Illinois Home Equity Line of Credit
Average Rate: 10.03%
Lender | APR (%)? | Min. Initial Draw Amount |
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Third Federal Savings and Loan Equal Housing Lender / NMLS ID: 449401 See Table |
7.490 %
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$0 |
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Figure Home Equity Line Equal Housing Lender / NMLS ID: 1717824 |
HELOC approval in 5 minutes, funding in 5 days. Borrow up to $400k online. |
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PenFed Credit Union Equal Housing Lender / NMLS ID: 401822 |
Home Equity Line of Credit - Equal Housing Lender |
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CrossCountry Mortgage, LLC / NMLS ID: 3029 |
"Unlock Your Home's Potential" |
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New American Funding, LLC / NMLS ID: 6606 |
Cash-Out and Home Equity Options Available. |
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AmeriSave Mortgage Corporation / NMLS ID: 1168 |
Home Equity Lines, Refinance, & Second Mortgages |
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Commerce Bank
Updated 2024-04-25 / NMLS ID: 812256 See Table |
Intro APR 2.990 %
After Intro: 9.750 % Intro Period: 6 months |
$0 |
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Associated Bank
Updated 2024-04-25 / NMLS ID: 442791 See Table |
8.500 %
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$0 |
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PNC
Updated 2024-04-25 / NMLS ID: 446303 See Table |
9.180 %
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$0 |
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Consumers Credit Union
Updated 2024-04-25 / NMLS ID: 414712 See Table |
8.000 %
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$0 |
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Sterling Federal Bank
Updated 2024-04-25 / NMLS ID: 421532 See Table |
9.100 %
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$500 |
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First Bank
Updated 2024-04-25 / NMLS ID: 551928 See Table |
9.500 %
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$0 |
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Fifth Third
Updated 2024-04-25 / NMLS ID: 403245 See Table |
9.000 %
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$0 | |
mariababyy | Nov 14, 2022 I have been with his corporation since the year 2020 |
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HSBC
Updated 2024-04-25 / NMLS ID: 399799 See Table |
Intro APR 6.990 %
After Intro: 9.850 % Intro Period: 12 months |
$25,000 |
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Bank of America
Updated 2024-04-25 / NMLS ID: 399802 See Table |
Intro APR 6.990 %
After Intro: 9.400 % Intro Period: 6 months |
$100,000 |
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Regions Bank
Updated 2024-04-25 / NMLS ID: 174490 See Table |
9.625 %
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$0 |
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Old National Bank
Updated 2024-04-25 / NMLS ID: 459308 See Table |
Intro APR 6.600 %
After Intro: 8.350 % Intro Period: 6 months |
$0 |
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Baxter Credit Union
Updated 2024-04-25 / NMLS ID: 476905 See Table |
9.750 %
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$0 |
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Peoples National Bank
Updated 2024-04-24 / NMLS ID: 453047 See Table |
9.500 %
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$0 |
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Corporate America Family CU
Updated 2024-04-25 / NMLS ID: 456438 See Table |
8.500 %
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$0 |
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Earthmover CU
Updated 2024-04-25 / NMLS ID: 753847 See Table |
8.000 %
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$0 |
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Washington Savings Bank
Updated 2024-04-25 / NMLS ID: 493998 See Table |
9.250 %
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$0 |
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Navy FCU
Updated 2024-04-25 / NMLS ID: 399807 See Table |
8.750 %
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$0 | |
Washington Trust Bank
Updated 2024-04-25 / NMLS ID: 728368 See Table |
9.000 %
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$0 |
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. |
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Hinsdale Bank & Trust Company, National Association Updated 11/15/2022 See Table |
1.990 % | Varies | |
Pnc Bank, National Association Updated 10/04/2022 See Table |
3.740 % | Varies | |
Wheaton Bank & Trust, National Association Updated 12/06/2022 See Table |
3.790 % | Varies | |
Cathay Bank Updated 04/01/2020 See Table |
4.250 % | Varies | |
Bmo Bank National Association Updated 09/08/2023 See Table |
4.740 % | Varies | |
Citizens Equity First Credit Union Updated 08/27/2019 Restrictions See Table |
5.540 % | Varies | |
Old Second National Bank Updated 08/23/2019 See Table |
6.250 % | Varies | |
Bank Of America, National Association Updated 04/21/2023 See Table |
6.490 % | Varies | |
U.s. Bank National Association Updated 05/07/2023 See Table |
8.650 % | Varies | |
Data provided by BestCashCow |
APR (Annual Percentage Rate) is the rate that incorporates monthly compounding charges to express the a finance charges as an annual rate.
1 Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. Compensation is higher for Featured placements. This table does not include all companies or all available products.
Rates from this table are based on loan amount of $100,000 and a variety of factors including credit score and loan to value ratios. Rates may change at any time and are not guaranteed to be correct. For specific requirements please check with the lender.
Home Equity Line of Credit (HELOC) Rates
Home equity lines of credit (HELOCs) are loans secured against the equity in your home, They are typically less costly and more flexible than home equity loans. Since they are lines of credit, the borrower only draws the amount that they need and only pays interest on that amount. The amortization schedule ordinarily does not require payback of the principal drawn until year 10 (HELOCs are, therefore, technically “interest only” loans until that time).
HELOC lenders will lend up to 90% the value of the equity in your home and the typical HELOC line is from $200,000 up to $500,000.
How to Find the Best HELOC Rate
As you see in the table above, the pricing of a home equity line of credit varies from lender to lender. HELOC rates are based on the prime lending rate (“prime”) - the rate that commercial banks charge their most creditworthy customers. Most lenders add on a margin above the prime rate. The average HELOC rate is 10.03%.
Risk to HELOCs
HELOC rates fluctuate. Repayment terms are tied to the prime lending rate and that rate is likely to move up – perhaps dramatically - over the next few years as the Federal Reserve raises the Fed Funds rate. A 10-year home equity loan or a 15-year home equity loan, however, may be a safer option at this time. Depending on your personal circumstances, you should also consider mortgage refinance options.