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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.

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

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Sep
06
2025

Current HELOC Rates in New Orleans, LA Today

By | mortgage | Comments Off on Current HELOC Rates in New Orleans, LA Today

NEW ORLEANS HELOC RATES TODAY

Current HELOC rates in

New Orleans, LA.



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 New Orleans.

Key Points

•   HELOC rates are influenced by the prime rate and your creditworthiness.

•   HELOC rates are variable and can change as market conditions shift.

•   Your home is at risk of foreclosure if you don’t make payments.

•   Online calculators can help you estimate your monthly payments and total interest costs.

•   For the most competitive HELOC rates, work on boosting your credit score and watch your debt level.

Introduction to HELOC Rates

This article is your go-to guide for understanding home equity line of credit (HELOC) rates in New Orleans. We’ll walk you through everything you need to know about the factors that influence these rates and how to secure the best rate and terms. You’ll also learn about the benefits and risks of HELOCs, how to compare different lenders, and the tools available to estimate your costs. Whether you’re planning a home renovation or need funds for personal expenses, this guide will help you make an informed decision.

What Exactly Is a HELOC?

A HELOC is a revolving credit line secured by your home equity (your home’s value minus whatever you still owe on your home loan). Homeowners typically need 15% equity to qualify and can often borrow up to 90% of their equity. Of course, if you borrow with your home as collateral, your home could be at risk of foreclosure if you fail to make your payments. So it’s important to make sure you understand all the details of a HELOC. Here’s an important one: A HELOC has a draw period and a repayment period. Make sure you understand how they differ.

The Draw Period

During the 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 at this time.

The Repayment Period

After a decade, the repayment period begins. Now, you’ll repay the principal while also still paying interest. A HELOC monthly payment calculator can give you a sense of what monthly payments would be as the HELOC’s variable interest rates change.

Recommended: Different Types of Home Equity Lending

Where Do HELOC Interest Rates Originate?

HELOC interest rates are tied to the prime rate, which is influenced by the Federal Reserve. Each lender adds a margin to the prime rate to determine its specific HELOC rate. From there, lenders also consider individual factors like your credit score, debt-to-income (DTI) ratio, and the amount of equity you have in your home. A higher credit score and more equity can help you get a lower HELOC rate. Understanding these factors can help you make an informed decision about when to apply for a HELOC.

How Interest Rates Impact HELOC Affordability

The interest rates on your HELOC can make a world of difference when it comes to affordability. Even a change of a single percentage point can lead to significant changes in your monthly payments and the total interest you’ll pay over the life of the loan. HELOCs have variable interest rates, so they may change over time, but as an example, consider this: If you were to draw $75,000 on a HELOC, a one-percentage-point difference in HELOC interest rate, from 7.50% to 8.50%, during the repayment phase would result in $11,000 in additional interest paid over a 20-year repayment period.

HELOC Interest Rate Trends

As you are exploring how to get equity out of your home, you’ll probably start checking the prime rate frequently, as HELOC interest rates tend to track with the ups and downs of the prime rate. It also helps to have a sense of the history of the prime rate. Since 2018, it has hit a low of 3.25% in 2020 and a high of 8.50% in 2023. This will give you a sense of where current rates fall on the spectrum, and also help you see how much the rate might change over time.

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 noted above, HELOCs often come with variable interest rates, which are also called adjustable rates. These rates usually kick off lower than fixed rates, which is a big draw. But keep in mind that your monthly payments will shift over time. If you sign on to a HELOC, the agreement you have with the lender will spell out the guardrails of your HELOC rate changes: how often rates can change; how much the rate can deviate in a given time period; and whether there is an overall cap. If you don’t think you can get comfortable with a variable rate, alternatives to HELOCs are described below.

Helpful Tools and Calculators

Before you apply for a HELOC, you can use online tools to estimate your monthly payment and interest costs. A HELOC payment calculator and HELOC interest-only calculator can help you understand how much you can afford to borrow.

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

If you’re aiming for a top-notch HELOC rate, focus on boosting your credit score and keeping your debt-to-income (DTI) ratio low. Follow these tips in the months leading to your application.

Improve Your Credit Score

To be in the running for the best HELOC rates, you’ll want to keep your credit score at 700 or more, though you can get a HELOC with a score of 640. It’s all about 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 doing a bit of both.

Application Process for a HELOC in New Orleans

If you’re considering a HELOC, you’ll be pleased to know that some lenders offer the convenience of prequalification online. This first step is particularly helpful as it gives you a clear picture of the potential HELOC rates in New Orleans that you could qualify for, without the commitment of a full application. If you decide to move forward, follow these steps:

Step 1: Run the Numbers

First, check your credit score and calculate your DTI ratio to ensure they meet the minimum qualification number (640 for credit score and 50% for DTI ratio). If those numbers make the grade and your equity is 15% or greater, move to Step 2. (Unsure about how much equity you have? Subtract what you owe on your mortgage from your home’s value, then divide the answer by your home value. The answer is your percentage of equity.)

Step 2: Compare Lenders

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

Step 3: Submit Your Application

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

Step 4: Get an Appraisal

An appraisal is an unbiased, professional assessment of your home’s value in the current market. It will likely cost between $300 and $600. If your home appraises for more than your outstanding mortgage balance, you may be eligible for a HELOC. Your home’s value is crucial as it helps determine the rates and the total amount of credit you can access.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign documents and pay fees. Some lenders make the funds available within three days after the HELOC closes. This step involves reviewing and signing all the necessary paperwork, making sure you understand the terms and conditions, and paying any closing costs.

Closing Costs and Fees

HELOC closing costs are generally lower than those for a home purchase or a cash-out refinance. The most expensive part of the process is usually the appraisal fee. You may also have to pay for a title search, which can cost from $100 to $450. Other potential costs include application, origination, and administrative fees. Some lenders charge annual maintenance fees, which can cost up to $250. Additionally, some lenders may charge transaction, inactivity, or early termination fees.

Tax Benefits and Considerations

Homeowners can deduct HELOC interest if the borrowed funds are used to significantly improve their primary residence. The current tax guidelines, as they stand, are valid through 2025. A tax advisor can help you navigate this deduction and also may have some insight into how this deduction may change in 2026 and beyond.

Recommended: HELOC vs. Home Equity Loan

Alternatives to HELOCs

There are other options for financing besides HELOCs that you might want to consider if you’re at all uncertain about a HELOC. One option, a personal loan, doesn’t involve using your home as collateral.

Home Equity Loan

A home equity loan is different from a HELOC, though their names are similar. With a home equity loan, you receive a lump sum and begin paying it back immediately, at a fixed interest rate. Most lenders will let you borrow up to 85% of your home’s equity. They’ll be looking for a credit score of 700 and above to offer you the best rate, though you can qualify at 680. A home equity loan calculator can help you find out how much you might be able to borrow with this method.

Cash-Out Refinance

The cash-out refinance vs. home equity line of credit comparison is stark: A cash-out refi gets you a completely new loan. You would borrow more than you currently owe on your mortgage and take the difference between what you borrow and what you owe as a lump-sum loan. To qualify, a 620 minimum credit score and a DTI ratio of 43% or less are usually required. You can opt for fixed or variable rates. This option leaves you with one monthly payment instead of two.

Personal Loan

A personal loan is an unsecured loan that you pay back in regular installments over two to seven years. Your home is not used as collateral for this type of loan, so you don’t have to worry about foreclosure if you fall on tough times and can’t make payments. Most lenders will be looking for a credit score of 610 or higher. While personal loans are relatively quick to secure, the interest rates might be a bit higher than those of a HELOC or home equity loan.


The Takeaway

When you’re mulling over a HELOC, it’s crucial to consider the advantages and potential pitfalls. These lines of credit offer a flexible way to access funds with competitive interest rates, making them an attractive option for significant expenses or home enhancements. Your interest might even be tax-deductible. But there’s the risk of foreclosure if payments are missed. Before you apply, make sure you’ve got a solid plan for repayment and all your financial ducks in a row. Shopping around for the best HELOC rates in New Orleans and comparing lenders’ offers carefully can be the smartest move you’ll make.

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

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

View your rate


FAQ

What can a HELOC be used for?

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

What’s the damage on a $50,000 HELOC each month?

During the draw period, most HELOCs would only require that you pay the interest on the portion of the $50,000 you’ve used. But once the draw period ends, your payments will cover both the principal and interest. If you borrowed the full $50,000 and repaid it at 7.00% interest over 20 years, your monthly payment would be $388.

How does a HELOC impact my credit score?

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

What might prevent you from securing a home equity loan?

A few things could stand in the way of getting a home equity loan: a credit score under 680; a debt-to-income ratio greater than 50%; or inadequate equity in your home (less than 15%). If you don’t meet these basic criteria, consider a personal loan which has more lenient requirements.

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-Q225-423

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Browse HELOC rates by state guides.

More HELOC resources.

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Sep
06
2025

Current HELOC Rates in St. Louis, MO Today

By | mortgage | Comments Off on Current HELOC Rates in St. Louis, MO Today

ST. LOUIS HELOC RATES TODAY

Current HELOC rates in

St. Louis, MO.



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 St. Louis.

Key Points

•   Home equity line of credit rates are influenced by the prime rate, your credit score, and your home equity level.

•   Keeping an eye on prime rate trends can help you anticipate rate changes.

•   Use online calculators to get an idea of what monthly payments and total interest costs might look like.

•   HELOCs let you borrow as you need funds instead of accepting a large lump sum all at once.

•   Defaulting on payments could lead to foreclosure.

Introduction to HELOC Rates

Welcome to your comprehensive guide to home equity line of credit (HELOC) rates in St. Louis. We’re here to help you understand how these rates are determined and what factors can influence them. You’ll learn about the benefits and risks of HELOCs, how to compare lenders’ offers, and the tools available to estimate monthly payments. Whether you’re considering a HELOC for home renovations, debt consolidation, or other financial needs, this guide will equip you with the knowledge to make a well-informed decision. Let’s start with the basics: understanding what a home equity line of credit is in the first place.

What Is a HELOC?

A HELOC is a revolving credit line that allows you to tap into the equity you’ve built in your home by making payments toward your home loan. You can typically borrow up to 90% of your equity (your home’s value, minus your remaining mortgage balance). If you have at least 15% equity in your home, you may qualify. Of course, borrowing by using your home as collateral means that if you fail to repay what you owe, your lender could foreclose. HELOCs have two main phases, and it’s good to understand how payments differ in each:

The Draw Period

In the HELOC’s initial draw phase, typically 10 years, you can borrow money as you need it, up to whatever credit line your lender has established. Most lenders only require you to pay interest on what you have borrowed during this time. HELOCs have variable interest rates, and a HELOC interest-only calculator is a useful tool at this time.

The Repayment Period

Once you hit the repayment period, you’ll stop borrowing and start making monthly payments of both principal and interest. Again, the interest rate is variable, so payments aren’t always predictable. A HELOC monthly payment calculator can help you estimate what you might owe depending on the amount you’ve borrowed and your current rate.

Recommended: HELOC vs. Home Equity Loan

Understanding the Origin of HELOC Interest Rates

HELOC interest rates tend to follow the prime rate, which in turn is steered by Federal Reserve policies. Lenders then append a margin to the prime rate to establish the HELOC rates they extend to customers. This margin isn’t set in stone and can fluctuate based on your credit score, debt-to-income (DTI) ratio, and the equity in your home. This is why it’s so important to seek out rates from multiple lenders as you explore a HELOC. Offers may be different from each.

How Interest Rates Impact HELOC Affordability

Even the smallest interest rate variation can make a big difference in your monthly budget when you’re making payments on a HELOC. HELOCs’ variable rates makes it hard to pinpoint the exact amount the HELOC will cost, but if you borrowed $50,000 with a HELOC that had a 20-year repayment term, you would have the following monthly payment amounts at 7.00%, 8.00%, and 9.00% interest: $388, $418, and $450, respectively, and total interest paid of $43,036, $50,373, and $57,967, respectively.

HELOC Interest Rate Trends

Keeping an eye on the prime interest rate can be a smart move, offering a glimpse into the future of HELOC rates in St. Louis. It’s also helpful to have a sense of the prime rate’s history. It can help you understand how much your variable interest rate might fluctuate in a decade, and knowing the history can give you a sense of whether rates you’re seeing in the current market are relatively high or low — or somewhere in between.

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

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

HELOCs usually come with variable, also called adjustable, interest rates, which are influenced by market conditions. These rates often begin lower than fixed rates, which is a plus for your initial payments. But, as the name suggests, they can change. If the prime rate goes up, so will your HELOC rates, and that could affect your budget. Rest assured, though, the rate can’t swing wildly. The HELOC agreement will spell out how often your rate can change, how much it can change, and what the overall rate cap is. If you can get comfortable with potential payments across this range, then you can probably handle a HELOC.

Helpful Tools & Calculators

One way to figure out if you can handle HELOC payments at various interest rates is to play around with a HELOC calculator. The calculators below can help you compute interest-only and repayment amounts for the amount you’re thinking you might borrow. Spend some time running the numbers to see if the monthly payments seem doable.

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 stellar HELOC rate, your credit score, DTI ratio, and home equity level are key. You can compute your percentage of equity quickly: Subtract your current mortgage balance from your home’s estimated value; divide the answer by your home value to arrive at your percentage of equity. If it’s over 15% you’re in the right zone, but for the best rates you’ll want to aim higher. Here’s how you can spruce up your other numbers:

Improve Your Credit Score

You can get a HELOC with a credit score of 640 or better. But to secure the best possible HELOC rate, you’ll want to maintain a credit score of 700 or more. Making timely payments and reducing your credit card balances are two powerful ways to boost your credit score. It’s also a good idea to check your credit report for errors and dispute any inaccuracies you find. And don’t be too quick to close old credit accounts — using them responsibly can help you maintain a strong credit history, which can also improve your chances of qualifying for a competitive HELOC rate.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a straightforward calculation: Tally up your monthly debt payments (think mortgage, car loans, credit cards) and divide that by your gross monthly income. HELOC lenders generally favor a DTI that’s under 50%, but the lower, the better. For the best interest rates, you’ll want to aim for a DTI ratio below 36%.

Application Process for a HELOC in St. Louis

Many lenders offer the convenience of prequalifying for a HELOC online, making it easy to get a glimpse of the rates and credit limits you could be eligible for. If you decide to pursue the HELOC, follow these five steps.

Step 1: Run the Numbers

Before you file a HELOC application, make sure you have at least 15% equity. Also make sure your credit score and DTI ratio at least meet the minimums spelled out above (640 for the former, 50% for the latter).

Step 2: Compare Lenders

Scrutinize the estimates you obtained during prequalification, or seek out offers now. Don’t just compare interest rates. Also look at qualification requirements, minimum and maximum credit lines, fees, and the length of the draw and repayment periods. Each lender will have different terms, so it’s important to examine all of these factors to make sure you choose the best fit for your financial situation and needs.

Step 3: Submit Your Application

Gather your papers, including your ID, proof of income, and details about the property you’re using as collateral. For income, you’ll usually need to show your most recent pay stubs, W-2s, and tax returns. If you’re self-employed, you might need to provide a profit-and-loss statement and your tax returns from the last two years. For your property, you’ll need a homeowners insurance declaration page. Once you’ve got everything together, you can start your application online, over the phone, or in person.

Step 4: Get an Appraisal

It’s likely that the lender you apply to will require this step, in which a pro visits your home, gives it a good look, and then crunches the numbers to see what it’s worth in today’s market. The cost? Usually between $300 and $600. If your home’s value comes in higher than what you owe, to the point that you meet the minimum equity needed for a HELOC, your lender could give you the green light. This step is key in nailing down how much equity you can tap into and the terms you’ll score.

Step 5: Prepare for Closing

Before you can use your HELOC, you’ll need to sign the HELOC documents and pay some fees. The good news is that many lenders can get you access to your funds in as little as three days after closing. But before you sign on the dotted line, make sure you understand all the terms and conditions in the agreement.

Recommended: Different Types of Home Equity Lending

Closing Costs and Fees

HELOC closing costs are typically more affordable than those for home purchases or cash-out refinances. The priciest item is often the appraisal fee. Title searches, if necessary, can add another $100 to $450. You might also encounter application, origination, and administrative fees, as well as annual maintenance fees of up to $250.

Tax Benefits and Considerations

If you move forward with a HELOC, you’ll incur some costs. But you can also deduct the interest on your HELOC, provided the funds are used to improve your primary residence. The current tax guidelines for this deduction are set to last through 2025. Talking with a tax advisor can help you garner the deduction (you’ll need to itemize), and a tax expert will also keep tabs on how this deduction shapes up for 2026 and beyond.

Alternatives to HELOCs

There are other ways to get equity out of your home, such as home equity loans and refinancing, and it’s worth considering all of your options before making a firm commitment to a HELOC, especially if you are uncertain about your ability to manage changing payments resulting from a variable rate. Here are some options:

Home Equity Loan

Unlike HELOCs, home equity loans provide a lump-sum amount and are paid back at a fixed interest rate. You can usually access up to 85% of the equity you’ve accumulated in your home. Lenders like to see a credit score of 680 or higher, and many prefer 700+ for the best rates. The monthly payments on these loans are predictable. A home equity loan calculator can help you see how much you might be able to borrow with this loan type.

Cash-Out Refinance

A cash-out mortgage refinance is another method you can use to borrow based on your equity. In this case, you would refinance your mortgage for more than you currently owe and pocket the difference. Typically, you’ll need a credit score of 620 or higher and a DTI ratio below 43%. If you are thinking about a cash-out refinance vs. a home equity line of credit, one difference is that with a refi, you can choose a fixed or variable interest rate.

Personal Loan

A personal loan is typically unsecured and repaid in regular, fixed installments over a relatively period of two to seven years. The key benefit here is that your home is not at risk of foreclosure should you encounter financial challenges. Most lenders look for a credit score of 610 or higher when considering a personal loan application. While the process is relatively swift, personal loan interest rates are often higher than those of HELOCs or home equity loans.


The Takeaway

When mulling over a HELOC, consider both the pros and cons. HELOCs may offer lower initial interest rates and the freedom to borrow as needed, which can be useful when your expenses are unpredictable. Yet it’s important to remember that defaulting could put your home at risk. In St. Louis, HELOC rates can vary by lender, so it’s wise to do your homework and compare rate offers to ensure the HELOC you choose is a fit for your long-term financial plans.

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?

The beauty of a HELOC is that it can be used for any expense you need to cover. Many people use a HELOC to cover home renovations or education expenses. It can also be used for debt consolidation. It works like a credit card, allowing you to draw funds as needed and initially pay interest only on the amount borrowed. This flexibility makes it ideal for ongoing projects, though some people just like to have a HELOC available in the event that they have unforeseen costs.

Is a HELOC a wise move at this time?

A HELOC is a smart choice if you need to borrow because you’ll only pay interest on the portion of the credit line that you actually use. HELOCs also tend to have lower interest rates than personal loans. And if you use your HELOC to significantly improve your home, the interest charges could be deductible on federal taxes. As long as you are able to manage the HELOC’s payments, which will change periodically due to its variable interest rate, this can be a relatively cost-efficient way to borrow.

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

Your monthly HELOC payments will vary based on the interest rate and the repayment period. During the draw period, which typically lasts 10 years, you’ll usually make interest-only payments. Once the repayment period starts, you’ll pay both the principal and interest. If you borrowed the full $100,000 during the draw period and had an 8.00% rate, you might pay around $667 per month. Once the repayment phase kicks in, you would start paying down the principal, which would adjust your monthly payment upward to $1,213. Remember, HELOCs have variable interest rates so your exact numbers may differ.

Do you need an appraisal for a HELOC?

An appraisal is generally required for a HELOC to establish the current market value of your home. This figure is crucial for lenders to calculate the equity you have and to determine the maximum credit limit they can extend. The process can differ from one lender to another, so it’s wise to inquire about their specific requirements during your application process.

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.


²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.
You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.


Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may 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.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.


This content is provided for informational and educational purposes only and should not be construed as financial advice.


SOHL-Q225-424

Browse other Missouri 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 Greenville, SC Today

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

GREENVILLE HELOC RATES TODAY

Current HELOC rates in

Greenville, SC.



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


View your rate

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

Compare HELOC rates in Greenville.

Key Points

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

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

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

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

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

Introduction to HELOC Rates

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

What Exactly Is a HELOC?

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

The Draw Period

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

The Repayment Period

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

Recommended: Different Types of Home Equity Lending

The Origin of HELOC Interest Rates

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

How Interest Rates Impact HELOC Affordability

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

HELOC Interest Rate Trends

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

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

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

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

Helpful Tools & Calculators

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

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

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

Improve Your Credit Score

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

Calculate Your Debt-to-Income Ratio (DTI)

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

Application Process for a HELOC in Greenville

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

Step 1: Run the Numbers

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

Step 2: Compare Lenders

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

Step 3: Submit Your Application

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

Step 4: Get an Appraisal

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

Step 5: Prepare for Closing

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

Recommended: HELOC vs. Home Equity Loan

Closing Costs and Fees

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

Tax Benefits and Considerations

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

Alternatives to HELOCs

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

Home Equity Loan

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

Cash-Out Refinance

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

Personal Loan

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


The Takeaway

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

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

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

View your rate


FAQ

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

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

What could prevent you from getting a home equity loan?

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

How tough is it to get a HELOC?

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

Will HELOC impact your credit score?

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

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

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


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


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


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


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

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


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


SOHL-Q225-425

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Sep
06
2025

Current HELOC Rates in Des Moines, IA Today

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

DES MOINES HELOC RATES TODAY

Current HELOC rates in

Des Moines, IA.



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


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

Compare HELOC rates in Des Moines.

Key Points

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

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

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

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

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

Introduction to HELOC Rates

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

What Exactly Is a HELOC?

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

The Draw Period

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

The Repayment Period

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

The Origin of HELOC Interest Rates

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

How Interest Rates Impact HELOC Affordability

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

Recommended: HELOC vs. Home Equity Loan

HELOC Interest Rate Trends

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

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

Source: U.S. Federal Reserve


Variable vs. Fixed Interest Rates

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

Helpful Tools and Calculators

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

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

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

Improve Your Credit Score

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

Calculate Your Debt-to-Income Ratio (DTI)

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

Application Process for a HELOC in Des Moines

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

Step 1: Run the Numbers

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

Step 2: Compare Lenders

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

Step 3: Submit Your Application

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

Step 4: Get an Appraisal

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

Step 5: Prepare for Closing

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

Recommended: Different Types of Home Equity Lending

Closing Costs and Fees

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

Tax Benefits and Considerations

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

Alternatives to HELOCs

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

Home Equity Loan

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

Cash-Out Refinance

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

Personal Loan

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


The Takeaway

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

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

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

View your rate


FAQ

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

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

What are the benefits of a HELOC?

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

Do you need an appraisal for a HELOC?

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

Will a HELOC affect my credit score?

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

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

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


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


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


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


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

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


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


SOHL-Q225-440

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Browse HELOC rates by state guides.

More HELOC resources.

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

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

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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