Updated: December 21, 2024
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BMO Bank is the best home equity line of credit (HELOC) lender in Florida, with a MoneyGeek score of 96 out of 100. Truist Bank is the runner-up, scoring 95 out of 100.
The average HELOC limit in Florida is $128,771. How much you can borrow often depends on factors like home equity, outstanding mortgage balance and credit score.
Comparing rates helps you find suitable lenders. MoneyGeek compiled the best HELOC rates in Florida, updated weekly to assist you.
HELOC balances in Florida averaged $48,600 for the third quarter of 2023, according to Experian. Calculating your HELOC payments helps manage this type of debt effectively so you can plan for any adjustments in your financial obligations.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much of your payments go toward interest and principal over time.
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.
Draw Period Payment
Repayment Period Payment
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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. Here are various ways you can use a HELOC.
A HELOC is ideal for home improvements, offering flexibility as project costs change. It allows you to access funds as needed, ensuring you can adapt to changes and complete your renovations without financial strain.
The average 2023 consumer debt in Florida was $94,933, based on Experian data. A HELOC for debt consolidation can merge multiple debts into one payment, potentially lowering interest rates and easing financial management.
A HELOC can be a better option for education expenses than other debts. It covers tuition, books and living costs while offering lower interest rates and more flexible repayment options than student loans or credit cards.
A HELOC can fund investment properties, offering potential returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms, maximizing your investment's profitability.
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.
Check 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. Also, evaluate your debt-to-income ratio and home equity to gauge your financial health and readiness for a HELOC.
Comparing rates from different lenders can help you secure the best HELOC deal. Also, consider 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.
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.
When you're ready to apply for a HELOC, most lenders offer the convenience of online applications. If your lender has a physical branch, you can apply in person. Ensure all information is accurate and complete to avoid errors or omissions that could delay the process.
Some lenders may require a home appraisal to determine your property's current market value. An appraisal involves a professional assessment of your home's value, which helps the lender decide on the loan amount you qualify for.
A HELOC approval process can take 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.
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 your home equity. 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 that 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 |
Most lenders will allow you to take out up to 90% of your home's equity. For example, if your home is appraised at $400,000 and you owe $200,000 on your mortgage, you could potentially take out up to $160,000 on a HELOC if you meet the requirements of that lender.
The best HELOC lender in Florida is BMO Bank, with a MoneyGeek score of 96 out of 100. It excels in customer service and education, application process and approval, and reputation and transparency.
When looking for the best HELOC lenders for bad credit, consider those willing to work with lower credit scores and offering flexible terms.
Consider interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender.
Common fees to compare include origination fees, annual fees, application fees and early closure fees.
The draw period for HELOCs usually lasts 10 years, but some lenders may offer more flexible options.
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. We allocated scores based on including or excluding certain desirable features in various critical categories.
Our analysis, completed in December 2024, considered different banks and credit unions in Florida from S&P Global's SNL Depository Rates dataset.
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.
