Best HELOC Lenders in Florida (November 2024)

Name: Best HELOC Lenders in Florida (November 2024)
Item: Best HELOC Lenders in Florida (November 2024)
Author: Zachary Romeo, CBCA

Truist Bank is the best HELOC lender in Florida, with a MoneyGeek score of 95 out of 100. It offers excellent customer service, has an efficient application process and is transparent about its HELOC terms and process.

By Zachary Romeo, CBCA

Reviewed by Ramsey Coulter

Edited by Denise Cristobal

Updated: November 16, 2024

Advertising & Editorial Disclosure

Key Takeaways

Truist Bank is the best home equity line of credit (HELOC) lender in Florida, with a MoneyGeek score of 95 out of 100. Bank of America follows with a MoneyGeek score of 94 out of 100.

The average HELOC limit in Florida is $128,771. How much you can borrow depends on your home's equity, mortgage balance and credit score.

Comparing rates helps find suitable lenders. MoneyGeek compiled the best HELOC rates in Florida, updated weekly.

Overall Best HELOC Lender in Florida

Truist Bank

MoneyGeek Score:

95/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR10.10%

Draw Period10 years

Repayment Period20 years

Time to Receive FundsUndisclosed

PROS

Offers a fixed-rate HELOC option
Can advance your closing costs and waive reimbursement
Provides payment relief options on qualifying HELOCs

CONS

Charges a $50 annual fee
HELOC can only be secured with primary or secondary home or a condo
Does not disclose minimum credit score requirement

HELOC

Best HELOC Lenders in Alabama

HELOC

Best HELOC Lenders in Georgia

Runner-Up for Best HELOC Lender in Florida

Bank of America

MoneyGeek Score:

94/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR11.72%

Draw Period10 years

Repayment Period20 years

Time to Receive FundsUndisclosed

PROS

Borrow up to $1 million
Accepts co-applicants
Provides rate discounts for autopay and Preferred Rewards

CONS

Minimum line amount is $25,000 online
Charges an early closure fee of $450
Closing must be done in person

Calculate Your Monthly Payment

The average HELOC balance in Florida for the third quarter of 2023 was $48,600, according to Experian. Understanding this figure is key to managing your financial obligations effectively. Calculating your HELOC payments is essential to ensure you can handle this debt comfortably and plan for any changes in your finances.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time, helping you stay informed about your financial commitments.

Florida HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Graph view
Table view
Amortization

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance

Principal paid

Interest paid

Best HELOC Lender in Florida for Affordability

HSBC Bank USA

MoneyGeek Score:

92/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR9.60%

Draw PeriodUndisclosed

Repayment PeriodUndisclosed

Time to Receive FundsUndisclosed

PROS

Offers a 0.25% rate discount for automatic payments
No application and annual fees
Offers a fixed-rate HELOC option

CONS

Has an early termination fee of $500
Requires a U.S. Premier relationship to qualify
Other HELOC information not disclosed on website

Best HELOC Lender in Florida for Service Quality

PNC Bank

MoneyGeek Score:

100/ of 100

Minimum Credit ScoreUndisclosed

Average HELOC APR10.65%

Draw PeriodUndisclosed

Repayment Period5 to 30 years

Time to Receive FundsNext Day After Closing

PROS

Borrow up to $1 million
Provides a 0.25% interest rate discount
Allows switching between variable and fixed rates

CONS

Charges a $50 annual fee
Has a $100 fee for interest rate changes
Late fees apply

What You Can Use a HELOC for in Florida

Home equity lines of credit (HELOCs) are popular in Florida because they offer flexibility and control. Homeowners can access funds as needed, adjusting their borrowing and repayment to fit their financial situation.

Let's explore various ways you can use a HELOC.

Home improvements or renovations

A HELOC is ideal for home improvements, offering flexibility as project costs evolve. It allows you to access funds as needed, ensuring you can adapt to changes and complete your renovations without financial strain.

Consolidating high-interest debt

Based on Experian data, the average 2023 consumer debt in Florida was $94,933. A HELOC for debt consolidation can merge multiple debts into one payment, potentially lowering interest rates and easing financial management.

Funding education expenses

Using a HELOC for education expenses is often better than using other debts. It can cover tuition, books and living costs, offering lower interest rates and flexible repayment options than student loans or credit cards.

Investment properties

A HELOC can fund investment properties, offering potential returns. It's crucial to shop around for the best HELOC lenders for investment property to secure favorable rates and terms, maximizing your investment's profitability.

How to Apply for a HELOC in Florida

Understanding the steps to apply for a HELOC in Florida can help you navigate the process with confidence. We've simplified this journey into six steps below.

1
Review your financial health
Start by checking your credit score, which can influence your approval chances. The average credit score in Florida was 708, based on Experian data for the third quarter of 2023. A higher score may improve your chances of approval. Additionally, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.
2
Compare rates in Florida
Comparing rates from different lenders in Florida can help you secure the best HELOC deal. Look beyond interest rates and consider other features such as repayment terms, fees and the option to apply for a fixed-rate HELOC to ensure you choose a lender that aligns with your financial needs and goals.
3
Prepare required documentation
Preparing the necessary documents in advance can streamline your HELOC application process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.
4
Submit an application
When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. You can apply in person if your lender has a physical branch. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.
5
Undergo a home appraisal
Some lenders may require a home appraisal to determine your property's current market value. A home appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.
6
Wait for approval and closing
The approval process for a HELOC can take anywhere from two to six weeks. Once approved, you'll proceed to the closing process, which involves signing documents and potentially paying closing costs. Some lenders may offer to cover part of these costs, so it's worth inquiring about any available options.

Know How Much You Can Borrow in Florida

The average HELOC limit in Florida for the third quarter of 2023 was $128,771, according to Experian. The maximum amount you can borrow is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit can be.

Check out the table below to see the range of credit lines offered by Florida lenders in our database who have disclosed their line amount range.


Bank of America	$15,000 to $1,000,000
Fifth Third Bank	$10,000 to $500,000
HSBC Bank USA	Up to $500,000
PNC Bank	$10,000 to $1,000,000
TD Bank	From $25,000
Truist Bank	Up to $500,000

Ask the experts:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.

FAQ: Best HELOC Lenders in Florida

Who is the best HELOC lender in Florida?

Truist Bank is the best HELOC lender in Florida, with a MoneyGeek score of 95 out of 100. It excels in customer service, has an efficient application process and is credible and transparent about its HELOC terms.

How to find the best HELOC lenders for bad credit in Florida?

A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider lenders that offer flexible terms, have low fees and are willing to work with lower credit scores.

What factors should I consider when choosing a HELOC lender in Florida?

When choosing a HELOC lender in Florida, consider factors like interest rates, fees, borrowing limits, repayment terms and lender reputation.

What are common fees associated with HELOCs that I should compare in Florida?

Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees.

What is the typical draw period for HELOCs, and does it vary between lenders in Florida?

The typical draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.

How can I find a lender with flexible repayment options in Florida?

Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period.

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

Our analysis was completed in October 2024 and considered different banks and credit unions in Florida from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

Read Full Bio »

sources

Experian. "Average HELOC Balances up 2.7% in 2023." Accessed November 13, 2024.
Experian. "Average U.S. Consumer Debt and Statistics." Accessed November 13, 2024.
Experian. "What Is the Average Credit Score in the US?." Accessed November 13, 2024.

Best HELOC Lenders in Florida (November 2024)

Key Takeaways

Overall Best HELOC Lender in Florida

Runner-Up for Best HELOC Lender in Florida

Calculate Your Monthly Payment

Florida HELOC Payoff Calculator

Credit Line Information

$0

$0

Credit Payoff Schedule for Home Equity Line

Best HELOC Lender in Florida for Affordability

Best HELOC Lender in Florida for Service Quality

What You Can Use a HELOC for in Florida

How to Apply for a HELOC in Florida

Review your financial health

Compare rates in Florida

Prepare required documentation

Submit an application

Undergo a home appraisal

Wait for approval and closing

Know How Much You Can Borrow in Florida

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

FAQ: Best HELOC Lenders in Florida

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