SoFi Blog

Tips and news—
for your financial moves.

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.

Read more
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.


View your rate

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
Sep
06
2025

Current HELOC Rates in Tulsa, OK Today

By | mortgage | Comments Off on Current HELOC Rates in Tulsa, OK Today

TULSA HELOC RATES TODAY

Current HELOC rates in

Tulsa, OK.



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 Tulsa.

Key Points

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

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

•  The draw period is usually 10 years, with a subsequent 10- to 20-year repayment phase.

•  To qualify for a HELOC, you typically need a credit score of 640 or higher and a debt-to-income ratio under 50%.

•  Alternatives to a HELOC include a home equity loan and a personal loan.

Introduction to HELOC Rates

Welcome to your comprehensive guide to home equity line of credit (HELOC) rates in Tulsa, Oklahoma. Whether you’re considering a home equity line of credit to spruce up your living space, cover education expenses, or for another financial need, this guide is designed to help you navigate the current market conditions. You’ll discover how to qualify for the most favorable rates, the factors that influence what rate you might be offered, and how to weigh the benefits and potential pitfalls of a HELOC.

What Exactly 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. With at least 15% equity in your home, you may be able to borrow up to 90% of your equity. Of course, the fact that your home is collateral means that if you do not make your payments on the HELOC, the lender you borrow from could foreclose. But if you are good at managing your finances, a HELOC can be a useful way to obtain cash for large expenses, and HELOC interest rates tend to be lower than those for personal loans. HELOCs typically have two periods: a draw period and a repayment period.

The Draw Period

During the HELOC draw period (which is usually 10 years), you can use funds from your credit line as needed. Throughout this time, you’ll need 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 full 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, you won’t be able to borrow any more against the credit line. That’s when the 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: HELOC vs. Home Equity Loan

Where Do HELOC Interest Rates Originate?

HELOC interest rates are tied to the prime rate, which is influenced by the Federal Reserve’s monetary policies. Lenders tack on a margin to the prime rate, which is why you’ll see different HELOC rates from different lenders — and why it’s so important to seek out rates from multiple lenders as you explore your HELOC options. Your credit score, debt-to-income (DTI) ratio, and the amount of equity in your home also play a role in the rate you’ll be offered.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC can make a big difference in how much you pay over the life of the loan. Even a small difference in your HELOC rate can result in large extra interest payments. 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. Of course, the HELOC rate is variable, so your numbers may differ. But the bottom line is that the more you borrow with a HELOC, the greater the effect of a change in interest rate.

HELOC Interest Rate Trends

As you explore how to get equity out of your home, you’ll probably begin to keep an eye on the prime rate. The rate has seen its share of ups and downs since 2018, falling to a low of 3.25% in 2020 and peaking at 8.50% in 2023. By understanding this historical fluctuation, you can better assess where current HELOC rates fall on the spectrum.

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 typically have adjustable interest rates, also called variable rates, which means the amount of interest you pay can change based on the market. It’s not entirely the Wild West: The frequency with which your rate can change and the amount that it can change is governed by the HELOC agreement a borrower signs with a lender. Before you sign on to a HELOC, try putting the low and high range of interest rates you might encounter into a HELOC calculator to see how much interest you might need to pay. If you feel that you can handle the amounts and keep up with payments, then you can probably handle a HELOC.

Helpful Tools and Calculators

As noted above, before you apply for a HELOC you can use online tools to compute estimates of your payments, either with interest only or with the principal added. Here are a few calculators you’ll probably find useful.

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 get the best available HELOC rate, you’ll want to first make sure you have 15% equity in your home, and ideally more. To check your equity level, subtract whatever you still owe on your mortgage from your home’s estimated value; divide the answer by your home value and you’ll have a percentage of equity. If you clear the 15% bar, take on the next two to-dos.

Improve Your Credit Score

A credit score of 700 or higher is the sweet spot for securing the best HELOC rates, though you can get a HELOC with a score of 640 or more. Making payments on time and reducing credit card balances are two of the most effective ways to improve your score. You should also check your credit report for errors and dispute any inaccuracies you find. Avoid closing old credit accounts or opening new ones before applying for a HELOC.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple calculation: Tally up your monthly debt payments (think mortgage, car loans, credit cards) and divide that by your gross monthly income. The magic number for many HELOC lenders is a DTI below 50%, but for the best interest rates, you’ll want to be below 36%. A lower DTI could be your golden ticket to a HELOC with terms that’ll make you smile.

Recommended: Different Types of Home Equity Lending

Application Process for a HELOC in Tulsa

Many lenders offer the convenience of online prequalification for a HELOC, which can be a real time-saver. By providing some basic financial information, you could get a sense of the rates and the amount you might be eligible for, often in just minutes. If you decide to proceed with the full application, these are the steps:

Step 1: Run the Numbers

Before you dive into a HELOC, it’s wise to take a good look at your financial landscape. Check your credit score to make sure it’s at least 640. Then, consider your home equity: Is it 15% or better? Finally look at your DTI ratio. If it’s below 50% you’re good.

Step 2: Compare Lenders

Consider the available HELOC interest rates in Tulsa. Carefully compare qualification requirements, credit 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

You’ll need a valid ID, recent pay stubs and W-2 forms, plus your latest tax return. If you are self-employed, you might need additional years of tax returns. You’ll also need to have your homeowners insurance information close at hand. You can apply for your HELOC online, by 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 the lender requires. The typical cost of having an expert assess the value of your home is usually between $300 and $600.

Step 5: Prepare for Closing

Before you can tap into your HELOC funds, you’ll need to sign the HELOC agreement and pay any associated fees. Most lenders will make the funds available within about three days of the HELOC closing.

Closing Costs and Fees

HELOC closing costs are generally more affordable than those for home purchases or cash-out refinancing. The appraisal is often the most significant expense, though a title search, if required, can cost $100 to $450. Other fees may include application, origination, and administrative fees. Maintenance fees (up to $250/year) may apply. Some lenders charge transaction, inactivity, or early termination fees. Many lenders, however, are willing to reduce or even waive closing costs, although they may charge slightly higher interest rates.

Tax Benefits and Considerations

Here’s a tip: You can deduct HELOC interest charges if you use the HELOC to significantly improve your primary residence. These tax guidelines are in place through 2025. For the nitty-gritty on your specific situation, it’s always a good idea to chat with a tax advisor. They can help you confirm your eligibility for HELOC-related deductions and ensure you’re making the most of your tax benefits.

Alternatives to HELOCs

There are other ways to tap into your home equity, such as a home equity loan, cash-out refinancing, or personal loans. Each has its own set of advantages and considerations.

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 mortgage for more than you owe and pocket the difference. It’s a solid 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, directly.) You’ll 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 mulling over a HELOC, it’s a smart move to consider the pros and cons. A line of credit offers you a flexible way to access funds and often comes with competitive interest rates. But the risk of losing your home is there if you can’t keep up with the payments. Use a HELOC calculator to run the numbers to ensure you can afford to borrow money. And seek out rates from multiple lenders to make sure you borrow at the lowest possible cost.

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 good call?

A HELOC can be a relatively cost-efficient way to borrow money for large projects, because you only pay interest on the amount of the credit line that you actually use. A HELOC is especially good for borrowers who don’t know how much they need to borrow or exactly when they will need the funds. As long as you have a solid repayment plan in place to avoid financial strain even when interest rates rise, a HELOC could be a good move.

Do you need an appraisal for a HELOC?

You usually do need an appraisal when you apply for a HELOC. The appraisal helps a lender determine the current market value of your home, which is used to calculate the amount of equity you can access. The lender will use this information to set your credit limit. Getting an accurate appraisal is important to get the best terms and rate on your HELOC.

How hard is it to get a HELOC?

The process of securing a HELOC is quite manageable if you meet the lender’s criteria. Generally, you’ll need a credit score of at least 640, a debt-to-income (DTI) ratio below 50%, and a home equity of 15%. The application journey involves sharing some financial data, comparing lenders, and undergoing a home appraisal.

Will a HELOC impact your credit score?

Opening a HELOC can have a slight negative effect on your credit score due to the lender’s hard inquiry. But managing a HELOC successfully can have a significantly positive effect on your score.

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

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


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


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


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


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

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


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


SOHL-Q225-412

Browse other Oklahoma 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 Honolulu, HI Today

By | mortgage | Comments Off on Current HELOC Rates in Honolulu, HI Today

HONOLULU HELOC RATES TODAY

Current HELOC rates in

Honolulu, HI.



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 Honolulu.

Key Points

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

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

•   The draw period usually spans 10 years, with a subsequent repayment period of 10 to 20 years.

•   Interest is only charged on the amount you borrow, not on the entire credit line.

•   With adjustable interest rates, your monthly payments and total costs can change.

Introduction to HELOC Rates

This guide will help you understand how home equity line of credit (HELOC) interest rates work in Honolulu, HI, and how you can use a HELOC to your advantage. We’ll cover what a home equity line of credit is and how it works, what impacts interest rates, and how to compare different offers. Whether you’re looking to make home improvements, consolidate debt, or pay for education, this guide will help you make an informed decision about tapping into your home equity.

What Exactly Is a HELOC?

A HELOC is a revolving credit line that’s secured by your home equity, which is essentially your home’s value minus your outstanding mortgage balance. To qualify, most lenders will look for you to have at least 15% equity in your home, and you can typically borrow up to 90% of that equity.

A HELOC has two main phases: the draw period and a repayment period. You’ll need to keep up with your monthly payments during both periods; otherwise the lender could foreclose on your home. So let’s look at those phases in detail.

The Draw Period

During the draw period, which lasts 10 years, you can access funds as needed, pay interest only (versus paying down the principal plus interest), and reborrow up to your credit limit if you do repay the principal. You may find it helpful to have a HELOC interest-only calculator on hand to estimate your payments in this phase.

The Repayment Period

Next you hit the repayment period, which lasts up to 20 years and requires you to make monthly principal-plus-interest payments. HELOCs have variable interest rates, so the amount of your monthly payment can change at regular intervals. A HELOC monthly payment calculator will be handy to compute what you owe.

Recommended: Different Types of Home Equity Lending

The Origin of HELOC Interest Rates

Lenders base HELOC rates on the prime rate, which is driven by the actions of the Federal Reserve. Each lender then adds its own margin to the rate, which accounts for the difference in interest rate offers you’ll see in the HELOC marketplace. When you’re looking to secure a HELOC, lenders also take into account your credit score, debt-to-income (DTI) ratio, and the amount of equity you have in your home. We’ll explain how to prepare for that below.

How Interest Rates Impact HELOC Affordability

The interest rate on your home loan was important when you obtained your mortgage, and it’s no different with a HELOC. The rate you obtain can make a big difference in the affordability of your monthly payments and the total amount of interest you’ll pay over the long haul.

If you borrowed $50,000 and repaid it over 20 years, a one-percentage-point rate increase from 7.00% to 8.00% would increase the total interest paid over the life of the HELOC by almost $7,000. The more you borrow, the more you feel the pinch of a higher rate. It’s worth spending the time on a thorough search of the market to find the lender that offers you the best combination of a low interest rate and convenient terms.

HELOC Interest Rate Trends

As you start to explore HELOCs, you’ll probably begin to keep a closer eye on the prime rate. It’s helpful to have some sense of the history of the rate, because it can put current rate offers into perspective. Since 2018, the prime rate has seen its ups and downs, hitting a low of 3.25% in 2020 and a high of 8.50% in 2023.

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

One thing that distinguishes a HELOC is that this type of borrowing often comes with a variable interest rate, which means your costs can change over time. This might feel wildly unpredictable, but in fact the changes will be spelled out in your HELOC agreement. You’ll know from the get-go how often your rate may change and how widely it could range. There is a rate cap, which is comforting. Nevertheless, determining whether your budget can handle potential rate swings is a critical part of the HELOC decision-making process.

Helpful Tools and Calculators

Before you apply for a HELOC, you can use online tools to estimate your monthly payment and interest costs. Here are three useful calculators to explore as you make up your mind about 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 snag a top-tier HELOC rate, you’ve got to meet some standard criteria. Lenders generally look for HELOC borrowers to have at least 15% equity in their home. To check your number, subtract what you owe on your home loan from your home’s estimated value. Then divide the answer by your home value and you’ll get a percentage of equity. Next step? Move on to the to-dos below.

Improve Your Credit Score

To be in the best position to secure a low HELOC rate, you should aim for a credit score of 700 or higher. Making timely payments and reducing your credit card balances can have a significant impact on your credit score. It’s a good idea to check your credit report for errors and dispute any you find. Keeping old credit accounts open and using them responsibly can also help you maintain a healthy credit history, which can make you a more attractive candidate for a competitive HELOC rate.

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. Most HELOC lenders prefer a DTI under 50%, but naturally, the lower the better, and the goal for a great rate is to be under 36%. To calculate yours, tally up your monthly financial commitments — from your car payment to your credit card bills—and divide by your gross monthly income. A lower DTI can work in your favor, boosting your chances of HELOC approval and a more attractive rate.

Application Process for a HELOC in Honolulu

Some lenders offer the convenience of prequalification for a HELOC online. This first step can give you a glimpse of the HELOC rates in Honolulu you might be eligible for and the credit amount you could access. Once you’re prequalified, you can move on to the full application, following these steps.

Step 1: Crunch the Numbers

Make sure you have a minimum of 15% equity in your home, a credit score of at least 640, and a DTI ratio below 50%.

Step 2: Compare Lenders

If you’ve prequalified online with multiple lenders, you likely have estimates of the rate you might qualify for. If not, now’s the time to do so. But don’t just compare rates. Also look at qualification requirements, HELOC amounts, fees, and the duration of both the draw and repayment periods. This is your chance to pinpoint the lender that offers the most bang for your buck.

Step 3: Submit Your Application

Find a quiet spot and have all your documents at hand, because now is the time to fill out the lender’s application. You’ll need your ID, proof of income, and property details handy. Proof of income means recent pay stubs, W-2s, and tax returns. Entrepreneurs and others who are self-employed might need a profit-and-loss statement and a couple of years of tax returns. Also have your homeowners insurance declaration page ready. You can submit your application online, over the phone, or in person.

Step 4: Get an Appraisal

A home appraisal is an objective and professional analysis of your home’s value. The lender will use this information to determine the maximum amount you can borrow and the HELOC rate you qualify for. It’s an important step in the application process and ensures that the lender has a clear understanding of your property’s worth. Wait for your prospective lender’s instructions as to what is required in the appraisal stage.

Step 5: Prepare for Closing

Before you can get your hands on your HELOC funds, you’ll need to sign documents and cover the fees. Funds may be available to you as soon as three days after the closing. Make sure you’re clear on the terms and conditions of your HELOC, including any language governing a variable interest rate, to prevent any unexpected hiccups.

Closing Costs and Fees

HELOC closing costs are generally lower than what you’d face with a home purchase or refinance. Your biggest expense is likely to be the appraisal, which can run anywhere from $300 to $600. A title search, if required, might cost you $100 to $450. You could also face application, loan origination, and administrative fees, along with annual maintenance fees that could go as high as $250.

Tax Benefits and Considerations

Some good news: You can deduct HELOC interest on your 2025 taxes if the funds are used to improve your primary residence. To make sure you’re on the right track (and for help itemizing your return if you’re no expert), it’s a good idea to consult with a tax advisor. An advisor can also help you keep tabs on how this tax rule may change in years to come.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

There are other ways to get equity out of your home, including home equity loans and cash-out refinancing. If you’re at all unsure about whether a HELOC is the right move, it’s worth exploring all your options. Here are the details:

Home Equity Loan

A home equity loan provides borrowers with a one-time lump-sum payment. You’ll start repaying the loan immediately, with a fixed interest rate and a payment plan that runs 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 estimate how much you could borrow.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance for more than you owe and pocket the difference. It’s a good solution when you need a lump sum, provided that current interest rates are as good or better than the rate you have with your original loan. (Compare costs, including closing costs, directly.) 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 won’t require you to put your home on the line in order to obtain funds, which can put some homeowners at ease. It’s typically an unsecured loan, meaning no collateral is required. The timeline for a personal loan is a bit shorter than that of a HELOC: two to seven years. Personal loans also tend to have predictable monthly payments and somewhat more lenient requirements.

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

If you’re considering a HELOC, it’s important to weigh the benefits and potential risks. On the plus side, HELOCs offer a revolving line of credit, which means you can borrow and repay funds as needed, with interest charged only on the amount of the credit line you actually use. This can be a cost-effective solution for large expenses, especially with competitive HELOC rates. But be mindful of the variable interest rate and the potential risk of foreclosure if payments are missed. Always take the time to assess your financial situation and explore interest rates from multiple lenders before making a decision.

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

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

View your rate


FAQ

What can a HELOC be used for?

A HELOC is very versatile. You can use the funds you draw from your credit line for any purpose. Many people use the money for home renovations or to cover educational costs. Some people consolidate higher-interest debt with a HELOC. In 2025, if you use your HELOC to cover significant home improvements (or to add on to your primary home) the interest costs could be deductible on your federal taxes.

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

The monthly payment on a $100,000 HELOC can vary greatly depending on the interest rate and the repayment period. During the draw period, which can be 10 years, you may only need to pay interest on the amount you’ve borrowed, which isn’t necessarily going to be the full $100,000. If you did use the entire credit line of $100,000, your interest rate for repayment would likely be a variable one. But at an average of 8.00% and a repayment term of 20 years, you would pay $836 per month.

What are the perks of a HELOC?

The perks are plenty! You can use the funds for just about anything, enjoy a reusable credit line during the draw period, and only pay interest on the amount of the credit line that you actually use. This is in contrast to a home equity loan, where you would get a lump-sum loan of a large sum and begin making payments — principal plus interest — immediately. HELOCs often come with competitive rates, although they also have variable rates which change over time. And there are potential tax benefits if you use your HELOC to fund home renovations.

What might disqualify you from getting a home equity loan?

There are a few things that could stand in the way of you obtaining a home equity loan or a home equity line of credit. You need to have at least 15% equity in your home, for one thing, and some lenders require 20% equity. You’ll also need to meet a lender’s credit-score requirements (typically 680 or better) and have a healthy debt-to-income ratio below 50%.

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-Q225-416

Browse other Hawaii 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 on Long Island, NY Today

By | mortgage | Comments Off on Current HELOC Rates on Long Island, NY Today

LONG ISLAND HELOC RATES TODAY

Current HELOC rates in

Long Island, NY.



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 Long Island.

Key Points

•   Long Island HELOC rates are influenced by both the prime rate and the borrower’s credit profile.

•   HELOCs offer flexibility in accessing funds and potentially lower interest rates than other types of financing.

•   Understanding the draw and repayment periods is key to managing your HELOC effectively.

•   Possible alternatives to HELOCs include home equity loans, cash-out refinancing, and personal loans.

•   HELOCs use your home as collateral, which exposes you to the risk of foreclosure if you fall behind on your payments.

Introduction to HELOC Rates

Welcome to your comprehensive guide to home equity line of credit (HELOC) interest rates on Long Island, New York. We can help you, as a homeowner, understand the current market trends, the factors that influence Long Island’s HELOC rates, and how to qualify for the best terms. You’ll learn about the benefits and risks of HELOCs, as well as what alternative financing options may be open to you. By the end, you’ll be better equipped to decide if a HELOC is right for your financial situation -– and you’ll know exactly how to apply for one.

What Exactly Is a HELOC?

To be able to decide whether a HELOC is a good option for you, you’ll need to understand exactly what a home equity line of credit is. A HELOC is a revolving line of credit that you can draw funds from as you need them, up to a limit determined by your lender and based on how much equity you have in your home. Your home equity is the difference between the property’s value and what you owe on your mortgage, and it serves as the collateral for your HELOC. To qualify, you generally need a minimum of 15% equity, and you can usually borrow up to 90% of that amount. HELOCS have two distinct phases:

The Draw Period

When you get a HELOC, there’s an initial draw period (typically for 10 years) during which you can borrow funds as you need them, up to the limit your lender sets. During this time, you’ll pay interest on whatever you borrow, but most lenders won’t require you to pay back the principal yet. If you do, that will replenish your credit line, letting you take out more if you wish.

The Repayment Period

Once the draw period ends, it’s time for the repayment period, which generally lasts for 10 to 20 years. Now your monthly payments cover principal as well as interest on what you’ve borrowed, so they’ll be higher than during the draw period. HELOC interest rates are usually variable, which means that your monthly payment increases or decreases as rates change.

Where Do HELOC Interest Rates Come From?

HELOC interest rates are set based on the prime rate, which in turn is influenced by the Federal Reserve’s actions. Lenders add their own margin to the prime rate to arrive at HELOC rates, which is why you’ll see different rates at different banks. When you apply for a HELOC, in addition to its current rates, the lender will also consider your credit score, debt-to-income (DTI) ratio, income, and the amount of equity you have in your home to arrive at the rate you’re offered.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC has a significant effect on how much you pay each month. And even a small difference in the interest rate can have a big impact on how much interest will cost you over the whole term. For example, a $50,000 HELOC with a 10-year repayment term and a 7.00% interest rate would have a monthly payment of $581 and would cost you $19,665 in interest over the life of the loan. But if the interest rate were just one percentage point higher, to 8.00%, the monthly payment would be $607 and the total interest cost would be $22,797.

HELOC Interest Rate Trends

Keeping an eye on the prime interest rate can be helpful by giving you a sense of where HELOC rates, both on Long Island and across the country, might be heading. Over the years, the prime rate has seen plenty of ups and downs: For instance, it hit a low of 3.25% in 2020 and a high of 8.50% in 2023. Watching the prime rate’s movements and being aware of this history can give you perspective on the current HELOC rates you’re seeing.

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

While HELOCs can have either variable or fixed interest rates, they typically come with the former. These variable rates often start lower than the fixed rate you might be offered on a HELOC, but they fluctuate in response to market conditions. If the prime rate goes up or down, variable rates are likely to follow. Fixed rates may start higher, but they don’t change over the life of the HELOC, offering a stability that some borrowers may prefer. If you move forward with a variable-rate HELOC, it’s a smart move to review the lender’s offer closely so that you understand the specifics of how often rates can change and at what level the rate might be capped.

Helpful Tools and Calculators

Before you apply for a HELOC, you can use online tools to help you estimate your monthly payments. Here are three calculators designed to help you as you consider financing that draws on your home equity.

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

To be offered an attractive HELOC rate, you’ll need to be sure that your credit score, debt-to-income (DTI) ratio, and amount of home equity are up to lenders’ standards. These tips can help you get your finances ready to present to potential lenders.

Improve Your Credit Score

Keeping your credit score at 700 or above is key if you’re aiming for a good HELOC rate. Paying your bills on time and whittling down your credit card balances can give your score a significant lift, which in turn can lead to a lower HELOC rate. Keep an eye on your credit report, too. Checking regularly could help you spot and dispute any errors so that your record is accurate.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio represents your total monthly debt payments compared to your gross monthly income and helps lenders understand how much of your income goes toward paying off your obligations. Most HELOC lenders prefer to give their most attractive rates to homeowners with a DTI ratio under 36%. To calculate your DTI ratio, tally up all your monthly debt payments, then divide that total by your gross monthly income. If the result isn’t where you’d like it, work on paying down debt and (if you can) increasing your income – through a side hustle, for example.

Application Process for a HELOC in Long Island

Applying for a HELOC is straightforward, especially if you prequalify online. This preliminary step allows you to see what rate you’re likely to be offered. And if you choose to submit a full application, you’ll just need to pull together the necessary paperwork and give your application to your lender. Let’s take a look at the details of the process:

Run the Numbers

Before you plunge into the process, check your credit scores from all three major bureaus and calculate your debt-to-income (DTI) ratio. Additionally, it’s important to assess your home equity, which grows as you pay down your mortgage and as your home appreciates in value. To determine your equity, subtract your outstanding mortgage balance from your home’s estimated value. Then divide that figure by your home value to get the percentage. As mentioned earlier, most lenders will require that you have at least 15% equity to move forward.

Compare Lenders

Make a point of looking at multiple lenders to see what interest rate offers you might qualify for with each. Additionally, you’ll want to compare the qualification requirements, the HELOC amount minimums and maximums, fees, and the length of both the draw and repayment periods. Investigating the variety of Long Island HELOC rates and terms can help you understand and assess the best deals you can access.

Submit Your Application

Start by gathering the paperwork you need, which will include your official ID, proof of income, and any documents pertaining to the property you’re using as collateral. To prove your income, you can pull recent pay stubs, W-2s, and a couple of years’ worth of tax returns. If you’re self-employed, you’ll want to provide a profit-and-loss statement, too. Don’t forget the declaration pages from your homeowners insurance policy, as well. Once you’ve got everything in order, you can submit your application online, over the phone, or in person.

Get an Appraisal

An appraisal is a professional, objective assessment of your home’s value. Typically costing between $300 and $600, it’s generally required by your lender and it’s a wise investment since it helps determine your equity. If your home appraises for more than your mortgage balance, you’re a step closer to approval for a HELOC. An accurate appraisal is key to securing the best terms and maximum equity access, but be sure to comply with your lender’s appraisal requirements.

Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign all the required loan documents and take care of any necessary fees associated with the loan. Prior to signing anything, carefully review the loan agreement (and any additional requirements the lender may have) and make absolutely certain you fully understand all of the terms and conditions outlined in them.

Following the closing of the HELOC, some lenders make the funds available within approximately three business days, though others may take longer.

Closing Costs and Fees

HELOC closing costs are generally more affordable than those associated with a home loan or a cash-out refinance. The most significant expense is often the appraisal, which can range from $300 to $600. You may also encounter application, origination, title search, and administrative fees, along with annual maintenance fees that could go up to $250. Your lender may offer to reduce or waive closing costs, but be aware that accepting such offers may mean an increase in your interest rate.

Recommended: HELOC vs. Home Equity Loan

Tax Benefits and Considerations

As a homeowner, you may be able to deduct HELOC interest if you use the funds you’ve borrowed to significantly improve your primary residence. There are limits on how much you can deduct and conditions on what constitutes a significant improvement, so it’s a good idea to consult a qualified tax advisor to be sure you understand all the tax implications and confirm your eligibility for HELOC-related deductions.

Alternatives to HELOCs

A HELOC may be an appealing option if you’re trying to figure out how to get equity out of your home. But before you make your final decision, it’s smart to consider all the ways you can tap your equity, as well as another popular borrowing option, the personal loan. Let’s take a look at each.

Home Equity Loan

What is a home equity loan? It’s another way to draw on your home’s equity, but instead of a line of credit, it provides you with a lump sum, which you pay back in monthly installments at a fixed interest rate. With a home loan, you can usually tap into up to 85% of your home’s equity. Lenders often look for a credit score of 680 or more, but some prefer to see 700 or above. If you need a substantial sum upfront and like the idea of consistent monthly payments, this could be for you.

Cash-Out Refinance

A cash-out refinance is a form of mortgage refinance that allows you to borrow more than your current outstanding mortgage balance and take the difference in cash. Lenders usually require a credit score of 620 or higher and a DTI ratio of less than 43%. You can often choose between fixed or variable rates. When should you opt for cash-out refinance vs. home equity line of credit? It’s a good idea to be sure you’d stand to benefit from a refinance before embarking on a cash-out refinancing.

Personal Loan

A personal loan does not draw on your home equity so your home isn’t at risk if you fall behind on payments. You usually repay your personal loan in regular, fixed payments over a term of two to seven years. Many lenders look for a credit score of 610 or higher for personal loans. While they ‘re relatively quick to get, personal loans may have higher interest rates than HELOCs or home equity loans.

Recommended: Different Types of Home Equity Lending


The Takeaway

As you evaluate whether a HELOC is a good financial choice for you, you’ll want to consider both the benefits and the risks. HELOCs are known for their flexibility and competitive interest rates, but you’ll also need to consider the uncertainty of their variable rates as well as the possibility of losing your home if you don’t make your payments. Armed with your new understanding of HELOCs and Long Island HELOC rates, you’ll be able to assess your options and make a choice that will meet your financial needs and 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

What can you use a HELOC for?

A HELOC is a versatile financial tool that allows you to spend the funds on just about anything. You can use the money to make home improvements, consolidate debt, pay for college, or cover unexpected expenses. Because a HELOC is a revolving line of credit, much like a credit card, that lets you borrow what you need when you need it (up to the line’s limit), it can be a good choice for funding long-term projects or having on hand for emergencies.

What are the perks of a HELOC?

HELOCs provide multiple benefits. They typically offer lower initial interest rates than unsecured loans, the flexibility to borrow what you need when you need it, and the option to pay interest on only the amount you’ve withdrawn. Plus, there can be tax benefits if you use the funds for major home improvements. Just remember that since your home secures a HELOC, if you fall behind on your payments, you risk foreclosure.

Do you need an appraisal for a HELOC?

Yes, taking out a HELOC will require an appraisal of your property. The appraisal determines the current market value of your home, which is then used to calculate the equity available to you. This, in turn, helps lenders establish the maximum credit limit for your HELOC. The process is designed to ensure that the credit extended to you is in line with the home’s value, safeguarding both you and the lender from financial risk.

How will a HELOC impact my credit score?

When you apply for a HELOC, it may cause a temporary dip in your credit score due to the hard inquiry your lender will make. Fortunately, using your HELOC responsibly — making payments punctually and keeping your balances in check — can ultimately boost your credit score. Just be sure to manage your HELOC wisely, since missed payments or maxing out your line of credit can lower your score.

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

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


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


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


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


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

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


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


SOHL-Q225-418

Browse other New Jersey 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
SoFi Daily

Stay up to date on the latest business news and stock market happenings.

Learn more

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 .
©2025 Social Finance, LLC All rights reserved.
TLS 1.2 Encrypted
Equal Housing Lender