HELOC rates in Florida stayed around 4% until mid-2022 but climbed to about 9% by early 2023. If this trend continues, homeowners could face even higher borrowing costs, so lock in a rate sooner rather than later.
HELOC
Best HELOC Rates in Florida (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Florida with an 80% LTV is 8.2%, compared with 8.5% for a 90% LTV.
HELOC rates vary by city in Florida. Virginia Gardens has an average APR of 7.3%, whereas Ponte Vedra's is 10.8%.
Different lenders offer varying rates for the same loan types. Tropical Financial Credit Union's average APR is 6.8%, whereas Pinnacle Bank's is 11.8%.
Current HELOC Rates in Florida
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HELOC Rates in Florida by LTV Ratio
HELOC rates in Florida can vary depending on your loan-to-value (LTV) ratio and line limit. Lenders see a lower LTV as less risky because you have more equity in your home. For example, with an 80% LTV, you’ve borrowed less against your home’s value compared with a 90% LTV, making you less likely to default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.3% | 8.6% |
HELOC Rates in Florida by City
HELOC rates can vary across Florida cities due to differences in local housing markets and lender competition. For example, a city with a strong real estate market might see lower rates because homes retain their value better, reducing lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
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City:Jacksonville
| $100,000 | 8.7% |
| $50,000 | 8.8% |
HELOC Rates in Florida by Lender
HELOC interest rates in Florida can differ widely among lenders based on their pricing strategies and risk assessments. The table below highlights the five lenders in Florida offering the lowest average APRs, helping you compare competitive rates.
| Synovus Bank | 7.0% |
| Tropical Financial Credit Union | 7.0% |
| TruGrocer Federal Credit Union | 7.3% |
| Launch Credit Union | 7.3% |
| Partners Federal Credit Union | 7.4% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter lenders by city to compare average APRs and find the best rate in your area.
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City:Jacksonville
| Synovus Bank | Commercial Bank | 7.0% |
| VyStar Credit Union | Credit Union | 7.8% |
| Alive Credit Union | Credit Union | 7.8% |
| Together Credit Union | Credit Union | 7.8% |
| First Florida Credit Union | Credit Union | 8.0% |
| JM Associates Federal Credit Union | Credit Union | 8.0% |
| Mayo Employees Federal Credit Union | Credit Union | 8.0% |
| Seacoast National Bank | Commercial Bank | 8.0% |
| The First Bank | Commercial Bank | 8.0% |
| Valley National Bank | Commercial Bank | 8.0% |
| Cypress Bank & Trust | Commercial Bank | 8.0% |
| RadiFi Federal Credit Union | Credit Union | 8.1% |
| Coastline Federal Credit Union | Credit Union | 8.1% |
| Bank OZK | Commercial Bank | 8.3% |
| Community First Credit Union of Florida | Credit Union | 8.3% |
| First Horizon Bank | Commercial Bank | 8.5% |
| Regions Bank | Commercial Bank | 8.5% |
| TD Bank | Commercial Bank | 8.9% |
| Self-Help Credit Union | Credit Union | 9.0% |
| Champions First Credit Union | Credit Union | 9.0% |
| Navy Federal Credit Union | Credit Union | 9.1% |
| PNC Bank | Commercial Bank | 9.7% |
| Bank of America | Commercial Bank | 9.8% |
| Hancock Whitney Bank | Commercial Bank | 10.1% |
| Fifth Third Bank | Commercial Bank | 10.3% |
| Pinnacle Bank | Commercial Bank | 11.8% |
COMPARING HELOC RATES IN FLORIDA: BANKS VS. CREDIT UNIONS
HELOC rates in Florida vary between banks and credit unions. Commercial banks often have higher rates, with the best HELOC rate in Florida for commercial banks averaging 8.7%. In contrast, credit unions offer a lower average APR of 8.1%, as they are not-for-profit institutions.
When choosing between the two, consider more than just rates. Banks may provide more convenience, while credit unions often excel in customer service and have lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Expert Answers About HELOCs
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Florida HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
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.
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How to Get the Best HELOC Rates in Florida
Finding the best HELOC rates in Florida can help you save thousands over the life of your loan. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in Florida is 708. Although this is good, aiming for 720 or higher can help you qualify for even lower rates from lenders.
Compare offers from multiple lenders
Settling for the first offer you receive may be costly. By shopping around, you can find competitive rates and even use offers to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lenders favor borrowers with lower debt-to-income ratios because it shows financial stability. Reducing your debt can make you a more attractive candidate for a lower rate.
Increase your home equity
The more equity you have, the less risk the lender assumes, which can lead to a lower rate. Paying down your mortgage or making home improvements can increase your equity.
Review closing costs and rate caps
Some lenders charge closing costs between 2% and 5%, whereas others don't. Compare rate caps to limit your costs as rates adjust over time.
HELOC Loan Rates vs. Home Equity Loan Rates in Florida
HELOC interest rates in Florida average 8.3%, slightly higher than home equity loan rates at 7.7%. This difference arises from their rate structures, with variable rates for HELOCs and fixed rates for home equity loans.
- HELOCs are flexible credit lines with variable rates that adjust based on market conditions. In rising interest rate environments, HELOC rates can increase, potentially affecting long-term finances.
- In contrast, home equity loans provide a lump sum with a fixed rate, offering stability throughout the loan term. They are preferable when financial predictability is needed.
When deciding between these options, consider if you need the flexibility of a HELOC or the stability of a home equity loan. Evaluate your risk tolerance and financial situation to determine which aligns best with your financial goals and the equity in your home.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing mortgage with a new, larger loan, allowing you to access cash. Unlike HELOCs or home equity loans, cash-out refinances create a new primary mortgage.
For instance, if you have an loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150,000 mortgage balance, an FHA cash-out refinance for $200K could give you $50K in cash, but your new loan payments will be based on $200K.
FAQ: Best HELOC Rates in Florida
What are the current HELOC rates in Florida and how do they compare to national rates?
The average HELOC rate in Florida is 8.3%, which is the same as the national average.
What fees are commonly associated with HELOCs in Florida?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Florida compare to home equity loan rates?
HELOC rates in Florida's HELOC rates average 8.3%, while home equity loan rates are lower at 7.7%, which can be beneficial for those with bad credit.
How do HELOC rates in Florida vary between banks and credit unions?
Commercial banks in Florida offer HELOC rates averaging 8.7%, while credit unions offer lower rates at 8.1%.
What's the best HELOC rate in Jacksonville? How does it compare to the current HELOC rate in Florida?
The average HELOC rate in Florida is 8.3%, while Jacksonville's rates match this average at 8.7%.
MoneyGeek examined 133 different banks and credit unions in Florida using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
133Lenders 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.