Home Equity Loan Rates in Wisconsin

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.

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.

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.

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.

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.

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.

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:

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