Your credit score, where you live, and the loan-to-value ratio of the HELOC loan could affect your interest rate
Since HELOC interest rates are variable, each one could — and likely will – change in the future. Your interest rate could go up, especially as the economy recovers from the coronavirus fallout. While interest rates for HELOCs are low right now, they may not always stay this way in the future, an important thing to consider when looking at this line of credit which could take five or 10 years to repay.
Banks see a HELOC with a loan-to-value ratio over 80% as a bigger risk. Generally, banks charge more for those loans. Here's how the average interest rate breaks down based on the loan-to-value ratio.
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