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Aug
03
2025

Current HELOC Rates in Berkeley, CA Today

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

BERKELEY HELOC RATES TODAY

Current HELOC rates in

Berkeley, CA.



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


View your rate

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

Compare HELOC rates in Berkeley.

Key Points

•   Lenders set their interest rates for home equity lines of credit by adding a margin to the prime rate.

•   You usually can borrow up to 90% of your home’s equity with a HELOC.

•   HELOCs come with two distinct phases: the draw period and the repayment period.

•   To qualify for a HELOC, you’ll need a good credit score and low debt-to-income ratio.

•   You may be able to deduct HELOC interest on your taxes.

•   HELOC closing costs are lower than for home purchases or cash-out refinances.

Introduction to HELOC Rates

Welcome to our comprehensive guide on HELOC rates in Berkeley, California. We’re here to help you, as a homeowner, navigate the current market, understand how interest rates are set, and take the necessary steps to secure a competitive rate. You’ll also gain insights into the benefits and potential pitfalls of home equity lines of credit and learn how to leverage online tools to estimate costs. Whether you’re dreaming of a home makeover or need funds for other expenses, this guide will empower you to make sound financial choices.

What Is a HELOC?

A HELOC, or home equity line of credit, is a revolving credit line that uses your home’s equity (the difference between your home’s value and your mortgage balance) as collateral. In July 2025, the average home value in Berkeley was $1.4 million. If your mortgage balance is $1.1 million, then your home equity level is $300K, or 21.4%. In most cases, you’ll need to have at least 15% equity in your home to qualify for a HELOC, and you can typically borrow up to 90% of your equity. In the example above, you might qualify for up to $270,000.

A HELOC has two phases:

The Draw Period

In the draw period, which usually lasts 10 years, you can access funds up to your credit limit. Payments during this period are typically interest-only, and principal payments are optional. If you do pay down the principal, you can borrow against the full credit line again. A HELOC interest-only calculator can help you manage your payments effectively during this phase.

The Repayment Period

The repayment period lasts 10 to 20 years, during which borrowing ends and the principal is paid back with interest. Interest rates are usually variable, making monthly repayment amounts somewhat unpredictable. A HELOC monthly payment calculator can show you what your payments would be at various interest rates.

Recommended: What is a Home Equity Line of Credit?

The Origins of HELOC Interest Rates

Lenders set their rates with the prime rate as a starting point, which is heavily influenced by the Federal Reserve’s actions. Lenders then add a margin, which is why rates vary from one lender to another. Borrower factors, such as your credit score, debt-to-income (DTI) ratio, and income are also considered. Being aware of the larger economic factors can help you anticipate rate changes and decide on the best time to apply for a HELOC. Borrowers can also clean up their credit history in order to put their best financial foot forward — we’ll get into that later on.

How Interest Rates Impact HELOC Affordability

The interest rate on your HELOC has a major influence on how affordable it will be over the long term. Even a small change in the rate can lead to significant differences in the interest you’ll pay. Let’s break it down: A $50,000 HELOC over 15 years at 8.50% has a monthly payment of $492, with a total interest of $38,627. Bump that rate to 9.50%, and your payment becomes $522, with a total interest of $43,980.

A $30 difference in your monthly payment may not seem like much. But if you look at the total interest you’ll pay over 15 years, it adds up to more than $5,300. That makes pursuing a lower initial rate well worth it.

HELOC Interest Rate Trends

While it’s no crystal ball, keeping an eye on the prime rate can offer valuable insights into HELOC rates. Over the past five years, the prime rate has seen its share of ups and downs, from a low of 3.25% in 2020 to a high of 8.50% in 2023. This historical data can help you gauge the potential range of your adjustable HELOC rate and how it might evolve over time.

Many economists anticipate a dip in home loan rates in the near future, given the outlook for inflation and potential Federal Reserve adjustments. However, savvy borrowers should make sure they can afford higher rates down the road just in case.

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

Source: U.S. Federal Reserve


Variable vs Fixed Interest Rates

HELOCs usually come with variable interest rates, which kick off lower than fixed rates but then change with the market. So while the starting rate might be appealing, it’s important to consider that it could go up over time. Variable rates can be wallet-friendly if interest rates are on the decline, but they might pinch a bit if rates start to climb.

Home equity loans, on the other hand, usually come with fixed rates, which makes budgeting easier. That’s something to keep in mind if you’re considering a HELOC vs. home equity loan.

Helpful Tools & Calculators

Before you apply for a HELOC, use our online tools to help you estimate your monthly payment and interest cost. Our home equity loan calculator can help you estimate the home equity loan or HELOC credit limit you might qualify for.

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

While you’re considering how to get equity out of your home, it’s a good idea to set yourself up for success by working on your credit score and debt-to-income ratio. Here’s what you can do:

Improve Your Credit Score

A credit score of 700 or higher is your ticket to the best HELOC rates. How to get there? Make bill payments on time and keep credit card balances low. It’s these small steps that can give your credit score a big boost. Another tip: Don’t close old credit accounts. They’re actually helping to build your credit history, so you’re better off just cutting up the cards. And remember to check your credit report regularly for any errors; disputing them can work wonders for your creditworthiness.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple equation: your total monthly debt payments (student loans, auto loan, mortgage) divided by your gross monthly income. Most HELOC lenders prefer a DTI under 36%, but the lower, the better. A lower DTI not only boosts your chances of HELOC qualification but also sets the stage for a more favorable interest rate.

Application Process for a HELOC in Berkeley

The HELOC application process is similar to that of different types of home equity loans. Some lenders offer the convenience of prequalifying for a HELOC online, which can be a time-saver. This preliminary step can give you a sense of your interest rate and borrowing limit. Once you’re prequalified, the full application process will require more detailed financial and property information.

Step 1. Run the Numbers

First, check your credit score and calculate your DTI. Then, assess your home equity. Use an online HELOC calculator to estimate your potential monthly payments and interest costs based on your current financial situation, as well as potential rate hikes in the future.

Step 2. Compare Lenders

When comparing HELOCs, it’s not just about the interest rate, but the whole package. Compare the qualification requirements, credit line limits, fees, and the draw and repayment periods. Berkeley’s got many lenders to choose from, so take your time to find the one that not only offers the best HELOC rates in Berkeley but also aligns with your financial goals. Explore local and national lenders to ensure you’re making an informed choice.

Step 3: Submit Your Application

Next, you’ll need to gather some paperwork, like ID, proof of income, and details about the property you’re using as collateral. Income verification often means sharing recent pay stubs, W-2 forms, and tax returns. If you’re self-employed, you might be asked for a profit-and-loss statement and two years’ tax returns. And don’t forget to have a homeowners insurance declaration page ready. You can apply for a HELOC online, over the phone, or in person.

Step 4: Get an Appraisal

An appraisal is a comprehensive and unbiased evaluation of your home’s worth. The standard cost for this service is usually between $300 and $610. If your home appraises for more than what you owe on your mortgage, your lender might just greenlight your HELOC. A higher appraisal value can also work in your favor, potentially leading to better terms and a more substantial line of credit.

Step 5: Prepare for Closing

Before you can access your HELOC funds, you’ll need to sign the loan documents and take care of any associated fees. Some lenders are quick to make the funds available, often within three days of the HELOC closing. Prepare for this by carefully reviewing the documents and ensuring you understand the terms and conditions. Make sure you have the necessary funds to cover the closing costs. Once everything is in order, you’re all set to start using your HELOC.

Closing Costs and Fees

Speaking of HELOC closing costs, the good news is they’re generally less than what you’d face with a home purchase or a mortgage refinance. You can anticipate an appraisal fee (which can be the heftiest, ranging from $300 to $610 or more), a title search fee (if required, typically $100 to $450), application, loan origination, and administrative fees. There might also be annual maintenance fees (up to $250) and transaction fees.

Tax Benefits and Considerations

Homeowners may be able to deduct HELOC interest if the borrowed funds are used for improving their primary residence. Consult with a qualified tax advisor to navigate the specific tax implications of your HELOC and confirm your eligibility for any deductions. These potential tax benefits can make obtaining a HELOC a much more attractive financial option.

Alternatives to HELOCs

Before you settle on a HELOC, it’s a good idea to familiarize yourself with other options. Here are three:

Home Equity Loan

Home equity loans provide a one-time lump sum that you’ll pay back at a fixed interest rate. With a home equity loan, you can typically access up to 85% of the equity you’ve built in your home. Lenders generally look for a credit score of 680 or higher, with many preferring 700 and above. If you’re someone who needs a substantial sum of money upfront and prefers the predictability of fixed payments over the fluctuating rates of a HELOC, this might be the right choice for you. For more details, see What Is a Home Equity Loan?

Cash-Out Refinance

A cash-out refinance allows you to tap into your home’s equity by refinancing your mortgage for more than you currently owe and pocketing the difference. It’s a great option if you need a lump sum of cash. Typically, you’ll need a minimum 620 credit score and a DTI ratio of 43% or less. You can choose between fixed or variable rates, with variable rates potentially granting access to more equity. Plus, with a cash-out refi, you’ll only have one monthly paymentt. Learn more by checking out Cash-Out Refinance vs. a Home Equity Line of Credit.

Personal Loan

A personal loan is a versatile, typically unsecured loan that you repay in regular installments over a period of 2 to 7 years. The key benefit here is that there’s no collateral required. This means that in times of financial strain, your home is safe from foreclosure. Many lenders look for a credit score of 670 or higher for personal loans. While they’re relatively fast to secure, the interest rates are higher than those of HELOCs or home equity loans.


The Takeaway

If you’re considering a HELOC, it’s important to weigh the benefits against the potential risks. The flexibility and lower rates are a big plus, especially for ongoing or variable financial needs. But the variable interest rate and the risk of losing your home if you default are important to keep in mind. Always shop around for the best rates and terms, and consider consulting with a financial advisor to ensure a HELOC aligns with your long-term financial goals.

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

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

View your rate


FAQ

What can you use a HELOC for?

A HELOC can be a smart way to finance a variety of needs, from home renovations to college tuition to medical bills. HELOCs offer flexibility, allowing you to take out funds as you need them during the draw period and pay interest only, followed by principal and interest payments during the repayment phase.

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

The monthly payment for a $50,000 HELOC is contingent on the interest rate and terms of the credit line. In the draw period, which is often 10 years, payments are usually interest-only. At a 7.00% interest rate, the monthly interest-only payment would be around $292. Once the draw period concludes, you’ll start paying both principal and interest, which can lead to a notable increase in your monthly payment. If your rate remained at 7.00%, your full monthly payment would be $679. Just remember that a HELOC’s variable interest rate makes estimating payments difficult. A HELOC monthly payment calculator can help.

Is a HELOC a good idea at this time?

The answer to that question depends on your personal situation. HELOC interest rates, which are variable, can be influenced by the broader economic climate. In 2025, many financial experts anticipate a dip in these rates, making a HELOC an attractive option for those with substantial projects or expenses on the horizon. But it’s important to weigh the risks and to shop around for the best terms and rates.

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

The monthly payment for a $100,000 HELOC fluctuates based on the interest rate and terms of the credit line. Typically, during the draw period, you’d make interest-only payments. For instance, at a 7.00% interest rate, you’d be looking at approximately $583 per month. Once the draw period concludes, you’ll start paying both the principal and interest, which at the same interest rate would increase your monthly payment to $1,359. To get a clearer picture, consider using a HELOC monthly payment calculator to plan accordingly.

What are the benefits of a HELOC?

The perks of a HELOC are many: You have the flexibility to use the funds as you see fit, a reusable credit line during the draw period, and interest is only accrued on the amount you use. HELOCs often come with competitive interest rates, and there may be tax benefits if you use the funds for home improvements. But it’s important to weigh the risks, such as the variable interest rate and the potential for foreclosure, before deciding if a HELOC is the right financial move for you.

Do you need an appraisal for a HELOC?

Yes, you typically need a home appraisal to secure a HELOC. The appraisal helps determine your home’s current market value, which is essential for calculating the amount of equity you can borrow against. Lenders use this information to set the credit limit for your HELOC, ensuring it does not exceed 90% of your home equity. The appraisal process is an important step in the application, and the fee is usually one of the highest expenses you’ll encounter.

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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.


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-Q225-379

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Aug
03
2025

Current HELOC Rates in Rochester, NY Today

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

ROCHESTER HELOC RATES TODAY

Current HELOC rates in

Rochester, 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 Rochester.

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 individual borrowers’ 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 Rochester, NY. Whether you’re considering borrowing funds for a home renovation or another significant expense, this guide is designed to help you make a well-informed financial decision. We’ll cover the factors that influence HELOC interest rates as well as the benefits and risks of opening a HELOC. By the end, you’ll be equipped with the knowledge to understand the current market conditions and qualify for the best available rates.

What Is a HELOC?

In order to make decisions about borrowing, it’s helpful to understand what a home equity line of credit is in the first place. A HELOC is a line of credit that you can borrow against, as needed, up to a certain limit that is set by your lender based on your home equity. Your home is the collateral, which of course means that if you don’t repay what you borrow, you could face foreclosure.

Your equity is the difference between your home’s value and your mortgage balance. To qualify for a HELOC, you typically need 15% equity, and you can borrow up to 90% of your equity. HELOC interest rates are often lower than those of unsecured loans. A HELOC has two main periods:

The Draw Period

During the HELOC’s initial draw period (usually 10 years) you can access funds in increments, as needed. During this time, you’ll have to pay interest on what you borrow, but most lenders won’t require you to pay down the principal — although you can do so if you wish to draw on the credit line again. A HELOC interest-only calculator is useful during the draw period.

The Repayment Period

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

The Origin of HELOC Interest Rates

Lenders peg the interest rates for HELOCs and different types of home equity loans to the prime rate, a figure that moves up or down with the Federal Reserve’s economic maneuvers. Each lender then tacks on a margin, which is why rates can vary among lenders. This is why it’s so important to seek out rate quotes from multiple lenders if you decide to apply for a HELOC. Your personal financial profile, including credit score, debts, and the amount of equity in your home, also play a role in the interest rate you’ll be offered. A higher credit score and more equity can tip the scales in your favor.

How Interest Rates Impact HELOC Affordability

You’ll invest time and energy shopping around for the best HELOC interest rate, but the rate makes a big difference in what you’ll pay. Even a small shift in the rate can mean a lot more interest over the life of the HELOC. 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).

If you were repaying principal plus interest on the same $50,000 during a 20-year repayment period, your monthly payments would be $620 at the lower interest rate and $647 at the higher rate. That may not seem like such a large difference, but over the entire repayment term, getting the lower interest rate would save you more than $3,000. Of course, HELOCs have variable interest rates so real-world numbers may differ somewhat.

HELOC Interest Rate Trends

While it’s no crystal ball, the prime interest rate can be a helpful gauge for HELOC rates. Since 2018, the prime rate has seen its share of ups and downs, reaching a low of 3.25% in 2020 and a high of 8.50% in 2023. Having this history can give you perspective on the current rates you’re seeing in Rochester.

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

HELOCs often come with adjustable interest rates. While these rates generally start lower than fixed rates, they can go up or down in response to market conditions. If you move forward with a HELOC, you can examine a lender’s offer to see the specifics of how often rates may change and where the rate might be capped. But if you’re someone who can handle a bit of financial ebb and flow, this might be the right choice for you.

Helpful Tools & Calculators

Before you apply for a HELOC, you can use online tools to help you get an estimate of what your monthly payments and interest costs might be. These tools can help you understand the impact of HELOC rates on your budget and plan accordingly.

Run the numbers on your HELOC.

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

How to Qualify for a Competitive HELOC Rate

To land a top-notch HELOC rate in Rochester, it pays to prepare your finances for scrutiny before you begin the application process. Here’s your to-do list.

Improve Your Credit Score

Keeping your credit score at 700 or above can help you obtain the best HELOC interest rate. To get there, focus on making debt payments on time and chipping away at credit card balances. This will paint a nice picture of creditworthiness that lenders will love. Try not to open new credit accounts or close old ones in the months leading up to your HELOC application, as this can send the wrong signals. Keep an eye on your credit report, too, as catching and disputing errors can give your score a nice boost over time.

Calculate Your Debt-to-Income Ratio (DTI)

Your DTI ratio is a simple division: Add up your monthly debt payments and divide by your gross monthly income. HELOC lenders generally prefer a DTI under 50%, but the lower, the better, and for the best HELOC rate you’ll want a DTI ratio below 36%. A lower DTI tells lenders you can manage more payments and your debt load is under control. To boost your DTI, consider paying off some debts or finding ways to increase your income.

Application Process for a HELOC in Rochester

The application process for a HELOC in Rochester is quite straightforward, especially if you prequalify online. This preliminary step lets you view the rate you might qualify for. If you decide to move forward with a full application, it’s a matter of gathering the necessary paperwork and submitting an application. Here’s the full process:

Step 1. Run the numbers.

Before you take the plunge, it’s wise to check your credit score and calculate your debt-to-income ratio. Then, assess your home equity (subtract your current mortgage balance from your home’s estimated value; divide the answer by your home value to arrive at your percentage of equity). Regular mortgage payments are a surefire way to build home equity over time. Home renovations may have also helped your equity grow. As noted above, you need at least 15% equity to move forward.

Step 2. Compare lenders.

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

Step 3: Submit your application.

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

Step 4: Get an appraisal.

A lender will require a professional and objective analysis of your home’s value, so once you’ve zeroed in on the HELOC offer you find most appealing, you’ll pay between $300 and $610 to secure an appraisal. This step determines the amount of equity you have in your home and is an important part of the HELOC process.

Step 5: Prepare for closing.

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

Closing Costs and Fees

HELOC closing costs are typically lower than what you’d face with a traditional home purchase or a mortgage refinance. The appraisal fee is often the most significant expense. You might also encounter a title search fee (ranging from $100 to $450), application fees, origination fees, and administrative costs. Annual maintenance fees could be up to $250. Some HELOCs have transaction fees or inactivity charges so keep an eye out for those when reading your HELOC agreement.

Tax Benefits and Considerations

You can usually deduct HELOC interest if you’re using the funds to improve your residence. To confirm that your use of the HELOC qualifies for deductions and discuss how this deduction might affect your taxes in future years, talk to a tax advisor. You’ll have to itemize your tax return in order to obtain this deduction, but knowing about these benefits can help you get the most out of your HELOC and possibly lower your overall tax bill.

Alternatives to HELOCs

Before you decide firmly on a HELOC, it’s a good idea to consider all the ways to get equity out of your home, as well as another common borrowing option, the personal loan. Here’s a look at each:

Home Equity Loan

With a home equity loan, you’ll get a one-time lump-sum loan instead of a line of credit. This loan usually has a fixed interest rate. In most cases, you can borrow up to 85% of your home equity. (A home equity loan calculator can help you see how much you might be eligible to borrow.) Lenders look for a credit score of 680 or higher, with many leaning toward 700, in order for borrowers to qualify. If you’re someone who likes the predictability of a fixed interest rate and a set payment schedule, this might be a good fit for you. One difference between a HELOC vs. a home equity loan is that with a home equity loan, you get the money all at once and begin repaying principal plus interest immediately.

Cash-Out Refinance

A cash-out mortgage refinance allows you to refinance for more than you owe right now and take the difference in cash. It’s a good option, so long as the costs of a new mortgage are better than what you’d have with your current home loan. Things to think about with a cash-out refinance vs. a home equity line of credit: With a refinance you’d need a credit score of 620 or higher and a DTI ratio under 43%. A refi also lets you choose between fixed or variable interest rates and leaves you with one monthly payment vs two.

Personal Loan

A personal loan is an unsecured loan that you repay in regular, fixed installments over a period of two to seven years. The key benefit here is that your home is not at risk of foreclosure should you encounter financial challenges and be unable to make your loan payments. Most lenders look for a credit score of 610 or higher for this type of borrowing. While these loans are relatively quick to secure, the interest rates may be higher compared to HELOCs or home equity loans.


The Takeaway

When considering a HELOC in Rochester, it’s important to weigh both the potential benefits and the possible risks. HELOCs offer financial flexibility and potentially present more attractive interest rates compared to some other borrowing options, which make them well-suited for managing large and ongoing expenses. However, they also come with the risk of losing your home if you fall into default. Always take the time to assess your overall financial situation. If you think a HELOC is right for you, seek out rates from multiple lenders.

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

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

View your rate


FAQ

What can a HELOC be used for?

A HELOC is very versatile and can be used for many purposes, from home renovations to education costs to medical bills. It works much like a credit card: You have a revolving line of credit and can access funds as needed. During the draw period, you may only need to pay interest on the amount you’ve borrowed. This flexibility makes a HELOC a great way to manage significant expenses, and the interest may even be tax-deductible in some circumstances.

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

There is no one monthly payment for a $100,000 HELOC. It will depend on what portion of the $100,000 credit line you have used, whether you are in the draw period of the HELOC (paying interest only) or the repayment period (paying principal plus interest), and what your current interest rate is. (Bear in mind, HELOCs have variable interest rates.) Your best bet is to use an online calculator to compute your precise payment amount.

Do you need an appraisal for a HELOC?

An appraisal is usually required for a HELOC because it helps a lender determine the current market value of your home, which is used to calculate the amount of equity you can borrow against.

Will a HELOC impact your credit score?

Just applying for a HELOC might cause a minor, short-lived drop in your credit score due to the credit inquiry a lender will do to assess your score. But here’s some good news: Making on-time HELOC payments and keeping your credit utilization low can actually boost your score. Just avoid missing payments, as doing so can have a negative 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.


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-Q225-361

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
Aug
03
2025

Current Home Equity Loan Rates in Anchorage, AK Today

By | mortgage | Comments Off on Current Home Equity Loan Rates in Anchorage, AK Today

ANCHORAGE HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Anchorage, AK.



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 home equity loan rates in Anchorage.

Key Points

•   Home equity loan rates in Anchorage are influenced by economic and personal factors.

•   Home equity loans have fixed interest rates, which means monthly payments are predictable.

•   The better your credit score, debt-to-income ratio, and equity level, the lower your rate could be.

•   Calculators can help homeowners estimate monthly loan payments.

•   Some borrowers are able to deduct home equity loan interest for tax purposes.

•   A home equity line of credit or a cash-out refinance are other borrowing options, each with its own perks.

Introduction to Home Equity Loan Rates

Home equity loans are a powerful financial resource for homeowners seeking to leverage the equity they’ve built in their homes by making consistent home loan payments. In this guide, we will take a deep dive into home equity loan rates in Anchorage, Alaska, and explain how these rates are shaped by both economic forces and each borrower’s personal characteristics. We’ll also explore the advantages and potential pitfalls of home equity loans, and provide guidance on how to secure the most favorable rates.

Whether you’re gearing up for a home renovation or have your sights set on other major expenses, a grasp of home equity loan rates can empower you to get equity out of your home in the most cost-efficient way.

How Do Home Equity Loans Work?

The first step toward being a wise borrower is to understand what a home equity loan is, exactly. Technically, a home equity loan is a second mortgage. Your home serves as collateral and your lender gives you a lump sum. You then immediately begin to repay that loan in monthly installments over a period that can range from five to 30 years.

Because your home secures the loan, the interest rates are usually more favorable than those of unsecured personal loans. But of course, securing a loan with your home means that if you don’t make payments, the lender could foreclose.

Many lenders will let you borrow up to 85% of your equity. Home equity loans tend to have fixed interest rates, which means monthly payments remain the same for the life of the loan. A home equity loan calculator can help you determine what you might be able to borrow and what your monthly payments might be.

Recommended: What Is a Home Equity Line of Credit?

The Origin of Home Equity Loan Interest Rates

Home equity loan interest rates are the result of a complex interplay of economic and personal factors. The Federal Reserve’s monetary policy has a major impact on the broader lending market. Lenders typically set their base interest rates by adding a margin to the prime rate, which moves in tandem with the Fed’s decisions.

Your financial profile, including your credit score and debt-to-income (DTI) ratio, also plays a crucial role in determining the home equity loan rates you’ll be offered. Additionally, the loan amount and repayment term can affect rates, as can competition between lenders in some local markets.

How Interest Rates Impact Home Equity Loan Affordability

Interest rates are a big deal when it comes to how much it will cost to pay back your home equity loan. Even a fraction of a percentage point can make a significant difference in the long run. Imagine you’re taking out a $100,000 home equity loan with a 15-year repayment term. At an 8.50% interest rate, your monthly payment would be around $985, with a total interest paid of $77,253. But if the rate was instead 9.50%, your monthly payment would jump to $1,044, and the total interest paid would be $87,960. That’s roughly $10,700 you’d be shelling out in extra interest. The loan term and rate together can influence what you’ll pay each month, as this chart shows:

Loan Amount Loan Term Interest Rate Monthly Payment
$100,000 20 years 8.00% $836
7.00% $775
10 years 8.00% $1,213
7.00% $1,161
$50,000 20 years 8.00% $418
7.00% $388
10 years 8.00% $607
7.00% $581
$25,000 20 years 8.00% $209
7.00% $194
10 years 8.00% $303
7.00% $290


Home Equity Loan Rate Trends

The rise and fall of interest rates can be a bit like a rollercoaster ride, but by taking a look at recent history, you can gain some valuable perspective. The prime rate in 2020 was as low as 3.25%, but by 2023 it had climbed to 8.50%. These changes can make a big difference in the rates you’re offered, so it’s wise to keep an eye on the market and explore your options to secure the best rates for your home equity loan.

Source: TradingView.com

Date Prime 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 5.50%
9/27/2018 5.25%

Source: St. Louis Fed

How to Qualify for the Lowest Rates

You may not be able to do anything to control the prime rate, but you can have an impact on the interest rate you’re offered by taking a few crucial steps before submitting your home equity loan application. Here’s what to do:

Maintain Sufficient Home Equity

To be eligible for a home equity loan, you need at least 20% equity in your home. Calculating your equity is easy: Subtract your current mortgage balance from your home’s estimated value (find the value on a real estate site). The result is your home equity. Next step: Divide your equity number by the estimated value to get a percentage of equity. By keeping a healthy cushion of equity, you’re setting yourself up for the most favorable home equity loan rates.

Build a Strong Credit Score

Lenders typically favor credit scores of 680 or higher for home equity loans, with many looking for 700 or above. A robust credit score is a testament to your financial acumen and can positively impact the rates you’re eligible for in Anchorage. To bolster your credit score, ensure you’re paying bills promptly and maintain low credit card balances. Refrain from opening new credit accounts in the months leading up to your loan application. Regularly review your credit report for inaccuracies and address them.

Manage Debt-to-Income Ratio

Your DTI ratio is a key driver where interest rates are concerned. To learn your DTI ratio, add up your monthly debts and divide by your gross monthly income. The DTI requirement for a home equity loan is typically below 50%, but the real magic number is 36% or lower. A low DTI ratio tells lenders you’re a pro at managing monthly payments, and that can lead to more attractive home equity loan rates. To reduce your DTI, think about paying down those lingering debts, finding ways to increase your income — or even better, both.

Obtain Adequate Property Insurance

Property insurance protects your investment in your home. It also safeguards your lender’s investment when you have a home equity loan. Having good coverage can positively impact the rates you’re offered, as well-insured properties are seen as lower risk by lenders. If you’re not sure how much coverage is needed, ask a lender what would meet its requirements.

Recommended: Different Types of Home Equity Loans


Useful Tools & Calculators

Tools and calculators are your friends when it comes to making sound decisions about home equity loans. A home equity loan calculator can help you estimate monthly payments, and there are calculators that help homeowners with a home equity line of credit (HELOC), too.

Run the numbers on your home equity loan.

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.

Closing Costs and Fees

The typical range for closing costs on home equity loans is 2% to 5% of the loan amount. The list of fees often includes the appraisal, credit report, document preparation, origination, notary, title search, and title insurance. While no-closing-cost home equity loans are an option, they typically come with higher home equity loan rates. By comparing these costs across multiple lenders, you can find the most cost-effective option for your situation.

Tax Deductibility of Home Equity Loan Interest

The interest on home equity loans could be tax-deductible if you’re using the funds for significant home improvements. Couples filing jointly can deduct interest on up to $750,000 of qualified home equity loans; for single filers, it’s loans of up to $375,000. To claim this deduction, you’ll need to itemize your deductions on your tax return so you may need to work with a tax advisor.

Alternatives to Home Equity Loans

While home equity loans are very popular, there are two other options to consider: a home equity line of credit (HELOC) and a cash-out refinance. HELOCs offer more flexibility by allowing you to draw funds as needed up to a set limit. A cash-out refinance replaces your existing mortgage entirely. Let’s take a closer look:

Home Equity Line of Credit (HELOC)

A home equity loan gives you a lump sum in one payment. A HELOC, on the other hand, is more like a credit card. It gives you a credit limit, and you can borrow as much as you need (up to that limit) whenever you need it. You only pay interest on the amount you actually borrow, and during the loan’s initial draw period (often 10 years), you usually don’t have to repay the principal. (A HELOC interest-only calculator can help you see what you might owe depending on how much of the credit line you use.) After the draw period, a repayment period begins. You’ll repay what you owe plus interest. (This is when a HELOC repayment calculator is useful.)

HELOCs usually have variable interest rates. To qualify, you’ll typically need a credit score of 680 or higher (700 is better) and a DTI of 50% or less (below 36% is the ideal). HELOCs are a good choice if you’re not sure how much you’ll need to borrow. Many lenders let you borrow up to 90% of your home’s equity.

Here’s a quick look at a HELOC vs. a home equity loan:

HELOC Home Equity Loan
Type Revolving line of credit Installment loan
Interest Rate Usually variable-rate Usually fixed-rate
Repayment Repay only what you borrow plus interest; you may have the option to make interest-only payments during the draw period. Starts immediately at a set monthly payment
Disbursement Charge only the amount you need Lump sum

Cash-Out Refinance

Imagine doing a mortgage refinance, borrowing more than you currently owe, and walking away with the difference between your old loan and your new one in cash. That’s a cash-out refinance, and it’s another way to access a lump sum based on your home equity. Borrowers can typically get a loan for up to 80% of their equity, so long as they have a minimum credit score of 620 and a debt-to-income ratio below 43%.

Because you’re getting a new loan, you can choose a fixed or variable interest rate. But you’ll want to make sure current rates are an improvement on the rate you had with your original home loan, so that you aren’t spending unnecessarily on the loan. One plus of a cash-out refinance vs, a home equity line of credit or home equity loan is that after a refi, you’ll only have one monthly payment to make.

The Takeaway

While you’re mulling over a home equity loan, remember to shore up your credit score, keep your DTI ratio in check, and ensure your property insurance is up to snuff. These are the factors that can sway the rates you’re offered and bolster your financial standing. Crunch the numbers with online tools to get a handle on your potential monthly payments and closing costs, and make sure you have a plan in place to cover those monthly bills. Shop around, compare lenders’ offers, and you’re sure to get the best possible rate for your home equity loan.

SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.



Unlock your home’s value with a home equity loan from SoFi.


View your rate

FAQ

What can a home equity loan be used for?

Home equity loans are very versatile. The money you borrow can be used for home improvements, educational expenses, medical bills, or debt consolidation. These loans provide a lump sum of money with fixed-rate interest, which can make budgeting for repayment easier. If you use your loan to improve your home, save your receipts as the interest payments may be tax deductible.

What is the monthly payment on a $100,000 home equity loan?

If you repaid a $100,000 home equity loan over 20 years at an 8.00% interest rate, the payment would be $836 per month. If your interest rate was 7.00%, the payment would be $775. To compute the specific payment amount based on your loan amount, interest rate, and term, use a mortgage payment calculator.

What would the payment be on a $30,000 home equity loan?

The payment on a $30,000 home equity loan is determined by the interest rate and loan term. For a 20-year fixed-rate loan at 8.00%, for example, the monthly payment would be approximately $251.

What are the benefits of a home equity loan?

There are several perks to home equity loans. For one, you get fixed interest rates and predictable monthly payments, which makes budgeting and financial planning simple. These loans also tend to have lower interest rates than unsecured loans, which can save you a pretty penny over time. And you can use a home equity loan for all sorts of big expenses, from home improvements to debt consolidation or major purchases. If you improve your home using your loan, the interest payments may be tax-deductible.

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.

SOHL-Q225-359

Browse other Alaska home guides.

Browse home equity loan rates by state guides.

More home equity resources.

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

Read more
Aug
03
2025

Current Home Equity Loan Rates in Sarasota, FL Today

By | mortgage | Comments Off on Current Home Equity Loan Rates in Sarasota, FL Today

SARASOTA HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Sarasota, 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 home equity loan rates in Sarasota.

Key Points

•   Home equity loan rates in Sarasota are influenced by a borrower’s credit score and debt-to-income ratio.

•   Interest rates can vary significantly among lenders, so it pays to shop around for the best offers.

•   Fixed rates mean your monthly payments stay the same over the loan’s repayment term.

•   Property insurance is often a must, particularly in areas prone to hurricanes.

•   Financial tools and calculators are available to help estimate costs and make informed

•   Home-equity loan interest may be tax deductible if used for home improvements.

Introduction to Home Equity Loan Rates

Home equity loans can be a great way to get the cash you need to make major home improvements or pay down high-interest debt. But if you’re thinking about borrowing with a home equity loan, you’ll want to make sure you’re getting the best rate possible and that you understand what a home equity loan is and how it works.

In this article, we’ll take a look at some of the factors that can influence home equity loan rates in Sarasota, Florida, and give you tips on how to get the best deal. By the time you’re done reading, you’ll have a better understanding of what to expect and how to make the best choice for your situation.

How Do Home Equity Loans in Sarasota Work?

A home equity loan is a second mortgage that uses your home as collateral for a lump sum of money. It’s a great option for when you need a large amount of money. Home equity loans typically come with a fixed interest rate and a repayment term of five to 30 years, similar to many home loans. To qualify, you’ll need to have at least 20% equity in your home (equity is the value of your home minus what you owe on your mortgage).

For example, if your home is worth $500,000 and you have a mortgage balance of $350,000, you have $150,000 in equity. Divide the equity dollar amount by your home value to arrive at a percentage of equity. You can use a home equity loan calculator to see how much you might be able to borrow based on your equity.

Recommended: Different Types of Home Equity Loans

What Determines Home Equity Loan Interest Rates?

Home equity loan interest rates are a product of both macroeconomic trends and your individual financial profile. The Federal Reserve’s policies, especially changes to the federal funds rate, can influence the prime rate, which is a key reference point for home equity loan rates. Lenders then add a margin to the prime rate, which can vary based on market conditions and the lender’s policies.

Your credit score and debt-to-income (DTI) ratio also play a role. Generally, the higher your credit score and the lower your DTI, the more favorable your interest rate will be. Understanding these factors can help you make informed borrowing decisions.

How Interest Rates Impact Home Equity Loan Affordability

As you think about how to get equity out of your home with a home equity loan, you’ll probably start to pay more attention to the prime rate. Your interest rate plays a major role in how affordable your loan will be over time. Even a seemingly small variation in rates can translate to significant savings or added costs. For example, a $100,000 home equity loan at an 8.50% interest rate with a 15-year repayment period would mean a monthly payment of $984, with total interest of $77,253. But at 9.50%, that monthly payment jumps to $1,044, and the total interest paid rises to $87,961. That’s a $10,700 difference in interest over the loan’s life for the borrower with the higher rate.

Here are other examples of how loan term and interest rate affect loans of different sizes.

Loan Amount Loan Term Interest Rate Monthly Payment
$100,000 20 years 8.00% $836
7.00% $775
10 years 8.00% $1,213
7.00% $1,161
$50,000 20 years 8.00% $418
7.00% $388
10 years 8.00% $607
7.00% $581
$25,000 20 years 8.00% $209
7.00% $194
10 years 8.00% $303
7.00% $290

Home Equity Loan Rate Trends

Predicting the ebb and flow of interest rates is no easy feat, given the many economic variables at play. The prime rate dropped to 3.25% in 2020 and then hit 8.50% in 2023. Such changes have a direct impact on home equity loan rates. Staying abreast of economic indicators and comparing offers from multiple lenders can help you secure the most favorable terms for your home equity loan. Some borrowers try to time the market, applying for a loan when the prime rate dips. But it’s not always possible to wait. If you need to borrow, focus on the factors you can control: your equity level, credit score, and DTI ratio.

Source: TradingView.com

Date Prime 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 5.50%
9/27/2018 5.25%

Source: St. Louis Fed

How to Qualify for the Lowest Rates

So what can you do to put your best foot forward where a lender is concerned? Take these four steps before filing your home equity loan applications.

Maintain Sufficient Home Equity

As noted, you need to have at least 20% equity in your home. Crunch the numbers to ensure you meet this threshold (home value minus mortgage balance, then divide the answer by your home value). If you’re near 20% but not quite there, make some more mortgage payments or consider paying down the principal to reach your goal.

Build a Strong Credit Score

Lenders generally look for a credit score of 680 or more when considering home equity loans, with many favoring scores of 700 and beyond. A robust credit score is a testament to your financial acumen and can translate to more attractive loan rates. To elevate your score, focus on timely payments, keep credit card balances in check, and steer clear of opening new credit lines in the months before your loan application. Regularly reviewing your credit report for inaccuracies and addressing them can also give your score a lift.

Manage Debt-to-Income Ratio

Your DTI ratio is a critical piece of the home equity loan puzzle. Most lenders look for a DTI ratio under 50%, with 36% or less being the sweet spot. To calculate your DTI, divide your total monthly debt payments by your gross monthly income. The lower the ratio, the better your chances of securing a competitive loan rate. To improve your DTI, focus on paying down your existing debts, boosting your income, or a combination of both.

Obtain Adequate Property Insurance

Property insurance is a must-have for home equity loans, especially in areas that face the threat of natural disasters. This insurance is not only a safety net for you but also a shield for the lender. The cost of insurance can fluctuate based on your property’s location and the coverage you need. While it may seem like an added financial burden, it’s a vital piece of the puzzle to secure your loan and protect your home sweet home.

Recommended: What Is a Home Equity Line of Credit?


Useful Tools & Calculators

Financial tools and calculators can help you gain a better understanding of the costs and benefits of a home equity loan. These are three of our favorites. You may find yourself coming back to them again and again.

Run the numbers on your home equity loan.

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.

Closing Costs and Fees

When you’re considering a home equity loan, it’s important to factor in closing costs, which typically range from 2% to 5% of the loan amount. These fees cover essentials like the appraisal, credit reports, origination, title insurance, and more. You might also encounter document preparation and attorney fees. While “no-closing-cost” loans are an option, they often come with higher rates.

Tax Deductibility of Home Equity Loan Interest

Here’s a tip that could save you some money: The interest on home equity loans may be tax-deductible if used to improve your home. For those filing jointly, you can deduct interest on up to $750,000 in loans; single filers can deduct interest on up to $375,000 in loans. It’s a matter of itemizing your deductions, which could be well worth it. A quick chat with a tax advisor can help you figure out how to make the most of this and keep you abreast of any changes in tax law for 2026 and beyond.

Alternatives to Home Equity Loans

While home equity loans are a common choice in Sarasota, you may want to consider other options, such as a home equity line of credit (HELOC) or a cash-out refinance, which is a special type of mortgage refinance. Each of these options comes with its own set of benefits and risks.

Home Equity Line of Credit (HELOC)

A HELOC is kind of like a credit card, but one that is secured by the equity in your home. As you consider a HELOC vs. a home equity loan, here are some points of difference: HELOCs allow you to borrow money as you need it, vs. all at once, and you only pay interest on the amount you borrow.

There is a draw period, during which most lenders only require you to pay interest. A HELOC interest-only calculator can help you see what those payments might look like. Then there is a repayment period when you’ll repay the principal plus interest. (That’s the time to use a HELOC repayment calculator.) HELOC interest rates are variable, so it may be hard to precisely predict payment amounts. To qualify, you’ll need a credit score of 680 (but 700 is better) and a debt-to-income ratio of no more than 50% (but 36% is ideal).

Cash-Out Refinance

A cash-out refinance gives you a lump sum based on your home equity. You can use the money to pay off higher-interest debts or cover renovation costs, for example. Lenders typically allow you to borrow up to 80% of your equity, although some may go higher. Most require a minimum credit score of 620 and a maximum DTI ratio of 43%. You can choose between a fixed or adjustable interest rate.

When thinking about a cash-out refinance vs. a home equity line of credit, remember that the former is a completely new mortgage — so you’ll want to look carefully at how mortgage interest rates now compare to the rate on your original loan. Here’s a quick reference guide to the three options:

Home Equity Loan

 HELOC

 Cash-Out Refinance
Borrowing Limit Up to 85% of borrower’s equity Up to 90% of borrower’s equity 80% of borrower’s equity for most loans
Interest Rate Fixed Generally variable May be fixed or variable
Type of Credit Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments. Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest, followed by a repayment period (10-20 years) to repay the principal plus interest. Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms.
Repayment Term Generally 5-30 years A draw period of 5-10 years, followed by a repayment period of 10-20 years Generally 15-30 years
Fees Closing costs (typically 2-5% of the loan amount) Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees) Closing costs (typically 2-5% of the loan amount)

The Takeaway

When you’re mulling over a home equity loan in Sarasota, remember to keep your credit score robust, your DTI ratio in check, and your property insurance up to par. These elements can significantly sway your eligibility and the rates you’re offered. Always play the field by comparing multiple lenders to get the best terms and rates.

SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.

Unlock your home’s value with a home equity loan from SoFi.

View your rate

FAQ

What can a home equity loan be used for?

Home equity loans provide borrowers with funds to cover major expenses, home improvements, or to pay off high-interest debt. The adaptability of these loans makes them a valuable resource for homeowners who need a substantial sum but who don’t want to sell their property.

What would the monthly payment be on a $50,000 home equity loan?

The monthly cost of a $50,000 home equity loan depends on the loan term and interest rate. For instance, a 15-year fixed-rate loan at 7.50% would mean a monthly bill of about $464. Opting for a 30-year term at the same rate would lower the monthly payment to roughly $350. The amount of interest paid over the life of the loan is usually higher with a longer term.

What would the payment be on a $30,000 home equity loan?

The payment on a $30,000 home equity loan is based on the interest rate and loan term. For a 20-year fixed-rate loan at 8.00%, for instance, the monthly payment would be approximately $251.

What might disqualify you from securing a home equity loan?

There are a few things that might stop you from getting a home equity loan, such as not having enough equity in your home, having a low credit score, or having a high debt-to-income (DTI) ratio. Most lenders will want you to have at least 20% equity in your home, and a credit score of 680 or higher. A DTI ratio over 50% can also make it hard to get a loan. Not having enough property insurance or having a history of missed credit or loan payments can also be a red flag for lenders.

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.

SOHL-Q225-357

Browse Florida home guides.

Browse home equity loan rates by state guides.

More home equity resources.

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

Read more
Aug
03
2025

Current Home Equity Loan Rates in Baltimore, MD Today

By | Uncategorized | Comments Off on Current Home Equity Loan Rates in Baltimore, MD Today

BALTIMORE HOME EQUITY LOAN RATES TODAY

Current home equity loan

rates in Baltimore, MD.



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 home equity loan rates in Baltimore.

Key Points

•   Home equity loan rates in Baltimore are influenced by credit score, debt-to-income ratio, and equity level.

•   Even a slight variance in rates can make a world of difference in the long-term cost of borrowing.

•   Shop around and compare offers from multiple lenders to find the best rates.

•   Property insurance is often a must and can influence loan terms.

•   The interest on a home equity loan may be tax deductible if you’re using it to significantly improve your home.

Introduction to Home Equity Loan Rates

>Home equity loans are a powerful financial resource for homeowners who want to leverage the equity they’ve built in their home by paying down their home loan. This guide will walk you through the current home equity loan rates in Baltimore and illuminate the factors that influence these rates. We’ll demystify the application process, and equip you with strategies to secure the most favorable rates. Whether you’re gearing up for a major home transformation, aiming to streamline your debt, or eyeing a significant purchase, a grasp of home equity loan rates can empower you to maximize your borrowing power while minimizing your costs.

How Do Home Equity Loans in Baltimore Work?

First, the lowdown on what a home equity loan is: These loans allow you to borrow against your equity, which is the difference between your home’s market value and your outstanding mortgage balance. Usually, you’ll need at least 20% equity to qualify. But once you qualify, many lenders allow you to borrow up to 85% of your equity amount. A home equity loan calculator can help you figure out how much you might be able to borrow.

The lender issues the borrowed funds as a lump sum, and you repay them, with interest, in monthly installments over a period of five to 30 years. The shorter your loan term, generally speaking, the higher your monthly payments — but the less interest you’ll pay over the life of the loan. Because these loans are secured by your home, they often come with lower interest rates than unsecured loans. But that also means that missing payments puts your home at risk of foreclosure.

The home equity loan, technically, is a second mortgage. Fortunately, the interest rate on a home equity loan is typically fixed, which means you can plan your budget with confidence.

What Determines Home Equity Loan Interest Rates?

Home equity loan interest rates are influenced by a variety of economic and personal factors. The Federal Reserve’s decisions have a direct impact on lending rates. Most lenders base their rates on the prime rate, which is tied to the Fed’s interest-rate decisions. Your credit score and debt-to-income (DTI) ratio also play a significant role in the rates you’re offered. Generally, the better your credit score and the lower your DTI ratio, the better your interest rate. Loan amount and repayment term also affect rates. Because each lender has its own recipe for success, it’s important to shop around and get rates and terms from different lenders if you decide to pursue a home equity loan.

How Interest Rates Impact Home Equity Loan Affordability

Your interest rate makes all the difference in the affordability of a home equity loan. Even a seemingly small difference in rates can add up to significant savings or extra costs over the loan’s lifetime. Take a look at these examples. As you can see, on a $50,000 loan, the difference between an interest rate of 7.00% and 8.00% means paying an additional $30 per month over a 20-year loan. That may not seem like a lot, but over time it adds up. And the more you borrow and the higher the rates, the greater the expense.

Loan Amount Loan Term Interest Rate Monthly Payment
$100,000 20 years 8.00% $836
7.00% $775
10 years 8.00% $1,213
7.00% $1,161
$50,000 20 years 8.00% $418
7.00% $388
10 years 8.00% $607
7.00% $581
$25,000 20 years 8.00% $209
7.00% $194
10 years 8.00% $303
7.00% $290


Home Equity Loan Rate Trends

The interest rates for home equity loans can be a bit like the weather — unpredictable. But as you think about borrowing, it may help to watch the prime rate, which has fluctuated significantly in recent years. It was as low as 3.25% in 2020 and as high as 8.50% in 2023. Having a sense of these high and low marks can give you perspective on the rates you are seeing in the marketplace. Some borrowers try to time their application to get a good rate. But it’s not possible for everyone. What can you do? Take all the right steps to make your application shine so that you get the best available rate.

Source: TradingView.com

Date Prime 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 5.50%
9/27/2018 5.25%

Source: St. Louis Fed

How to Qualify for the Lowest Rates

To secure the most competitive home equity loan rates, you’ll want to make sure you complete these tasks before trying to borrow money:

Maintain Sufficient Home Equity

You know you’ll need to have at least 20% equity in your home to get a home equity loan. So crunch the numbers to check your equity level by subtracting your outstanding mortgage balance from your home’s estimated value. (Find the latter on an online real estate site.) Let’s say your mortgage balance is $300,000 and your home’s value is $550,000. That leaves you with $250,000 in home equity. Divide your equity number by the home value to arrive at a percentage — in this example, 45%.

Build a Strong Credit Score

Lenders usually look for a credit score of 680 or more when considering home equity loans, and many prefer a score of 700-plus. A strong credit score demonstrates financial responsibility and can lead to more favorable rates. To build a strong score, focus on making timely payments, keeping credit card balances low, and avoiding new debt. Regularly check your credit report for errors and dispute any inaccuracies.

Manage Debt-to-Income Ratio

Your DTI ratio is a critical piece of the home equity loan puzzle. To determine yours, divide your monthly debts (car loan, student loan, credit card debt, etc.) by your gross monthly income. Lenders typically look for a ratio under 50%, but the sweet spot is 36% or less. The lower your DTI, the better your chances of securing a more competitive rate. To enhance your DTI, consider paying down existing debts and exploring opportunities to boost your income.

Obtain Adequate Property Insurance

Property insurance is often a must-have for home equity loans. Lenders want to be sure that your property, which is the collateral for the loan, is protected. Before you apply, make sure to check with your insurance provider to ensure that your coverage is up to date.

Useful Tools & Calculators

By using these tools and calculators, you can get a rough idea of what your monthly payments might look like and how much you could potentially borrow. You may find yourself coming back to the calculator again and again during the process of comparing rates from different lenders.

Run the numbers on your home equity loan.

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.

Closing Costs and Fees

It costs money to borrow, and we’re not just talking about your interest payments. You can expect to set aside 2% to 5% of your loan amount for closing costs. These include a variety of fees, including those for the appraisal, credit report, document preparation, origination, notary, title search, and title insurance.

Recommended: Different Types of Home Equity Loans

Tax Deductibility of Home Equity Loan Interest

Here’s a tip: The interest on your home equity loan could be tax deductible if the money was used to significantly improve your home. Joint filers can deduct interest on loans up to $750,000, and single filers up to $375,000, provided you itemize your deductions.

Alternatives to Home Equity Loans

As you’re thinking about how to get equity out of your home, there are two other borrowing you may want to consider: a home equity line of credit and a cash-out refinance.

Home Equity Line of Credit (HELOC)

A HELOC is a bit like having a credit card with your home equity governing the spending limit. During the “draw” portion of a HELOC, usually 10 years, you can borrow in increments, as you need the money, and you only pay interest on what you borrow. After the draw period ends you enter a repayment period when you’ll repay all that you owe with interest. Because the interest rate on a HELOC is variable, payments can be somewhat unpredictable.

This is where two calculators will come in handy: a HELOC interest-only calculator for the draw period and a HELOC repayment calculator for the repayment phase.

To qualify for a HELOC, you’ll generally need a credit score of at least 680 (though 700 is preferred) and a DTI ratio of no more than 50% (but ideally 36% or lower). As you consider a HELOC vs. a home equity loan, a HELOC could be a better choice if you’re not sure how much you’ll need to borrow, or if you don’t need all the funds at one time.

Cash-Out Refinance

A cash-out refinance is like hitting two birds with one stone. You do a mortgage refinance but you replace your old mortgage with a larger one, pocketing the difference in cash to use as you wish. Most lenders will let you borrow up to 80% of your equity. With a credit score of 620 or above and a DTI of 43% or less, you can choose either fixed or variable rates (because it’s an entirely new mortgage, after all).

Another advantage of a cash-out refinance vs. a home equity line of credit or home equity loan is that it leaves you with only one payment to keep track of. Before you commit to a refinance, however, you’ll want to make sure that the current interest rates are favorable when compared to the rate you already have.

The Takeaway

When considering a home equity loan in Baltimore, you’ll want to check your equity level, credit score, and DTI ratio. Assuming they’re all in good shape, get rate and closing cost information from multiple lenders to see who will offer you the most favorable terms. Along the way, you can use online calculators to suss out what monthly payments might look like. In no time, you’ll be able to pick the type of loan and lender that align with your financial goals.

SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.



Unlock your home’s value with a home equity loan from SoFi.


View your rate

FAQ

What can you use a home equity loan for?

A home equity loan can help you finance a large purchase, fund a home improvement project, or pay down higher-interest debts. The flexibility of these loans makes them a popular choice for homeowners. However, it’s important to use the funds responsibly and ensure the loan aligns with your long-term money goals. Before applying, consider how the loan will impact your monthly budget and overall financial health.

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

The beauty of a home equity line of credit (HELOC) is its flexibility. During the draw period, which can last 5, 10, or even 20 years, you may only need to pay interest on the amount you’ve borrowed, which isn’t always going to be the full $100,000. If you did use the entire credit line of $100,000, your interest rate for repayment would likely be a variable one. But at an average rate of 8.00% and a repayment term of 20 years, you would pay $836 per month.

What would the payment be on a $30,000 home equity loan?

The payment on a $30,000 home equity loan is determined by the interest rate and loan term. For a 20-year fixed-rate loan at 8.00%, for example, the monthly payment would be approximately $251.

What might prevent you from securing a home equity loan?

There are a few things that could stop you from getting a home equity loan, such as not having enough equity in your home, having a low credit score, or having a high debt-to-income (DTI) ratio. Lenders usually require at least 20% equity in your home and a credit score of 680 or greater. A DTI ratio of 50% — and ideally below 36% — is generally preferred. Failing to provide adequate property insurance or a history of missed payments can also impact your eligibility.

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.

SOHL-Q225-356

Browse other Maryland home guides.

Browse home equity loan rates by state guides.

More home equity resources.

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

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

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

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