Home Equity Loan Rates in Idaho

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Idaho's home equity loan rates are above national averages — 8.4% APR for a 10-year term (7.7% nationally) and 8.7% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Idaho, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

Key Takeaways

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Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in Idaho with an 80% LTV is 8.8%, compared to 8.3% for a 90% LTV.

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HEL rates vary by city in Idaho. For example, for 15-year loans, Lewiston has an average APR of 7.4%, whereas Weiser's is 11%.

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Different lenders offer varying rates for the same loan types. Washington Trust Bank's average APR is 4.8%, whereas KeyBank National Association's is 11.9%.

MoneyGeek examined 17 different banks and credit unions in Idaho using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.

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This data is accurate as of November 2024.

17Lenders Analyzed

Current Home Equity Loan Rates in Idaho

The current average APR for a 15-year home equity loan in Idaho is 8.7%, but several factors might affect what lenders offer. For instance, a higher credit score usually results in a lower APR, while a larger loan amount could mean a higher rate. Repayment terms also play a role — check out the table below to compare the current home equity loan rates in Idaho across different loan terms.

10Year8.4%
15Year8.7%
5Year8.1%

Interest rates for home equity loans change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For example, a 15-year home equity loan with an 8.7% APR results in a monthly payment of $498 and a total interest of $39,685. In contrast, a 10-year loan with an 8.4% APR has a monthly payment of $617 and a total interest of $24,071.

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HOME EQUITY LOANS VS. HELOCS IN IDAHO

Home equity loans and home equity lines of credit (HELOCs) are popular options for homeowners to tap into their home's equity. In Idaho, home equity loan rates average 8.4%, while the best HELOC rates in Idaho average 8.6%. Home equity loans have fixed rates, providing stability, whereas HELOCs have variable rates, offering flexibility.

Fixed rates mean predictable monthly payments, which can help in budgeting. On the other hand, variable rates like those of home equity lines of credit (HELOCs) can start lower but may increase, potentially leading to higher payments over time.

Home Equity Loan Rates by LTV Ratio

The rate you qualify for depends on your loan-to-value ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Idaho with an LTV ratio of 80% is 8.8%. It's 8.3% for a 90% LTV ratio. Use the table to see what average home equity loan rates you might qualify for based on your LTV ratio.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:10Year
8.4%8.3%

Home Equity Loan Rates by City in Idaho

Average APRs also vary between cities in Idaho. Cities with higher living costs may see slightly higher rates due to increased operational expenses. Additionally, differences in property taxes or local fees can influence rates, affecting overall borrowing costs.

In Idaho, Lewiston has an average APR of 7.1%, while Weiser has an average APR of 11%. Explore the table below to see the average home equity loan rates across Idaho cities for different loan terms.

Data filtered by:Results filtered by:
City:
City:Boise
10Year8.3%
15Year8.5%
5Year8.1%

Home Equity Loan Lenders in Idaho

Home equity loan rates in Idaho vary significantly between lenders, reflecting differences in policies and market strategies. For instance, Washington Trust Bank offers the lowest average APR at 4.8%, while KeyBank National Association has the highest at 11.9%.

Comparing rates and terms from different lenders is key to securing the lowest home equity loan rates. Explore the interactive table to discover which lenders offer the most competitive rates in your city.

Data filtered by:Results filtered by:
City:
City:Boise
Washington Trust Bank4.8%
Capital Educators Federal Credit Union7.7%
Mountain America Federal Credit Union8.0%
America First Federal Credit Union8.0%
Westmark Credit Union8.5%
Bank of Idaho8.8%
BMO BANK NATIONAL ASSOCIATION8.8%
U.S. Bank National Association9.0%
Banner Bank9.6%
Horizon Credit Union11.0%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Including credit unions in your lender options for home equity loan rates in Idaho can be beneficial. Credit unions typically offer an average APR of 8.2%, compared to 8.8% from commercial banks. This lower rate can save you money over time. Remember that credit unions may have stricter membership requirements.

How to Get the Best Home Equity Loan Rate in Idaho

Getting the best possible home equity interest rates can lower your monthly payments and total borrowing costs, allowing you to allocate funds elsewhere. To achieve the best home equity loan rates in Idaho, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. For instance, Rails West Federal Credit Union advertises an average APR of 7.1%, while KeyBank National Association offers 11.9%. Comparing different home equity loan lenders in Idaho can help you find better rates.

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    Increase your home's equity

    Having more equity in your home can result in more competitive rates from lenders. Idaho homeowners can increase their home's equity by finishing the basement or adding home offices.

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    Improve your credit score

    Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Idaho is 729, according to Experian.

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    Decrease debt-to-income ratio

    A lower debt-to-income (DTI) ratio — the percentage of your monthly income that goes toward paying debts — can lead to better rates as lenders see you as a less risky borrower.

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Debt-to-Income Ratio Calculator

Provide your income and recurring payments to calculate your DTI.

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FAQ About Home Equity Loan Rates in Idaho

MoneyGeek addresses common questions about home equity loan rates, offering clear and reliable insights to Idaho homeowners.

What is the interest rate on a home equity loan in Idaho?

How do you calculate your home equity in Idaho?

Do home equity loan rates vary between cities in Idaho?

Does a home equity loan in Idaho have tax benefits?

What are possible drawbacks of securing a home equity loan in Idaho?

How long does it take to get a home equity loan in Idaho?

How do you get a home equity loan in Idaho?

What can I use my funds for? Are there any home equity loan use restrictions in Idaho?

Can you only take out a home equity loan in Idaho on your primary residence?

What other home equity products can you consider if you want to tap into your home's equity in Idaho?

What's the difference between a HELOC and a home equity loan?

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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