Louisiana HELOC Rates and Lenders

If you’re looking for a home equity line of credit (HELOC) in Louisiana, comparing rates from multiple lenders can help you save significant money. While online lenders tend to offer competitive rates, some local lenders offer introductory rates below the national average HELOC rate.

To help you find the best HELOC option in Louisiana, we created a list of the top online and local lenders based on rates, fees, and loan amounts.

Best online HELOCs in Louisiana 

Choosing an online HELOC lender in Louisiana offers several benefits over local options. Online lenders often provide more competitive rates, streamlined application processes, and faster funding times. 

They leverage technology to simplify the borrowing experience, making it easier to compare multiple offers and find the best fit for your financial needs. Many online lenders have lower overhead costs, allowing them to pass on savings to customers through lower fees and better rates.

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

Customers praise Aven’s HELOC for its easy-to-understand terms and excellent customer service. It’s ideal for homeowners who want a transparent borrowing experience with ongoing support. Aven’s focus on customer satisfaction is reflected in its positive reviews, making it a strong option for anyone looking to tap home equity without hassle.

• Lowest rate guarantee
• Optional foreclosure protection program
• Approval in as little as 15 minutes
• Excellent Trustpilot reviews from thousands of customers
• 100% digital application process
• Increases credit line for select customers
• Automated appraisals
• High maximum loan-to-value ratio (LTV)
• Fast funding after signing
• Fixed interest rates from start to finish
• Check your rate with no credit impact

• Short draw period
• First-draw fee of 4.90%
• Only available in 32 states*

HELOC details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $400,000 ($100,000)
Draw period	5 years
Repayment terms	5, 10, 15, or 30 years
Funding time	As little as 3 days after signing
Properties	All types
Credit score	640

FourLeaf FCU

Best credit union

4.7 _/5

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Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowersⓘ
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

Local HELOCs in Louisiana 

One potential advantage of choosing a local lender over an online lender is the possibility of applying in person. If you prefer speaking with a loan specialist face to face, choosing a lender with a physical location in your area could be the perfect solution.

Plus, if you already have a relationship with the lender, you may qualify for a relationship discount. Here are three of the best HELOC lenders in Louisiana.

Company	Rates (APR)	Locations
Home Bank	Starting at 8.125%	Founded in Lafayette, with 35 locations in the state
La Capitol Federal Credit Union	8.75% – 14.50%	Harvey, Metairie, Jefferson, Kenner, Westwego, New Orleans, Marrero, Gretna, Boutte, Luling, Belle Chasse, Norco, Chalmette, LaPlace, Killona
Baton Rouge Telco Federal Credit Union	Starting from 8.50%	Baton Rouge, Hammond, Denham Springs

When shopping for HELOCs with lenders in your area, compare rates, fees, and funding times to find the option that best matches your budget and goals.

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

Online lenders provide convenience; you can apply from anywhere. Plus, some online marketplaces, such as LendingTree, allow you to compare multiple lenders simultaneously, saving you time.

The local lenders we researched offer HELOC rates comparable to those of online lenders. For example, Home Bank offers below-average introductory rates.  Compare rates from local and online lenders to see which offers you the best deal. 

If you prefer speaking to a loan officer face to face, the best option is likely a local lender that allows you to apply in person.

How do Louisiana HELOC rates compare to other states? 

The average HELOC rate across America is 8.54% for banks and 8.46% for credit unions as of March 2024. Rates in Louisiana aren’t much different from other states. 

When you apply for a HELOC, other factors, including your debt load and the equity in your home, play a much larger role in determining your rate.

How to get the best HELOC rates in Louisiana 

You can take these steps to find the best HELOC rate for your unique circumstances in Louisiana:

• Shop around. Heloc rates and fees vary by lender, so shopping around is critical. Some lenders allow you to prequalify for a HELOC, which allows you to preview rates you might be eligible for after submitting a complete application.
• Boost your credit score. Most lenders require excellent credit to qualify for their lowest rates. So if your credit needs work, take steps to improve your score, such as paying down debt, especially your credit cards.
• Relationship discount. Consider applying with a lender you already bank with if it offers a rate discount.

Are there any Louisiana-specific requirements or regulations?

When we researched the HELOC requirements, we found no specific legislation in the state that could affect your rate and terms. 

To qualify, you must meet certain requirements that are generally the same across state lines, including having a certain amount of equity in your home and meeting the lender’s minimum credit requirements.

When you apply for a HELOC, you must provide proof of sufficient homeowner’s insurance. A lender may require proof of flood insurance if you live in a flood zone.

FAQ  

What credit score do you need for a Louisiana HELOC?

Most lenders require a minimum credit score of 620 to 640 to qualify for a HELOC in Louisiana. However, a higher credit score—700 or above—can help you secure better rates and terms. Lenders have unique requirements, so it’s beneficial to check with multiple lenders to understand their criteria.

What are the typical fees for a Louisiana HELOC?

HELOC fees may include an application fee ranging from $0 to $500, an appraisal fee of $300 to $700, and an annual fee of $50 to $75. Closing costs can add up to 2% to 5% of the loan amount. An early termination fee may apply if you close the HELOC early, often within two to five years. These fees can vary based on the lender and the terms of your HELOC agreement.

Are there any special programs or incentives for Louisiana HELOCs?

Louisiana may offer special programs or incentives for HELOCs through state or local housing agencies. These can include reduced rates, fee waivers, or grants for specific groups such as first-time homebuyers, low-income families, or those in designated areas. We recommend checking with local housing authorities or financial institutions for the most current programs.

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

If you move to another state with a HELOC on a property in Louisiana, the HELOC remains tied to the Louisiana property. You will continue making payments on the HELOC per the agreed terms. It’s crucial to inform your lender about the move to ensure all communication and documentation are properly managed. If you sell the property, the HELOC will typically need to be paid off from the sale proceeds.

How we selected the best Louisiana HELOCs

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 Louisiana.

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 Louisiana online HELOC rates and lenders