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 […]
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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.
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.
Best overall
Figure offers one of the best HELOCs for Wisconsin residents due to its streamlined application process, competitive rates, and innovative use of blockchain technology.
You can complete the application online, often resulting in funding within a few days.
This makes it convenient for busy homeowners. Figure provides transparent and competitive fixed interest rates with flexible terms, allowing borrowers to choose options that best fit their financial needs.
This combination of efficiency, affordability, and technological advancement makes Figure a top choice for those seeking a HELOC in Wisconsin.
| Rates (APR) | 7.85% – 17.20% |
| Loan amounts | $15,000 – $400,000 |
| Draw period | 2 – 5 years |
| Repayment term | 5, 10, 15, or 30 years |
| Funding time | In as few as 5 days |
| Credit score | 640 |
Best credit union
Thanks to its competitive introductory rate and member-focused services, Bethpage is an excellent choice for Wisconsin residents seeking a HELOC.
Bethpage FCU offers an attractive 12-month introductory rate for borrowers with a VantageScore of 720 and above, followed by a variable rate, making it a cost-effective option for accessing home equity. The credit union is known for its personalized customer service and community-oriented approach, ensuring members receive the support and resources needed throughout the borrowing process.
| Rates (APR) | 6.99% fixed rate for 12 months if your credit score is 720 or higher, followed by a variable rate of 8.50% |
| Loan amounts | $10,000 to $1 million |
| Draw period | 10 years |
| Repayment term | 20 years |
| Funding time | 6 – 10 weeks |
| Credit score | 670 |
Best marketplace
LendingTree stands out as the best marketplace for Wisconsin residents seeking a HELOC due to its extensive network of lenders and user-friendly comparison tools.
By allowing homeowners to compare multiple offers from various lenders, LendingTree ensures that borrowers can find the most competitive rates and terms suited to their financial needs. The platform simplifies the search process, providing tailored options based on individual credit profiles and loan requirements.
This comprehensive and efficient approach makes LendingTree an excellent choice for those looking to secure a favorable HELOC in Wisconsin.
| Rates (APR) | Starting at 6.99% |
| Loan amounts | $10,000 – $2 million |
| Draw period | 2 – 20 years |
| Repayment term | 5 – 30 years |
| Funding time | Varies by lender |
| Credit score | 620 |
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.
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 |
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.
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.
There are a number of factors at play when you’re getting your personal qualifications in shape. These include:
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.
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.
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:
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.
Typical fees for a Wisconsin HELOC may include:
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.
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.
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.
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.
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