Home Equity Loan Rates in Florida (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. According to TransUnion, tappable equity averages $204,000 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 match national averages — 7.7% APR for a 10-year term and 7.9% APR for a 15-year term. 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 can impact what lenders offer you. For example, a higher credit usually gets you a lower APR, while a larger loan amount might lead to a higher rate. Another consideration is repayment terms — check out the table and see these affect home equity loan rates in Florida.

Florida HEL interest rates change daily. Keeping track of rate changes can help you save thousands on interest over the life of your loan.

For example, a 15-year home equity loan with an 7.9% APR results in a monthly payment of $475 and a total interest of $35,490, whereas a 10-year loan with a 7.7% APR has a monthly payment of $599 and a total interest of $21,849.

The rate you qualify for depends on your loan-to-value (LTV) ratio, which is how much 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 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 means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Florida with an LTV ratio of 80% is 7.8%. It's 8.2% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities. Cities with higher home values or rapid appreciation often have lower average rates because lenders see the loans as less risky. Additionally, cities with stronger job markets and lower unemployment usually offer better rates, as borrowers are less likely to default.

In Florida, Port Saint Joe has an average APR of 6.1%, while Immokalee's average APR is 10.0%. See the table below for average home equity loan rates across Florida cities with different terms.

Home equity loan rates in Florida can vary significantly between lenders, influenced by the lender's individual policies, risk assessments and market strategies. For example, Miami Postal Service Credit Union offers the lowest average APR at 4.9%, while Suncoast Credit Union and American Commerce Bank have the highest at 10.0%.

Comparing rates and terms from different lenders is the recommended way to secure the best possible home equity loan rates. See which lenders offer the lowest rates in your city.

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.