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HELOC Rates
Posted on 5/21/26 at 7:44 pm
Posted on 5/21/26 at 7:44 pm
Who has the best rates or offers on HELOCs right now? I’m in LP but anywhere in the greater BR area or even somewhere that’s online only.
5
Posted on 5/22/26 at 8:46 am to doclsu08
I got started on a HELOC yesterday with Regions. 831 credit score at 10 years was quoted 6.75% for $100k.
Posted on 5/22/26 at 8:49 am to rpg37
I'm using a local credit union. Similar credit score for 10 years and was told my rate will be prime index + .25 for variable or I can lock in the current prime index at 6.75%. $75k loan.
It's also 4.5% for the first 6 months of what I withdraw.
The HELOC is confusing and scares me a bit. I just need it to supplement our kitchen remodel. I'm hoping to not use anywhere close to $75k.
It's also 4.5% for the first 6 months of what I withdraw.
The HELOC is confusing and scares me a bit. I just need it to supplement our kitchen remodel. I'm hoping to not use anywhere close to $75k.
Posted on 5/22/26 at 8:52 am to StringedInstruments
What makes a HELOC better is you don't pay on it unless you have a balance while a loan you are pre-committing to an amount up front.
Posted on 5/22/26 at 9:14 am to doclsu08
Neighbors Federal Credit Union had the best rate when I did my HELOC 6 mo ago. No closing fees either.
Posted on 5/22/26 at 9:32 am to doclsu08
For those that have ample investments in a taxable brokerage, a Securities Backed Line of Credit (SBLOC) can be cheaper than a HELOC.
My current rate is SOFR + 1.55% (that makes current rate 5.08%)
Plus, you may not even be required to make payments (my rule of thumb is only pay it down if rate exceeds 6%)
IBKR usually has even better rates. I just chose not to switch brokerages.
I used the IBKR rate to negotiate a more competitive rate with my brokerage.
My current rate is SOFR + 1.55% (that makes current rate 5.08%)
Plus, you may not even be required to make payments (my rule of thumb is only pay it down if rate exceeds 6%)
IBKR usually has even better rates. I just chose not to switch brokerages.
I used the IBKR rate to negotiate a more competitive rate with my brokerage.
Posted on 5/22/26 at 10:00 am to doclsu08
Ours is currently at 6.99% with our local credit union
Posted on 5/22/26 at 10:08 am to rpg37
quote:
What makes a HELOC better is you don't pay on it unless you have a balance while a loan you are pre-committing to an amount up front.
Very true.
I've just never had any debt besides a mortgage and car payments. If it were up to me, we'd wait a few more years and pay for the kitchen upgrade in cash. But inflation keeps going up and my wife has grown impatient.
Posted on 5/22/26 at 10:14 am to StringedInstruments
HELOC is a useful tool, shite i used one to buy my first boat back in 1996. And when I sold the house the boat got paid off.
when you are young and earning, debt secured by an appreciating asset is nothing to fear. Particularly if your equity is high
when you are young and earning, debt secured by an appreciating asset is nothing to fear. Particularly if your equity is high
Posted on 5/22/26 at 10:16 am to StringedInstruments
You can keep that streak alive since HELOC is another mortgage.
Maybe wife would be ok holding off is she realized you're actually putting a second mortgage on the home just to remodel. Also, together, go over the monthly payments and total cost over life of loan versus saving and paying cash.
Eta: compounding interest at ~6.75% (variable by the way) is almost certainly going to be more costly than inflation that's just an excuse to justify spending $ you dont have.
Maybe wife would be ok holding off is she realized you're actually putting a second mortgage on the home just to remodel. Also, together, go over the monthly payments and total cost over life of loan versus saving and paying cash.
Eta: compounding interest at ~6.75% (variable by the way) is almost certainly going to be more costly than inflation that's just an excuse to justify spending $ you dont have.
This post was edited on 5/22/26 at 10:24 am
Posted on 5/22/26 at 10:34 am to StringedInstruments
quote:
wife has grown impatient.
Even the Warren Buffetts, Benjamin Grahams or Jack Bogles cannot mitigate this risk!
Hear you. But I would listen to TorchtheflyingTiger. Good advice.
This post was edited on 5/22/26 at 10:36 am
Posted on 5/22/26 at 10:48 am to rpg37
quote:
I got started on a HELOC yesterday with Regions. 831 credit score at 10 years was quoted 6.75% for $100k.
I realize this is off topic but I bank with Capital One. They do a "soft" credit check for you online, anytime you request it. I am fortunate - house is paid for, vehicles are paid for, no notes at all. Soft credit score is 808. I don't care but it is interesting to me that my score is 808 and I owe nothing.
Posted on 5/22/26 at 10:57 am to HeartAttackTiger
quote:
I don't care but it is interesting to me that my score is 808 and I owe nothing.
It is 808, because you owe nothing
Credit score is based off having credit and actively using it. Simply running purchases through your CC and paying off every month would probably help increase it. 808 is good though, no reason to increase it.
Posted on 5/22/26 at 11:20 am to Everyday Is Saturday
Warren Buffet seems to have figured out how to placate the impatient wife. He still lives in same home he bought in 1958 for equivalent of $329k today. Despite being worth $143B now. Of course, he has other properties elsewhere.
I've found both wife and I have less desire to spend now that it is our own hard earned $ and growth rather than easy to access credit. I'm now trying to convince her to spend more (while buying less bargain stuff we don't need.)
I've found both wife and I have less desire to spend now that it is our own hard earned $ and growth rather than easy to access credit. I'm now trying to convince her to spend more (while buying less bargain stuff we don't need.)
Posted on 5/22/26 at 11:30 am to TorchtheFlyingTiger
quote:
Eta: compounding interest at ~6.75% (variable by the way) is almost certainly going to be more costly than inflation that's just an excuse to justify spending $ you dont have.
Are you sure about that?
Our cabinets quote was $18k in 2023. It's $25k in 2026.
Posted on 5/22/26 at 11:45 am to StringedInstruments
No, I'm not but that's an unsustainable rate of inflation on cabinetry. I doubt it will continue to accelerate at that pace. But it's possible I guess.
This post was edited on 5/22/26 at 11:48 am
Posted on 5/22/26 at 11:47 am to DarthRebel
Yeah. I do put about $1,000 on CC and pay it off.
I'm totally ok with 808 score and not owing. I think it is just a scam.
I'm totally ok with 808 score and not owing. I think it is just a scam.
Posted on 5/22/26 at 1:45 pm to doclsu08
Mine is a floating rate at prime.
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