Miami’s housing market has taken off in recent years. That’s great news if you own a home, and even better news if you’ve built up some serious equity. Whether you want to renovate your kitchen, consolidate debt, or just have a financial backup in place, tapping into your home equity with a HELOC could be the move.
The tricky part? Not all lenders are created equal. Some look great on paper, but charge fees you don’t see until closing. Others promote “low rates” but make you jump through hoops to qualify. And if you’re living in Miami, you want a lender who understands this market, because it’s not like everywhere else.
Here’s a look at some of the top places homeowners are turning to for HELOCs in Miami, starting with a name you may not have heard of, but probably should.
1. Select Home Loans (The One That’s Not a Bank)
If you’re the kind of person who wants to talk to a real human, not a hotline, or if you just want someone to explain your options without trying to upsell you, start here.
Select Home Loans isn’t a big national bank. They’re based in Florida, and they work like your personal mortgage guide. Instead of pushing one-size-fits-all products, they look across multiple lenders to help you find a HELOC that fits your situation, not someone else’s.
Whether your credit is great or so-so, whether you’re salaried or self-employed, they’ll lay out what’s realistic and walk you through the whole thing, step by step. No fluff, no pressure. Just clarity.
What stands out:
- They actually listen before recommending anything.
- You get access to offers from multiple banks without applying multiple times.
- They’re local, so they get what it’s like to live (and borrow) in South Florida.
Best for: People who want personal guidance and don’t want to deal with the big-bank runaround.
2. Bank of America
If you already bank with BofA, this might be a convenient option. They offer decent HELOC rates, especially if you sign up for autopay and already have a checking or savings account with them.
Good to know:
- No application or closing fees on most lines.
- Competitive rates for borrowers with strong credit.
- You’ll mostly be dealing with an online process, good if you want speed, not small talk.
3. TD Bank
TD has a loyal following in Florida, and for good reason. Their HELOC lets you switch part of your balance to a fixed rate, handy if you’re nervous about rates going up over time. Their service is generally solid, and they have branches scattered across the Miami area.
Best for: Folks who want rate flexibility without a complicated process.
4. Truist (Formerly SunTrust)
Truist is a solid option if you’re the kind of person who still likes walking into a branch to ask questions face-to-face. Their HELOC product is straightforward, and they usually don’t charge closing costs if your line meets certain limits.
What they’re known for:
- No annual fees
- Long draw periods
- Reasonable approval process, though not the fastest
5. Wells Fargo
Wells Fargo can be a good pick if you have a lot of equity and want access to a large line. They also let you convert portions of your balance to a fixed rate, which is useful if you’re managing a bigger project or longer-term debt.
One catch: They tend to be more conservative with approvals. If your credit or income isn’t super straightforward, it might not be the easiest path.
Quick Tip Before You Apply
Shopping for a HELOC isn’t just about comparing interest rates. It’s also about finding someone who’ll walk you through the details, especially in a place like Miami, where the real estate market has its own rhythm.
If you’re unsure where to start, Select Home Loans is a great first conversation. They’re not tied to one product or one lender, and they’re not going to rush you into anything. Sometimes they’ll tell you it’s not the right time to borrow at all, and that kind of honesty is rare.
Want to see what your options actually look like?
Reach out to Select Home Loans. Ask questions, compare offers, and decide when it feels right, not when someone pressures you to sign.
