Home Equity Lines of Credit (2024)

For You

Homeownership means that the equity in your home can get you funds when you need them. A Home Equity Line of Credit (HELOC) lets you leverage your house's equity to fund home improvements, consolidate debt, and more.

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Learn more about how your house can love you back with a Home Equity Line of Credit.

Advantages

Variable interest rates
No annual fees or transaction fees
Interest may be tax deductible — consult a tax advisor to confirm
Suncoast pays up to $1,000 toward closing costsˆ

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Estimate Your Borrowing Capacity Using a Home Equity Line of Credit (HELOC)

The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

Use this calculator to estimate your borrowing capacity on a HELOC.†

†Subject to underwriting guidelines, including limits on maximum loan to value.

Home Equity Line of Credit Calculator

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Competitive Rates and Flexible Terms

With our Home Equity Lines of Credit, you can get competitive interest rates, and flexible terms to fit your monthly budget with no annual fees or transaction fees.

Our goal is to make your life easier by helping you save on extra costs and fees. That’s why we offer up to $1,000 off closing costs when you select a Home Equity Line of Credit with Suncoast.

Variable Interest Rate Under 18%^^

When you get a Home Equity Line of Credit, you’re able to take out cash on an as-needed basis, meaning your home’s equity can offer you financial support when you need it most.

Plus, with a variable interest rate under 18%, your HELOC may be subject to a lower interest rate than a fixed-rate loan.

Home Equity Line of Credit FAQs

A home equity line of credit, also known as a HELOC, is a line of credit secured by a home that gives a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans, such as credit cards. A HELOC often has a lower interest rate than some other common types of loans.

Yes, our Home Equity Loans are available on primary residences in Florida only with homestead.

Costs for appraisals and title insurance range from $350 to $4,000 depending on loan to value and loan amount.

Typical closing costs range from $300 to $1,900. Suncoast pays up to $1,000 towards closing costs. If the home equity line of credit is paid in full or the credit line closed, within the first 25 months from the opening date, Suncoast will collect the closing costs paid on your behalf in the payoff.The loan term begins with the first payment due date of the loan.

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ProductSignature LoanOur Suncoast Signature Loans are low-interest personal loans you can use for many things — debt consolidation, unexpected expenses, college education, and anything else you need.ProductPersonal Line of CreditWhen something comes up and you need money, a personal line of credit can help. Check out our table below to see our personal line of credit options so you can get the funds you need.ProductHome Improvement LoansLooking for a way to fund your home improvement projects? Take advantage of our signature and secured home improvement loans.

^ Suncoast will contribute up to $1,000 (Closing Costs Benefit) toward your closing costs when you select our fixed or variable rate home equity product loan on your primary residence. Suncoast will not pay closing costs for discount points to obtain a lower rate or monies necessary to establish escrow accounts (taxes and insurance). If the loan is paid in full or the line of credit closed within 25 months of the first payment due date, Suncoast will collect the closing costs paid on your behalf in the payoff. The 25 month term begins with the first payment due date of the loan. Not to be combined with any other offers.

^^ Adjustable rates are subject to an increase in rate and payment after the loan is closed. The annual percentage rate can change quarterly on the first day of January, April, July and October. The rate cannot increase or decrease more than .50% percentage point at each adjustment. The maximum annual percentage rate shall not exceed 18%. The annual percentage rate will not go below the greater of 4.0%; which is considered the floor for the Equity Line of Credit (80% or less HCLTV) or 5.50% for the High LTV (greater than 80%) Equity Line of Credit. The index is the Wall Street Journal Prime Rate.

Take advantage of our low rates for a Home Equity Line of Credit.

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FAQs

What is the monthly payment on a $50,000 home equity line of credit? ›

To calculate the monthly payment on a $50,000 HELOC, you need to know the interest rate and the loan term length. For example, if the interest rate is 9% and the loan term is 30 years, the monthly payment would be approximately $402.

Is a HELOC a good idea right now? ›

Lower interest rates

While home loan interest rates overall have risen dramatically since 2022, HELOC rates still tend to be lower than those on credit cards and personal loans. If you qualify for the best rates, a HELOC can be a less expensive way to consolidate debt or finance a home renovation.

Is it OK to take out a home equity line of credit? ›

“Homeowners should only do it if they are using the funds to improve their property.” A HELOC can be a worthwhile investment when you use it to improve your home's value. But it can become a bad debt when you use it to pay for things that you can't afford with your current income and savings.

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What is the monthly payment on a $100,000 home equity loan? ›

Average 30-year home equity monthly payments

Loan amount	Monthly payment
$25,000	$168.43
$50,000	$328.46
$100,000	$656.93
$150,000	$985.39

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How much would a 75000 home equity loan cost per month? ›

As of November 10, 2023, the average rate on a 10-year fixed-rate home equity loan is 9.09%. If you have a $75,000 home equity loan with these terms, you'd pay $39,447.03 in interest over the course of the loan. The monthly payment on this loan would be $952.73.

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What is the monthly payment on a $80,000 HELOC? ›

10-year HELOC at 9.17%: $1,020.78 monthly for a total of $42,493.73 in interest paid. 15-year HELOC at 9.17%: $819.52 monthly for a total of $867,514.23 in interest paid.

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What is the downside to a HELOC? ›

The cons are that HELOCs use your home as collateral, they can make it easy to overspend, and they have variable rates that can rise.

Is a HELOC a trap? ›

Watch out for balloon payments: If you don't manage your HELOC monthly payments properly, you could be hit with a large “balloon payment” at the end of your repayment period. This large payment can trap you in a cycle of debt if you can't pay it off or, worse, could result in losing your home.

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Is a HELOC a second mortgage? ›

Yes, a HELOC is a type of second mortgage. Any loan based on the equity on your home is considered a lien, meaning that if the loan is not repaid, the lender can foreclose on your home to recover the value of the money you owe.

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Do you need an appraisal for a HELOC? ›

When you apply for a HELOC, lenders typically require an appraisal to get an accurate property valuation. That's because your home's value—along with your mortgage balance and creditworthiness—determines whether you qualify for a HELOC, and if so, the amount you can borrow against your home.

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What disqualifies you from getting a home equity loan? ›

Most lenders require you to have at least 15% to 20% equity left in your home after factoring in the new loan amount. If your home's value has not appreciated enough or you haven't paid down a big enough chunk of your mortgage balance, you may not qualify for a loan due to inadequate equity levels.

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Is there anything you cannot use a HELOC for? ›

Because there are no restrictions on how the borrowed funds can be used, using a HELOC responsibly is important. Before taking out a HELOC, it's essential to know your eligibility status and how much credit you'll qualify for.

What would the payment be on a $50,000 home equity loan? ›

What is the monthly payment on a $20,000 HELOC? ›

Now let's calculate the monthly payments on a 15-year fixed-rate home equity loan for $20,000 at 8.89%, which was the average rate for 15-year home equity loans as of October 16, 2023. Using the formula above, the monthly principal and interest payments for this loan option would be $201.55.

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What is the monthly payment on a $250000 HELOC? ›

If you choose a fixed-rate home equity loan to borrow $250,000 worth of equity, your minimum payments will likely range from $2,491.25 to $3,130.48. Though, you may end up making lower payments with a HELOC if the interest rate environment cools over time.

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How much would monthly payments be on a $50,000 loan? ›

Calculating the monthly cost for a $50,000 loan at an interest rate of 8.75%, which is the average rate for a 10-year fixed home equity loan as of September 25, 2023, the monthly payment would be $626.63. And because the rate is fixed, this monthly payment would stay the same throughout the life of the loan.

What is the monthly payment on a $30,000 home equity line of credit? ›

That all noted, here's how much a $30,000 HELOC will cost per month, assuming today's average 9.16% HELOC rate remains the same: 10-year HELOC at 9.16%: Your monthly payment would be $382.63, with $15,915.59 in total interest paid for an overall amount of $45,915.59.

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What is the monthly payment on a $60,000 home equity loan? ›

15-year home equity loan: If you borrowed $60,000 with a 15-year home equity loan at an 8.74% interest rate, you would pay $599.31 per month and $47,876.68 in total interest over the life of the loan.

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