Best HELOC Lenders in Idaho (October 2024)

Key Takeaways

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Bank of America is the best home equity line of credit (HELOC) lender in Idaho, with a MoneyGeek score of 96 out of 100. Umpqua Bank follows with a MoneyGeek score of 94 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 lenders that suit your needs. 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 and Preferred Rewards members
CONS
  • Minimum line amount is $25,000 when applying online
  • Charges an early closure fee of $450
  • Closing must be done in person at a financial center

Runner-Up for Best HELOC Lender in Idaho

Company logo for Umpqua Bank
Umpqua Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.25%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • Offers an optional lock-in feature for variable interest rates
  • No origination fee
CONS
  • Charges an annual fee of $75
  • Need to connect with a loan expert to apply
  • Charges a $50 to lock in interest rate

Calculate Your Monthly Payment

The average HELOC balance in Idaho for the third quarter of 2023 was $44,487, according to Experian. Knowing this balance is useful for homeowners considering or managing a HELOC.

Calculating your HELOC payments is vital for managing this type of debt effectively. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of 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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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 NCUA
  • Offers interest-only and fixed-rate HELOC options
CONS
  • Charges a reimbursement fee of up to $250
  • No hardship assistance for HELOCs
  • Other HELOC information not disclosed on 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 APR9.00%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Federally insured by the NCUA
  • No annual maintenance fee
  • Allows interest-only payments during draw period
CONS
  • Does not disclose rate discounts
  • No fixed-rate HELOC option
  • Doesn't offer hardship assistance

What You Can Use a HELOC for in Idaho

Home equity lines of credit (HELOCs) have gained popularity in Idaho for their flexibility and the control they offer over line amounts and repayment timelines. These features make HELOCs an attractive option for homeowners seeking financial solutions tailored to their needs.

Here are some common ways you can use a HELOC:

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    Home improvements or renovations

    A HELOC is ideal for home improvements, offering flexibility as costs evolve. 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, easing financial burdens.

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    Funding education expenses

    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. It's crucial to 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 with ease. We have broken down this journey into six steps below.

1
Review your financial health

Reviewing your financial health is essential when considering a HELOC. This includes understanding 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
Compare rates in Idaho

Comparing HELOC rates in Idaho can help you secure the best deal. Consider the rates and the lender's features, such as repayment terms, fees and the option for a fixed-rate HELOC. This comprehensive approach ensures you choose a lender that aligns with your financial goals.

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 information on your mortgage and home value. Having these ready in advance can help avoid delays and ensure a smoother application process.

4
Submit an application

You can typically submit your HELOC application online or in person if your lender has a physical branch. It's important to check for any errors or omissions in your application to prevent delays. Ensuring accuracy from the start can lead to a more efficient approval process.

5
Undergo a home appraisal

Some lenders may require a home 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. Understanding this process can prepare you for any additional steps needed.

6
Wait for approval and closing

After submitting your application, the 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, as reported by Experian. The maximum amount you can borrow through a HELOC is typically linked to the equity you have in your home. 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:

How do lenders handle changes in home value, and can that impact HELOC terms down the road?

Credit & Mortgage Expert

As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.

FAQ: Best HELOC Lenders in Idaho

Who is the best HELOC lender 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. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.

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Our analysis was completed in October 2024 and 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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