Home Equity Loan Rates in Florida (January 2025)

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $206,000 in Florida. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Florida's home equity loan rates are just under national averages — 7.6% APR for a 10-year term (7.7% nationally) and 7.9% APR for a 15-year term, which aligns with the national rate. We've compiled detailed insights on current home equity loan rates in Florida, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Florida is 7.9%, but several factors might impact what lenders offer. For instance, a higher credit score usually results in a lower APR, while a larger loan amount might increase the rate. Repayment terms also play a role in determining the rates. Explore the table to compare current home equity loan rates in Florida across different loan terms.

Home equity loan interest rates change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. It also allows you to accurately plan your budget and future expenses, ensuring you're borrowing within your means.

For example, a 15-year home equity loan with a 7.9% APR results in a monthly payment of $475 and a total interest of $35,490. In contrast, a 10-year loan with a 7.6% APR has a monthly payment of $596 and a total interest of $21,535.

The rate you qualify for depends on your loan-to-value ratio, which is the proportion of your mortgage balance to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio presents a higher risk to lenders, resulting in higher rates. In Florida, the average APR for a 15-year equity loan with an LTV ratio of 80% is 7.8%, while it is 8.1% for a 90% LTV ratio. Use the table below to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Florida. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Differences in property taxes or local fees can also influence rates, as these affect overall borrowing costs.

In Florida, Tyndall AFB has an average APR of 6.1%, while Loxahatchee's average APR is 10.1%. Below is a table showing the cities in Florida and their average APRs for home equity loans with different terms.

Home equity loan rates in Florida vary significantly between lenders, driven by each lender's policies and market strategies. For instance, Miami Postal Service Credit Union offers the lowest average APR at 4.9%, while both American Commerce Bank and Suncoast Credit Union present the highest rates at 10.0%.

Comparing rates and terms from different lenders is essential for securing the lowest home equity loan rates. Explore the interactive table below to find lenders in your city offering competitive rates.

Securing a good home equity interest rate can result in lower monthly payments and reduced overall costs, possibly freeing up funds for other financial goals. To lock in the best home equity loan rate in Florida, consider these strategies:

MoneyGeek addresses common homeowner questions about home equity loan rates, providing precise and reliable information for Florida residents.