HELOC Loans in Wisconsin
Home Equity Line of Credit (HELOC)
Homeowners in Wisconsin can tap into their home equity using a HELOC (home equity line of credit), ideal for recurring or variable expenses. Whether you’re remodeling in Milwaukee, consolidating debt in Madison, or paying for college in Green Bay, a HELOC provides ongoing access to credit during a draw period. Most Wisconsin lenders require 15%–20% equity and a credit score of 620 or higher. HELOCs typically come with variable interest rates, while home equity loans offer a fixed-rate lump sum—better for single large expenses. Credit unions, regional banks, and online lenders offer a wide range of equity-based financing across Wisconsin.
How to qualify
To obtain a quote, we will need the following information:
Property Value and
Purchase Price
Down Payment
Amount
Credit Score
Asset Types
- Single Family Homes
- Townhomes
- Condos
- 2 - 4 Units (Duplex, Triplex, Quadplex)
- Multi-Family: 5 - 8 Units
- Mixed-Use: 2 - 8 Units
- Multi-Family: 9+ Unit
Loan Terms
- Loan Sizes:
$100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
- Purchase LTV:
Up to 85%
- Rate & Term Refinance LTV:
Up to 80%
- Cash Out Refinance LTV:
Up to 80%
- Amortization:
30 Year % 40 Year Amortization Options Available
- Term Lengths:
5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
- Floor Rate:
5.50% (subject to change daily due to market volatility)
- Full Recourse
with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
- DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
- Vesting:
Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
- Average Time to Close:
14 to 35 days
Wondering if you qualify for investment property financing in your area?
We offer lending services in all 50 states!
Frequently Asked Questions
What is a HELOC and how does it differ from a home equity loan?
A HELOC in Wisconsin allows you to borrow against your home’s equity as needed during the draw period. You repay only what you use. A home equity loan, by contrast, provides a one-time lump sum with fixed interest and payments. Choose based on how and when you need to use the funds.
How do HELOC rates work and what affects the interest rate?
HELOC rates in Wisconsin are typically variable and tied to the prime rate. Your actual rate depends on your credit score, loan-to-value ratio, income, and lender’s underwriting criteria. Some lenders offer fixed-rate conversion options or intro APRs for new borrowers.
Can I qualify for a home equity loan in Wisconsin with low credit?
Yes, Wisconsin homeowners may qualify for a home equity loan with low credit if they have significant equity and reliable income. While most lenders prefer a score of 620+, some credit unions or community banks may work with scores in the 580–620 range. Expect higher interest rates and stricter documentation.
How much equity do I need in my home to get a HELOC?
In Wisconsin, most lenders require at least 15%–20% equity in your home. This means your mortgage should not exceed 80%–85% of the home’s current market value. Income, credit, and debt-to-income ratio are also factored into loan approval.
Are home equity loans in Wisconsin better for large expenses?
Yes, home equity loans in Wisconsin are a good choice for large, one-time expenses such as renovations, medical bills, or debt consolidation. These loans offer fixed interest rates and predictable payments. A HELOC may be better for phased expenses or flexible borrowing.
What are typical equity rates and loan terms in Wisconsin?
In Wisconsin, HELOC APRs generally range from 7% to 10%, depending on credit, equity, and lender terms. HELOCs typically offer a 10-year draw period followed by a 10- to 20-year repayment period. Home equity loans come with fixed rates and 5- to 30-year terms. Compare multiple lenders for the best deal.
