Best HELOC Lenders in Montana (October 2024)

Key Takeaways

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The best home equity line of credit (HELOC) lender in Montana is U.S. Bank with a MoneyGeek score of 96 out of 100, followed by Horizon Credit Union with a score of 94 out of 100.

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The average HELOC limit in Montana is $114,846. How much you can borrow often depends on factors like your home's equity and credit score.

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Comparing rates can help you find lenders that meet your needs. MoneyGeek compiled the best HELOC rates in Montana, updated weekly to assist you.

Overall Best HELOC Lender in Montana

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
  • $25K minimum line amount
  • Closing must be done at a local branch
  • Charges an early closure fee of 1% of the loan

Runner-Up for Best HELOC Lender in Montana

Company logo for Horizon Credit Union
Horizon Credit Union
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.00%
Draw Period10 years
Repayment Period15 years
Time to Receive FundsUndisclosed
PROS
  • Allows interest-only payments during the draw period
  • Can convert balance to a fixed rate
  • Federally insured by National Credit Union Administration (NCUA)
CONS
  • May charge a $50 annual fee depending on HELOC
  • Imposes an early closure penalty
  • 15-year maximum repayment term

Calculate Your Monthly Payment

The average HELOC balance in Montana for the third quarter of 2023 was $50,559, according to Experian. Calculating your HELOC payments helps you manage this debt effectively and plan for any financial adjustments.

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 of your payments go toward interest and principal over time.

Montana 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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Best HELOC Lender in Montana for Affordability

Company logo for Whitefish Credit Union Association
Whitefish Credit Union Association
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.25%
Draw Period10 years
Repayment PeriodNone
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $10,000
  • Allows interest-only payments during the draw period
  • No application or origination fees
CONS
  • Balloon payment after the draw period
  • No fixed-rate HELOC option
  • No rate discounts

Best HELOC Lender in Montana 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 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 Montana

Home equity lines of credit (HELOCs) are popular in Montana due to their flexibility and the control they offer over borrowing and repayment. These features allow homeowners to adjust line amounts and timelines as needed. Explore the various ways you can use a HELOC.

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    Home Improvements or Renovations

    A HELOC is great for home improvements, offering flexibility as costs change. It lets you access funds as needed, helping your renovation plans adapt without financial strain.

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    Consolidating High-Interest Debt

    The average 2023 consumer debt in Montana was $104,133. Using a HELOC for debt consolidation can simplify payments and reduce interest.

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    Funding Education

    A HELOC offers better terms for education expenses like tuition and books than other debts. Its flexible funding option makes it a practical choice for covering education costs.

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    Investment Properties

    Using a HELOC for investment properties can enhance returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Montana

Understanding the steps to apply for a HELOC in Montana is key to navigating the process smoothly. We've broken down this journey into six steps below.

1
Review your financial health

Review your credit score, debt-to-income ratio and home equity before applying for a HELOC. In Montana, the average credit score is 732 in the third quarter of 2023, based on Experian data. Having this score or higher can improve your chances of approval.

2
Compare rates in Montana

Comparing rates can help you secure the best HELOC deal. Also, evaluate repayment terms, fees and the option for a fixed-rate HELOC. This approach ensures choosing a lender that aligns with your financial goals.

3
Prepare required documentation

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

4
Submit an application

Submit your HELOC application online or in person if your lender has a branch. Ensure accuracy to avoid delays.

5
Undergo a home appraisal

Some lenders may require a home appraisal to determine your home's current market value, impacting your HELOC terms.

6
Wait for approval and closing

The 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 cover part of these costs.

Know How Much You Can Borrow in Montana

The average HELOC limit in Montana for the third quarter of 2023 was $114,846, according to Experian. The maximum amount you can borrow with a HELOC is usually tied to your home equity. The more equity you have, the higher your potential credit limit.

Check out the table below for the range of credit lines offered by Montana lenders in our database.

Black Hills Federal Credit UnionFrom $10,000
Horizon Credit UnionFrom $10,000
Mountain America Federal Credit UnionFrom $12,000
U.S. Bank$25,000 to $750,000
Whitefish Credit Union AssociationFrom $10,000
Ask the experts:

How do lenders determine how much equity a homeowner can borrow against in a HELOC?

Credit & Mortgage Expert

Most lenders will allow you to take out up to 90% of your home's equity. For example, if your home is appraised at $400,000 and you owe $200,000 on your mortgage, you could potentially take out up to $160,000 on a HELOC if you meet the requirements of that lender.

FAQ: Best HELOC Lenders in Montana

Who is the best HELOC lender in Montana?
How to find the best HELOC lenders for bad credit in Montana?
What factors should I consider when choosing a HELOC lender in Montana?
What are common fees associated with HELOCs that I should compare in Montana?
What is the typical draw period for HELOCs, and does it vary between lenders in Montana?
How can I find a lender with flexible repayment options in Montana?

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 the inclusion or exclusion of certain desirable features in various critical categories.

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We completed our analysis in October 2024 and considered different banks and credit unions in Montana 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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