Home Equity Loan Rates in Wisconsin (November 2024)

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

Wisconsin's home equity loan rates are slightly above national averages — 7.5% APR for a 10-year term (7.7% nationally) and 8.1% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Wisconsin, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

Key Takeaways

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Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in Wisconsin with an 80% LTV is 7.9%, compared to 8.6% for a 90% LTV.

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HEL rates vary by city in Wisconsin. For example, for 15-year loans, Withee has an average APR of 2.5%, whereas Brown Deer's is 11.6%.

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Different lenders offer varying rates for the same loan types. AbbyBank's average APR is 2.5%, whereas PNC Bank's is 9.6%.

MoneyGeek examined 71 different banks and credit unions in Wisconsin using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of November 2024.

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Current Home Equity Loan Rates in Wisconsin

The current average APR for a 15-year home equity loan in Wisconsin is 8.1%, but several factors can influence the rate lenders offer you. For instance, a higher credit score typically results in a lower APR, while a larger loan amount might lead to a higher rate. Repayment terms also play a role in determining the APR you receive. Check out the table below to compare the average APRs of home equity loans in Wisconsin across different loan terms.

10Year7.5%
15Year8.1%
5Year7.1%

Interest rates for home equity loans change daily. Keeping an eye on these changes can save you money by reducing the interest you pay over the life of your loan. If you have high-interest debts, a lower rate on a home equity loan can help you consolidate those debts and lower your overall interest payments.

For example, a 15-year home equity loan with an 8.1% APR results in a monthly payment of $481 and a total interest of $36,529. In contrast, a 10-year loan with a 7.5% APR has a monthly payment of $594 and a total interest of $21,221.

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HOME EQUITY LOANS VS. HELOCS IN WISCONSIN

Home equity loans and HELOCs are popular choices for homeowners. Home equity loans and home equity lines of credit (HELOC) allow homeowners to tap into their home's equity.

Home equity loan rates in Wisconsin have fixed rates, averaging 7.6%, while HELOC rates in Wisconsin are variable, averaging 8.4%. Fixed rates mean consistent monthly payments, providing financial predictability. Variable rates can start lower but may increase, leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value ratio, which is the amount you owe on your mortgage compared 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 instance, if your home is valued at $300,000 and your mortgage balance is $240,000, your LTV ratio is 80%.

A higher LTV ratio presents a greater risk to lenders, resulting in higher rates. In Wisconsin, the average APR of a 15-year equity loan with an LTV ratio of 80% is 7.9%, compared to 8.6% for an LTV ratio of 90%. Use the table to see the average home equity loan rates you might qualify for based on your LTV ratio.

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Repayment Terms:10Year
7.4%7.9%

Home Equity Loan Rates by City in Wisconsin

Average APRs also vary between cities in Wisconsin. 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, affecting overall borrowing costs.

In Wisconsin, Withee has an average APR of 2.5%, while Waupun has an average APR of 9.5%. Below is a table showing the cities in Wisconsin and their average APRs for home equity loans with different terms.

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City:Milwaukee
10Year8.4%
15Year9.2%
5Year7.8%

Home Equity Loan Lenders in Wisconsin

Home equity loan rates in Wisconsin vary significantly among lenders, influenced by their policies and market strategies. For instance, AbbyBank offers the lowest average APR at 2.5%, while PNC Bank has the highest at 9.6%.

Comparing rates and terms from different lenders is crucial for securing the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the best rates in your city.

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City:Milwaukee
Educators Credit Union7.2%
Old National Bank7.5%
University of Wisconsin Credit Union7.7%
Forte Bank7.7%
Brewery Credit Union7.9%
Summit Credit Union8.4%
Landmark Credit Union8.6%
U.S. Bank National Association8.8%
BMO BANK NATIONAL ASSOCIATION8.9%
Prime Financial Credit Union9.4%
Marine Credit Union9.4%
PNC Bank10.0%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Considering credit unions in your lender options can be beneficial. In Wisconsin, commercial banks have an average APR of 7.7%, while credit unions offer a slightly lower rate of 7.5%. Credit unions typically provide more competitive home equity loan rates in Wisconsin but may have stricter membership requirements. Weigh these factors when exploring your options.

How to Get the Best Home Equity Loan Rate in Wisconsin

Getting the best possible home equity interest rates can lower your monthly payments and reduce overall borrowing costs, making it easier to manage your finances. For instance, securing a low rate in Wisconsin could free up funds for other expenses. To obtain the best home equity loan rates, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, Bank of Luxemburg advertises an average APR of 5.3%, while Marine Credit Union offers 9.4%. Comparing different home equity loan lenders in Wisconsin can help you find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Wisconsin homeowners can increase their home's equity by basement finishing or bathroom remodels.

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    Improve your credit score

    Improve your credit score to get better home equity loan rates. Pay bills on time and reduce credit card debt. The average credit score in Wisconsin is 737, according to Experian.

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    Decrease debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income that goes toward paying debts — can lead to better rates as lenders see you as a less risky borrower.

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Debt-to-Income Ratio Calculator

Provide your income and recurring payments to calculate your DTI.

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FAQ About Home Equity Loan Rates in Wisconsin

MoneyGeek addresses common questions Wisconsin homeowners have about home equity loan rates. The information provided is precise and reliable, helping you understand your options.

What is the interest rate on a home equity loan in Wisconsin?

How do you calculate your home equity in Wisconsin?

Do home equity loan rates vary between cities in Wisconsin?

Does a home equity loan in Wisconsin have tax benefits?

What are possible drawbacks of securing a home equity loan in Wisconsin?

How long does it take to get a home equity loan in Wisconsin?

How do you get a home equity loan in Wisconsin?

What can I use my funds for? Are there any home equity loan use restrictions in Wisconsin?

Can you only take out a home equity loan in Wisconsin on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in Wisconsin?

What's the difference between a HELOC and a home equity loan?

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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