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Sep
20
2025

Current HELOC Rates in Springfield, MO Today

By | mortgage | Comments Off on Current HELOC Rates in Springfield, MO Today

SPRINGFIELD HELOC RATES TODAY

Current HELOC rates in

Springfield, 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 Springfield.

Key Points

•   A home equity line of credit (HELOC) offers homeowners a revolving line of credit secured by home equity.

•   Key factors that influence Springfield HELOC rates include the prime rate and your credit score, debt-to-income ratio, and home equity.

•   Online calculators are available to help you estimate monthly payments, depending on your loan amount, interest rate, and term.

•   Since a HELOC uses your home as collateral, if you default on your payments, you risk foreclosure.

•   You may be able to deduct the interest you pay on your HELOC on your federal tax return.

•   To obtain a HELOC, you’ll have to get a home appraisal.

Introduction to HELOC Rates

Welcome to your comprehensive guide to home equity line of credit (HELOC) rates in Springfield, Missouri. Whether you’re considering a home renovation, planning to consolidate debt, or facing other significant expenses, this guide will help you understand the current market and how you can best leverage your home equity. You’ll learn about the factors that influence HELOC rates, the benefits and risks of HELOCs, and how to compare different lenders. Armed with this knowledge, you’ll be well prepared to make a sound financial decision about whether a HELOC is right for you.

What Is a HELOC?

What is a home equity line of credit (aka HELOC)? It’s a revolving line of credit that uses your home equity as collateral. Your equity is the difference between your home’s value and your outstanding mortgage balance, and it increases as you pay down your home loan. Usually, you will need to have built up at least 15% equity in your home to qualify for a HELOC, and you can generally borrow up to 90% of that equity.

Since a HELOC is a line of credit, you can borrow funds if and when you need them, up to an amount set by your lender. But it’s important to know that a HELOC has two different 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. You’ll pay interest on whatever you borrow, but most lenders won’t require you to pay back the principal yet. However, if you do, it will replenish your credit line, allowing you to draw out more if you wish.

The Repayment Period

After the draw period is over, there will be a repayment period that generally lasts for 10 to 20 years. Your monthly payments will now cover both interest on what you’ve borrowed and principal, so they’ll be higher than during the draw period. HELOC interest rates are typically variable, meaning that the amount you’ll pay each month can increase or decrease as rates change.

Where Do HELOC Interest Rates Come From?

HELOC interest rates are closely tied to the prime rate, which is heavily influenced by the actions of the Federal Reserve. To determine what HELOC rates they’ll offer, lenders add a margin to the prime rate, so if the prime rate rises, HELOC rates are likely to increase as well. Lenders also consider your credit score, debt-to-income (DTI) ratio, income, and the amount of equity you have in your home to decide what they will offer you. Their conclusions will vary, which is why it’s worth shopping around to find the best HELOC rate you can.

How Interest Rates Impact HELOC Affordability

The interest rate you secure on your HELOC will have a major effect on how much you pay over the life of your credit line. Even a small difference in the rate can dramatically affect the total amount of interest you’ll owe. For example, say you’re looking for a 20-year $50,000 HELOC. If you get an interest rate of 8.00%, you’ll pay $30 more a month than if your rate were 7.00%. Over the 20 years, that will add up to a difference of more than $7,000. And the larger your HELOC is, the more impact a difference in interest rate will have.

Variable vs. Fixed Interest Rates

HELOCs typically feature variable interest rates, which can rise or fall based on market conditions. If you choose a variable-rate HELOC, it will often start at an interest rate lower than a fixed-rate option, making your initial payments more manageable. However, over the HELOC term, variable rates are subject to change, leading to unpredictable monthly payments.

By way of contrast, a fixed interest rate never changes over the term of the HELOC, so there are fewer surprises. Fixed-rate HELOCs aren’t the norm, but some lenders do offer them, so don’t hesitate to ask about them if you think you’d prefer more predictable payments.

HELOC Interest Rate Trends

Watching the movements of the prime interest rate can be helpful in getting a sense of where HELOC rates might be going. Over the years since 2018, the prime rate has fluctuated, dipping to a low of 3.25% in 2020 and then rising to 8.50% in 2023. Understanding these historical patterns may give you some insight into the HELOC rates you’re encountering now. Many homeowners try to time their HELOC searches to an anticipated dip in the prime rate, but that’s not always possible, especially if your need is urgent.

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


Helpful Tools & Calculators

Before you submit an application for a HELOC or a home equity loan, let our online calculators do the math to help you make an informed decision. They’re designed to give you a clear picture of what to expect in terms of monthly payments.

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’ll need to make sure that your credit score, debt-to-income (DTI) ratio, and amount of home equity all meet lenders’ requirements. Typically, lenders will expect you to have at least 15% equity in your home. Here are some tips to improve your odds of getting a good offer.

Improve Your Credit Score

To up your chances of getting the best HELOC rates, you’ll need a credit score of 700 or more. Making your payments on time and chipping away at your credit card balances may help your score over time. Keeping your credit utilization low can also strengthen your score. And don’t forget to give your credit report a regular once-over to check for errors: Disputing any problems you find can keep your record accurate.

Calculate Your Debt-to-Income (DTI) Ratio

For the most competitive rates, you’ll want to aim for a DTI ratio less than 36%. DTI ratio is simply your total monthly debt payments divided by your gross monthly income. To calculate yours, tally up all your monthly debt payments — from mortgages and car loans to credit card minimums — and divide that number by your monthly pretax income. A lower DTI ratio indicates that you are less burdened by debt and shows lenders how well you can afford payments on a HELOC.

Application Process for a HELOC in Springfield

Many lenders offer the option to prequalify for a HELOC online, which can save you time and streamline the process. Taking this preliminary step gives you a glimpse of the Springfield HELOC rates that you might be eligible for, as well as an estimate of the credit amount available to you. Once you’ve got a sense of those numbers, you can begin the application process, which will involve providing more detailed information about your financial situation and property.

Run the Numbers

First of all, it’s wise to assess your financial landscape. Start by checking your credit scores and calculating your DTI ratio. Next, take a look at your home equity, which builds as you pay down your mortgage. To calculate your equity, subtract your outstanding mortgage balance from your home’s estimated value. Then, to determine the percentage, divide that figure by your home value. As mentioned earlier, most lenders will require that you have at least 15% equity to move forward.

Compare Lenders

As you consider your HELOC options, compare what different lenders in Springfield are offering in terms of interest rates. But don’t stop there. It’s also helpful to compare the qualification requirements, loan minimums and maximums, fees, and the length of the draw and repayment periods, among other factors. Different lenders in Springfield may have different HELOC rates and terms, so it’s important to shop around to find the best deal for your financial situation.

Submit Your Application

Begin by gathering your documentation, including identification, income verification, and property information. For income documentation, you’ll likely need recent pay stubs, W-2 forms, and recent tax returns. If you’re self-employed, lenders may ask for a profit-and-loss statement and two years’ worth of tax returns. Don’t forget to include your homeowners insurance declaration page with your property documentation. You can usually submit your HELOC application online, by phone, or in person.

Get an Appraisal

An appraisal is a professional, unbiased evaluation of your home’s worth. The typical appraisal cost ranges from $300 to $600. If your home is appraised for more than your mortgage balance, lenders are much more likely to approve you for a HELOC, and the amount is important in determining how much equity you have in your home, as mentioned earlier. Prospective lenders may have specific requirements for appraisals, so it’s a good idea to get information as to what they need before you hire an appraiser.

Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign loan documents and take care of any associated expenses, such as appraisal and loan origination fees. Some lenders make the funds available within three days of closing, but others may take a little longer. Remember, closing a HELOC is a significant financial step, so take the time to be sure you understand the process and your responsibilities before you finalize your HELOC.

Closing Costs and Fees

The good news is that HELOC closing costs are generally more affordable than those associated with purchasing a home or refinancing. The most significant expense is often the appraisal fee, which can range from $300 to $600 or more. Keep an eye out for other potential fees, such as application, origination, and administrative fees, as well as title searches. Some lenders charge annual maintenance fees that could be as much as $250. It can be tempting to accept if your lender offers to reduce or waive closing costs, but know that typically that will likely mean you pay a higher interest rate.

Tax Benefits and Considerations

As a homeowner, you may be able to deduct some or all of your HELOC interest on your federal tax return if the funds you’ve borrowed are spent on significant improvements to your primary residence. Since not everything qualifies as a significant improvement and there are limits on how much you can deduct, it’s a good idea to consult with your tax advisor about this option.

Alternatives to HELOCs

Besides a HELOC, there are also other ways to get equity out of your home, including home equity loans and cash-out refinances. Each of these has pros and cons, so it’s worth looking closely at them all – as well as at personal loans – to make sure you pick the financing that works best for you.

Home Equity Loan

Home equity loans also draw on the equity in your home, but loan you a one-time lump sum that you pay back in monthly installments, usually at a fixed rate. Lenders look for a credit score of 680 or higher, with some requiring 700 or more, and typically, you can tap into up to 85% of your home’s equity. Trying to decide between a HELOC vs. a home equity loan? If you need a sizable sum upfront and prefer the predictability of predefined payments, a home equity loan could be the right fit for you.

Cash-Out Refinance

A cash-out refinance is a mortgage refinance that lets you borrow more than you currently owe on your home loan and take the difference in cash. The requirements are usually a credit score of 620 or higher and a DTI ratio of less than 43%. You can generally choose between fixed or variable rates. When should you choose a cash-out refinance vs. a home equity line of credit? It’s smart to be sure that you would stand to benefit from refinancing before you decide you want a cash-out refinance.

Personal Loan

A personal loan is typically unsecured, so your home isn’t at risk if you fall behind on payments. Generally, you repay your personal loan in regular, fixed payments over a defined term of anywhere from two to seven years. Many lenders look for a credit score of 610 or higher for personal loans. While this type of financing is relatively quick to obtain, personal loans are likely to have higher interest rates than HELOCs or home equity loans, for which your home serves as the securing collateral.

Recommended: Different Types of Home Equity Lending


The Takeaway

When you’re thinking over whether to apply for a HELOC, look carefully at the pros and cons. These lines of credit are versatile, allowing you to finance home improvements, education, or debt consolidation. But they also carry the potential for home loss if you don’t make your payments. Investigating Springfield HELOC rates to find the most favorable ones you qualify for can help you make a wise choice.

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

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

View your rate


FAQ

What can a HELOC be used for?

A HELOC can be used for a variety of purposes, including home improvements, education costs, and debt consolidation. It provides you with a flexible line of credit, letting you draw funds as you need them and pay interest only on the amount used. This makes it a versatile tool for managing large expenses over a period of months or even years.

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

Your monthly payment on a $50,000 HELOC will vary based on the interest rate and your chosen repayment period. Let’s say your HELOC has an 8.00% interest rate and a 20-year term. If you use the full amount but make only interest payments during the draw period, you’ll be paying $333 monthly throughout those years. Once the repayment term starts, you’ll owe about $418 a month. But bear in mind that since HELOCs generally have variable rates, these figures are estimates.

Is a HELOC a smart move for you?

Whether a HELOC is the right choice for you depends on your individual financial situation and the current interest rates. If rates are low and you have a good amount of home equity, need a substantial line of credit, and feel confident about being able to make sometimes unpredictable monthly payments for the next 30 years, a HELOC might be a smart move.

What would the monthly payments be on a $100,000 HELOC?

Your monthly payment on a $100,000 HELOC can change, depending on the interest rate and the repayment period you choose. A $100,000 HELOC with a 20-year term and an 8.00% interest rate would require a monthly payment of approximately $836, and you’d pay a total of $100,746 in interest over the life of the HELOC.

How does a HELOC affect your credit score?

After you open a HELOC, your credit score may dip slightly as the result of the lender’s hard inquiry. However, if you’re responsible about your HELOC usage and make your payments on time, you may eventually see an improvement in your score as you prove that you can manage your debt.

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*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-Q225-414

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Sep
20
2025

Current HELOC Rates in New York, NY Today

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

NEW YORK HELOC RATES TODAY

Current HELOC rates in

New York, 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 New York.

Key Points

•   A home equity line of credit, often referred to as a HELOC, is a revolving line of credit that is secured by your home equity.

•   HELOC interest rates are tied to the prime rate as well as to individual borrowers’ financial factors.

•   A HELOC can be useful for funding large and ongoing expenses, such as a home remodel, to pay for college tuition, or for settling higher-interest debt.

•   Most HELOCs have variable rates, and that means interest charges and monthly payments can fluctuate over time.

•   If you default on a HELOC, it can lead to foreclosure on your home.

Introduction to HELOC Rates

We’ve created this comprehensive guide to home equity line of credit (HELOC) interest rates in New York City to assist you as you’re looking to access funds for a home renovation, education costs, or other significant expense. It’s designed to help you make well-informed financial decisions by filling you in on the factors that influence HELOC interest rates, as well as the benefits and risks of opening a HELOC to draw on your home equity. By the time you finish reading this guide on how to get equity out of your home, you will be equipped with the knowledge you need to assess current market conditions and qualify for the best available rates in New York City.

What Is a HELOC?

In order to make the right decisions about borrowing via a HELOC, it’s helpful to understand what a home equity line of credit is in the first place. A HELOC is like a credit card, with a credit limit set by your lender — based on your home equity — that you can borrow against as you need to. Your home serves as the collateral, so if you don’t repay the money you borrow, you could face foreclosure.

Your home equity is the difference between the value of your home and your mortgage balance. To qualify for a HELOC, you typically need at least 15% equity. You can borrow up to 90% of the equity you have accrued. HELOCs are popular because they’re flexible, and interest rates are often lower than those on unsecured loans. A HELOC has two main phases:

The Draw Period

During the initial draw period (usually 10 years) on a HELOC, you can access funds in increments, basically however and whenever you need them. You’ll have to pay interest on what you borrow during this time, but most lenders won’t require you to pay on the principal — you’d do that only if you wish to pay off your credit line and draw on it again. A HELOC interest-only calculator can be useful to figure out how much interest you’d pay during the draw period.

The Repayment Period

When the draw period ends, a repayment period — usually 10 to 20 years long — begins. Monthly payments will increase at this point, as you begin to repay the principal in addition to interest. HELOC interest rates are usually variable, which means the amount you’ll pay each month may go up or down as rates change. A HELOC monthly payment calculator can help you compute approximately what your payment would be.

The Origin of HELOC Interest Rates

Lenders look to the prime rate, a figure that moves up or down with the Federal Reserve’s economic maneuvers, as a starting point for determining interest rates for HELOCs and different types of home equity loans. Institutions then tack on their own margin, which is why rates vary among lenders. This is a reason why it’s wise to seek out rate quotes from multiple lenders.

If you apply for a HELOC, your personal financial profile, including credit score, debts, and your home equity, always play a role in the interest rate you’ll be offered. Borrowers with higher credit scores and equity levels often land the best rates.

How Interest Rates Impact HELOC Affordability

It takes time and energy to shop around for ideal HELOC interest rates, but the rate you get in New York City really matters. Your rate has a huge influence on what you’ll pay! Even a small shift in your rate can mean a lot more (or less) interest over the life of the HELOC. Here’s an example: Say you use $100,000 of your HELOC during the 10-year draw period. The monthly interest payment based on a 7.00% interest rate would be $583, versus a monthly payment of $667 at a 8.00% rate. That is a $84 per month difference.

If you were repaying principal plus interest on the same $100,000 during a 20-year repayment period, your monthly payments would be higher: $775 at the lower interest rate and $836 at the higher one. That doesn’t seem like an enormous difference, but over the entire repayment term, having the lower interest rate could save you $14,674. Since HELOC interest rates are variable, real-world numbers will differ.

This chart compares HELOCs at different credit line amounts, terms, and interest rates:

Repayment Amount Term Interest Rate Monthly Payment Total Interest Paid
$100,000 20 years 8.00% $836 $100,746
7.00% $775 $86,072
10 years 8.00% $1,213 $45,593
7.00% $1,161 $39,330
$50,000 20 years 8.00% $418 $50,373
7.00% $388 $43,036
10 years 8.00% $607 $22,797
7.00% $581 $19,665
$25,000 20 years 8.00% $209 $25,186
7.00% $194 $21,518
10 years 8.00% $303 $11,398
7.00% $290 $9,833

HELOC Interest Rate Trends

It’s not the only influencer of HELOC rates, but the prime rate is one thing to keep in mind when you shop for them. Since 2018, the prime rate has been actively bouncing up and down; it hit a low of 3.25% in 2020 and a high of 8.50% in 2023. Knowing something about this history can give you a useful perspective on the current rates you see in New York City.

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 tend to come with variable interest rates, also known as adjustable rates. These rates may go up or down over time based on movement in the market, at intervals and according to caps that a HELOC agreement should detail. That means the interest amount you pay might change over time. If you want a steady monthly payment that won’t change, a home equity loan might be preferable for you — read on for an explanation of how they work.

Helpful Tools & Calculators

Before you apply for a HELOC, it’s helpful to estimate what different aspects of it will cost. You can use some handy online tools to do this. Here are a few we like.

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

If you need to secure a strong rate on a HELOC, start by looking at your personal numbers. Most important will be your credit score, debt-to-income (DTI) ratio, and home equity percentage. Lenders will expect you to have at least 15% equity in your home (more will be even better!). Here’s how to ensure your finances are in line before you submit your application.

Improve Your Credit Score

Aim for keeping your credit score at 700 or above. It’s one key to unlocking the best HELOC rates out there. You can dial your number north by paying your bills on time and steadily paying down credit card balances you’ve accumulated. While you’re doing that, review your credit report for inaccuracies, dispute errors and work to get them removed, so your score will reflect your true financial responsibility.

Calculate Your Debt-to-Income Ratio (DTI)

Knowing your DTI ratio isn’t hard. It requires a simple calculation: Divide your debts — that is, your total monthly payments on them — by your gross monthly income. Most HELOC lenders are looking for a DTI that is under 50%, but for a really enviable HELOC rate in New York City, you’ll want to get yours below 36%. Paying down your debt and getting a raise at your job will have the same good effect on your DTI.

Application Process for a HELOC in California

An application for a HELOC in New York City is pretty straightforward, especially if you take a little time to prequalify online. That will let you view the rate you might be able to qualify for. If you end up moving forward with the full application, you’ll just have to get the necessary paperwork together and submit via the web. Here’s a step-by-step:

Step 1: Run the Numbers

Check your credit score with every bureau, and calculate your debt-to-income ratio before you take the plunge. You’ll also want to assess your level of home equity — you’ve got to have at least 15% in order to qualify. To calculate your level of equity, subtract your current mortgage balance from your home’s estimated value, then divide the answer by that same home value to arrive at a percentage. Pay your home loan on time every month to build equity without a blip.

Step 2: Compare Lenders

Research different lenders to find the top HELOC interest rates in New York City. Look at their advertised rates, their qualification criteria, their credit line minimums and maximums, the fees they charge, and how long their draw and repayment periods are. Lenders may have unique terms and conditions, so read the fine print.

Step 3: Submit Your Application

Gather your paperwork, including recent pay stubs, W-2s, and tax returns. If you’re self-employed, your potential lender may want a profit-and-loss statement, as well as the last two years’ tax returns. Have a copy of your homeowners insurance policy handy, too. Got everything? You can apply online, over the phone, or in person. Double-check everything you provide for accuracy.

Step 4: Get an Appraisal

A lender will require an objective professional analysis of your home value as part of the HELOC application process. Once you’ve identified an appealing HELOC offer, you’ll probably pay between $300 and $600 for your appraisal, which will confirm the equity you have.

Step 5: Prepare for Closing

Before you’ll get access to funds, you’ll need to pay required fees and sign your HELOC agreement. Some lenders will have your funds ready within a few days of closing. Look over all documents carefully and don’t be afraid to ask whatever questions you have. You want to thoroughly understand every term of your HELOC.

Closing Costs and Fees

HELOCs may come with closing costs that seem preferable to what you’d pay in this phase if you were securing a home mortgage loan or a cash-out refi. An appraisal fee will generally be the most significant expense, and other costs might be for a title search, application, origination, and administrative fees. Some lenders charge annual maintenance fees up to $250. Keep in mind: If a lender offers to reduce or waive your closing costs, you could very well be trading those costs for a higher interest rate (not worth it).

Recommended: HELOC vs Home Equity Loan

Tax Benefits and Considerations

Homeowners can at this point deduct the interest they pay on a HELOC. This will almost always be true if you use the borrowed funds to make significant improvements to your primary residence. Remember to itemize your costs. Also be aware that this policy may change. You’ll benefit if you consult with a tax advisor about your specific circumstances.

Alternatives to HELOCs

There are other products besides a HELOC to help you get equity out of your home, including familiar options like home equity loans and cash-out refinancings. Personal loans are another option. It’s worth considering every one of them before you commit to a HELOC.

Home Equity Loan

What is a home equity loan? It’s a choice that offers you a one-time, lump-sum of cash instead of a line of credit, usually with a fixed interest rate. A home equity loan can often be for 85% of your home equity, and a home equity loan calculator can help you figure out how much you might be able to borrow. Lenders will want you to have a 680 or higher credit score in order to qualify. Know you prefer the predictability of a fixed interest rate and a set payment schedule? This could be a fit for you. One difference between a HELOC and a home equity loan is that with the home equity loan, you get the money all at once. A bigger difference: You must begin to repay the principal plus interest on a home equity loan right away.

Cash-Out Refinance

This is a mortgage refinance that allows you to refinance for more than you owe on your mortgage right now, and take the difference in a lump sum of cash. This is an option to consider if the costs of the new mortgage look better than those on your current home loan. Things to consider when looking at a cash-out refinance vs. a home equity line of credit: A refinance will require a 620 or higher credit score and a DTI under 43%. Refis are a little easier to get, and you can choose between a fixed or variable rate. Plus you’ll only have one monthly payment, not two (as with a separate home equity loan or line of credit).

Personal Loan

This is an unsecured loan, and you’ll repay it in regular, fixed installments over two to seven years. One major benefit of this loan type is that if financial challenges strike and you are unable to make your payments, your home will not be at risk of foreclosure. Most lenders in this area look for borrowers with 610 or higher credit scores. These loans are often quick to get, but your interest rate will likely be higher than one on a home equity loan or a HELOC.


The Takeaway

When considering a HELOC, weigh both the benefits and the risks. HELOCs offer a flexible way to borrow funds — it’s great to pay interest only on the portion of the credit line you use. They also come with variable interest rates and their inherent risks, plus potential for foreclosure if payments become too difficult. It pays to explore current HELOC rates and terms with multiple lenders in New York City before you decide.

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

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

View your rate


FAQ

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

The monthly payment on a $50,000 HELOC will depend on the interest rate and the repayment terms. During your draw period, if you used the full $50,000 but just made interest payments, your monthly bill at 8.00% would be $333. When you enter the repayment term of 20 years, the monthly cost would jump to $607. Remember, these are estimates — HELOCs have variable interest rates that will impact the numbers.

Is a HELOC a smart move?

Whether or not a HELOC is a good idea right now depends on your financial situation and the current HELOC rates in New York City. If you need a flexible line of credit for significant expenses, and you can manage an unpredictable monthly payment in the future, a HELOC might be a smart choice.

What could stop you from getting a home equity loan?

A few things could stand in your way when you apply for a home equity loan or a home equity line of credit. You need to have at least 15% equity, for one thing — and some lenders require you to have 20% equity in your home. You’ll also need to meet the credit-score requirements of your lender (680+) and have a healthy debt-to-income ratio (<50%).

How does a HELOC affect your credit score?

Upon opening a HELOC, you may see a little dip in your credit score. This is a result of the lender’s hard inquiry. However, if you use your HELOC responsibly and make timely payments, you can improve your score, just by showing that you’re a reliable borrower. On the other hand, don’t forget that maxing out your line of credit or missing payments can negatively impact your score. It’s important to manage your HELOC wisely from beginning to end.

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-Q225-396

Browse other New York 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
20
2025

Current HELOC Rates in Houston, TX Today

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

HOUSTON HELOC RATES TODAY

Current HELOC rates in

Houston, TX.



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


View your rate

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

Compare HELOC rates in Houston.

Key Points

•   A home equity line of credit, which lenders and borrowers often refer to as a HELOC, is a revolving line of credit secured by the holder’s home equity.

•   HELOC interest rates are tied to the prime rate, as well as the individual borrower’s financial profile and property details.

•   You can use a HELOC to effectively manage large and ongoing expenses, such as a home remodel, education tuition costs, or paying off higher-interest debt.

•   HELOCs almost always come with variable interest rates, and that means your monthly payment may fluctuate as the term progresses.

•   It’s important that you carefully consider your financial situation before taking out a HELOC, since if you default it can lead to foreclosure on your home.

Introduction to HELOC Rates

This guide to HELOC interest rates in Houston, Texas, is packed with information that can help you make informed decisions about how to draw equity from your home. Whether you are considering pulling equity for a full home renovation or long-awaited improvements, or for another significant expense, this comprehensive overview can help you understand factors that influence HELOC interest rates and the benefits and risks of opening a HELOC with a Houston lender. Read on for the knowledge you need to understand current market conditions, and to know what you need to do to qualify for a great rate.

What’s a HELOC?

Before you begin making any borrowing decisions, it will be helpful to understand what a home equity line of credit is and how you can use it to your advantage. A HELOC is a line of credit you can borrow against, in whatever amounts you need, up to a certain limit set by your lender. That limit is based on your level of home equity, among other things. Your home serves as the collateral, which means you’ll need to repay what you borrow or you could face foreclosure.

Your home equity level is easy enough to calculate — it’s the difference between your home’s value and the current balance on your home loan. To find it, simply subtract your current mortgage balance from the estimated value of your home, then divide the answer by that home value figure. The number you’ll arrive at will be your percentage of accrued home equity.

To qualify for a HELOC, you’ll typically need at least 15% equity. You can usually borrow up to 90% of the equity you’ve accrued in your home. HELOC interest rates are often lower than the rates you’ll find on unsecured loans, as you look for options on how to get equity out of your home, making them a popular choice. But before you make the leap, you’ll want all the facts.

A HELOC has two main periods:

The Draw Period

During a HELOC’s initial draw period, generally lasting for 10 years, a borrower can access funds in increments, as they are needed. During this time, you’ll need to pay interest, but only on what you borrow. Most lenders won’t require you to pay down the principal — though you’ll be able to do so, if you want to pay off and draw on the credit line again. A HELOC interest-only calculator is a useful tool to help you figure out how much interest you’d pay during the draw period.

The Repayment Period

After the HELOC draw period ends, the repayment period — usually lasting 10 to 20 years — begins. As a HELOC borrower, your monthly payments will increase during this phase because you’ll begin to repay the principal along with interest. HELOC interest rates are usually variable, so the amount you pay each month may go up or down if rates fluctuate. And they often do. A HELOC monthly payment calculator can compute what your payment might be at any interest rate.

The Origin of HELOC Interest Rates

Lenders determine interest rates for HELOCs and different types of home equity loans using the prime rate as a baseline. This figure tends to move up or down depending on the Federal Reserve’s latest economic maneuvers. Lenders tack on their own margins to arrive at the rates they offer, which is why advertised numbers can vary.

Differences among lenders’ offerings are only one reason to seek out multiple rate quotes if you plan to apply for a HELOC. Your own financial overview, including your credit score, debt level, and the equity you have in your home, plays a role in the interest rate lenders will offer you, too. A high credit score and solid home equity can definitely work in your favor.

How Interest Rates Impact HELOC Affordability

You will need to put in time and energy looking for top HELOC interest rates, but the rate you agree to makes a difference. Even a small rate advantage can mean you’ll pay a lot less interest over the lifetime of the HELOC. If you use $50,000 from a HELOC during the 10-year draw period, for example, the difference in monthly interest based on an 8.50% versus a 9.50% interest rate would be $42 per month. Monthly payments would be $354 or $396, respectively.

Think that isn’t a big difference? Keep doing the math. Once you start paying off both the principal and interest on the same $50,000 credit line during a 20-year repayment period, your monthly payments would be $620 at the lower interest rate and $647 at the higher one. Over the whole repayment term, the higher interest rate would end up costing you an extra $3,000. Since HELOCs have variable interest rates, the real-world numbers will differ.

Check out this chart comparing HELOCs at different credit line amounts, terms, and rates:

Repayment Amount Term Interest Rate Monthly Payment Total Interest Paid
$100,000 20 years 8.00% $836 $100,746
7.00% $775 $86,072
10 years 8.00% $1,213 $45,593
7.00% $1,161 $39,330
$50,000 20 years 8.00% $418 $50,373
7.00% $388 $43,036
10 years 8.00% $607 $22,797
7.00% $581 $19,665
$25,000 20 years 8.00% $209 $25,186
7.00% $194 $21,518
10 years 8.00% $303 $11,398
7.00% $290 $9,833

HELOC Interest Rate Trends

While it isn’t the only possible indicator for HELOC rates, the prime interest rate can be a helpful gauge. Since 2018, the prime rate has bounced up and down — it hit a low of 3.25% in 2020 and a high of 8.50% in 2023. Being aware of this history when you shop can give you a useful perspective on the current rates you may see in Houston.

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


Adjustable vs Fixed Interest Rates

Adjustable interest rates are the usual for HELOCs, though it can vary by lender. These adjustable rates tend to start lower than the fixed kind, but in time they can go up or down due to impact from the market. If you choose to move forward with a HELOC, examine offers from multiple lenders for the specifics; you want to know how often rates may change and if the lender will cap them at a certain point. This option might be a good one for you if you can handle financial ebb and flow.

Helpful Tools & Calculators

When you apply for a HELOC, you can look at online tools to help you estimate how much cash you’ll need to make your monthly payments, and what you might pay in interest. Using these will help you understand how a HELOC and its rate could sway your budget, so you can plan.

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

Your credit score, DTI ratio, and home equity level are critical if you want to land a top rate on a HELOC. Lenders look for a potential borrower to have at least 15% equity in their home — and more is better. Here are some ways to ensure your finances are in good shape before you work on the application.

Improve Your Credit Score

A credit score of 700 or higher is considered top-notch — and will be the key to unlocking the best HELOC rates. Good news is, you can nudge your number higher by paying bills on time and slowly but surely chipping away at any balances you’re carrying on credit cards. Read your credit report closely for inaccuracies and dispute any errors, so your score will truly reflect your financial responsibility.

Calculate Your Debt-to-Income (DTI) Ratio

Figuring out your DTI ratio is easy. Just add up the total debts you’re responsible for paying, and divide the sum by your gross monthly income. Most HELOC lenders are looking for borrowers with DTIs under 50%. To be eligible for an enviable HELOC interest rate in Houston, you’ll want to get yours down even further, below 36%. Paying off debt (or increasing earnings) will always enhance your financial profile.

Application Process for a HELOC in Houston

Initiating an application for a HELOC in Houston is straightforward, especially if you prequalify online first, which will also let you view the rate you might qualify for. If you move forward with the full application, you’ll need to gather the necessary paperwork and submit it with your forms via the web. Here’s a step-by-step:

Step 1: Run the Numbers

Before you get started, check your credit score and calculate your debt-to-income ratio. You should also assess your home equity, since you’ll need at least 15% if you’re going to qualify. To figure out your level of equity, subtract your current mortgage balance from your home’s estimated value, then divide the answer by that same home value to get a percentage. Need to keep building your equity? Paying your mortgage on time every month is a great way to do it.

Step 2: Compare Lenders

Research lenders to find out which ones are offering the top HELOC interest rates in Houston. Look at their advertised rates as well as qualification criteria, credit line minimums and maximums, fees, and the durations of their draw and repayment periods. Lenders can have unique terms and conditions. Read the fine print.

Step 3: Submit Your Application

You’ll need to gather your documents, including recent pay stubs, W-2 forms, and tax returns. If you’re self-employed, your potential lender may ask for a profit-and-loss statement, as well as two years’ worth of tax returns. You’ll want to have a copy of your homeowners insurance policy available, too. Once you’ve got everything together, and have double-checked all information for accuracy, you’re ready to apply. You can most likely do it online, over the phone, or in person.

Step 4: Get an Appraisal

Before issuing a HELOC, a lender will require an objective professional analysis of your home’s value. Once you’ve identified the most appealing offer for you, you’ll have to pay around $300 to $600 for an appraisal of your property. This important part of the HELOC application process will also confirm the amount of equity you have in your home.

Step 5: Prepare for Closing

Before you’ll be able to access your funds, you’ll need to pay the required fees and sign your HELOC agreement. Take the time to look over all of your documents carefully. Don’t be afraid to ask all your questions and make sure you thoroughly understand the terms of your HELOC. Some lenders will be able to have your funds ready within a few days of closing, while others may take a little longer to provide access to your new line of credit.

Closing Costs and Fees

HELOCs may come with lower closing costs than you’d pay for a home mortgage loan or a cash-out refi. Usually, the appraisal fee is the borrower’s most significant expense. Other costs you might encounter may be for a necessary title search, and application, origination, and administrative fees. Some lenders charge an annual maintenance fee of up to $250. Keep in mind: If a lender offers to reduce or waive closing costs, it could be in exchange for a higher interest rate.

Recommended: HELOC vs. Home Equity Loan

Tax Benefits and Considerations

Right now, homeowners can deduct the HELOC interest they pay if they use the funds borrowed to make significant improvements to their home. Be aware that this policy may change. Consult a tax advisor about your specific circumstances and remember to itemize your costs.

Alternatives to HELOCs

You can find other ways besides a HELOC to get equity out of your home. Examples include a home equity loan and a cash-out refinance, as well as a personal loan. It’s worth considering every option before committing to a HELOC.

Home Equity Loan

What is a home equity loan? It’s a choice that offers you a one-time lump-sum loan instead of a line of credit. It will likely carry a fixed interest rate and a maximum of 85% of your accrued home equity. (A home equity loan calculator can help you figure out how much you might be able to borrow.) Lenders will look for a 680 or higher credit score to qualify you. If you prefer a more predictable fixed interest rate and set payment schedule, this could be the best fit for you. Another common difference between HELOCs and home equity loans is that a home equity loan gives you the money all at once — and you must immediately begin repaying principal plus interest.

Cash-Out Refinance

A cash-out mortgage refinance lets you refinance for more than you owe on your mortgage right now and take the difference as a cash lump sum. This option is one to consider if the costs of the new mortgage look better than those on your current one.

Things to consider with a cash-out refinance vs. a home equity line of credit: A refinance will require you to have a credit score of 620 or higher and a DTI ratio under 43%. A refi is slightly easier to get and also lets you choose a fixed or variable interest rate for your new home loan. It also leaves you with one monthly payment, rather than two.

Personal Loan

This is an unsecured loan, and you’ll probably repay it in regular, fixed installments over two to seven years. A key benefit of this loan type is that if you encounter a financial issue and are unable to make payments, your home is not at risk of foreclosure. Most lenders look for a credit score of 610 or higher for this type of loan. They’re relatively quick to secure, but interest rates are often higher compared to home equity loans or HELOCs.


The Takeaway

If you are exploring the possibility of applying for a HELOC in Houston, weigh both the likely benefits and the potential risks you’ll be taking on. A HELOC offers financial flexibility by allowing you to borrow only the money you require, and when you need it. It can come with a more appealing interest rate than another option — that makes a HELOC a good borrowing choice if you want to use it to help you manage large, ongoing expenses. But a HELOC also comes with the risk of losing your home should you default. You should realistically assess your financial situation before you take out a line of credit. You’ll also want to look at multiple lenders’ rates, and know that you’ll likely need a credit score of 640 or higher to qualify.

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

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

View your rate


FAQ

Is a HELOC a wise move at this point?

If you feel comfortable signing up for a loan with a variable interest rate, a HELOC could be a good move — especially if a prime rate drop is forecast. It’s a reliable way to find the flexibility to access funds in whatever increments you need to fund large, longer-term expenses. But if fixed payments and their stability better suit you, a better choice may be a home equity loan.

What would the monthly payments on a $100,000 HELOC be?

Payments on any HELOC will depend on the interest rate, the repayment terms, and how much of the credit line you use upfront. For a $100,000 line of credit, a big factor will be whether you need to borrow the full $100,000. If you do, and your rate is 8.00%, you might pay around $667 per month in interest during the draw period. During the repayment phase, when you’d start paying down the principal, too, your payment would rise above $1,200 per month. Since HELOCs have variable interest rates, your payments may end up being higher or lower than these examples.

Do you need an appraisal to get a HELOC?

Yes, you will need to get a home appraisal if you want to be eligible for a home equity line of credit. It’s advisable to wait for instructions on this from your lender, though, so you can make sure the appraisal meets their terms. The appraiser’s report will help the lender determine your home’s current market value, and in turn the amount you’ll be approved to borrow.

Will a HELOC impact your credit score?

Yes, it will, temporarily. Opening a HELOC involves a hard inquiry on your credit report, which can cause a slight, temporary credit score drop. That said, if you manage a HELOC responsibly, it will also positively impact your credit score in the long run. (Just remember, missing payments will harm your creditworthiness.)

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-Q225-393

Browse other Texas home guides.

Browse HELOC rates by state guides.

More HELOC resources.

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

Read more
Sep
20
2025

Current HELOC Rates in Miami,FL Today

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

MIAMI HELOC RATES TODAY

Current HELOC rates in

Miami, FL.



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


View your rate

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

Compare HELOC rates in Miami.

Key Points

•   A home equity line of credit (HELOC) is a revolving line of credit secured by your home equity.

•   The rates for a HELOC are tied to the prime rate and to an individual borrower’s creditworthiness.

•   HELOCs are useful for managing large ongoing expenses, like a home remodel, or for paying off higher-interest debt.

•   HELOCs have variable rates, which means monthly payments can fluctuate.

•   Defaulting on a HELOC can lead to foreclosure.

Introduction to HELOC Rates

Welcome to your comprehensive guide to home equity line of credit (HELOC) interest rates in Miami, Florida. Whether you’re considering borrowing funds for a home renovation or another significant expense, you can use this information to help you make a well-informed financial decision. The guide covers the factors that impact HELOC rates, the pros and cons of these financial tools, and how to shop around and compare offers.

What 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.

Foreclosure is the main risk if you default. You should know that HELOCs have variable interest rates and two main phases: the draw period and the repayment period.

The Draw Period

Borrowers have an initial draw period, often 10 years, during which time they can borrow in increments up to a specified credit ceiling. The draw period means you only 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

The repayment period on the other hand can last up to 20 years. During this phase, 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. Check out a HELOC monthly payment calculator, which can help you see how much your payments during this period might look like.

Recommended: Different Types of Home Equity Lending

Where Do HELOC Interest Rates Originate?

Lenders set their HELOC rates to the prime rate, which is linked to Federal Reserve policies. Each lender then tacks on a margin, leading to the spectrum of rates you’ll encounter. They also take into account your individual financial profile, including your credit score, debt-to-income (DTI) ratio, income, and the equity in your home. A stellar credit score and a healthy DTI ratio can tip the scales in your favor for a more attractive HELOC rate. By being in the know about these factors, you’re better equipped to anticipate rate shifts and make savvy choices about when to pursue a HELOC.

How Interest Rates Impact HELOC Affordability

Even a seemingly small difference in your HELOC rate can make a noticeable impact on your overall costs. For example, if you used $50,000 from a HELOC during your 10-year draw period, the difference in the monthly interest payment based on an 8.50% versus a 9.50% rate is $42 per month (monthly payments would be $354 and $396, respectively). That might not seem like a big deal, but over time, those interest costs add up — to more than $7,000 over a 20-year repayment period.

Repayment Amount Term Interest Rate Monthly Payment Total Interest Paid
$100,000 20 years 8.00% $836 $100,746
7.00% $775 $86,072
10 years 8.00% $1,213 $45,593
7.00% $1,161 $39,330
$50,000 20 years 8.00% $418 $50,373
7.00% $388 $43,036
10 years 8.00% $607 $22,797
7.00% $581 $19,665
$25,000 20 years 8.00% $209 $25,186
7.00% $194 $21,518
10 years 8.00% $303 $11,398
7.00% $290 $9,833

Variable vs. Fixed Interest Rates

HELOCs, on the other hand, typically come with variable interest rates, meaning they can change based on the market. These rates often start lower than fixed rates, which can make your initial payments more manageable. But because they can change, your monthly payments will fluctuate over time. When deciding between the two, think about whether you’d rather have lower initial rates or more predictability.

HELOC Interest Rate Trends

Keeping an eye on the prime rate can provide valuable insight, although it’s not a perfect science on where rates are headed. Over the past several years, the prime rate has been as low as 3.25% in 2020 and as high as 8.50% in 2023. This historical perspective can help you brace for potential changes in HELOC rates in Miami.

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


Helpful Tools & Calculators

Before you apply for a HELOC, use our online tools to help you estimate your monthly payments and interest costs. A HELOC payment calculator and HELOC interest-only calculator can help you understand how much you might expect to pay for a HELOC. A home equity loan calculator can help you compare loan options to make the right decision for your needs.

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

To land a competitive HELOC rate, you’ll want to keep your credit score in tip-tip shape, ideally 680 or higher, and ensure your DTI ratio doesn’t exceed 43%. Lenders will also glance at your home’s equity, seeking at least 15% equity in the property. Meeting these standards will set you up for more favorable terms and rates, transforming your HELOC into a savvy financial move.

Improve Your Credit Score

Keeping your credit score at 700 or above is key to unlocking those better interest rates for your HELOC. The good news is, you have the power to improve your credit score. By paying your bills on time and chipping away at those credit card balances, you’re on the right track. Don’t forget to give your credit report a once-over to catch and correct any errors, because every point counts.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple calculation: your total monthly debt payments divided by your gross monthly income. Most HELOC lenders typically favor a DTI below 36%, and the lower, the better. To boost your chances of landing a competitive interest rate, work on reducing your debt or increasing your income, or, better yet, do both.

Application Process for a HELOC in Miami

If you’re considering a home equity line of credit, the application process for a HELOC in Miami can be made much simpler by prequalifying online. This will allow you to see potential HELOC rates and get a better idea of the terms and conditions you may qualify for before you apply. Prequalifying typically involves providing some basic financial information and won’t affect your credit score.

Step 1: Run the Numbers

Before you dive into a HELOC application, it’s essential to size up your financial landscape. First, check your credit scores and calculate your DTI ratio to ensure you’re in the running. Then, assess your home equity, which is the difference between your home’s current market value and your outstanding mortgage balance. The more payments you’ve made, the more equity you’ve built. And guess what? More equity could mean better interest rates and higher borrowing limits for you.

Step 2: Compare Lenders

When you’re on the hunt for a HELOC in Miami, it’s all about finding competitive rates. Check interest rates, the minimum and maximum loan amounts, fees, and the terms of the draw and repayment periods. Each lender has specific requirements, so take the time to review everything beforehand.

Step 3: Submit Your Application

Gather all the necessary paperwork, including your ID, proof of income, and property details. For income, pull up recent pay stubs, W-2s, and tax returns. If you’re self-employed, a profit-and-loss statement and the last two years of tax returns might be needed. Property details usually mean just a homeowners insurance declaration page. Then you can submit your application online, over the phone, or in person at a local branch.

Step 4: Get an Appraisal

An appraisal is a professional, unbiased evaluation of your home’s worth in the current market. The cost typically falls between $300 and $600. If the appraised value of your home is higher than what you owe on your mortgage, you’re one step closer to securing a HELOC. This is an important step in determining how much equity you can leverage.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign all of the required loan documents and pay any associated fees. Most lenders will make your funds available within three business days of your HELOC closing. Make sure you understand the terms and conditions of your loan agreement and be prepared to pay any closing costs, which may include appraisal fees, title search fees, and loan origination fees. Taking the time to review these details can help you avoid any surprises.

Recommended: HELOC vs. Home Equity Loan

Closing Costs and Fees

The good news is that HELOC closing costs are typically less than those for a home purchase or full refinance. The appraisal fee, which can range from $300 to $600, is often the most significant cost. Other potential fees include a title search fee, application fee, loan origination fee, and administrative fees. Some lenders may also charge an annual maintenance fee, which can be up to $250, and transaction fees for each withdrawal. Many lenders offer to reduce or waive closing costs, but this may result in a higher interest rate.

Tax Benefits and Considerations

Homeowners have the option to deduct HELOC interest on a federal tax return, but only if the borrowed funds are specifically used for significantly improving a primary residence. To navigate the specific and potentially complex tax implications, and to confirm individual eligibility for deductions related to HELOCs, consult with a qualified tax advisor. Understanding these potential benefits can be helpful, empowering you to make a more informed financial decision.

Alternatives to HELOCs

There are other financing options besides HELOCs, such as home equity loans, cash-out refinancing, and personal loans, and each has its own advantages and disadvantages.

Home Equity Loan

A home equity loan offers a lump sum with a fixed interest rate. You can typically borrow up to 85% of your home’s equity. Lenders usually look for a credit score of 680 or higher, with many preferring 700 and above. If you need a specific amount of money and prefer predictable monthly payments, this might be the right choice for you.

Cash-Out Refinance

A cash-out refinance is another avenue to consider to tap into your home’s equity, by refinancing your mortgage for more than the amount currently owed and receiving the difference in cash. This type of refinance could be the perfect solution for those in need of a significant sum. Typically, a 620 credit score and a DTI ratio below 43% are required, and you can choose between fixed or variable rates.

Personal Loan

A personal loan is a versatile, typically unsecured loan that you repay in regular, fixed installments over a period of two to seven years. The key benefit here is that your home is not at risk. If times get tough, your home is safe from foreclosure. Most lenders look for a credit score of at least 610 or higher when considering a personal loan application. While they are relatively quick to secure, keep in mind that the interest rates might be higher compared to HELOCs or home equity loans.


The Takeaway

As you consider the possibility of a HELOC, keep in mind the benefits and 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. Be sure to shop around and compare offers from different lenders to locate competitive terms and conditions.

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 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 (under 680), a high DTI ratio (over 50%), or not enough equity built up in your home (less than 15%). Other factors, like a history of late payments, significant existing debt, or a recent foreclosure, could also be red flags.

Is a HELOC a good idea right now for you?

Whether a HELOC is a good move now depends on your financial situation and the current HELOC rates in Miami. If you need a flexible line of credit for significant expenses and can manage the variable interest rates, a HELOC might be beneficial. However, consider the risks, such as the possibility of losing your home if payments are not made. Be sure to compare offers and terms from multiple lenders.

Do you need an appraisal for a HELOC?

Yes, you usually need an appraisal for a HELOC to determine your home’s current market value. The appraisal process ensures that the lender understands the value of the collateral, which is your home. While appraisals can add to the initial costs, they are necessary to secure a HELOC, and they show that the loan amount is appropriate for your property’s value.

Will a HELOC impact your credit score?

Opening a HELOC may cause a slight dip in your credit score. But if you use your HELOC wisely, making payments on time and not maxing it out, you could see an improvement in your score. Keep in mind that missing payments or maxing out your HELOC could have the opposite effect.

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-Q225-387

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Sep
18
2025

SoFi Unlimited 2% Credit Card Terms & Conditions

By | Uncategorized | Comments Off on SoFi Unlimited 2% Credit Card Terms & Conditions

SoFi Unlimited 2% Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES

Annual Percentage Rate (APR) for Purchases

The standard variable APR for purchases is 29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.

Annual Percentage Rate (APR) for Balance Transfers

29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.

Annual Percentage Rate (APR) for Cash Advances

30.74%. This APR will vary with the market based on the Prime Rate.

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.

Minimum Interest Charge

If you are charged interest, the charge will be no less than $1.00.

For Credit Card Tips from the Consumer Financial Protection Bureau

To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee None
Transaction Fees

  • Balance Transfer Fee
  • Cash Advance Fee

  • The greater of $10 or 5% of the Balance Transfer
  • The greater of $10 or 5% of the Cash Advance
Penalty Fees

  • Late Payment Fee
  • Returned Payment Fee

  • Up to $41
  • None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Unlimited 2% Credit Card Terms & Conditions

The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Unlimited 2% Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

  • Your annual salary and wages
  • Any other annual income
  • A review of your debt, including the debt listed on your credit report.
  • A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

  • You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
  • Authorized users have access to your SoFi Credit Card Account information
  • Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
  • A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Unlimited 2% Credit Card Rewards Program

With the SoFi Unlimited 2% Credit Card, you can earn rewards points for purchases made using your card, and you can redeem those points for statement credits, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time. More details onSoFi Unlimited 2% Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.

Mastercard World Benefits

You are also eligible for more rewards through the Mastercard World Elite Benefits program when shopping with eligible merchants. More details on the Mastercard World Elite Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

  • Taking away the rewards points you earned because of fraud, misuse, or abuse
  • Suspending or closing your SoFi Credit Card Account
  • Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

  • Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
  • Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Unlimited 2% Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Unlimited 2% Credit Card.

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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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