Current Home Equity Loan Rates in Wisconsin Today
WISCONSIN HOME EQUITY LOAN RATES TODAY
Current home equity loan rates in
Wisconsin.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Wisconsin.
Key Points
• Home equity loans allow homeowners to borrow against their home’s equity for high-cost projects, such as home renovations, education, and debt consolidation.
• Home equity loan interest rates are influenced by the prime rate, the borrower’s creditworthiness, and overall market conditions.
• To qualify for the lowest rates, it’s important to build a strong credit score, manage debt-to-income ratio, obtain adequate property insurance, and maintain sufficient home equity.
• Home equity loans typically have fixed interest rates, ensuring consistent monthly payments throughout the loan tenure.
• Alternatives to home equity loans include HELOCs, HECMs, and cash-out refinances, each with its own features and eligibility criteria.
Introduction to Home Equity Loan Rates
Welcome to our guide on Wisconsin home equity loan rates. We’re here to help you understand how to leverage the equity in your home, the interest rates you can expect, and tips on how to get the best deal. We’ll also discuss some alternatives to home equity loans that might be a good fit for your needs.
To begin, let’s look at what is a home equity loan.
How Do Home Equity Loans Work?
Home equity loans can be a smart financial move: By using your home as collateral, homeowners secure lower interest rates than on personal loans. If you’re still paying off your first home loan, a home equity loan is considered a second mortgage. These loans come with fixed interest rates and flexible repayment terms, typically ranging from 5 to 30 years.
To qualify, homeowners need at least 20% equity in their property. If you’re approved, the funds can cover an array of expenses, from renovations to education, medical bills, and debt consolidation.
Recommended: Cash-Out Refinance vs Home Equity Line of Credit
Where Do Home Equity Loan Rates Originate?
Home equity loan interest rates are a product of multiple economic factors, with the prime rate playing a significant role. The prime rate is what banks charge their most creditworthy clients. Federal Reserve policy decisions on interest rates can also sway home equity loan rates. By understanding these influences, homeowners can better anticipate rate shifts and make well-informed decisions about the timing of your home equity options.
How Interest Rates Impact Home Equity Loan Affordability
The interest rate you secure can have a significant impact on your ability to afford a loan over its full term. Over a standard 20-year home equity loan, for example, a 1% difference in the interest rate can mean a higher monthly payment. Even more significant, that seemingly small difference can add up to an extra $11,000 in interest paid over the life of the loan, as illustrated in the chart below.
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 8.00% | $627 | $75,559 |
| 7.50% | $604 | $70,007 |
| 7.00% | $581 | $64,554 |
Home Equity Loan Rate Trends
The prime interest rate is a moving target, and its fluctuations are a crystal ball of sorts for predicting the future of home equity loan rates. By keeping a close eye on the prime rate, you can gain valuable insights into what the future holds for your borrowing options. This knowledge can empower you to make more informed financial decisions.
Historical Prime Interest Rates
Since 2018, the prime rate has dipped to a low of 3.25% in 2020 and peaked at 8.50% in 2023. This fluctuation is a reflection of the ever-changing economic climate and the Federal Reserve’s continuous efforts to keep things steady. These tweaks have a ripple effect, influencing the rates of adjustable-rate mortgages, credit cards, corporate loans, and various home equity options.
| 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
The graphic below shows that the prime rate has not been above 10% since the 1980s.
Source: TradingView.com
Factors Influencing Home Equity Loan Rates
Besides the prime rate, a variety of other factors help determine your home equity loan rate, such as your credit score, loan-to-value ratio, home value, home value stability, property location, and lender policies. Lenders carefully consider these elements when setting the interest rate and terms of a home equity loan, as they provide a comprehensive view of your financial standing, the value of your property as collateral, and the overall risk of the loan.
These same factors also influence the rates and terms of a HELOC (home equity line of credit), which is another way to get equity out of your home.
Credit Score
The better your credit score, the more favorable your interest rates. Lenders often look for a minimum of 680, but many prefer 700 or higher. Why? Because a higher score means you’re less likely to default, which makes you a more attractive candidate for a loan.
Home Value
Lenders often use independent appraisals to help determine the value of a home and the amount of equity a homeowner has. This helps them set appropriate loan limits. The more equity you have, the more you may be able to borrow.
Loan-to-Value (LTV) Ratio
The LTV ratio is a critical factor in determining the maximum loan lenders will permit. In Wisconsin, most lenders cap your combined LTV (your mortgage balance plus loan amount divided by your home value) at around 85%.
Let’s say you currently owe $300,000 on your mortgage and you want to borrow $75,000 for a renovation project. Your home is appraised at $450,000:
$300,000 + $75,000 = $350,000
$375,000 / $450,000 = 83%
At 83% combined LTV, there is a good chance a lender will approve a home equity loan.
Home Value Stability
The ups and downs of home values impact the equity you’ve built in your home. When the housing market is on the upswing, lenders are often more willing to approve larger loans, as the increasing value of your property can act as a safety net. But when home values dip, lenders might tighten their belts, leading to more stringent criteria and potentially smaller loan amounts.
Property Location
Living in an area with a high risk of natural disasters or other hazards can lead to higher interest rates. Lenders may charge more in interest to offset the risk of lending in these areas. High-risk areas can include places that are prone to natural disasters, such as hurricanes, floods, and wildfires.
Lender Policies
When you’re looking at home equity options in Wisconsin, it’s important to consider lender policies. They can have a big impact on the interest rate you’re offered. To make sure you’re getting the best deal, compare interest rates, fees, and closing costs from several lenders. Do your homework, and you can get the most favorable terms for your home equity options in Wisconsin.
How to Qualify for the Lowest Rates
To qualify for the best home equity loan rates in Wisconsin, you’ll need to have a strong credit score, a low debt-to-income ratio, adequate property insurance, and a good amount of equity in your home. By making sure you meet these qualifications, you’ll be able to get the best loan terms for your needs and enjoy the financial flexibility and peace of mind that come with homeownership.
Build a Strong Credit Score
A robust credit score is your ticket to more attractive interest rates on home equity loans. On the flip side, a lower credit score might mean higher rates or even a rejection. That’s why it’s key to keep your credit score in tip-top shape by paying your bills on time, checking your credit report regularly, and not maxing out your credit cards.
Manage Debt-to-Income (DTI) Ratio
Your DTI ratio is a crucial factor in determining your eligibility for a home equity loan. This ratio, which compares your gross monthly income to your monthly debt payments (auto loan, student loan, personal loan, etc), gives lenders a clear picture of your financial health. Most lenders require a DTI of 36% or less to approve a home equity loan. However, some lenders may offer home equity loans to borrowers with a DTI between 36% and 50%, but charge higher rates and fees.
Obtain Adequate Property Insurance
It’s standard practice for home equity lenders in Wisconsin to require property insurance, especially in areas prone to flooding. These policies are designed to protect you and your lender from potential financial losses due to damage or destruction of your property. It’s a good idea to review your coverage before applying for a home equity loan or HELOC.
Maintain Sufficient Home Equity
To qualify for a home equity loan in Wisconsin, you’ll need to have at least 20% equity in your home. The 20% equity requirement is in place to protect borrowers from taking on more debt than they can handle and to protect lenders from the risk of default. A home equity loan calculator can help you determine your equity level.
Fixed vs. Variable Interest Rates
Home equity loans typically come with fixed interest rates, which means you can count on steady, predictable monthly payments for the life of the loan. While fixed rates offer peace of mind, they often start out higher than variable rates, which can be more affordable at the outset. This is something to consider if you’re looking for a home equity loan in Wisconsin and want to know exactly what your payments will be.
Tools & Calculators
Use the helpful tools and calculators to find out how much you can borrow and what your payments will be, and to compare different loan options. Here, in addition to the home equity loan calculator, you’ll find a HELOC repayment calculator and a HELOC interest only calculator.
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
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
Home equity loan closing costs typically range from 2% to 5% of the loan amount. These include a variety of fees such as the appraisal, credit report, document preparation, origination, notary, title search, and insurance.
Loan origination fees may be around 0.5% to 1% of the loan amount, or a flat fee. Title insurance is another cost, typically 0.5% to 1% of the loan balance, with title search fees ranging from $100 to $250. Appraisal fees can be between $300 and $500, and credit report fees are usually $50 to $100. Make sure to factor these into your calculations when determining the cost of your home equity loan.
Tax Deductibility of Home Equity Loan Interest
Good news: The interest you pay on a home equity loan can be tax-deductible if it’s used for home improvements. If you’re married and filing jointly, you can deduct interest on loans up to $750,000. Single filers can deduct interest on loans up to $375,000. Just remember, you’ll need to itemize your deductions to claim this benefit.
Alternatives to Home Equity Loans
There are a few different types of home equity loans and lines of credit. Home equity lines of credit (HELOCs), home equity conversion mortgages (HECMs), and cash-out refinances all have unique features and requirements. Each option has its own pros and cons, so it’s important to consider your specific financial situation and needs.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) can be another smart financial move. You can borrow up to a certain limit and pay interest only on the amount you use. During the draw period, you can pay down the principal balance, making more money available to borrow. One drawback: Variable interest rates can change, so your monthly payments may go up. Here’s a HELOC vs home equity loan comparison at a glance:
| 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; 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 |
Recommended: What Is a Home Equity Line of Credit?
Home Equity Conversion Mortgage (HECM)
An HECM, a government-insured reverse mortgage, is an option for those 62 and older to receive payments from the lender based on their home’s value. The funds can be received in various ways: a lump sum, regular payments, or a line of credit. Unlike Wisconsin home equity options and HELOCs, HECMs don’t require monthly payments, only becoming due when you leave the home. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)
Cash-Out Refinance
A type of mortgage refinance, cash-out refinance is a new mortgage that pays off your old one and lets you pocket the difference. Most lenders will let you borrow up to 80-85% of your home’s equity. Wisconsin home equity options and HELOCs require at least 20% equity, while reverse mortgages have no equity requirement but do have an age stipulation.
The Takeaway
In Wisconsin, home equity loans are a great way to leverage the equity in your home for a variety of financial needs. Understanding how home equity loans work and how to get the best interest rates are key to making a smart decision that’s right for your financial situation. Shopping around to compare rates, fees, and closing costs can also be enlightening and ensure you get the best available deal.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What would my monthly payment be on a $50,000 loan?
With a $50,000 home equity loan, you have to consider the interest rate and loan term, as these will greatly affect how much you’ll pay each month. An 8.00% interest rate and a 10-year term would mean a monthly payment of $607. Score a 6.00% rate and choose a 20-year term and you’d pay $358 per month.
What is the monthly payment for a $100,000 HELOC?
The monthly payment on a $100,000 HELOC will depend on the current market interest rate and how much of the line you have used. If you used the entire $100,000 and repaid it over 20 years at 7.00% interest, you would need to come up with $775 per month. To get a rough estimate of your monthly payment, you can use the calculator shown above.
What is the payment for a $25,000 home equity loan?
When considering a home equity loan, it’s important to consider the current interest rate and the term of the loan, as they will affect your monthly payment. To give you an idea, an 8.50% interest rate repaid over 10 years would give you a $310 monthly payment.
What would the payment be on a $30,000 home equity loan?
When you’re thinking about a $30,000 home equity loan, it’s important to consider how the interest rate and loan term will affect your monthly payment. But if you had a 7.00% interest rate and repaid the loan over 10 years, you’d pay about $348 per month.
What might disqualify you from securing a home equity loan?
There are a few things that can prevent you from getting a home equity loan, including having a poor credit history, not having enough equity in your home, having a high debt-to-income ratio, and not having enough insurance on your home. These factors can make it harder for you to get a home equity loan, so it’s important to consider them before you apply.
What are the benefits of a HELOC?
Home equity lines of credit, or HELOCs, are a great way to access the equity in your home. They offer flexibility in borrowing, lower interest rates than most credit cards, and the option to pay interest only on the money you actually borrow. These features make HELOCs a popular choice for homeowners looking for a cost-effective way to borrow.
SoFi Mortgages
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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 .
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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-Q424-109
More home equity resources.
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What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Current Home Equity Loan Rates in Oklahoma Today
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Oklahoma HOME EQUITY LOAN RATES TODAY
Current home equity loan rates in
Oklahoma.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Oklahoma.
Key Points
• Home equity loans allow homeowners to borrow against the equity in their homes.
• Home equity loan rates are influenced by the prime rate and economic conditions, including the local real estate market.
• To qualify for the lowest rates, it’s important to have a strong credit score, manage debt-to-income ratio, obtain adequate property insurance, and maintain sufficient home equity.
• Home equity loans offer fixed interest rates, providing stability and predictability in monthly payments, while HELOCs have variable rates that can fluctuate.
• Alternatives to home equity loans include HELOCs, HECMs, and cash-out refinances, each with its own features and eligibility criteria.
Introduction to Home Equity Loan Rates
Ready to learn how to get equity out of your home in Oklahoma? This guide is your introduction to home equity loan rates in the Sooner State — how they are determined, what factors influence them, and (especially key) how you can qualify for the best home equity loan rate possible. We’ll also show you the tools that are available to help you determine how much you can borrow and whether you qualify.
First, let’s make sure you understand the basics: What is a home equiy loan?
How Do Home Equity Loans Work?
A home equity loan is a loan that uses your home as collateral, which is why home equity loans typically offer lower interest rates than most unsecured personal loans. With a fixed rate, home equity loans offer a consistent, predictable repayment schedule. In order to take advantage of a home equity loan, you’ll need at least 20% equity in your primary residence to qualify — so it helps to pay off your home loan for a while before you apply. Many Oklahomans use these loans for renovations, education, medical bills, or debt consolidation.
You might be wondering, is a home equity loan the same thing as a home equity line of credit? The short answer is no. But we’ll get to what is a home equity line of credit in more detail below.
Where Do Home Equity Loan Interest Rates Originate?
The all-important home equity loan interest rate that drives the cost of your loan is not an arbitrary number; the interest rate a borrower is offered is influenced by a variety of economic factors. The cascade starts with the Federal Reserve. Fed policy on its rates helps drive the prime rate, which is the interest rate that banks charge their most creditworthy customers. Lenders have their prime rate, and then adjust it based on an individual borrower’s qualifications.
How Interest Rates Impact Home Equity Loan Affordability
The interest rate you secure can have a big impact on your ability to pay down your loan. For example, a 20-year home equity loan of $100,000 with an interest rate of 7.50% would mean a monthly payment of $806. The table below shows you how that monthly payment will change if you alter the loan amount, interest rate, or loan term.
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 8.50% | $620 | $24,391 |
| 8.00% | $607 | $22,797 |
| 7.50% | $594 | $21,221 |
Home Equity Loan Rate Trends
The prime interest rate is a key player when it comes to Oklahoma home equity loan rates. By keeping an eye on changes to the prime rate and understanding its historic ups and downs, you can make an informed decision about the right time to apply for an Oklahoma home equity loan.
The chart below shows the prime rate in recent years. It bottomed out at 3.25% in 2020 and peaked at 8.50% in 2023. The graphic below shows a much longer period of time: 50-plus years. As you can see, rates as low as 3.25% haven’t come around very often.
Historical Prime Interest Rates
| 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
Source: TradingView.com
Factors Influencing Home Equity Loan Rates
As noted above, several factors, such as credit score, loan-to-value ratio, home value, home value stability, property location, and lender policies, influence home equity loan rates. Many of these are within your control (unlike the prime rate), so it’s worth looking at them closely:
Credit Score
If you’re the kind of person who’s diligent about making timely payments, you’re in luck. Lenders are more inclined to offer you a better interest rate. They generally look for a credit score of 680 or higher, but many will be more impressed if you’re at 700 or above.
Home Value
To figure out how much you can borrow, lenders will request an appraisal to determine your home’s value. This will help them establish your equity and the maximum loan amount they’re willing to approve.
Loan-to-Value (LTV) Ratio
Once you know your home value, the LTV ratio can be calculated by taking the loan amount (the amount you owe on your first mortgage plus the amount you want to borrow with a home equity loan) and dividing it by your home’s appraised value. For a home equity loan, you generally want the answer to be less than 85%.
Home Value Stability
The stability of home values can significantly impact the amount of equity homeowners can access and utilize. When home values are on the rise in your part of Oklahoma, lenders may be more inclined to approve larger loan amounts, as the increased value of the property reduces the perceived risk. Conversely, if home values have been declining, lenders may be more conservative.
Property Location
Living in a place with a history of natural disasters or extreme weather can mean higher interest rates. Lenders may see these areas as risky, which can mean you’ll pay more over the life of your loan. If you live in an area with a high risk of flooding, tornadoes, or wildfires, you may have a more challenging time finding the lowest rates in Oklahoma.
Lender Policies
When you’re looking for a home equity loan, it’s important to consider how a lender’s policies will impact the interest rate you are offered. To make a smart decision, you should shop around and compare interest rates, fees, and closing costs from different lenders. By doing your homework and comparing your options, including home equity rates in Oklahoma, you can find the loan that’s right for you and may save money in the long run.
How to Qualify for the Lowest Rates
To qualify for the best Oklahoma home equity loans rates, there are a few things you should keep in mind. Tick off everything on this to-do list and you should be in good shape:
Build a Strong Credit Score
A higher credit score can lead to more favorable interest rates on home equity loans. Check your credit report and correct any inaccuracies before applying for a home equity loan. Avoid using the maximum on all your credit cards at once. And above all, pay your bills on time.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a key player in loan approval. It’s a simple calculation: Add up your monthly debts (car loan, student loan, etc.) and divide by your gross monthly income. You’re looking for a number under 50% — and under 36% is even better for a home equity loan.
Obtain Adequate Property Insurance
Lenders want to know their investment is protected, especially in high-risk areas, so make sure your homeowner’s insurance is up to date.
Maintain Sufficient Home Equity
You’ll need at least 20% equity in your residence to qualify for a home equity loan, as we’ve seen. When you’re computing your equity to make sure you hit this number, remember to use the current estimated value of your home.
Fixed vs. Variable Interest Rates
Home equity loans typically feature fixed interest rates, so monthly payments remain constant throughout the loan’s life. While fixed interest rates offer stability, they may result in higher initial rates compared to variable rates, which can start lower but fluctuate over time. A home equity line of credit (HELOC) usually offers variable interest rates. Depending on your comfort level with changing monthly payment amounts and the direction you think interest rates are headed, one or the other of these options will be more suitable for you.
Tools & Calculators
By using our online tools and calculators, you can get a better idea of your eligibility for a home equity loan or HELOC, the amount you may be able to borrow, and your monthly payments. Play around with these helpful tools before you submit a loan application.
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
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
Home equity loans typically come with closing costs that range from 2% to 5% of the loan amount. These may include fees for services such as appraisals, credit reports, document preparation, origination, notary, title search, and title insurance. Every lender’s fee schedule is different, so it’s important to consider not only what interest rate you are being offered but also the lender’s fee schedule when you are weighing one loan option against another.
Tax Deductibility of Home Equity Loan Interest
Here’s the scoop: The interest you pay on a home equity loan could be tax-deductible if you’re using the funds to buy, build, or improve your home. If you’re married and filing jointly, you can deduct interest on loans up to $750,000; for single filers, the number is $375,000. To benefit from this deduction, you’ll need to itemize your deductions on your tax return.
Alternatives to Home Equity Loans
Beyond the conventional home equity loan, there are different types of home equity loans at your disposal. Each comes with its own set of features and eligibility requirements.
Home Equity Line of Credit (HELOC)
A home equity line of credit (HELOC) is like a credit card. The lender will approve you for a certain amount of credit, and you can borrow up to that limit. You are not required to take the full amount of the HELOC. You will only pay interest on the amount you have borrowed. A HELOC has a variable interest rate that changes with the prime rate. If the prime rate goes up, your interest rate goes up and your payment will increase. Here’s a quick look at HELOCs vs. home equity loans:
| 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; 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 |
Home Equity Conversion Mortgage (HECM)
An HECM is a government-backed reverse mortgage option for those 62 and older. With an HECM, you can receive payments from the lender based on your home’s value. The beauty of it is that you don’t have to repay the loan until you leave your home. This sets it apart from Oklahoma home equity loans and HELOCs, which require regular payments. While HECMs may have higher closing costs and longer processing times, the benefits are worth considering. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)
Cash-Out Refinance
This special type of mortgage refinance gives you a new mortgage that pays off your old one and an additional lump sum that you can use however you wish. Lenders usually permit borrowing up to 85% of your home’s value. If you’re considering a cash-out refinance vs. a home equity line of credit, the rate you have on your current mortgage is an important
The Takeaway
If you’re a homeowner in Oklahoma, you can make the most of your home equity by learning about home equity loan rates in Oklahoma and the factors that influence them. By comparing lenders, using online tools, and considering all financing options, you can make an informed decision about your home equity loan.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What will you be paying each month on a $50,000 home equity loan?
The interest rate and loan term will determine what the monthly payment is on a $50,000 home equity loan. An 8.00% interest rate and a 10-year term would mean a monthly payment of $607. If the interest rate was 7.00%, the monthly payment would change to $581.
What is the monthly payment on a $100,000 HELOC?
Your monthly payment on a $100,000 HELOC will fluctuate based on the current interest rate and how much of your credit line you’ve used. Consider using a HELOC Monthly Payment Calculator, which can take these variables into account and provide an accurate projection.
What is the payment on a $25,000 home equity loan?
If you’re thinking about a $25,000 home equity loan, it’s a smart move to shop around and compare interest rates and loan terms to find the right loan for your financial needs. If you paid back the loan over a decade, at an interest rate of 6.50%, you would pay $284 per month. But changing either the term or rate would change the payment amount, as well as how much interest you pay over the life of the loan.
What would the payment be on a $30,000 home equity loan?
A 10-year term and 8.00% interest rate would equal a monthly payment of $364. A 7.00% interest rate would cost you $348 per month over the same time period.
What might disqualify you from getting a home equity loan?
Generally speaking, lenders want to see that you have a history of making on-time payments and being financially responsible. Having a bad credit score, lacking adequate equity in your home, being burdened by a high level of debt, or not having insurance on your property could all be disqualifying factors.
What are the benefits of a HELOC?
A home equity line of credit (HELOC) has a lot of benefits, including a lower interest rate than a credit card and the ability to only pay interest on the money you borrow. If you know you need cash on hand for an upcoming project or expense but you aren’t sure exactly how much, a HELOC can be an especially flexible option.
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-Q424-096
More home equity resources.
-
What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Online Checking Account
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Earn more with a welcome bonus of up to $300† with eligible direct deposit, and save more with no account fees3 or minimum balance requirements. Terms apply.
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Earn a bonus of $50 or $300 when you open an account and set up an eligible direct deposit of $1,000 or more†. Terms apply.
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Get up to $50 in overdraft coverage with no fees when you set up direct deposit.5
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Get a checking and a high yield savings account in one easy sign-up process. Best of all, you’ll earn competitive rates on both accounts—0.50% APY on checking balances and 3.30% APY on savings balances and Vaults with eligible direct deposit.7 Terms apply.
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As long as you direct deposit your pay or add $5,000 every 31 days, you’ll earn 3.30% APY on your savings & Vaults balances and 0.50% APY on your checking balances.7 If you do not have a direct deposit or $5,000 in deposits every 31 days, you’ll earn 1.00% APY on savings & Vaults balances and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. Additional information can be found at sofi.com/legal/banking-rate-sheet.
Making a cash deposit into your SoFi Checking & Saving account is fast, easy, and secure. With the help of Green Dot, you can make a cash deposit at participating retailers nationwide using your SoFi debit card. More details here.
No. SoFi account holders don’t pay any account fees. However, SoFi does charge transaction fees for certain transactions such as wires and global remittance transfers. See more on our Fees Page.
You can use any one of the 55,000+ Allpoint ATMs to withdraw money from your SoFi checking account, fee-free. 8
Yes! Every checking account also comes with a high-yield savings account that has an up to 3.30% APY. 7 We don’t currently offer standalone checking or savings accounts.
When you sign up for a SoFi online bank account, you will receive both a checking account and a savings account. We do not currently offer standalone checking or savings accounts.
You can earn 3.30% APY (annual percentage yield) on savings (including Vaults) balances, and 0.50% APY on your checking balances with direct deposit. That’s 8x the national average savings account rate!9
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Current Home Equity Loan Rates in Utah Today
UTAH HOME EQUITY LOAN RATES TODAY
Current home equity loan rates in
Utah.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Utah.
Key Points
• Home equity loan rates vary based on factors like lender, prime rate, and economic conditions.
• Home equity loans allow homeowners to borrow against their home’s equity for large expenses like renovations or debt consolidation.
• Home equity loan interest rates are influenced by the borrower’s credit score, debt-to-income ratio, and loan-to-value ratio.
• Interest rates on home equity loans are typically fixed, while home equity line of credit rates are variable.
• Alternatives to home equity loans include HELOCs, HECMs, and cash-out refinances, each with its own features and eligibility requirements.
Introduction to Home Equity Loan Rates
A home equity loan allows you to get equity out of your home. It uses your home as collateral, so it will likely offer a lower interest rate than an unsecured personal loan. In this guide, we’ll run down all the facts you need to know about home equity loan rates in Utah. We’ll look at how rates are set and provide details on how you can qualify for the best available rate on a home equity loan.
But first, let’s make sure we cover what is a home equity loan so you’ll know how it’s different from other types of loans or from a home equity line of credit.
How Do Home Equity Loans Work?
A home equity loan is essentially a second mortgage, with your home as the collateral. You receive the funds in a lump sum and then repay them, with interest, in equal monthly installments over a period of 5 to 30 years. These loans generally have a fixed rate, and at least 20% equity in your home will likely be required.
The Source of Home Equity Loan Interest Rates
Home equity loan interest rates are very important, as they largely determine the overall cost of your loan. These rates are influenced by a variety of economic factors. Federal Reserve policy decisions affect lenders’ prime rates, which is the rate that a bank charges its most creditworthy customers.
How Interest Rates Impact Home Equity Loan Affordability
Understanding how interest rates affect your loan is crucial. The chart below shows how different loan amounts, interest rates, and loan terms influence monthly costs. It’s important to realize that while the difference each month between, say, a 7.00% and an 8.00% interest rate may not be staggering, the difference in the total cost of the loan can run to thousands — even tens of thousands — of dollars, depending on the size of the loan.
| 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 prime rate is an important determinant of the interest rate you may be offered for a home equity loan in Utah, so it pays to keep tabs on where current rates are and how they stack up against historical rates. The average prime rate hit a low of 3.25% in 2020 and a high of 8.50% in 2023. The graphic below shows the history of the average over five-plus decades. As you will see, history shows that it doesn’t drift below 4.00% very often.
Historical Prime Interest Rates
| 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
Source: TradingView.com
Factors Influencing Home Equity Loan Rates
In Utah, as throughout the U.S., several factors beyond the prime rate come into play when determining home equity loan rates. Your credit score, home value, loan-to-value ratio, property location, and lender policies all have an impact on the rate you’re offered. These are important, so we’ll look at each factor individually.
Credit Score
You probably remember that when you got your home loan, your credit score was a critical part of the lender’s criteria. This is true with a home equity loan, as well. Lenders want to see a credit score of 680 or higher from a home equity loan applicant, although higher scores may get you a better rate.
Home Value
Lenders typically use independent appraisals to determine the value of your property before offering a loan. This appraised value of your home is key to determining exactly how much they will lend.
Loan-to-Value (LTV) Ratio
Once you know your home’s appraised value, you can figure out your LTV ratio. Your combined LTV ratio is calculated by dividing the remaining balance on your first mortgage plus the loan amount you’re seeking by the appraised value of the home. The maximum combined LTV lenders typically allow for home equity loans is around 85%.
Home Value Stability
Where you live in Utah is also important because movements of the local real estate market may affect your loan rate. If your home’s value is on the rise, lenders are more likely to greenlight a larger home equity loan, as an increasing property value helps lower their risk. But if values in your area are falling, lenders may offer smaller home equity loans.
Property Location
Where your property is located also impacts your interest rate in another way. If your home is in an area that is at a higher risk for natural disasters, you may be offered a higher rate, reflecting the fact that the lender is taking on more risk by lending in these areas. High-risk areas are those that are more likely to experience hurricanes, floods, tornados, or wildfires, for example.
Lender Policies
Each lender has its own policies that might impact the interest rate you’re offered. This is why it’s a good idea to shop around and compare interest rates, fees, and closing costs. By doing your research and comparing your options, you might be able to find better terms and save money.
How to Qualify for the Lowest Rates
To qualify for the lowest interest rates available, take these steps before you file your first home equity loan application.
Build a Strong Credit Score
A higher credit score can lead to better rates on home equity loans. Making timely payments is important, of course, but you should also take the time to check your credit report and correct any inaccuracies (they do happen). And avoid using the max credit line on all your credit accounts.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a significant factor when applying for a home equity loan. This ratio, which compares your monthly gross income to your monthly debt obligations, is a key indicator of your financial health. In Utah, lenders typically look for a DTI ratio below 36%, although some will go as high as 50% for home equity loans. You can figure out your DTI by adding up your monthly debts (student loan payment, car loan payment, etc.) and dividing by your gross monthly income.
Obtain Adequate Property Insurance
Full property insurance coverage is a must for home equity loans, as it protects you and your lender.
Maintain Sufficient Home Equity
If you’re eyeing a home equity loan in Utah, remember that you need to keep at least 20% equity in your property to qualify. This equity acts as a safety net for both you and the lender, ensuring that you’re not overleveraging your home.
Fixed vs. Variable Interest Rates
As noted above, home equity loans typically feature fixed interest rates. This means that the interest rate remains constant throughout the loan’s duration, ensuring predictable monthly payments. While fixed interest rates offer stability, they may result in higher initial rates compared to variable rates, which can start lower but fluctuate over time.
Tools & Calculators
Online tools and calculators can help you determine your eligibility for a home equity loan or home equity line of credit in Utah, learn your borrowing capacity, and determine what your monthly payments might be. Here are three calculators that take some of the stress out of the borrowing process:
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
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
Closing costs for a home equity loan can range from 2% to 5% of the loan amount. Common closing costs include an appraisal fee, credit report fee, document preparation fee, and title insurance fee, but each lender has its own fee schedule. That’s why it’s important to compare fees when you’re comparing interest rates on loan offers.
Tax Deductibility of Home Equity Loan Interest
If you use your home equity loan to build or substantially improve a home, the interest you pay could be deductible. Joint filers can claim as a deduction interest on up to $750,000 of a home equity loan, while single filers can claim interest on up to $375,000 of a loan. Just remember, you’ll need to itemize your deductions to claim this benefit. This means you’ll need to save the receipts from your renovations with your tax documents.
Alternatives to Home Equity Loans
In Utah, homeowners have alternatives to traditional home equity loans. These different types of home equity loans include a home equity line of credit (HELOC), home equity conversion mortgage (HECM), and cash-out refinance. They are all different so make sure you study the details:
Home Equity Line of Credit (HELOC)
Qualifying for a home equity line of credit (HELOC) is similar to getting a home equity loan, but in actual use, a HELOC feels more like a credit card. You get a lender’s permission to borrow up to a certain limit, but you only pay interest on the portion of that credit line you actually use. As you consider the HELOC vs. home equity loan decision, it’s worth noting that the HELOC’s interest rate is usually variable and so can increase (or decrease) with time.
Home Equity Conversion Mortgage (HECM)
A home equity conversion mortgage (HECM) is a government-insured reverse mortgage program. Homeowners who are 62 years of age or older can withdraw some of the equity in their home as a lump sum, fixed monthly payments, a line of credit, or a combination of these. Unlike a home equity loan, HECMs do not require borrowers to make monthly mortgage payments. They repay the loan when they leave the home. (While SoFi does not offer HECMs at this time, we do offer home equity loans and HELOCs.)
Cash-Out Refinance
A cash-out refinance is a special type of mortgage refinance. With a cash-out refi, you get a new mortgage that’s bigger than your old one. You’ll then pay off the old loan and be left with extra cash. Considering a cash-out refinance vs. a home equity line of credit? One thing to remember is that a cash-out refi leaves you with one monthly payment instead of two, which some borrowers find attractive. However, if your existing mortgage rate is nicely below current rates in Utah, you may find that doing a refinance won’t save you money on interest charges. Use a mortgage calculator to run the numbers before signing on.
The Takeaway
Understanding Utah home equity loan rates and what influences them is key to making smart financial decisions and making the most of your hard-earned home equity. By shopping around, cultivating a good credit score, and keeping your debt-to-income ratio in check, you can improve your chances of getting the best rate available to you.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What would the monthly payment be on a $50,000 home equity loan?
The monthly payment on a $50,000 home equity loan will depend on your interest rate and repayment term. Plug those numbers into a home equity loan calculator to get the exact payment amount.
What would a $100,000 HELOC look like in monthly payments?
Having a $100,000 home equity line of credit (HELOC) doesn’t mean that you have borrowed $100,000. A HELOC is a line of credit. So if you borrow $30,000 against that credit line, your monthly payment at 8.00% (with a 10-year term) could be $364. But if you use the full $100,000, then your monthly payment would be $1,213.
What is the monthly payment for a $25,000 home equity loan?
When you’re looking at a $25,000 home equity loan, it’s important to understand that the interest rate and loan term can impact your monthly payments. The monthly payment on a $25,000 home equity loan could run from $150 to around $500 depending on your interest rate and loan term.
Wondering what the payment would be on a $30,000 home equity loan?
Borrowing $30,000 with a 20-year term at a rate of 7.50% would equal a monthly payment of $242. Changing the interest rate or loan term will also change the monthly payment amount.
What might disqualify you from securing a home equity loan?
A history of bad credit, not enough equity in your home, a high debt-to-income ratio, or lacking enough property insurance can all lead to being disqualified for a home equity loan.
What are the benefits of a HELOC?
A home equity line of credit (HELOC) is an attractive financial tool for a number of reasons. It offers a lower interest rate than most credit cards, and the convenience of only paying interest on the amount of the credit line that you use. These benefits make a HELOC a good option for people who want to have financial flexibility and a cost-effective way to borrow money.
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-Q424-104
More home equity resources.
-
What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
10 Million Members Now Getting Their Money Right with SoFi
SoFi members have earned $1B in interest on savings, paid down $33B in credit card debt, borrowed $117B to fund their ambitions through September 30, 2024
SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced today that it now serves more than 10 million members across its suite of products and services. In 2024 to-date, total members increased by nearly 2.5 million. The company’s member base has grown more than 9x in less than five years.
SoFi’s 10 million members have made meaningful strides on their path to financial independence. Through September 30, 2024 they have collectively earned 12.5 billion rewards points, paid down $33 billion in credit card debt, borrowed $117 billion to fund their ambitions – including $44 billion in refinanced student loans and $9 billion in funded home loans – and earned more than $1 billion in interest on savings.
“Hitting the 10 million member mark is more than just a number,” said Anthony Noto, CEO of SoFi. “This milestone represents the tangible ways we’ve helped our members get their money right on their path to financial independence – whether that’s paying down debt, buying their first home, or making investments for the future. As for SoFi, this is only the beginning – we’re looking forward to building on our track record of product innovation to serve even more people in the years ahead. The best is yet to come.”
SoFi’s product innovation continues to offer members a comprehensive suite of products and services, while also paving the way for future growth. In 2024, members have taken advantage of new products that help them get their money right, like the SoFi robo-advisor platform, expanded access to alternative assets, early access to in-demand IPOs, unique investment opportunities (including interval funds, private credit, private real estate and private venture), expanded money movement options for members who bank with SoFi Money, and new SoFi Credit Card offerings to meet their spending and borrowing needs1.
Today’s milestone underscores SoFi’s role in shaping the future of financial services through member-centric innovation. With 10 million members and counting, SoFi remains committed to delivering the resources, rewards, and community its members need to succeed.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its 10 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
Forward-Looking Statements Involving Known and Unknown Risks and Uncertainties
This includes forward-looking statements, including statements regarding expectations with respect to future growth, product innovation and SoFi’s ability to continue to grow its members and services. Forward-looking statements represent SoFi’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that future developments affecting SoFi will be those that it has anticipated. Among those risks and uncertainties are market conditions and competition, including market interest rates, SoFi’s ability to satisfy evolving member and technology platform client preferences or to keep pace with market trends, and risks relating to SoFi’s business, including those described in periodic reports that SoFi files from time to time with the Securities and Exchange Commission (the “SEC”). For additional information on these and other factors that could affect SoFi’s actual results, see the risk factors set forth in SoFi’s filings with the SEC, including the most recent Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024. The forward-looking statements included here speak only as of the date of this release, and SoFi does not undertake to update the statements included in this release for subsequent developments, except as may be required by law.
DISCLOSURES
10 million members: as of December 12, 2024. All other product statistics are since inception and calculated as of September 30, 2024.
Interest earned is from SoFi Checking and Savings and SoFi Money® accounts from June 19, 2018 through September 30, 2024.
$117 billion borrowed toward ambitions reflects the sum of all student loans, personal loans, and mortgage loans processed by SoFi.
SoFi Checking and Savings and SoFi Credit Cards are products offered by SoFi Bank, N.A. Member FDIC. Loans are originated by SoFi Bank, N.A., NMLS #696891 (www.nmlsconsumeraccess.org). Equal Housing Lender. SoFi Money® is a cash management account, which is a brokerage product, Brokerage products are offered through SoFi Securities LLC, member FINRA/SIPC. Advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser.
Information as of December 2024 and is subject to change. MB24-2164679
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
1Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. These risks include those associated with commodities, real estate, leverage, selling securities short, the use of derivatives, potential adverse market forces, regulatory changes, and potential illiquidity. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. This information should not be construed as a recommendation to buy, sell, or hold any security, nor is a recommendation or endorsement of any investment strategy.
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