Best HELOC Lenders in Idaho (December 2024)

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Key Takeaways

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The best home equity line of credit (HELOC) lender in Idaho is Bank of America, with a MoneyGeek score of 96 out of 100. The runner-up is U.S. Bank, scoring 96 out of 100.

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The average HELOC limit in Idaho is $118,300. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

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Comparing rates can help you find suitable lenders. MoneyGeek compiled the best HELOC rates in Idaho, updated weekly to assist you.

Overall Best HELOC Lender in Idaho

Company logo for Bank of America
Bank of America
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.35%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow up to $1 million
  • Accepts co-applicants
  • Provides rate discounts for autopay
CONS
  • $25,000 minimum line amount for online applications
  • $450 early closure fee
  • Closing must be done in person

Runner-Up for Best HELOC Lender in Idaho

Company logo for U.S. Bank
U.S. Bank
MoneyGeek Score:
96/ of 100

Minimum Credit Score660
Average HELOC APR8.95%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Borrow up to $750K
  • Provides a 0.50% autopay discount
  • Can lock in a fixed interest rate
CONS
  • $25,000 minimum line amount
  • Closing must be done at a local branch
  • Early closure fee of 1% of the loan amount

Calculate Your Monthly Payment

The average HELOC balance in Idaho for the third quarter of 2023 was $44,487, according to Experian. Calculate your HELOC payments to manage this type of debt effectively and plan for any adjustments in your financial obligations.

Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule shows how much your payments go toward interest and principal over time.

Idaho HELOC Payoff Calculator

This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.

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Draw Period Payment

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Repayment Period Payment

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Credit Payoff Schedule for Home Equity Line

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Best HELOC Lender in Idaho for Affordability

Company logo for America First Federal Credit Union
America First Federal Credit Union
MoneyGeek Score:
93/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.24%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • Federally insured by the National Credit Union Administration (NCUA)
  • Offers interest-only and fixed-rate HELOC options
CONS
  • Up to $250 reimbursement fee
  • No hardship assistance for HELOCs
  • Other HELOC information undisclosed on its website

Best HELOC Lender in Idaho for Service Quality

Company logo for Mountain America Federal Credit Union
Mountain America Federal Credit Union
MoneyGeek Score:
100/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the NCUA
  • No annual maintenance fee
  • Allows interest-only payments during the draw period
CONS
  • Doesn't disclose rate discounts
  • No fixed-rate HELOC option
  • No hardship assistance

What You Can Use a HELOC for in Idaho

Home equity lines of credit (HELOCs) are popular in Idaho for their flexibility and control. They let homeowners decide how much to borrow and when to repay. 

Knowing how to use a HELOC can help you get the most out of it. Here are some potential uses.

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs change. It allows you to access funds as needed, ensuring you can adapt to changes without financial strain.

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    Consolidating high-interest debt

    According to Experian data, the average 2023 consumer debt in Idaho was $120,766. Using a HELOC for debt consolidation can streamline payments and lower interest rates.

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    Funding education

    Using a HELOC for education expenses is often better than other debts. It can cover tuition, books and fees, providing a flexible, lower-interest option for managing educational costs.

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    Investment properties

    A HELOC can fund investment properties, offering potential returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Idaho

Understanding the steps to apply for a HELOC in Idaho can help you navigate the process easily. We've broken down this journey into six steps below.

  1. 1
    Review your financial health

    Review your credit score, debt-to-income ratio and home equity. The average credit score in Idaho was 729, based on Experian data. A higher credit score can improve your chances of HELOC approval.

  2. 2
    Compare rates in Idaho

    Compare rates to secure the best HELOC deal. Consider repayment terms, fees and fixed-rate HELOC options to choose a lender that meets your financial needs.

  3. 3
    Prepare required documentation

    Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns and mortgage and home value information.

  4. 4
    Submit an application

    Submit your HELOC application online or in person if your lender has a physical branch. Check for any errors or omissions in your application to prevent delays.

  5. 5
    Undergo a home appraisal

    Some lenders may require an appraisal to determine your home's current market value. A home appraisal involves a professional assessment of your property's worth, which helps the lender decide on your HELOC amount.

  6. 6
    Wait for approval and closing

    A HELOC approval process can take two to six weeks. Once approved, you'll proceed to closing, which may involve signing documents and paying closing costs. Some lenders might offer to cover part of these costs, so it's worth inquiring about potential savings.

Know How Much You Can Borrow in Idaho

The average HELOC limit in Idaho for the third quarter of 2023 was $118,300, according to Experian. The maximum amount you can borrow through a HELOC is typically linked to your home equity. The more equity you have, the higher your potential credit limit can be.

Check out the table below to see the range of credit lines offered by Idaho lenders in our database that discloses their line amount range.

America First Federal Credit UnionFrom $5,000
Bank of America$15,000 to $1,000,000
KeyBank$10,000 to $500,000
Mountain America Federal Credit UnionFrom $12,000
U.S. Bank$25,000 to $750,000
Umpqua Bank$5,000 to $1,000,000
Ask the experts:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.

FAQ: Best HELOC Lenders in Idaho

Who is the best HELOC lenders in Idaho?

How to find the best HELOC lenders for bad credit in Idaho?

What factors should I consider when choosing a HELOC lender in Idaho?

What are common fees associated with HELOCs that I should compare in Idaho?

What is the typical draw period for HELOCs, and does it vary between lenders in Idaho?

How can I find a lender with flexible repayment options in Idaho?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on including or excluding certain desirable features in various critical categories.

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Our analysis, completed in December 2024, considered different banks and credit unions in Idaho from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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