HELOC rates in Wisconsin rose from 4.2% in 2022 to 8.7% by 2024. This trend suggests higher borrowing costs for homeowners. Consider securing a rate soon to avoid potential increases.
HELOC
Best HELOC Rates in Wisconsin
Updated: November 19, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Wisconsin with an 80% LTV is 8.1%, compared with 8.6% for a 90% LTV.
HELOC rates vary by city in Wisconsin. Radisson has an average APR of 5.0%, whereas Oconto Falls' is 11.2%.
Different lenders offer varying rates for the same loan types. Chippewa Valley Bank's average APR is 5.0%, whereas Flagstar Bank's is 11.2%.
Current HELOC Rates in Wisconsin
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HELOC Rates in Wisconsin by LTV Ratio
HELOC rates in Wisconsin can vary depending on your loan-to-value ratio and line limit. Lenders consider a lower LTV less risky because you have more equity in your home. For instance, with an 80% LTV, you've borrowed less against your home's value compared to 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:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
HELOC Rates in Wisconsin by City
HELOC rates in Wisconsin vary by city due to local housing markets and lender competition. For instance, Madison might offer lower rates thanks to its stable housing market.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
Data filtered by:Results filtered by:
City:
City:Milwaukee
| $100,000 | 8.4% |
| $50,000 | 8.5% |
HELOC Rates in Wisconsin by Lender
HELOC interest rates in Wisconsin vary among lenders due to differing pricing strategies and risk assessments. For those seeking competitive rates, the table below highlights the five lenders in Wisconsin offering the lowest average APRs.
| Chippewa Valley Bank | 5.0% |
| Superior Choice Credit Union | 5.5% |
| AbbyBank | 5.5% |
| Great North Bank | 5.8% |
| Empeople Credit Union | 6.6% |
HELOC rates today can vary among lenders even in the same city. Use the table below to filter by city and compare APRs, helping you find the best rate available in your area.
Data filtered by:Results filtered by:
City:
City:Milwaukee
| Landmark Credit Union | Credit Union | 7.3% |
| University of Wisconsin Credit Union | Credit Union | 7.5% |
| CIBC Bank USA | Commercial Bank | 7.8% |
| Kohler Credit Union | Credit Union | 8.0% |
| Johnson Bank | Commercial Bank | 8.0% |
| Ixonia Bank | Commercial Bank | 8.0% |
| Forte Bank | Commercial Bank | 8.0% |
| Summit Credit Union | Credit Union | 8.1% |
| Educators Credit Union | Credit Union | 8.2% |
| Old National Bank | Commercial Bank | 8.5% |
| Bank Five Nine | Commercial Bank | 8.5% |
| Brewery Credit Union | Credit Union | 8.5% |
| Prime Financial Credit Union | Credit Union | 8.5% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.5% |
| U.S. Bank National Association | Commercial Bank | 9.0% |
| Town Bank | Commercial Bank | 9.0% |
| Self-Help Federal Credit Union | Credit Union | 9.0% |
| Peoples State Bank | Commercial Bank | 9.0% |
| PNC Bank | Commercial Bank | 9.2% |
| The Huntington National Bank | Commercial Bank | 9.5% |
| Marine Credit Union | Credit Union | 10.3% |
COMPARING HELOC RATES IN WISCONSIN: BANKS VS. CREDIT UNIONS
HELOC rates in Wisconsin vary between banks and credit unions, reflecting their different operational models. Commercial banks generally have higher rates, with the best HELOC rate in Wisconsin for commercial banks averaging 8.4%. In contrast, credit unions, which are not-for-profit institutions, offer slightly lower rates, averaging 8.2%.
When deciding between the two, consider more than just rates. Banks may provide greater convenience, while credit unions often excel in customer service and offer lower fees. Ensure you check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
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 Wisconsin HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms.
It also provides an amortization schedule, showing payment division between principal and interest over time. Understanding these details can help you manage your HELOC more effectively.
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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Repayment Period Payment
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- Amortization
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How to Get the Best HELOC Rates in Wisconsin
Finding the best HELOC rates in Wisconsin can save you thousands over your loan's life. For example, a lower rate can reduce monthly payments, freeing up funds for other expenses. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in Wisconsin is 737. While good, aiming for 750 can secure even better rates from lenders.
Compare offers from multiple lenders
Shopping around helps find competitive rates. Use multiple offers to negotiate better terms and avoid settling for the first offer.
Reduce your debt-to-income (DTI) ratio
Lenders prefer lower debt-to-income (DTI) ratios. Paying off credit card debt can improve your chances of getting a lower rate.
Increase your home equity
More equity means less risk for lenders, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Some lenders charge closing costs of 2%-5%. Understanding rate caps helps manage costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in Wisconsin
HELOC interest rates in Wisconsin average 8.3%, slightly higher than the 7.5% for home equity loans. This difference stems from HELOCs having variable rates, while home equity loans provide fixed rates.
- HELOCs are flexible credit lines with variable rates that adjust with market conditions, which can lead to higher costs in rising interest rate environments, potentially impacting homeowners' finances over time.
- Home equity loans offer a lump sum at a fixed rate, ensuring consistent payments, suitable for those needing financial predictability.
When choosing between these options, consider whether you value the flexibility of a HELOC or the stability of a home equity loan. Also, assess your comfort with variable rates and the current interest rate trends before borrowing against your home's equity.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing primary 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 a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 mortgage balance, an FHA cash-out refinance for $200,000 could give you $50,000 in cash, but your new loan payments will be based on $200,000.
FAQ: Best HELOC Rates in Wisconsin
What are the current HELOC rates in Wisconsin and how do they compare to national rates?
Wisconsin's HELOC rates average 8.3%, slightly lower than the national average of 8.4%.
What fees are commonly associated with HELOCs in Wisconsin?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in Wisconsin compare to home equity loan rates?
HELOC rates in Wisconsin average 8.3%, while home equity loan rates are lower at 7.5%, making them a viable option for those with bad credit.
How do HELOC Rates in Wisconsin vary between banks and credit unions?
Commercial banks in Wisconsin offer HELOC rates averaging 8.4%, while credit unions offer lower rates at 8.2%.
What's the best HELOC rate in Milwaukee? How does it compare to the current HELOC rate in Wisconsin?
Milwaukee's rates average 8.5%, slightly higher than Wisconsin's average rate of 8.3%.
MoneyGeek examined 130 different banks and credit unions in Wisconsin 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 November 15, 2024.
130Lenders 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.