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Sep
06
2025

Current HELOC Rates in Tampa, FL Today

By | mortgage | Comments Off on Current HELOC Rates in Tampa, FL Today

TAMPA HELOC RATES TODAY

Current HELOC rates in

Tampa, FL.



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 Tampa.

Key Points

•  A home equity line of credit is a flexible borrowing option, providing a revolving line of credit secured by your home equity.

•  To qualify, borrowers need a minimum credit score of 640, a debt-to-income ratio of 50% or less, and 15% equity in your home.

•  HELOCs are great for ongoing expenses, while home equity loans are often preferred by borrowers who need a single large lump sum.

•  Borrowers should prepare for fluctuating interest rates and understand the potential for foreclosure.

•  If you’re using a HELOC for home improvements, the interest may be tax deductible.

Introduction to HELOC Rates

In this article, we’ll cover all the bases on home equity line of credit (HELOC) rates in Tampa, Florida. Whether you’re looking to renovate, fund education, or streamline your debt, understanding the current market and how to make the most of your home equity is key. We’ll dive into the factors that influence HELOC rates, the benefits and potential pitfalls of these financial tools, and how to sift through lenders’ offers.

What Is a HELOC?

A HELOC is a flexible revolving credit line that’s secured by your home equity (the difference between your home’s value and your home loan balance). To qualify, you typically need to have at least 15% equity in your home. With a HELOC, you may be able to borrow up to 90% of your equity. Because your home is serving as the collateral for the HELOC, it’s very important to make sure you stay on top of your payments — otherwise, you risk foreclosure. Payments are different depending on which phase of the HELOC you are in.

The Draw Period

This is the initial 10 years of your HELOC. During this time you can draw money from the credit line, up to whatever ceiling you have, and only pay interest on the amount that you have used. You can repay the principal and then draw again, but most lenders don’t require you to repay at this stage — just to cover the interest. A HELOC interest-only calculator is helpful at this time.

The Repayment Period

The repayment period is typically 10 to 20 years. This is when you’ll stop drawing on the credit line and begin to repay the principal plus interest. HELOC interest rates are usually variable, which means your rate can change many times over your repayment period, going up or down. Monthly payments aren’t always the same, so a HELOC monthly payment calculator is useful.

Recommended: Different Types of Home Equity Lending

The Origins of HELOC Interest Rates

HELOC interest rates are tied to the prime rate, which is influenced by the Federal Reserve’s policies. Each lender adds a margin to the prime rate, resulting in different HELOC rates. Lenders also consider individual borrower factors such as credit score, debt-to-income (DTI) ratio, income, and the amount of equity in the home. A higher credit score and more substantial equity can lead to more favorable rates. The variability among lenders is why it’s so important to seek out rate quotes from multiple lenders and evaluate their terms before locking yourself into a single lender for your HELOC.

How Interest Rates Impact HELOC Affordability

Here’s an eye-opener: Even a one-percentage-point difference in the interest rate you obtain for a HELOC can have a major impact on what you pay to borrow money. Let’s imagine that you have a $50,000 HELOC and borrow the full amount at 8.50%. Repaying it over 15 years, you would have monthly payments of $492 during the repayment period and total interest of $38,627. At 9.50%, the monthly payments would be $522 and the total interest would be $43,980. HELOC rates are variable so your actual results may differ. But the lower the starting rate you can secure, the better.

HELOC Interest Rate Trends

While no one can predict where HELOC rates are going with total accuracy, keeping an eye on the prime interest rate can offer some valuable insights. It hit a low of 3.25% in 2020 and a recent high of 8.50% in 2023. Having some historical context can give you a sense of whether current HELOC rates are low, high, or somewhere in between.

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

Of course, whatever HELOC rate you manage to score will change, as HELOCs tend to come with variable (also called adjustable) interest rates. First-time HELOC borrowers might worry rates will range wildly, but your HELOC agreement will put some guardrails around your rate, specifying how often the rate can change and where it can cap out. If you run the low and high numbers through a rate calculator and feel you can comfortably handle the payments, then you can feel more comfortable proceeding with a HELOC application.

Helpful Tools & Calculators

You’ll find the three calculators useful when you’re thinking about how to get equity out of your home because they’ll give you a sense of what costs may be. They can also help you estimate payments after you have 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 secure a HELOC rate, you’ll likely need a minimum credit score of 640 and a debt-to-income (DTI) ratio below 50%. But to get the most attractive current HELOC interest rate, you’ll need to sharpen your stats further. Follow these how-tos.

Improve Your Credit Score

To make sure you get the best possible HELOC rates, aim to keep your credit score at 700 or higher. Get there by making payments on time and reducing your credit card balances. It’s also a good idea to check your credit report for errors and dispute any you find. And remember, keeping your old credit accounts open and using them responsibly can help you maintain a healthy credit history.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple formula: monthly debts divided by gross monthly income. To calculate yours, tally up all your credit card payments, car loans, student loans, plus your existing mortgage, and divide by your gross monthly income. For the most favorable HELOC terms, you’re aiming for a DTI ratio under 36%. You can get closer by lowering your debts, increasing your income, or both.

Application Process for a HELOC in Tampa

If you think you’re ready to borrow, you can take advantage of the fact that many lenders will let you prequalify for HELOC online. Doing so can give you a sneak peek at the rate and credit line you might be eligible for from different lenders. Usually, it’s a simple process that requires just some basic financial info and takes minutes. Once you’re prequalified, you can decide whether or not to move on to the full application process:

Step 1: Run the Numbers

Before you take the leap, it’s important to make sure you have 15% equity (at minimum). Subtract your mortgage balance from your home’s estimated value. Then divide the answer by the home value to get a percentage of equity. If it’s over 15%, it’s go time. Also check your credit score to make sure it’s at least 640, and evaluate your DTI ratio to ensure it’s under 50%.

Step 2: Compare Lenders

Take a look at HELOC rates in Tampa. But consider factors beyond the interest number. Carefully compare lenders’ qualification requirements, credit line minimums and maximums, any associated fees, and the length of both the draw and repayment periods. Keep an eye out for lenders that offer competitive rates and flexible terms. Reading customer reviews and thoroughly checking lender reputations can also help you make a more informed decision.

Step 3: Submit Your Application

Get all your paperwork together, from personal identification to proof of income and information about your property insurance. For income verification, you’ll need your latest pay stubs, W-2 forms, and tax returns. If you’re self-employed, a lender might ask for a profit-and-loss statement and two years’ worth of tax returns. Have your homeowners insurance declaration page handy. Once you’ve got everything together, you can submit your application online, over the phone, or in person.

Step 4: Get an Appraisal

A home appraisal is a professional’s evaluation of your home’s worth. The typical cost ranges from $300 to $600. The appraisal is key to the HELOC process. It determines the maximum credit you can access and gives the lender peace of mind that your property is a solid collateral. The lender you’ve applied to will share information about appraisal requirements, so wait for these instructions.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign some documents and take care of fees. Lenders often make the funds available to you within three days of the HELOC closing. Be sure to review all the terms and conditions to make sure they fit with your financial plans. Closing costs can include things like appraisal fees, title search fees, and loan origination fees. Be ready to pay these costs to complete your HELOC and start using your funds.

Closing Costs and Fees

The good news is that HELOC closing costs are generally lower than those associated with a home purchase or refinance. Appraisal fees are often the most significant expense. A title search, if required, may cost $100 to $450. You might 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

A nice counterpoint to the fees you’ll pay is the fact that interest paid on a HELOC is sometimes tax-deductible. If the money you borrow is used to substantially improve your primary residence, interest is deductible on your federal taxes for the 2025 tax year, provided you itemize your return. Consult with a tax advisor to make sure you take advantage of this benefit. Your tax pro can also help you keep tabs on how HELOC deductions may change in future tax years.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

If you’ve come this far in the process of researching a HELOC and are still unsure about whether it’s right for you, rest assured: There are other ways to borrow, including one method, a personal loan, that doesn’t put your home at risk. Consider your options:

Home Equity Loan

With a home equity loan, you get a one-time lump-sum loan and a fixed interest rate to keep things simple. You can usually borrow up to 85% of your home equity. Lenders often look for a credit score of 680 or higher, with many leaning toward 700, in order for borrowers to qualify. If you’re someone who likes the predictability of a fixed interest rate and a set payment schedule, this might be just the thing for you. A big difference between a HELOC vs. a home equity loan is that with a home equity loan, you get the money all at once and begin repaying it immediately.

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 option, so long as the interest costs of a new mortgage are better than what you’d have with your existing mortgage. 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%. A refinance also allows you to choose between fixed or variable interest rates and leaves you with one monthly payment vs two.

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 benefit here is that your home is not at risk of foreclosure should you encounter financial challenges and be unable to make your loan payments. Most lenders look for a credit score of 610 or better when evaluating a personal loan application. While these loans are relatively quick to secure, the interest rates may be higher compared to HELOCs or home equity loans.


The Takeaway

As you consider borrowing using a HELOC, it’s crucial to weigh the pros and cons. HELOCs offer a convenient borrow-as-needed approach and potentially lower interest rates than personal loans, but the risk of home loss due to default is a real concern. Before you apply, make sure you meet the credit and equity requirements, and take the time to scrutinize the terms and conditions. Compare HELOC rates in Tampa from multiple lenders to secure the best deal.

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 can be used for a variety of purposes, including paying for home improvements, medical bills, or education costs. It functions like a credit card, allowing you to draw funds up to a maximum limit and pay interest only on the amount of the credit line that is used. This flexibility makes it ideal for ongoing expenses, but it’s important to have a solid repayment plan to avoid financial strain.

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

The monthly payment on a $50,000 HELOC can vary based on the interest rate and whether you are in the draw or repayment phase. During the draw period, if you used the full $50,000 but paid interest only, your monthly expense at 8.00% would be $333. Once you enter the repayment term of 20 years, the monthly cost would rise to $607. But payments can fluctuate due to changes in the variable interest rate.

What might disqualify you from getting a home equity loan?

A few factors could block your path to 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 of 50% or less, and a minimum of 20% 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 does a HELOC impact your credit score?

Opening a HELOC will likely have a minor impact on your credit score. When you apply, a lender will run a hard inquiry on your credit report to determine your creditworthiness. This can cause a small, temporary decrease in your credit score. However, if you manage your HELOC account well and make payments on time, your credit score will likely improve over time.

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-Q225-404

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Browse HELOC rates by state guides.

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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 Birmingham, AL Today

By | mortgage | Comments Off on Current HELOC Rates in Birmingham, AL Today

BIRMINGHAM HELOC RATES TODAY

Current HELOC rates in

Birmingham, AL.



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 Birmingham.

Key Points

•   Home equity line of credit rates in Birmingham can be influenced by the prime rate and individual lender policies.

•   HELOCs offer a revolving line of credit secured by home equity.

•   To qualify, you’ll generally need a credit score of at least 640, a debt-to-income ratio under 50%, and 15% equity in your home.

•   A HELOC can be a great resource for significant expenses, like home improvements, education, or consolidating debt.

•   The variable interest rates can mean that your monthly payments aren’t always the same amount.

Introduction to HELOC Rates

Welcome to your guide to home equity line of credit (HELOC) rates in Birmingham, Alabama. We’re here to help you understand the current market conditions and how to secure the best rates for your home equity line of credit. We’ll cover the factors that influence HELOC rates, the benefits and risks of HELOCs, and how to compare offers from different lenders. By the end, you’ll be equipped to make an informed decision about whether a HELOC is the right financial tool for you, and if so, you’ll know how to navigate the application process.

What Is a HELOC?

A HELOC is a revolving credit line that taps into your home equity, which is the difference between your home’s value and your home loan balance. Most lenders require homeowners to have at least 15% equity in their property to qualify for a HELOC. You can usually borrow up to 90% of your home’s equity. Because your home is the collateral for your HELOC, missing payments can result in foreclosure. So before you sign on to a HELOC you’ll want to make sure you understand how it is repaid. HELOCs typically have two main periods with different payments in each: a draw period, followed by a repayment period.

The Draw Period

During the HELOC’s draw period (typically 10 years), you can borrow funds 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 can help you see how much you might have to pay in interest.

The Repayment Period

After the draw period ends, a repayment period of 10 to 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. A HELOC monthly payment calculator is useful at this stage in your borrowing experience.

Recommended: Different Types of Home Equity Lending

The Origin of HELOC Interest Rates

Lenders peg their HELOC rates to the prime rate, which is affected by the Federal Reserve’s policies. Each lender tacks on a margin to the prime rate, which is why you’ll find a range of rates on the market — and why it’s so important to seek out rate quotes from multiple lenders. A lender will also 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 set yourself up for HELOC success.

How Interest Rates Impact HELOC Affordability

Let’s break it down. Even a single percentage-point difference in HELOC rates can make a noticeable impact on your monthly budget, depending on how much you borrow. HELOCs’ variable rates makes it hard to pinpoint the exact amount the HELOC will cost, but if you borrowed $50,000 with a HELOC that had a 20-year repayment term, you would have the following monthly payment amounts at 7.00%, 8.00%, and 9.00% interest: $388, $418, and $450, respectively, and total interest paid of $43,036, $50,373, and $57,967, respectively.

HELOC Interest Rate Trends

Monitoring the prime interest rate can provide valuable insights into the potential direction of HELOC rates. Since 2018, the prime rate has seen its share of ups and downs, with a low of 3.25% in 2020 and a high of 8.50% in 2023. This historical perspective can help you prepare for potential fluctuations in HELOC rates, and also give you a sense of whether current rates are relatively low or high.

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 adjustable interest rates, also called variable rates. These rates usually begin lower than fixed rates, which can be quite appealing. The fluctuation in rates can make your monthly payments unpredictable, but your HELOC agreement will spell out how frequently interest rates can change and by how much. So you won’t be entirely at the mercy of the market if you opt for a HELOC.

Helpful Tools and Calculators

One way to assess your comfort level with different HELOC interest rates is to use a HELOC calculator to determine what your monthly payments would look like at various rates and during the draw (interest-only) and repayment periods. Here are three useful calendars for HELOC shoppers.

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 improve your chances of qualifying for a great HELOC rate, you’ll want to make sure you have at least 15% equity in your home (and ideally 20%). Here are the other important things you can do before you begin the application process:

Improve Your Credit Score

To land a desirable HELOC rate in Birmingham, you’ll want to keep your credit score at 700 or above, although you can get a HELOC with a score of 640 or more. The good news is, you have the power to polish your credit score by making on-time payments and chipping away at credit card balances. Disputing any inaccuracies on your credit report can also give your score a nudge in the right direction.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple equation: your total monthly debt payments divided by your gross monthly income. Most HELOC lenders prefer a DTI below 50%, but the lower, the better, and for the most competitive interest rates you’ll want a DTI of under 36%. A reduced DTI can boost your chances of HELOC approval and secure you a more attractive interest rate.

Application Process for a HELOC in Birmingham

Many lenders offer the convenience of prequalifying for a HELOC online, which can be a time-saver. This preliminary step can give you a sense of the rates and credit limits you might be eligible for. Usually, you’ll need to provide some basic financial details, but it’s a relatively quick process, often taking just a few minutes of your time. From there you can move on to the full application process.

Step 1: Run the Numbers

Before you take the plunge, make sure you have at least 15% equity in your home. Subtract your current mortgage balance from your home’s estimated value; divide the answer by your home value to arrive at your percentage of equity. Also check that your credit score is at least 640 and your DTI ratio is below 50%. If you meet all three minimums, move forward.

Step 2: Compare Lenders

Research lenders to find the best HELOC rates in Birmingham. Look at interest rates, qualification requirements, credit line minimums and maximums, fees, and the length of the draw and repayment periods. Each lender may have unique terms and conditions, so it’s important to read the fine print.

Step 3: Submit Your Application

Now it’s time to gather your paperwork. You’ll need recent pay stubs, W-2 forms, and tax returns. If you’re self-employed, you may be asked for a profit-and-loss statement and two years’ worth of tax returns. Have your homeowners insurance policy on hand, too. You can apply online, over the phone, or in person. Doublecheck the information you provide for accuracy to keep the process moving 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.The typical cost of having a pro weigh in on the value of your home is usually between $300 and $600.

Step 5: Prepare for Closing

you’re approved for a HELOC and decide to move forward, 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 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.

Recommended: HELOC vs. Home Equity Loan

Closing Costs and Fees

HELOC closing costs are generally less than those for a home purchase or refinance. The most expensive part of the process is often the home appraisal, which can range from $300 to $610 or more. Title searches, if required, can cost $100 to $450. Other potential fees include application, origination, and administrative fees. Some lenders also charge annual maintenance fees, which can be up to $250, as well as transaction, inactivity, or early termination fees.

Tax Benefits and Considerations

For homeowners, there’s good news: You can deduct HELOC interest if the funds you’ve borrowed are used to significantly improve your primary residence. These tax breaks are in place for 2025, and a tax advisor can help you strategize on how to handle this deduction as well as deductions in future years. These tax benefits can make HELOCs an even more attractive financial tool, especially when rates are low.

Alternatives to HELOCs

There are other ways to get equity out of your home in Birmingham, including a home equity loan or a cash-out refinance. If you’re at all unsure a HELOC is right for you, it’s worth considering these options:

Home Equity Loan

A home equity loan delivers a one-time lump-sum payment. You’ll start repaying the loan immediately, with a fixed interest rate for the duration of the loan (anywhere from 10 to 30 years). Typically, you can borrow up to 85% of your home equity. Lenders often look for a credit score of 680 or above, though here again 700 or more will get you better rates. If you need to borrow a specific amount of money and like the idea of consistent monthly payments, this might be the right choice for you. A home equity loan calculator can help you see how much you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance your home loan for more than you owe and pocket the difference. It’s a smart solution when you need a lump sum, provided the current interest rates are as good or better than the rate you have with your current loan. (Compare costs, including closing costs, thoroughly.) Typically, you need at least a 620 credit score and a DTI ratio under 43%.A cash-out mortgage refinance lets you refinance your home loan for more than you owe and pocket the difference. It’s a smart solution when you need a lump sum, provided the current interest rates are as good or better than the rate you have with your current loan. (Compare costs, including closing costs, thoroughly.) Typically, you need at least a 620 credit score and a DTI ratio under 43%.

When considering a cash-out refinance vs. a home equity line of credit, remember that with a refi you can choose between a fixed or variable interest rate. A refinance also leaves you with one monthly payment.

Personal Loan

A personal loan is a versatile, usually unsecured loan that you repay in regular, fixed installments over a term of two to seven years. The key advantage here is that, should financial challenges arise, your home is not in jeopardy of foreclosure. Most lenders will look for a credit score of 610 or higher when considering a personal loan application. While these loans can often be secured quickly, it’s important to note that they often carry higher interest rates than HELOCs or home equity loans.


The Takeaway

When you’re considering a HELOC, it’s all about balance. The benefits are clear: flexibility and potentially lower interest rates than you would get with a personal loan. But you would be putting your home on the line. Take the time to explore HELOC rates to find the best deal. Compare lenders, understand the terms, and make the choice that’s right 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 can a HELOC be used for?

A HELOC can be a smart way to finance big projects, like home renovations, education costs, or debt consolidation. The revolving nature of a HELOC means you can borrow what you need, as you need it, up to the approved credit limit during the draw period, typically 10 years.

Is a HELOC a wise move at this time?

The answer depends on your current financial landscape and the prevailing HELOC rates. If you’re eyeing substantial projects or expenses and can navigate the variable interest rates, a HELOC could be the savvy move. If you don’t have a great track record where on-time payments are concerned, a personal loan — or not borrowing at all — might be a better bet for you.

What are the perks of a HELOC?

One of the chief perks of a HELOC is its flexibility. Unlike a lump-sum loan, which you must start repaying immediately, a HELOC lets you withdraw as you need funds and only pay interest on what you have borrowed. And for the draw period, you only need to pay interest. Repayment of the principal can be delayed for up to a decade. HELOCs often come with competitive interest rates and potential tax benefits if the funds you borrow are used for home improvements.

Do you need an appraisal for a HELOC?

An appraisal is typically required for a HELOC to ascertain the current market value of your home. This figure is key in determining the equity available to you. The appraisal process usually takes a few weeks and may cost as much as $600. But don’t worry: It’s a necessary step that will help both you and the lender understand the maximum credit limit available.

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-Q225-405

Browse other Alabama 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 York, PA Today

By | mortgage | Comments Off on Current HELOC Rates in York, PA Today

YORK HELOC RATES TODAY

Current HELOC rates in

York, PA.



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 York.

Key Points

•   HELOC interest rates in York are variable and linked to the prime rate.

•   HELOCs offer flexible access to funds through a line of credit that you access as you need it.

•   To qualify, you’ll need a credit score of at least 640, a DTI ratio under 50%, and 15% equity in your home.

•   Use online calculators to get an idea of payment amounts and interest costs.

•   Shop around with multiple lenders to find the best terms and rates.

Introduction to HELOC Rates

Welcome to a comprehensive overview of home equity line of credit rates in York, Pennsylvania. We’ve designed this guide to help you, as a homeowner, navigate the current market and secure the best rates. You’ll discover the factors that influence HELOC rates, the benefits and risks of HELOCs, and how to compare different lenders. Whether you’re considering a home renovation, debt consolidation, or looking to cover other large expenses, this guide will provide you with the knowledge to make a well-informed financial decision.

Recommended: HELOC vs. Home Equity Loan

What Exactly Is a HELOC?

A HELOC is a smart way to use the value of your home to your advantage. Here’s how it works: Your home equity, which is the difference between the property’s current value and what you owe on your mortgage, is the collateral when you borrow with a HELOC. For instance, if your home is valued at $300,000 and your mortgage balance is $200,000, you have $100,000 in equity. You can typically qualify with 15% equity and borrow up to 90% of it. With a HELOC, you’ll have a draw period followed by a repayment period and it’s important to understand how payments differ in each, because if you fail to repay what you borrow, with interest, the lender could foreclose on your home.

The Draw Period

With a HELOC, you’re given a credit limit and a draw period. The draw period can last up to 10 years, and during this time you can borrow, repay (if you wish), and borrow again. Typically, you are only required to make interest payments during the draw period. A HELOC interest-only calculator can help you compute what you might owe at this time.

The Repayment Period

After the draw period, you’ll enter a repayment period of up to 20 years. You can’t borrow any more, and you’ll need to begin making monthly payments of principal plus interest. A HELOC’s variable interest rate means the amount you owe can fluctuate. Use a HELOC monthly payment calculator to calculate what payments look like when you add principal and interest.

The Origin of HELOC Interest Rates

HELOC interest rates are tied to the prime rate, which is influenced by the Federal Reserve. Each lender adds a margin to the prime rate to determine its specific HELOC rate. Lenders also consider individual factors, such as your credit score, debt-to-income (DTI) ratio, income and the amount of equity in your home. This is why it’s so important to seek out rate quotes from multiple lenders before deciding on a HELOC lender.

How Interest Rates Impact HELOC Affordability

You probably remember how important interest rates were when you purchased your home and took out a home loan. The same is true for a HELOC. Even a fraction of a percentage can lead to significant changes in your monthly payment and the total interest you’ll pay over the life of the credit line.

Let’s say you had a $50,000 HELOC and you borrowed the full amount. During a 10-year repayment period, when you’re paying down the principal plus interest, if you had an interest rate of 8.50%, your monthly payment would be $620. If your interest rate was 9.50%, your monthly payment would be $647. The difference might not seem that substantial, but over a decade, you would pay several thousand dollars more in interest with the higher rate. (Remember, due to a HELOC’s variable rates, real-world results on a $50,000 HELOC will differ.)

HELOC Interest Rate Trends

Keeping an eye on the prime interest rate can be a smart move when considering a HELOC, as any changes in the prime rate will soon be reflected in the HELOC marketplace. Since 2018, the prime rate has seen its share of ups and downs, hitting a low of 3.25% in 2020 and a high of 8.50% in 2023. Having knowledge of this history can help you put current rates into perspective. You probably won’t want to wait for another historic low like 2020’s, but you can do your best to get the lowest of the current rates by ensuring your credit score and other financial factors are strong.

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’s variable (also called adjustable) interest rates can bring some uncertainty to your monthly budget. Fortunately, the HELOC agreement will come with some built in limitations for your rate. The agreement will spell out how often the rate can change, and by how much. If you’re not comfortable with any change, you might want to borrow with a fixed-rate option, such as a home equity loan. It all comes down to how much risk you’re comfortable with.

Helpful Tools & Calculators

Before you take the leap and apply for a HELOC, 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 yourself using 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 approve you for a HELOC, lenders typically look for a minimum credit score of 640, a DTI ratio under 50%, and at least 15% equity in your home. But to secure a competitive HELOC rate, your credit score and DTI ratio need to hit a higher bar. Here’s what to do:

Improve Your Credit Score

To ensure you’re in the position to secure the best available HELOC rate, you’ll want a credit score of 700 or higher. The good news is, you have the power to change your score. Making timely payments and reducing credit card balances are two effective strategies. Also, be sure to check your credit report for any errors and dispute them if necessary. Keeping old credit accounts open and using them responsibly can also work in your favor.

Calculate Your Debt-to-Income (DTI) Ratio

Your DTI ratio is a simple equation: your monthly debt payments divided by your gross monthly income. For the best interest rates, you’ll want to get your DTI to 36% or less. You can do this by paying off some debts, increasing your income, or both.

Application Process for a HELOC in York

Many lenders offer the convenience of prequalifying for a HELOC online, making the process of applying for one a breeze. This step can give you a clear picture of the rates and terms you could secure without the commitment of a full application. Usually, all it takes is some basic financial information and a short amount of time to get a sense of your eligibility and potential loan amount. From there, you can proceed to the full application by following these steps:

Step 1: Run the Numbers

Start by checking your credit scores and calculating your debt-to-income ratio as described above. Also take a look at your home equity. Subtract your mortgage balance from your home’s estimated value, then divide the answer by the home value to get a percentage of equity. If it’s 15% or greater, you could proceed with the application process. The more equity you have, the better position you’re in.

Step 2: Compare Lenders

See what interest rate offers you might qualify for, but then do a deeper dive into the lenders that seem most promising. Look at qualification requirements, minimums and maximums, fees, and the length of both the draw and repayment periods they’re offering. Comparing multiple lenders can help you find the best HELOC rates in York and the terms that best fit your specific financial needs.

Step 3: Submit Your Application

Once you have identified the HELOC rate and terms that look best, you’ll do a full application. Gather your ID, proof of income, and details about the property you’re using as collateral. For income verification, you might need to show pay stubs, W-2s, and tax returns. If you’re self-employed, a profit-and-loss statement and a couple years’ worth of tax returns could be on the list. Also have your homeowners insurance declaration page handy. You can submit an application online, over the phone, or in person. Just doublecheck everything you type in is accurate to keep things moving along smoothly.

Step 4: Get an Appraisal

After you’ve filed your application, a lender will require an appraisal. The appraisal determines how much you can borrow and the rates you’ll be offered. A pro will give your home an objective review to figure out its value. (Some lenders use a computer program to estimate value; others require a home visit.) The typical cost ranges from $300 to $600.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign your HELOC agreement and pay any necessary fees. Some lenders make funds available within three days following the closing of the HELOC. Prepare for closing by reviewing all documents carefully and understanding the terms and conditions. Make sure you have the required funds to cover any fees.

Closing Costs and Fees

In the world of HELOCs, closing costs are generally friendlier than those of a home purchase or a refinance. The appraisal could be the priciest item on the list. Title searches might set you back $100 to $450. Then there are other fees to consider, such as application, origination, and administrative fees. Some lenders may also charge annual maintenance fees, which could go up to $250, and transaction, inactivity, or early termination fees.

Tax Benefits and Considerations

In 2025, homeowners can deduct HELOC interest if the borrowed funds are used to improve the primary residence. Consult a tax advisor to confirm eligibility for this deduction. Your advisor can also keep tabs on HELOC deductions in 2026 and beyond. Tax benefits can make obtaining a HELOC a more attractive financial option, especially if you’re considering significant home improvements or renovations.

Recommended: Different Types of Home Equity Lending

Alternatives to HELOCs

A HELOC isn’t the only way to get equity out of your home. You also have the option of a home equity loan or a cash-out refinance. And if you don’t want to involve your equity in borrowing, there’s always a personal loan. Consider how they differ from a HELOC:

Home Equity Loan

Home equity loans offer borrowers a lump-sum loan at a fixed interest rate. You can typically borrow up to 85% of your home’s equity. Lenders usually look for a credit score of 680 or more, with many favoring 700 and above. This option is great if you have a specific need for a defined amount of money and like a fixed rate. Use a home equity loan calculator to find out how much you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you borrow against your home’s equity by refinancing your mortgage for more than you currently owe and pocketing the difference. This option is handy when you need a one-time lump-sum loan. To qualify, you’ll likely need a credit score of 620 or higher and a debt-to-income ratio under 43%. A cash-out refinance vs. home equity line of credit point of difference? The former leaves you with just one monthly payment.

Personal Loan

A personal loan is a typically unsecured loan that you repay in regular, fixed installments over a fairly brief period of two to seven years. The key benefit here is that there’s no risk of foreclosure if financial challenges arise. Most lenders look for a credit score of 610 or higher when considering your application. While the process is often swift, personal loans can carry higher interest rates than HELOCs or home equity loans.


The Takeaway

When considering a HELOC, it’s important to weigh the benefits and risks. HELOCs offer flexible access to funds and competitive rates, making them suitable for various expenses. However, 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 understanding of your financial goals before applying. Shop around to find the best terms and rates in your area.

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 are the benefits of a HELOC?

A key HELOC advantage is that it comes with flexible access to funds. You don’t have to borrow a large lump sum all at once. With a HELOC, you also have a draw period — a span of time, often 10 years, when you can only pay interest on what you have borrowed vs. repaying the principal. There are also potential tax benefits if you use your HELOC for home-related expenses. Just be sure to understand all the terms of your HELOC before you commit.

Do you need an appraisal for a HELOC?

An appraisal is required when you apply for a HELOC, and it’s a good thing. This is the process that determines the home’s current market value and is used to calculate the amount of equity you have and can borrow against. The appraisal is used to determine the property’s value, which directly affects the credit limit of the HELOC.

How tough is it to get a HELOC?

Getting a HELOC is quite manageable if you meet the lender’s criteria. Typically, you’ll need a credit score of at least 640, a debt-to-income (DTI) ratio below 50%, and a solid amount of home equity — at least 15%. The application process will include confirming your income, assets, and property details, and may also involve a home appraisal.

How does a HELOC impact your credit score?

The act of opening a HELOC can cause a modest 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-Q225-406

Browse other Pennsylvania 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 Plano, TX Today

By | mortgage | Comments Off on Current HELOC Rates in Plano, TX Today

PLANO HELOC RATES TODAY

Current HELOC rates in

Plano, TX.



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 Plano.

Key Points

•   Home equity line of credit rates in Plano are influenced by the prime rate and Federal Reserve policies.

•   You can borrow up to 90% of your home’s value, minus the balance of your mortgage, with a HELOC.

•   The draw period is 10 years, during which you make interest-only payments. After that, you have a 10 to 20-year repayment period.

•   To get the most competitive HELOC rates, a credit score of 700 or higher and a debt-to-income ratio below 36% are usually needed.

•   HELOCs can be a great option for the savvy borrower, offering flexibility and potentially lower interest rates than personal loans.

Introduction to HELOC Rates

Our guide to home equity line of credit rates in Plano, Texas, lays out the factors that impact interest rates, and offers insider tips on how you can qualify for the lowest available rate. We’ll also cover the benefits and risks of HELOCs, current interest rate trends, and tools you can use to estimate your monthly payments and interest costs. By the end of this guide, you’ll be better equipped to decide if a HELOC is the best way for you to borrow.

What Exactly Is a HELOC?

A HELOC is a revolving credit line that uses your home as collateral. This means that in the event that you don’t repay what you borrow, the lender could foreclose on your home. In practice, using a HELOC is a lot like using a credit card. You borrow when you need funds, and you make monthly payments on the amount of the credit line that you have actually used.

To qualify, you’ll need to have at least 15% equity in your home. Your equity is the market value of your home minus whatever you still owe on your home loan. Some homeowners may be able to borrow up to 90% of their equity. The draw period and repayment period are the two phases of a HELOC, and it’s important to understand how payments will differ in each.

The Draw Period

With a HELOC, you’re given a credit limit and a draw period. The draw period can last up to 10 years, and during this time you can borrow, repay (if you wish), and borrow again. Typically, you are only required to make interest payments during the draw period. A HELOC interest-only calculator can help you compute what you might owe at this time.

The Repayment Period

After the draw period, you’ll enter a repayment period of up to 20 years. You can’t borrow any more, and you’ll need to begin making monthly payments of principal plus interest. A HELOC’s variable interest rate means the amount you owe can fluctuate. Use a HELOC monthly payment calculator to calculate what payments look like when you add principal and interest.

Recommended: Different Types of Home Equity Lending

Where Do HELOC Interest Rates Come From?

HELOC interest rates are a product of the prime rate, which is under the sway of Federal Reserve policies. Each lender tacks on a margin to the prime rate, resulting in a range of HELOC rates. This is why it’s so important to seek out rates from multiple lenders before you decide on a lending partner for your HELOC. It’s especially true because lenders also take into account individual borrower factors such as credit score, debt-to-income (DTI) ratio, and the amount of equity in the home.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC can make a big difference in how much it costs you. Even a small difference in the interest rate can mean a lot more interest paid over the life of the loan. For example, on a $50,000 HELOC with a 20-year term, a one-percentage-point rate increase from 7.00% to 8.00% during the repayment phase can raise your monthly payment by $30 and increase the total interest paid by almost $7,000. Your exact numbers will differ due to the HELOC’s variable interest rate. But the bottom line is that you want to start your HELOC with the lowest available rate.

HELOC Interest Rate Trends

You’ll likely begin keeping an eye on the prime rate as you think about how to get equity out of your home. Having a sense of the prime rate’s history can give you some perspective on whether current rates are relatively high or low. Over the years, we’ve seen the prime rate dip to an unusually low 3.25% in 2020 and rise to 8.50% in 2023. Where the rate goes, your HELOC interest rate will likely follow.

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

As we’ve noted, HELOCs usually come with adjustable (also called variable) interest rates, which means your rate can go up or down based on market conditions. If you can get comfortable with the possibility of rate increases, you can probably handle a HELOC. One thing to note: Your HELOC agreement would spell out how often your rate can change, and by how much. So there are some guardrails around the rate changes. If you’re someone who can’t rest comfortably without predictability and stable payments, a fixed-rate loan such as a home-equity loan might be more up your alley.

Helpful Tools and Calculators

Before you apply for a HELOC, you can use online calculators to see how much you can expect to pay each month based on the amount you borrow and your current interest rates. You can also learn how much interest you might pay over the life of the HELOC. Here are three useful calculators.

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 need to have at least 15% equity in your home. Take a few minutes to make sure you’ve hit that benchmark. Subtract what you still owe on your mortgage from your home’s estimated value. Then divide the answer by the home value and you’ll have a percentage. You can move on to the next steps: working on your credit score and DTI ratio.

Improve Your Credit Score

You can get a HELOC with a credit score of 640, but to ensure you’re in a prime position to secure the best available HELOC rates, aim for 700 or higher. Making payments on time and chipping away at credit card balances can give your credit score a lift. Setting up automatic payments is a good idea. Also keep an eye on your credit report so you can fix any errors that crop up. Avoid closing old credit accounts or opening new ones in the months leading up to your HELOC application.

Calculate Your Debt-to-Income (DTI) Ratio

Your DTI ratio is a simple comparison: your monthly debt payments divided by your gross monthly income. For HELOC lenders, a DTI under 50% is the general target, but the lower, the better, and the best interest rates go to those with a DTI ratio of 36% or less. To improve your DTI, focus on paying down debts, increasing your earnings, or both.

Application Process for a HELOC in Plano

For those considering a HELOC in Plano, the application process can be streamlined by prequalifying online. Taking this initial step is helpful because it allows you to understand the current HELOC rates available in Plano and to see what rate and terms you might qualify for. Once prequalified, you can then gather all of the necessary documentation required to formally submit your application, following these steps:

Step 1: Run the Numbers

Before you dive into the application process, it’s wise to give your credit scores a once-over and calculate your debt-to-income (DTI) ratio and home equity level. As long as you have a 640 credit score or better, plus a DTI ratio under 50% and home equity of 15% or better, you’re good to go.

Step 2: Compare Lenders

Next, research and compare different lenders to find the best HELOC rates in Plano. Look at their specific qualification requirements, minimum and maximum credit lines, fees, and the length of the draw and repayment periods. Zero in on the lender that feels like the best fit for you.

Step 3: Submit Your Application

Gather your paperwork. You’ll need recent pay stubs, W-2 forms, and tax returns. If you’re self-employed, you may be asked for a profit-and-loss statement and two years’ worth of tax returns. Have your homeowners insurance policy handy, too. Once you’ve got everything together, you can apply online, over the phone, or in person. Doublecheck the information you provide for accuracy to keep the process moving smoothly.

Step 4: Get an Appraisal

A lender will require a professional and objective analysis of your home’s value, so once you’ve zeroed in on the HELOC offer you find most appealing, you’ll pay between $300 and $600 to secure an appraisal. This step determines the amount of equity you have in your home and is an important part of the HELOC process.

Step 5: Prepare for Closing

Before you can tap into your HELOC funds, you’ll need to sign your HELOC agreement and take care of any fees. Many lenders will have your funds ready within three days of closing. Be sure to review all your documents carefully and ask any questions you have to make sure you’re clear on the terms.

Closing Costs and Fees

The good news is that HELOC closing costs are typically more budget-friendly than what you’d face with a home purchase or refinance. The appraisal fee is often the most significant expense. You might also encounter an application fee, origination fee, and administrative costs. Some lenders may have annual maintenance fees, transaction fees for withdrawals, inactivity fees, or early termination fees. Some lenders are willing to reduce or even waive some of these costs, though this could mean a slightly higher HELOC interest rate, which could cancel out any savings.

Tax Benefits and Considerations

Here’s a nice counterbalance to those fees: Homeowners are eligible to deduct HELOC interest from federal taxes if the funds borrowed are used to significantly improve the primary residence. To make sure you’re getting the most out of your HELOC (and for help itemizing and capturing that deduction), it’s a great idea to chat with a tax advisor. Keep your eyes open for potential changes in how HELOC interest is handled on taxes in 2026 and beyond.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

If a HELOC doesn’t feel like the right fit, there are other options to consider. Home equity loans, cash-out refinancing, and personal loans all have their own requirements and benefits.

Home Equity Loan

With a home equity loan, you get a lump-sum loan at a fixed interest rate. You can usually borrow up to 85% of your home equity. Lenders often look for a credit score of 680 or higher, with many leaning toward 700. A difference between a HELOC and a home equity loan is that with the latter, you get the money all at once and begin repaying it, with interest, immediately. A home equity loan calculator can show you what you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you borrow against your home’s equity by trading your current mortgage for a new, larger one. You’ll pocket the difference to use as you wish. To qualify, you’re generally looking at a credit score of 620 or higher, and a debt-to-income 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 just 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 a period of two to seven years. Many lenders look for a credit score of 610 or higher for these loans, which is more forgiving than the standard for a HELOC or home equity loan. 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 idea of a HELOC, remember to consider the benefits and potential drawbacks. The flexibility and lower initial costs are attractive, but don’t forget about the variable interest rates and the risk of losing your home if payments are missed. Homeowners in Plano should take the time to compare HELOC offers from different lenders, looking at factors like credit line limits and fees as well as the interest rate. Ensure your financial health is in order, gather the necessary documentation, and be ready for a home appraisal before you apply.

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

Is a HELOC a smart move at this time?

Whether a HELOC is a good idea for you depends on your unique financial situation and goals. If you need to borrow a large sum of money but don’t need it all at once or aren’t sure exactly how much you might need, a HELOC could be a good way to borrow, because you’ll only pay interest on the portion of the credit line that you are actively using. At a time of some uncertainty regarding interest rates, you might find borrowing with a HELOC to be a way to hedge your bets: If rates drop somewhat, your variable HELOC rate will drop too. Of course the opposite is also true, so make sure you feel you can comfortably cover monthly payments during both the draw and repayment phases before moving forward.

What would the monthly payment be 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 and have an 8.00% rate, you might only pay around $667 per month to cover the interest during the draw period. Once the repayment phase kicks in, you would start paying down the principal, which will adjust your monthly payment upward to $1,213. Due to HELOCs’ variable rates, your exact numbers will vary.

Do I need an appraisal for a HELOC?

An appraisal is required for a HELOC in most cases. This important step determines your home’s current market value, which in turn helps a lender 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.

What might disqualify you from getting a home equity loan?

A few factors could potentially disqualify you from securing a home equity loan. Most lenders look for a credit score in the upper 600s, a DTI ratio of 50% or less, and a minimum of 20% 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.

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-Q225-408

Browse other Texas 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 the Bay Area, CA Today

By | mortgage | Comments Off on Current HELOC Rates in the Bay Area, CA Today

BAY AREA HELOC RATES TODAY

Current HELOC rates in

Bay Area, 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 Bay Area.

Key Points

•   Home equity line of credit rates in the Bay Area are influenced by the prime rate and your creditworthiness.

•   HELOCs offer a revolving line of credit with competitive interest rates.

•   To qualify, you generally need to have at least 15% equity in your home.

•   A credit score of 640 or above and a debt-to-income ratio of 50% or less are needed to qualify.

•   Use online tools to get an estimate of what your monthly payments and interest costs might be.

Introduction to HELOC Rates

If you live in or around San Francisco and you’re thinking about making the most of your borrowing power with a home equity line of credit (HELOC), you’ve come to the right place. This comprehensive guide to HELOC rates in the Bay Area will help you navigate the often murky waters of the current lending market and secure a HELOC that’s right for you. We’ll delve into the factors that influence HELOC rates, the benefits and potential pitfalls of the HELOC, and how to compare different lenders to find the best fit for your financial goals.

What Is a HELOC?

A HELOC is a revolving credit line that uses your home’s equity (the value of your home less the amount you owe on your home loan) as collateral. Most lenders require 15% equity in your home. You can typically borrow up to 90% of your equity. During the draw period (usually 5-10 years), you can access funds, make interest-only payments, and re-borrow as you repay the principal.

The Draw Period

During the HELOC’s draw phase, you can borrow funds as you need them, up to your credit limit, and only pay interest on the amount you’ve borrowed. You can use a HELOC interest-only calculator to see what payments might be like during this period.

The Repayment Period

After a decade, the repayment period typically begins. Now is when you will repay the principal while also still paying interest. A HELOC monthly payment calculator can help you estimate monthly payments as variable interest rates change during repayment.

Recommended: Different Types of Home Equity Lending

The Origin of HELOC Interest Rates

HELOC interest rates are tied to the prime rate, which is affected by the Federal Reserve’s decisions. Each lender then adds a margin to the prime rate, leading to the variation in HELOC rates. When determining the final rate for a borrower, lenders consider 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 rates from multiple lenders before deciding which lender to go with for your HELOC.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC can make a big difference in how much you pay each month. Even a small difference in the interest rate can mean a lot of extra interest over the life of the loan. 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.

HELOC Interest Rate Trends

As you’re exploring how to get equity out of your home in the Bay Area, 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 variable (also called adjustable) interest rates, which can change with the market. They often begin lower than fixed rates, which can be a plus initially. But keep in mind that your monthly payments could go up or down. How much your rate can change, and how often, would be governed by your HELOC agreement, so it’s not entirely unpredictable. But before you go forward with a HELOC, you’ll want to run some numbers to determine if you can afford to make your payments at a higher rate.

Helpful Tools & Calculators

Before you apply for a HELOC, online tools can help you estimate your monthly payment and interest costs, during both the interest-only (draw) phase and the repayment phase. Playing around with different amounts borrowed and different interest rates can help you see what your monthly costs might look like.

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 a top-notch HELOC rate, your credit score and DTI ratio are key. Take a few steps to make sure they are strong before you get serious about a HELOC application.

Improve Your Credit Score

To be a contender for the best HELOC rates, you’ll want a credit score of 700 or more, though you can get a HELOC with a score of 640. The key is making payments on time and chipping away at balances. Also give your credit report a once-over and dispute any errors. Keeping old credit accounts open and using them wisely can also work wonders on your score.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple formula: your total monthly debt payments divided by your gross monthly income. When it comes to HELOCs, a DTI under 50% is the general target, but the lower, the better, and you’re aiming to be under 36%. You can reduce your DTI ratio by cutting your debts, increasing your income, or both.

Application Process for a HELOC in Bay Area

Step 1: Run the Numbers

Before you take the leap, it’s a smart move to check your credit scores from all three major bureaus and calculate your debt-to-income (DTI) ratio as detailed above. Remember, you need a minimum of a 640 credit score and a 50% DTI ratio. Also, take a moment to assess your home equity. Subtract your mortgage balance from your home value and then divide the product by your home value to get a percentage of equity. If it’s 15% or more, you can move to the next step.

Step 2: Compare Lenders

Explore what you might qualify for when it comes to HELOC rates in the Bay Area. Compare lenders’ qualification requirements, loan minimums and maximums, applicable fees, and the length of both the draw and repayment periods. Since different lenders may have varying terms and conditions, it’s important to shop around carefully to find the best HELOC rates and conditions that suit your specific financial needs.

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 $300 to $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 less than those associated with buying a home or refinancing. The appraisal fee is often the most significant expense. A title search and insurance may also be required, which can cost between $100 and $450. Other fees may include application, origination, and administrative costs. Additionally, some lenders may charge a maintenance fee of up to $250 per year.

Tax Benefits and Considerations

HELOCs have closing costs, but they also have a potential tax benefit: In the 2025 tax year, homeowners can deduct HELOC interest if the money borrowed is used to significantly improve the primary residence. It’s always a smart move to chat with a tax pro to confirm your eligibility. A tax advisor may also be able to give you a heads up about how tax policy may change in 2026 and beyond.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

If you’re at all unsure about a HELOC, or just want to explore all your options, consider that there are other ways besides a HELOC to borrow. Take a closer look at a home equity loan, a cash-out refinance, and — an option that doesn’t put your home at risk — a personal loan.

Home Equity Loan

With a home equity loan, you get a one-time, lump-sum payment. You begin repaying that loan immediately, at a fixed interest rate. As with a HELOC, your home is used as collateral. You can usually tap into up to 85% of your home equity with a home equity loan. A home equity loan calculator can help you see what you might be able to borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance your mortgage for more than you owe and pocket the difference in cash. This is good if refinancing doesn’t leave you with a substantially higher interest rate than your original mortgage. When comparing a cash-out refinance vs. a home equity line of credit, it’s notable that the former leaves you with just one monthly payment.

Personal Loan

A personal loan is typically an unsecured loan and repaid more quickly than a HELOC — in two to seven years. The key perk? Your home is not at risk should you encounter financial difficulties. Personal loans are relatively quick to secure and can be utilized for a wide range of needs. A drawback is that they often come with higher interest rates than HELOCs or home equity loans.


The Takeaway

As you mull over the idea of a HELOC, it’s crucial to consider the pros and cons. These lines of credit are wonderfully versatile, whether you’re dreaming of a home makeover, need to tackle personal expenses, or want to pay down higher-interest debts. But remember, your home is on the line if you fall behind on payments. The good news is, with a little planning and some nurturing of your credit score and DTI ratio, a good HELOC rate can be yours in the Bay Area. So, roll up your sleeves, shop around, and compare rates to find the best fit for your financial goals.

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

Is a HELOC a wise move at this time?

A HELOC could be a good idea if you need to borrow money in increments over a sustained period of time. Maybe you’re renovating a house and want to paint, then put on a new roof, and later you will tackle the kitchen. The HELOC is ideally suited for this type of borrowing because during the draw period of 10 years, you will only need to pay interest on what you have borrowed. As long as you can see a way to repay what you have borrowed after the draw period ends — maybe you think your income will increase, or you stand to inherit some money — a HELOC could be a good fit.

Do you need an appraisal for a HELOC?

You’ll need an appraisal in order to qualify for a HELOC because an appraisal determines your home equity amount, which in turn governs how much a lender will let you borrow. After you file your application, the lender will guide you through the appraisal process.

What are some common reasons you might be denied 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 does a HELOC affect your credit score?

Opening a HELOC can have both a positive or negative impact on your credit score — it’s all about how you play it. The application process may initially cause a slight drop due to a lender’s hard credit inquiry. However, how you manage the HELOC is what truly matters. Making payments on time can boost your score, while missing them can have the opposite effect. Additionally, the balance you carry versus your credit limit is significant; a lower balance is beneficial, while maxing out your limit 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-Q225-411

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.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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