Wisconsin HELOC Rates and Lenders

HELOCs are a powerful and flexible lending tool. They offer some of the lowest interest rates you can find, potentially larger loan amounts, and flexibility in how you use the funds. They’re often used for home renovations or repairs, to help pay for a university education, debt consolidation, and more.

You have plenty of options when it comes to Wisconsin HELOCs. Whether you prefer online lenders or the local bank, there’s no shortage of options for qualified borrowers in Wisconsin. You might be pleasantly surprised by how easy the lending experience can be with recent technology and banking innovations. 

Reviews of the best online HELOCs in Wisconsin

Online Wisconsin HELOC lenders have several advantages over local options, including faster funding times, streamlined online applications, competitive rates that are easy to see, more options from a wide range of online lenders, and less need to work with a loan officer.

If you know what you want and are even slightly savvy with technology, you might enjoy the easy and stress-free online lending experience. 

Here are some online lenders you may want to start your search with.  

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

Aven

Best Customer Reviews

4.8 _/5

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Why we picked it

Aven offers Wisconsin homeowners a flexible and efficient way to access home equity through its HELOC. With a fixed interest rate for the entire term of the loan, borrowers have stable monthly payments. Aven stands out with its Lowest Rate Guarantee and the ability to check rates without affecting credit scores.

Aven also offers an optional debt protection program through Securian, covering your minimum payments for up to six months if you lose your job.

• Fixed interest rates
• Lowest Rate Guarantee
• Optional debt protection through Securian
• Fully digital application process
• 3,600 5-star reviews on Trustpilot (as of September 2024)
• 3-day funding after signing

Loan details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	3 days from signing
Properties	All types
Min. credit score	640

FourLeaf

Local HELOCs in Wisconsin 

There are some compelling reasons to use a local lender for your HELOC in Wisconsin. An in-person lender can help walk you through the process and offer a more personal approach. Local lenders may also be more familiar with your area and market. Here’s a small sample of local lenders and rates (as of June 2024).

Company	Rates (APR)	Location
Wisconsin Bank and Trust	2.99% APR for 6 months Then rates starting at 8.50%	17 locations throughout Wisconsin
Landmark Credit Union	7.50%	30 locations throughout Southern Wisconsin
Summit Credit Union	As low as 6.49%	61 locations throughout Wisconsin

When you’re deciding on a HELOC lender, you’ll consider rates, terms, penalties, closing costs, and fees. 

One thing you’ll want to pay close attention to is the introductory APR offer for a HELOC. Most lenders have some type of introductory offer where you’re paying a lower interest rate for a short period of time. 

But if you do the math, some other HELOC lenders have a much better rate over time, even when taking into account the introductory APR offer from the other lender’s promotional offer.  

Also, be aware of draw period payment amounts versus repayment amounts. Be sure you can afford the full repayment amount. 

What’s the difference between online and local HELOCs in Wisconsin?

Online vs. local HELOCs usually work similarly. Once you have the loan, you can write checks or have money withdrawn as you see fit. APRs tend to be similar, though much depends on your own personal qualifications and the equity in the home. 

The major difference is in how the loan is processed. Online lenders offer a streamlined online application with quick decisions. They have fast funding times and great transparency. 

With a local lender, you’ll get a more personal approach. They understand your area and the real estate market better, which can help them offer you a great interest rate. But sometimes, it’s hard to see what interest rate you’ll get until you’ve made a full application.

We’ve compiled some of the key differences between an online HELOC lender and a local HELOC lender in Wisconsin below.  

Online HELOC lender	Local HELOC lender
Fast application and streamlined online process	May need to apply in branch
Usually have few, in any, in-person branches	In-person branches (typically)
May have faster funding	Sometimes can offer fast funding
Convenient	Know the area and market better
Competitive interest rates	Competitive interest rates

How do Wisconsin HELOC rates compare to other states? 

Most people don’t have much control over where they live when they need a HELOC, and the variance between HELOC rates by state isn’t much and can often be attributed to the lenders that operate in different markets. 

The most recent data compiled at the end of March 2024 from the National Credit Union Administration reported rates for HELOCs below a 80% CLTV ratio averaged 8.46% for credit unions and 8.54% for banks, which appear in line with what we’ve found in our research of Wisconsin HELOCs, as illustrated in a previous section. 

Your personal qualifications and equity are the greater variance you’ll find in a HELOC rate. 

How to get the best HELOC rates in Wisconsin 

The best HELOC rates in Wisconsin aren’t going to be much different from other areas of the country. The best rates depend on your equity, personal qualifications, and repayment terms. Shopping around can also help you find the best rates.  

Get your personal qualifications in shape

There are a number of factors at play when you’re getting your personal qualifications in shape. These include:

• Home equity amount. Your new HELOC added to your existing mortgage generally needs to be no more than 85% of the home’s value. You’ll likely get a better interest rate if your loan falls below 80% equity. 
• Credit score and history. Good credit always pays off–especially when you’re shopping around for an interest rate on a large loan like a HELOC. The better your credit score, the better interest rate you’ll qualify for. 
• Debt-to-income ratio. Too much debt will prevent you from qualifying for a HELOC altogether, not just qualifying for the best interest rate. Paying down debt can help qualify for the HELOC amount you need. 

Choose a shorter loan term

It’s possible to save on interest when you opt for shorter draw and repayment periods. You may get both a lower interest rate and pay less overall by paying back your HELOC in a shorter period. 

Shop around

A HELOC is one of the largest loans you’ll ever get, so it makes sense to find out what different lenders offer. There’s a great deal of variance in what lenders can offer for rates, terms, and how they’ll work with your unique situation. You’ll want to compare options between both local credit unions and online lenders. 

Are there any Wisconsin-specific requirements or regulations? 

When it comes to HELOCs, laws on variable-rate loans in Wisconsin apply. They’re of the usual fare, and likely won’t affect your rate. These include: 

• HELOCs with a variable rate cannot be made for longer than 40 years. 
• HELOCs must be tied to an index. 
• Fees cannot be charged when the adjustable-rate loan changes based on movement in the index. 
• Wisconsin law also limits rate increases to 1% every six months.
• Lenders are required to give at least 14 days notice to borrowers when the interest rate on their HELOC changes.  

FAQ

What credit score do you need for a Wisconsin HELOC?

Most lenders in Wisconsin require a minimum credit score of 620 to qualify for a HELOC. However, a higher credit score (typically 700 or above) can help you secure better rates and terms. Each lender may have its specific criteria, so it is beneficial to check with multiple sources.

What are the typical fees for a Wisconsin HELOC?

Typical fees for a Wisconsin HELOC may include:

• Application fee: $100 – $500 (sometimes waived)
• Origination fee: 0% – 2% of the loan amount
• Annual fee: $50 – $75
• Closing costs: $500 – $2,000
• Appraisal fee: $300 – $600

Some lenders may waive or reduce these fees as part of promotional offers, so it’s advisable to inquire about fee structures when comparing HELOC options.

Are there any special programs or incentives for Wisconsin HELOCs?

Yes, some lenders offer special programs or incentives for Wisconsin residents. These can include lower introductory rates, reduced fees, or discounts for certain groups such as veterans, teachers, or first responders. Additionally, credit unions may offer member-specific benefits. It’s important to ask lenders about any special programs or incentives that may apply to you.

What happens if I move to another state with a HELOC in Wisconsin?

If you move to another state while you have a HELOC in Wisconsin, your HELOC remains tied to your Wisconsin property. You will still be responsible for making payments according to the terms of your HELOC agreement. 

If you sell your Wisconsin home, you will typically need to pay off the remaining balance of your HELOC from the proceeds of the sale. Always check the specific terms and conditions of your HELOC agreement, as some lenders may have additional requirements or stipulations for relocation.

How we chose the best HELOC lenders in Wisconsin

LendEDU evaluates HELOC lenders to help readers find the best HELOCs. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Wisconsin.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of Wisconsin HELOC rates and lenders