $100,000 credit limit and you borrow the entire amount during the draw period. If you entered the repayment phase with an interest rate of 8.00%, you would pay $1,213 per month. But if you had an interest rate of 7.00%, you would pay $1,161 per month. The difference may not seem enormous, but over a 10-year repayment period you would incur roughly $6,000 in extra interest at the higher rate. Of course, HELOCs have variable interest rates so your real-world results will differ. But few people would argue with the fact that a lower rate is a better one.

Recommended: Different Types of Home Equity Lending

HELOC Interest Rate Trends

As you’re exploring how to get equity out of your home in San Jose, keeping an eye on the prime interest rate can be a smart move. And knowing a bit about the rate’s history can help you set realistic expectations for your own interest rate. The prime rate hit an unusually low 3.25% in 2020 and a recent peak of 8.50% in 2023. Some borrowers wait until HELOC rates dip to file their application. But if you need to borrow now, you can instead focus on presenting yourself to lenders as a good risk. We’ll share details on that below.

Date U.S. Rate
9/19/2024 8.00%
7/27/2023 8.50%
5/4/2023 8.25%
3/23/2023 8.00%
2/2/2023 7.75%
12/15/2022 7.50%
11/3/2022 7.00%
9/22/2022 6.25%
7/28/2022 5.50%
6/16/2022 4.75%
5/5/2022 4.00%
3/17/2022 3.50%
3/16/2020 3.25%
3/4/2020 4.25%
10/31/2019 4.75%
9/19/2019 5.00%
8/1/2019 5.25%
12/20/2018 5.5%
9/27/2018 5.25%

Source: U.S. Federal Reserve


Variable vs Fixed Interest Rates

HELOCs usually come with adjustable interest rates, which means they can change based on the market. This can be nerve-racking for some would-be borrowers. Rest assured, though: Your HELOC agreement would spell out how often rates can change and how much, and there is usually a rate cap as well. You can use online calculators to experiment with various rates to see how much you might have to pay if the rate were to rise or fall. If you can get comfortable with the numbers, then a HELOC could be for you.

Helpful Tools & Calculators

As we’ve noted, online calculators can be useful at various times in the HELOC borrowing process. Here are a few you’ll likely come back to again and again.

Run the numbers on your HELOC.

Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.

How to Qualify for a Competitive HELOC Rate

To secure a competitive HELOC rate, you’ll want to take a little time before you apply to make sure you present the best picture to a prospective lender. First, verify that you have at least 15% equity in your home, and ideally more: Subtract your mortgage balance from your home’s estimated market value; divide the result by the home value and you’ll have your percentage of equity. Next, work on your credit score and DTI ratio:

Improve Your Credit Score

You’ll want to have a credit score of 700 or higher to unlock the most favorable HELOC interest rates. (The minimum score you’ll need to qualify for a HELOC is 640.) By making timely payments and keeping credit card debts in check, you can give your score a lift. Regularly reviewing your credit report for inaccuracies and disputing any you find can also contribute to a healthier score. Also avoid opening new credit accounts or closing old ones in the months leading up to a HELOC application.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple equation: divide your total monthly debt payments by your gross monthly income. For HELOC lenders, a DTI below 50% is required, but the ideal is even lower: below 36%. To lower your number, pay off some debts, increase your income — or better yet, both.

Application Process for a HELOC in San Jose

Many lenders offer the convenience of prequalifying for a HELOC online, which can significantly expedite the application process. By taking this first step, you can gain a clearer picture of the HELOC rates in San Jose that you might be eligible for. If you opt to proceed with the full application, take it a step at a time.

Step 1: Run the Numbers

First, check your credit score and calculate your DTI ratio to ensure they meet the minimum qualification number (640 for credit score and 50% for DTI ratio). If those numbers make the grade and your equity is 15% or greater, move to Step 2.

Step 2: Compare Lenders

Take a look at different lenders’ HELOC rates in San Jose. But also compare qualification requirements, credit minimums and maximums, fees, and the length of both the draw and repayment periods. Keep an eye out for lenders that offer competitive rates and flexible terms. Read customer reviews and thoroughly check a lender’s reputation before deciding where to apply.

Step 3: Submit Your Application

Gather all the necessary paperwork. This includes proof of identification, income verification, and property information. For income verification, you’ll need to provide your most recent pay stubs, W-2 forms, and tax returns from the prior year. If you’re self-employed, you may also need to provide a profit-and-loss statement and tax returns for the last two years. Have your homeowners insurance declaration page handy as well. Once you have everything you need, you can submit your application online, over the phone, or in person.

Step 4: Get an Appraisal

After you submit an application and solidify your choice of lender, you’ll likely need an appraisal. Work with the lender to ensure you get the appraisal and documentation necessary. The typical cost of having a pro weigh in on the value of your home is between $300 and $600.

Step 5: Prepare for Closing

If you’re approved for a HELOC and decide to move forward, you’ll need to sign the HELOC documents and take care of any fees. Most lenders will make the funds available within three business days of the closing. Before you sign on the dotted line, be sure you understand all the terms and conditions.

Closing Costs and Fees

HELOC closing costs are generally more pocket-friendly than those for home purchases or refinances. The highest cost you might encounter is the appraisal fee. A title search, if needed, can add another $100 to $450. Then there are the application, origination, and administrative fees, which can vary. Some lenders may also charge annual maintenance fees, up to $250, or transaction, inactivity, or early termination fees.

Recommended: HELOC vs. Home Equity Loan

Tax Benefits and Considerations

Tax benefits are a nice counterbalance to all those fees, and fortunately homeowners can deduct HELOC interest on 2025 taxes if the money borrowed is used to significantly improve a primary residence. To ensure you understand the tax implications and your eligibility for HELOC-related deductions — and for help keeping an eye on how this tax break may change in future years — consult a tax advisor. Knowing the potential benefits can help you make the most of your HELOC while managing your finances effectively.

Alternatives to HELOCs

If you’re at all uncertain about a HELOC, know that there are other ways to tap into your home’s equity, such as home equity loans and cash-out refinancing. Unsecured personal loans are another borrowing option. Each has its own benefits and drawbacks:

Home Equity Loan

A home equity loan is often mistaken for a HELOC, but the two are different. With a home equity loan, you get a fixed amount of money and begin repaying it, with interest, immediately. Because the interest rate is fixed, your monthly payment will always be the same. You can usually borrow up to 85% of your home’s value, minus what you owe, and you’ll need a credit score of at least 680 and a DTI ratio under 50%. Home equity loans are a good option when you need a large sum all at once. A home equity loan calculator can tell you how much you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you leverage your home equity by refinancing your mortgage for a sum greater than your current loan. You then pocket the difference to use as you wish. This is a great option if you need a substantial amount of money at once, as long as the current interest rates are an improvement on your original rate. Typically, you’ll need a credit score of 620 or higher and a debt-to-income ratio under 43% for this option. When comparing a cash-out refinance vs. a home equity line of credit, note that the former allows you to choose between fixed or variable rates.

Personal Loan

A personal loan is a versatile, typically unsecured loan that you repay in regular, fixed installments over a period of two to seven years. The key advantage here is the safety of your home; because it doesn’t serve as collateral, your home isn’t on the line if you can’t make your payments. Lenders usually look for a credit score of 610 or higher for this type of loan. While the interest rates may be a bit higher than HELOCs or home equity loans, the approval process is often more swift.


The Takeaway

When considering a HELOC, it’s important to weigh the benefits and risks. HELOCs offer flexible access to funds and potentially lower interest rates than a personal loan, but they come with the risk of losing your home if you default. Ensure you have a stable income, a good credit score, and a clear plan for how you will use the funds. Always compare multiple lenders to find the best HELOC rates and terms that fit your financial situation.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.

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FAQ

What can a HELOC be used for?

A HELOC is a versatile financial tool that can be used for a variety of expenses, from home improvements to debt consolidation. It provides a flexible line of credit, allowing you to withdraw funds as needed during the draw period, typically 10 years, and make interest-only payments. This makes it useful for managing ongoing expenses or large projects that have unpredictable costs.

What’s the appraisal process for a HELOC?

You typically need a home appraisal to secure a HELOC. The appraisal determines your home’s current market value, which is essential for calculating the amount of equity you can access. The appraisal fee is usually $300 to $600, and it’s a crucial step in the application process.

What might disqualify you from getting a home equity loan?

There are a few factors that could potentially disqualify you from securing a home equity loan. These include a low credit score, a high debt-to-income (DTI) ratio, and not enough equity in your home. Most lenders look for a credit score in the upper 600s, a DTI ratio under 50%, and a minimum of 15% equity in your home. If you don’t meet these criteria, you might need to work on improving your financial profile or explore other financing sources.

How hard is it to get a HELOC?

A HELOC is quite attainable if you meet the lender’s criteria. They typically look for a minimum credit score of 640, a debt-to-income ratio under 45%, and at least 15% equity in your home.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.


*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.


¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.


†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.


Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.


SOHL-Q225-445

Browse other California home guides.

Browse HELOC rates by state guides.

More HELOC resources.

Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.

Read more
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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your 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.

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