Best HELOC Rates and Lenders in Wyoming (2024)
Updated: April 23, 2024
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The best HELOC lender in Wyoming is Lower. It stands out for its competitive APR range of 8.75% to 13.5% and offers loan amounts from $15,000 to $500,000. With no annual fees and a low minimum credit score of 580, it ensures broad access to homeowners. It operates exclusively online.
MoneyGeek evaluated 10 HELOC lenders to guide Wyoming homeowners. These are not the only options in the state. Homeowners may also explore UniWyo Credit Union, WyHy Federal Credit Union and Blue Federal Credit Union, which offer unique benefits to their members.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender for homeowners in Wyoming. With an APR range of 8.75% to 13.5%, Lower helps homeowners access their home equity without a hefty price tag. Loans start at $15,000 and go up to $500,000, with a minimum credit score requirement of just 580, making funding accessible to a wider range of borrowers. Homeowners can benefit from personalized support to navigate their HELOC, with the added peace of mind that comes from an A+ BBB rating.
Pros
- No annual fee
- Credit scores from 580 accepted
- Personalized post-loan support
Cons
- No rate discounts offered
- No fixed-rate HELOC conversion
- Unclear repayment period length
Overall Best HELOC Lender in Wyoming
HELOC Rates in Wyoming by Credit Score
Your home equity line of credit (HELOC) APR in Wyoming may vary due to various factors. Despite a good credit score and a loan-to-value ratio under 80%, rates can differ based on repayment terms. Review the following table to see rate adjustments for different parameters.
Shopping around for the best APR on a HELOC in Wyoming can save you money over the life of the loan. A lower APR means lower monthly payments and less interest paid out over time, making it easier to manage your borrowing and keep costs down. Taking the time to compare can lead to significant savings.
HELOC Calculator: Do You Qualify in Wyoming?
Homeowners in Wyoming might be looking at TransUnion's report for some good news on Total Tappable Equity, indicating how much you may borrow against your home's value. With higher home equity, your borrowing potential increases. The average credit score in the state is 724, as cited by Experian, suggesting a reasonable chance to secure a HELOC in Wyoming.
To get a HELOC, you must meet various criteria, with equity and a good credit score being key factors. The HELOC calculator allows you to estimate your eligibility by inputting different values. This tool fine-tunes your search, aligning expectations with realistic lending options.
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
Aven is the top lender for homeowners in Wyoming looking to save on a HELOC. With APRs ranging from 7.99% to 15.49%, Aven offers financial flexibility. It has no annual fees, adding to the savings. Plus, signing up for autopay gives a 0.25% rate discount. Aven's product is a hybrid HELOC, acting like a credit card but reported as a HELOC to credit bureaus. This option offers convenience and cost savings, especially beneficial to Wyoming homeowners prioritizing affordability.
Pros
- Provides credit card backed by home equity
- Earns 2% unlimited cashback
- No fees or prepayment penalty
Cons
- Line limit only up to $250,000
- 2.5% fee for bank cashouts
- 10-day card delivery time
Best HELOC Lender in Wyoming for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is the best HELOC lender in Wyoming for homeowners with bad credit. Bad credit doesn't stop you from securing a HELOC, but it may affect your terms. Fortunately, U.S. Bank offers a minimum credit score requirement of 660, which is more accessible than many competitors. U.S. Bank keeps costs relatively manageable with an APR range of 8.95% to 13.1%. Plus, there's a 0.5% rate discount when you set up autopay. These features are especially helpful for Wyoming homeowners looking to leverage their home's equity without perfect credit. U.S. Bank is accredited by the BBB, though currently does not have a rating.
Pros
- Offers a fixed-rate option
- No closing costs
- Minimum line amount is $15,000
Cons
- Early closure fee up to $500
- Annual fee of $75
- VISA Access Card restrictions
Best HELOC Lender in Wyoming for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
Bank of America is a top HELOC lender for Wyoming homeowners needing substantial funds. With a HELOC, you have the flexibility to cover high-cost needs such as home improvements or education expenses. The lender's maximum loan amount is $1 million, which is a significant benefit for those undertaking large projects. Bank of America also offers a 10-year draw period followed by a 20-year repayment period, giving borrowers plenty of time to manage their finances without worrying about an annual fee. In times of financial difficulty, the bank assists homeowners, focusing on customer support. With no application, annual or closing fees and competitive discounts, Bank of America ensures homeowners can access the money they need for big ventures without undue financial strain.
Pros
- Competitive intro rate for six months
- Assistance during financial hardship
- No application or annual fees
Cons
- Charges a $450 early closure fee
- Does not disclose minimum HELOC requirements
- Minimum loan amount is $25,000 online
Best HELOC Lender in Wyoming for Large Loans
- PNC Bank
- 8.22% to 14.5%APR Range
- $10,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- Undisclosed draw period; 5-30 year repayment periodRepayment Terms
- $50Annual Fees
PNC Bank is the top choice for homeowners in Wyoming seeking to consolidate high-interest debts like credit card balances or personal loans with a HELOC. A solid HELOC provider offers lower interest rates, fast fund access, and high loan limits. With a minimum APR of 8.22% and a maximum of 14.5%, PNC Bank can provide lower rates than many high-interest debts. The quick turnaround to receive funds, typically three days after closing, makes it a swift solution for debt consolidation. Homeowners can borrow up to $1 million, ensuring a wide range of debts are covered. PNC Bank also reimburses fees, adds extra savings and presents options like a rate discount with autopay setup from a qualifying PNC checking account.
Pros
- Borrow up to $1 million for debt consolidation
- Autopay discount of 0.25% with qualifying account
- Reimburses various loan-related fees
Cons
- Charges a $50 annual fee
- Does not disclose key information
- Charges a fee for rate lock changes
Best HELOC Lender in Wyoming for Debt Consolidation
How to Choose a HELOC Lender in Wyoming
MoneyGeek showcased the top HELOC lenders in Wyoming for various needs. Yet, if you're keen to widen your search, the upcoming strategies are designed to help you find a lender that fits your unique financial landscape.
FAQ: HELOC Lenders and Rates in Wyoming
Navigating the HELOC landscape might seem tricky, but equipped with the right knowledge, you can make a choice that fits your needs in Wyoming. These FAQs shed light on key aspects of selecting a lender.
A competitive HELOC rate in Wyoming is around 6.53%. These rates generally apply to those with an LTV ratio of 80% or lower and a credit score in the range of 680 to 740. Homeowners should remember that actual rates can vary due to credit score and chosen lender.
Lower is recognized as the best overall HELOC lender in Wyoming. It is favored for its APR range of 8.75% to 13.5%, loan amounts up to $500,000 and the lenient minimum credit score requirement of 580, making it significant for a broad spectrum of homeowners.
Yes, homeowners with bad credit can qualify for a HELOC in Wyoming. For instance, U.S. Bank offers HELOCs to applicants with a minimum credit score of 660 and offers a 0.5% discount for autopay.
Bank of America stands out for large loans in Wyoming. Homeowners may opt for hefty sums for significant home renovation projects or to invest in substantial property improvements. This lender offers a range of $25,000 to $1,000,000 with no annual fees, allowing for greater borrowing capacity with flexible repayment terms.
Homeowners considering debt consolidation should look for favorable APR ranges, swift fund access and generous loan amounts. PNC Bank, with an APR range of 8.22% to 14.5% and loan amount up to $1,000,000, promises funds availability as soon as three days after closing, making it a smart choice for consolidating high-cost debts efficiently.
Finding the right HELOC lender in Wyoming involves understanding your financial needs and what you intend to use the HELOC for. Whether prioritizing low rates, high loan limits or lenient credit requirements, the ideal lender varies. Assessing your financial situation and goals will guide you to the best match for your specific situation.
sources
- Better Business Bureau. "Get Consumer Help." Accessed April 20, 2024.
- Experian. "What Is the Average Credit Score in the US?." Accessed April 21, 2024.
- TransUnion. "Home Equity Trends Report Q3 2023." Accessed April 20, 2024.
- Wyoming Division of Banking. "Uniform Consumer Credit Code Licensees." Accessed April 20, 2024.