Best HELOC Lenders in Wisconsin (November 2024)

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Updated: November 16, 2024

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Key Takeaways

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BMO Bank is the best HELOC lender in Wisconsin with a MoneyGeek score of 96 out of 100, followed by U.S. Bank with a MoneyGeek score of 96 out of 100.

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Average HELOC limit data for Wisconsin is $74,236. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Wisconsin, updated weekly to assist you in your journey.

Overall Best HELOC Lender in Wisconsin

Company logo for BMO BANK
BMO BANK
MoneyGeek Score:
96/ of 100
Minimum Credit Score650
Average HELOC APR8.38%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Offers a 0.25% rate discount for automatic payments
  • Provides a remote closing option for HELOC applications
  • Option to lock in your balance at a fixed rate
CONS
  • Charges a $75 annual fee
  • Charges a closing cost recoupment fee for accounts closed within 36 months
  • Locking in your rate costs $75 after closing

Runner-Up for Best HELOC Lender in Wisconsin

Company logo for U.S. Bank
U.S. Bank
MoneyGeek Score:
96/ of 100
Minimum Credit Score660
Average HELOC APR9.45%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Borrow up to $750K
  • Provides a 0.50% autopay discount
  • Option to lock in a fixed interest rate
CONS
  • Minimum line amount is $25,000
  • Closing must be done at a local branch
  • Charges an early closure fee of 1% of loan

Calculate Your Monthly Payment

The average HELOC balance in Wisconsin for the third quarter of 2023 is $24,776, according to Experian. Knowing how much your monthly payments are can help you plan for any financial adjustments.

Calculating your HELOC payments can make managing this debt more straightforward. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms. The full amortization schedule provided will show how much of your payments go toward interest and principal over time.

Wisconsin 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.

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Credit Line Information

Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Wisconsin for Affordability

Company logo for Old National Bank
Old National Bank
MoneyGeek Score:
94/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR8.99%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Allows interest-only payments during the draw period
  • Offers a 0.25% rate discount for automatic payments
CONS
  • Charges a $50 annual fee
  • Accounts closed within three years may incur fees
  • Other HELOC information not disclosed on website

Best HELOC Lender in Wisconsin for Service Quality

Company logo for PNC Bank
PNC Bank
MoneyGeek Score:
100/ of 100
Minimum Credit ScoreUndisclosed
Average HELOC APR9.91%
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 for automatic payments
  • Allows switching between variable and fixed rates
CONS
  • Charges a $50 annual fee
  • Has a $100 fee for locking/unlocking interest rates
  • Late fees apply

What You Can Use a HELOC for in Wisconsin

Home Equity Lines of Credit (HELOCs) have become a popular financial tool in Wisconsin due to their flexibility and the control they offer over borrowing amounts and repayment timelines. This adaptability allows homeowners to tailor their financial strategies to meet personal needs.

Let's explore some practical ways you can use a HELOC to enhance your financial plans.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. It allows you to access funds as needed, ensuring your renovation dreams can become reality without financial strain.

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    Consolidating high-interest debt

    With the average 2023 consumer debt in Wisconsin at $85,881, a HELOC can simplify finances by debt consolidation. It combines multiple debts into one payment, often at a lower interest rate.

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    Funding education expenses

    Using a HELOC for education expenses is smarter than other debts. It can cover tuition, books, and fees, providing a flexible and often lower-interest alternative to student loans.

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    Investment properties

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

How to Apply for a HELOC in Wisconsin

Understanding the steps to apply for a Home Equity Line of Credit (HELOC) in Wisconsin is key to navigating the process smoothly. Below, we break down the journey into six clear steps.

  1. 1
    Review your financial health

    Reviewing your current financial situation is essential for HELOC approval. Key factors include your credit score, debt-to-income ratio, and home equity. The average credit score in Wisconsin is 737, based on Experian data. Understanding these elements helps you assess your readiness for a HELOC.

  2. 2
    Compare rates in Wisconsin

    Comparing rates in Wisconsin can help you secure the best HELOC deal. Consider not only the interest rates but also other lender features such as repayment terms, fees, and the option for a fixed-rate HELOC. Evaluating these aspects ensures you choose a lender that aligns with your financial goals and needs.

  3. 3
    Prepare required documentation

    Preparing the necessary documents is a key step in the HELOC application process. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these documents ready can streamline your application and reduce potential delays.

  4. 4
    Submit an application

    You can submit your HELOC application online or in-person if your lender has a physical branch. It's important to carefully review your application for any errors or omissions to avoid delays. Ensuring accuracy in your submission can help expedite the approval process.

  5. 5
    Undergo a home appraisal

    Some lenders may require a home appraisal to determine your home's current market value. A home appraisal involves a professional assessment of your property's worth, which helps the lender decide on your HELOC terms. Understanding this process can prepare you for any additional steps needed.

  6. 6
    Wait for approval and closing

    After submitting your application, the approval process can take two to six weeks. Once approved, you'll proceed to closing, 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 this option.

Know How Much You Can Borrow in Wisconsin

According to Experian, the average HELOC limit in Wisconsin for the third quarter of 2023 is $74,236. Typically, the maximum amount you can borrow through a HELOC is tied to the equity you have in your home. The higher your equity, the higher your potential credit limit.

Check out the table below to see the range of credit lines offered by Wisconsin lenders in our database. This can help you better understand your options and how your home equity might influence your borrowing capacity.

CIBC Bank USAFrom $10,000
Flagstar Bank$10,000 to $1,000,000
Old National Bank$10,000 to $1,000,000
PNC Bank$10,000 to $1,000,000
U.S. Bank$25,000 to $750,000
Ask the experts:

How do lenders determine how much equity a homeowner can borrow against in a HELOC?

Credit & Mortgage Expert

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.

FAQ: Best HELOC Lenders in Wisconsin

Who is the best HELOC lender in Wisconsin?
How to find the best HELOC lenders for bad credit in Wisconsin?
What factors should I consider when choosing a HELOC lender in Wisconsin?
What are common fees associated with HELOCs that I should compare in Wisconsin?
What is the typical draw period for HELOCs, and does it vary between lenders in Wisconsin?
How can I find a lender with flexible repayment options in Wisconsin?

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.

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

101Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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