Home Equity Loan Rates in Kansas

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.

Kansas home equity loan rates are above the national averages — 8.1% APR for a 10-year term (7.7% nationally) and 8.3% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Kansas, 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 Kansas with an 80% LTV is 8.2%, compared to 8.5% for a 90% LTV.

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HEL rates vary by city in Kansas. For example, for 15-year loans, Hiawatha has an average APR of 5.5%, whereas Merriam's is 9.9%.

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Different lenders offer varying rates for the same loan types. HTLF Bank's average APR is 5.5%, whereas U.S. Bank National Association's is 9.9%.

MoneyGeek examined 36 different banks and credit unions in Kansas 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.

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Current Home Equity Loan Rates in Kansas

The current average APR for a 15-year home equity loan in Kansas is 8.3%, but several factors might affect what lenders offer. For instance, a higher credit score usually results in a lower APR, while opting for a larger loan could increase your rate. Repayment terms also play a role in determining rates. Check the table below to compare the average APRs of home equity loans in Kansas across different loan terms.

10Year8.1%
15Year8.3%
5Year7.8%

Interest rates for home equity loans change daily. Keeping track of these rates can make financing renovations more affordable and help you plan your budget accurately.

For example, a 15-year home equity loan with an 8.3% APR results in a monthly payment of $487 and a total interest of $37,575. In contrast, a 10-year loan with an 8.1% APR has a monthly payment of $609 and a total interest of $23,114.

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HOME EQUITY LOANS VS. HELOCS IN KANSAS

Home equity loans and home equity lines of credit (HELOC) are popular options for homeowners to tap into their home's equity. Home equity loans have fixed rates, averaging 8.1%, while HELOC rates in Kansas are variable, averaging 8.7%.

Fixed rates mean consistent monthly payments, providing financial predictability. Variable rates can start lower but may increase, leading to higher costs over time. Understanding the differences between home equity loans and HELOCs can help you decide which option aligns better with your financial goals.

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 Kansas with an LTV ratio of 80% is 8.2%. It's 8.5% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Data filtered by:Results filtered by:
Repayment Terms:
Repayment Terms:15Year
8.1%8.5%

Home Equity Loan Rates by City in Kansas

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

In Kansas, Sabetha has an average APR of 5.5%, while Merriam has an average APR of 9.9%. Explore the table below to see the average home equity loan rates across Kansas cities.

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City:
City:Wichita
10Year8.4%
15Year8.6%
5Year8.0%

Home Equity Loan Lenders in Kansas

Home equity loan rates in Kansas can vary significantly between lenders, influenced by individual policies and market strategies. For instance, HTLF Bank offers the lowest average APR at 5.5%, while U.S. Bank National Association stands at the higher end with an average APR of 9.9%.

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

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City:
City:Wichita
Quantum Credit Union6.8%
Emprise Bank7.5%
Great Plains Federal Credit Union7.8%
Mid-American Credit Union7.9%
Community Bank of Wichita, Inc.8.0%
Meritrust Federal Credit Union8.3%
INTRUST Bank8.5%
BMO BANK NATIONAL ASSOCIATION8.7%
Busey Bank8.8%
Skyward Credit Union9.0%
Commerce Bank9.0%
Andover State Bank9.5%
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COMPARING HOME EQUITY LOAN RATES: BANKS VS. CREDIT UNIONS

Considering credit unions in your lender options can be beneficial, especially for home equity loan rates in Kansas. Commercial banks offer an average APR of 8.2%, while credit unions provide a lower rate of 8.0%. Credit unions typically have stricter membership requirements, so keep this in mind when exploring your options.

How to Get the Best Home Equity Loan Rate in Kansas

Securing the best home equity loan rates can lower your monthly payments and total borrowing costs, freeing up funds for other financial goals. Imagine reducing your rate by even a small percentage; the savings can be substantial over time. To achieve the best home equity loan rates in Kansas, consider these strategies:

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    Compare lenders

    Lenders may offer different APRs for the same loan amount and credit profile. Academy Bank, N.A. has an average APR of 6.8%, while CommunityAmerica Credit Union provides 9.8%. Comparing home equity loan lenders in Kansas 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. Kansas homeowners can increase their equity by modernizing their homes with bathroom renovations and kitchen upgrades.

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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 Kansas is 723, 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 Kansas

MoneyGeek provides Kansas homeowners with clear answers to common questions about home equity loan rates. Our information is straightforward and factual, ensuring you understand the factors influencing rates, such as lender policies and credit scores. We'll help you navigate your home equity options confidently.

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

How do you calculate your home equity in Kansas?

Do home equity loan rates vary between cities in Kansas?

Does a home equity loan in Kansas have tax benefits?

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

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

How do you get a home equity loan in Kansas?

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

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

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

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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