Illinois Home Equity Line of Credit
February 27, 2021 Average Rate: 4.67%
Lender | APR (%)? | Min. Initial Draw Amount |
Learn More |
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![]() Bethpage Federal Credit Union Equal Housing Lender / NMLS ID: 449104 See Table |
Intro APR 2.990 % After Intro: 3.750 % Intro Period: 12 months |
$25,000 | Learn More |
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![]() BMO Harris Bank Equal Housing Lender / NMLS ID: 401052 See Table |
4.700 %
|
$0 | Learn More |
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![]() Third Federal Savings and Loan Equal Housing Lender / NMLS ID: 449401 See Table |
2.240 %
|
$0 | Learn More |
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![]() Figure Home Equity Line Equal Housing Lender / NMLS ID: 1717824 See Table |
Fastest HELOC on the planet! Apply in 5 minutes & close in days | Learn More | |
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Commerce Bank Updated 2021-02-27 / NMLS ID: 812256 See Table |
Intro APR 2.990 % After Intro: 4.500 % Intro Period: 6 months |
$0 | |
Regions Bank Updated 2021-02-27 / NMLS ID: 174490 See Table |
Intro APR 0.990 % After Intro: 4.500 % Intro Period: 6 months |
$0 | |
TCF Bank Updated 2021-02-27 / NMLS ID: 404908 See Table |
4.990 %
|
$0 | |
First Midwest Bank Updated 2021-02-27 / NMLS ID: 423112 See Table |
Intro APR 2.990 % After Intro: 4.000 % Intro Period: 6 months |
$25,000 | |
Home State Bank Updated 2019-11-05 / NMLS ID: 478452 See Table |
5.750 %
|
$0 | |
Earthmover CU Updated 2021-02-27 / NMLS ID: 753847 See Table |
3.250 %
|
$0 | |
Chase Updated 2020-04-17 / NMLS ID: 399798 See Table |
4.750 %
|
$30,000 | |
Fifth Third Updated 2021-02-27 / NMLS ID: 403245 See Table |
4.250 %
|
$0 | |
Bank of America Updated 2021-02-27 / NMLS ID: 399802 See Table |
4.890 %
|
$50,000 | |
Washington Savings Bank Updated 2021-02-26 / NMLS ID: 493998 See Table |
3.750 %
|
$0 | |
Baxter Credit Union Updated 2021-02-27 / NMLS ID: 476905 See Table |
4.000 %
|
$0 | |
Old National Bank Updated 2021-02-27 / NMLS ID: 459308 See Table |
Intro APR 1.990 % After Intro: 3.490 % Intro Period: 12 months |
$0 | |
Peoples National Bank Updated 2021-02-26 / NMLS ID: 453047 See Table |
4.250 %
|
$0 | |
Washington Trust Bank Updated 2021-02-27 / NMLS ID: 728368 See Table |
4.000 %
|
$0 | |
Sterling Federal Bank Updated 2021-02-27 / NMLS ID: 421532 See Table |
4.420 %
|
$500 | |
First Bank Updated 2021-02-27 / NMLS ID: 551928 See Table |
Intro APR 2.990 % After Intro: 4.250 % Intro Period: 12 months |
$0 | |
BMO Harris Bank Updated 2021-02-27 / NMLS ID: 401052 See Table |
4.500 %
|
$0 | |
HSBC Updated 2021-02-27 / NMLS ID: 399799 See Table |
Intro APR 1.740 % After Intro: 5.420 % Intro Period: 12 months |
$25,000 | |
Corporate America Family CU Updated 2021-02-27 / NMLS ID: 456438 See Table |
3.250 %
|
$0 | |
PNC Updated 2021-02-27 / NMLS ID: 446303 See Table |
5.150 %
|
$0 | |
Associated Bank Updated 2021-02-27 / NMLS ID: 442791 See Table |
3.250 %
|
$0 | |
Consumers Credit Union Updated 2021-02-27 / NMLS ID: 414712 See Table |
4.000 %
|
$0 | |
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details. |
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Pentagon Credit Union Updated 06/25/2020 Restrictions See Table |
3.750 % | Varies | |
Citibank, National Association Updated 01/19/2021 See Table |
3.990 % | Varies | |
Cathay Bank Updated 04/01/2020 See Table |
4.250 % | Varies | |
Bank Of America, National Association Updated 01/18/2021 See Table |
4.700 % | Varies | |
Armed Forces Bank, National Association Updated 01/17/2020 See Table |
4.740 % | Varies | |
State Employees Cu Of Maryland, Inc Credit Union Updated 01/17/2020 Restrictions See Table |
4.750 % | Varies | |
Alliant Credit Union Updated 01/17/2020 Restrictions See Table |
4.750 % | Varies | |
Pnc Bank, National Association Updated 01/18/2021 See Table |
4.900 % | Varies | |
Landmark Credit Union Updated 08/26/2019 Restrictions See Table |
5.000 % | Varies | |
Mufg Union Bank, National Association Updated 11/16/2020 See Table |
5.240 % | Varies | |
U.s. Bank National Association Updated 08/20/2019 See Table |
5.390 % | Varies | |
Tiaa, Fsb Updated 06/25/2019 See Table |
5.500 % | Varies | |
Jovia Financial Credit Union Updated 08/27/2019 Restrictions See Table |
5.500 % | Varies | |
Virginia Credit Union, Inc., Credit Union Updated 03/10/2020 Restrictions See Table |
5.500 % | Varies | |
Citizens Equity First Credit Union Updated 08/27/2019 Restrictions See Table |
5.540 % | Varies | |
United Nations Credit Union Updated 09/13/2019 Restrictions See Table |
5.630 % | Varies | |
Charles Schwab Bank, Ssb Updated 09/27/2019 See Table |
5.740 % | Varies | |
Navy Federal Credit Union Credit Union Updated 08/27/2019 Restrictions See Table |
5.750 % | Varies | |
Great Lakes Credit Union Updated 08/26/2019 Restrictions See Table |
5.750 % | Varies | |
First Community Credit Union Updated 08/26/2019 Restrictions See Table |
6.240 % | 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 Brown Bag Marketing, Inc. 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 $50,000 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 4.67%.
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.