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Tennessee Home Equity Line of Credit Rates

Compare Home Equity Line of Credit rates from lenders in Tennessee with a loan amount of $50,000. To change the mortgage product or the loan amount, use the search box above. Click lender name to view more information.

Tennessee Home Equity Line of Credit

December 12, 2017: Average rate - 5.40%

Lender Rate (%) Monthly Payment Learn More
3.240
$217.33 Learn More
Y-12 FCU
Updated 12/12/2017
3.990
$302.73
PenFed
Updated 12/12/2017
4.250
$376.14
ORNL Federal Credit Union
Updated 12/12/2017
4.250
$309.62
First Internet Bank
Updated 12/12/2017
4.750
$323.11
Fifth Third Bank
Updated 12/12/2017
5.240
$275.79
BB&T
Updated 12/12/2017
5.240
$299.33
US Bank
Updated 12/12/2017
5.250
$276.1
Capwest Mortgage Corp.
Updated 12/12/2017
5.250
$336.92
Wells Fargo
Updated 12/12/2017
5.250
$276.1
SunTrust
Updated 12/12/2017
5.670
$289.25
Chase
Updated 12/12/2017
6.130
$303.97
Bank of America
Updated 12/12/2017
6.150
$304.61

Data from above provided by Informa Research Services, Inc.

U.S. Bank National Association
Updated 03/16/2017
1.99 Varies
BB&T
Updated 12/28/2016
2.24 Varies
UNITED NATIONS
Updated 09/21/2017
Restrictions
2.49 Varies
SunTrust Bank
Updated 05/15/2017
2.99 Varies
Bank of America, National Association
Updated 11/27/2017
2.99 Varies
Home Federal Bank of Tennessee
Updated 05/18/2017
3.75 Varies
ATLANTA POSTAL
Updated 10/10/2017
Restrictions
4.00 Varies
Alliant Credit Union
Updated 09/20/2017
Restrictions
4.00 Varies
Pentagon Federal Credit Union
Updated 09/21/2017
Restrictions
4.25 Varies
EASTMAN
Updated 07/26/2017
Restrictions
4.25 Varies
Navy Federal Credit Union
Updated 09/04/2017
Restrictions
4.50 Varies
PATELCO
Updated 09/21/2017
Restrictions
4.50 Varies
Wells Fargo Bank, National Association
Updated 11/28/2017
4.75 Varies
CITIZENS EQUITY FIRST
Updated 10/10/2017
Restrictions
4.75 Varies
TIAA, FSB
Updated 06/28/2017
4.88 Varies
Citibank, National Association
Updated 11/27/2017
4.99 Varies

Data provided by BestCashCow

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.

Rates provided by BestCashCow are based on loan amount of $50,000 and a variety of factors including credit score and loan to value ratios. For specific requirements please check with the lender. Rates may change at any time.

Home Equity Line of Credit - Rates are based on a variable rate, second lien revolving home equity line of credit Tennessee for an owner occupied residence with an 80% loan-to-value ratio for line amounts of $50,000. Discount indicates the amount of reduction in the Rate for having monthly payments automatically deducted from an account and/or for having other relationship accounts with the institution, expressed as a percentage. Conditions ‘No closing costs’ indicates that customer is not required to pay closing costs on the line of credit. ‘With closing costs’ indicates that customer is required to pay closing costs on the line of credit. Rates may include discounts. Rates are subject to change without notice.

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 5.40%.

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.

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