Best Florida HELOC Lenders and Rates [2025]

As a Floridian, you’re aware that home values in Florida have skyrocketed in recent years.

This gives many residents more equity to tap into.

However, when setting rates, lenders might consider your location’s weather risks or crime rates.

Florida also has specific rules regarding home equity loans that may affect you: You need at least 20% equity in your home and can only cash out your equity once per year.

Keep reading to explore your options and find the right lender for your needs. Understanding the current HELOC market in Florida can help you find the best rates and terms.

Reviews of the best HELOC lenders in Florida

These national lenders offer excellent options for HELOCs. Here’s why.

Our expert advises: Consider quotes from local lenders too

Erin Kinkade

CFP®

Florida lenders may offer specifications or terms unavailable from national lenders. For example, Florida residents more vulnerable to hurricane damage to their property may not be approved for a HELOC by national lenders. In addition, credit unions available to local residents may be able to offer more favorable interest rates and overall terms. However, I recommend shopping with national lenders and local lenders to determine what is best for you.

Local HELOCs in Florida

Here are several local credit unions for comparison.

Company	Rates (APR)*	Locations
Florida Credit Union	Up to 18.00%	North & Central FL
Space Coast Credit Union	12-month intro rate as low as 4.24%, then as low as 8.00%	FL’s East Coast
VyStar Credit Union	Up to 18.00%	Northeast & Central FL
Suncoast Credit Union	Starting at 8.50%	Southwest & Central FL
First Florida Credit Union	12-month intro rate as low as 5.49%, then as low as 8.50%	Jacksonville, Gainesville, Orlando, & other cities

How your HELOC rate affects your overall loan cost

Your interest rate is one factor that affects how much you’ll pay for your HELOC because it suggests how risky your loan is to lenders. If you have a strong credit score, you’re less likely to default, so you might pay a lower interest rate. 

Let’s say you borrow $80,000 from your credit line and have a 20-year repayment term: 

	HELOC 1	HELOC 2	Difference
Rate	8%	10%	2%
Mo. pmt.	$670	$775	$105
Total cost	$160,800	$186,000	$25,200

Note: For simplicity, we assumed a fixed rate on both HELOCs, but a variable rate is more likely.

You can see how 2% can make a massive difference over the life of the loan. 

How to get the lowest HELOC rates in Florida

The two ways to get the lowest HELOC rates in Florida are:

1. Have a strong credit score. The best way to improve your credit score is to pay all your bills on time and pay down your debts. Other ways include maintaining a varied credit mix or becoming an authorized user on a credit card with someone with a strong score.
2. Have more equity in your home. Because you’re invested in the property, lenders know you’re less likely to default on your loan. If you did, you would lose the greater asset: your home. With less risk comes a lower interest rate. 

Just because one lender offers you one rate doesn’t mean another will offer the same. Always shop around. Borrowers who shop rates are more likely to pay less on their loans. 

How to apply for a HELOC in Florida

The first step to apply for a HELOC in Florida is to rate shop and compare lenders. Never assume the first lender you look at has the best rates. 

Next, you’ll need to provide your personal documents and information. This may include:

• Proof of address
• ID
• Name, birthday, and Social Security number
• Employer name and address
• Pay stubs
• W-2
• Tax returns
• Bank statements
• Property tax bill
• Mortgage statement
• Homeowners insurance declaration page

Then you’ll get your home appraised. The lender will arrange the appraisal. 

If your home appraises for more than your mortgage balance, the lender may approve you for a HELOC. If this is the case, you’ll need to sign a few loan documents before you’ll get access to your funds. From there, you can access your line of credit as needed.  

FAQ

Is it better to get a HELOC from a credit union or a traditional bank?

It depends on the lender. To compare, consider their rates and fee structures. Because credit unions are member-owned, they may have lower rates. But all financial institutions want to be competitive, so it’s crucial to shop around.

How does my credit score affect my HELOC interest rate?

Your credit score influences the interest rate for any loan or financial product because it suggests how much of a risk you are to lenders. Often, the higher your credit score, the lower your interest rate. In lenders’ eyes, people with a strong credit score are more likely to pay their bills on time. 

Are there any tax benefits to using a HELOC?

Borrowers who use a HELOC may deduct the interest they pay on the HELOC from their taxes if they use the funds to “build, buy, or substantially improve” the home that secures the credit line. In this case, you might be able to use the interest you pay to reduce your overall tax burden. 

Can I renegotiate the terms of my HELOC after I’ve opened it?

It depends on the financial institution. Some lenders are willing to modify the terms of the current HELOC, but you’ll need to speak with a loan specialist at the institution. Another way to change the terms is to refinance the loan.

How we chose the best HELOC rates in Florida

LendEDU evaluates home equity 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 Florida.

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.