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.
Wyoming's home equity loan rates are below national averages — 7.4% APR for a 10-year term (7.7% nationally) and 7.7% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Wyoming, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.
Home Equity Loan Rates in Wyoming
The current home equity loan rates in Wyoming for 10-year loans average 7.4%, compared to 7.7% nationally. For 15-year loans, the average is 7.7%, while the national rate is 7.9%.
Updated: November 27, 2024
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Key Takeaways
Higher LTV ratios lead to higher rates. The average APR for a 15-year HEL in Wyoming with an 80% LTV is 7.6%, compared to 7.7% for a 90% LTV.
HEL rates vary by city in Wyoming. For example, for 15-year loans, Lyman has an average APR of 5.4%, whereas Evanston's is 9%.
Different lenders offer varying rates for the same loan types. Pinnacle Bank - Wyoming's average APR is 4.9%, whereas Riverstone Bank's is 11.8%.
MoneyGeek examined 12 different banks and credit unions in Wyoming using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.
This data is accurate as of November 2024.
Current Home Equity Loan Rates in Wyoming
The current average APR for a 15-year home equity loan in Wyoming is 7.7%. However, several factors can influence the rate lenders offer you. For instance, maintaining a higher credit score often results in a lower APR, while opting for a larger loan amount might lead to a higher rate. Additionally, repayment terms play a crucial role in determining your APR. Take a look at the table below to compare the current home equity loan rates in Wyoming across different loan terms.
10Year | 7.4% |
15Year | 7.7% |
5Year | 7.4% |
Interest rates for a home equity loan 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 a 7.7% APR results in a monthly payment of $469 and total interest of $34,457. In contrast, a 10-year loan with a 7.4% APR has a monthly payment of $591 and total interest of $20,908.
Home equity loans and HELOCs are popular options for homeowners. Home equity loans and home equity lines of credit (HELOC) allow homeowners to tap into their home's equity.
In Wyoming, home equity loans have fixed rates, averaging 7.5%, while HELOC rates in Wyoming are variable, averaging 8.5%. Fixed rates mean predictable monthly payments, offering financial stability. In contrast, variable HELOC rates in Wyoming 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 the amount 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 risk for lenders, leading to higher rates. In Wyoming, the average APR for a 15-year equity loan with an LTV ratio of 80% is 7.6%, compared to 7.7% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.
- 10Year
- 15Year
- 5Year
7.4% | 7.4% |
Home Equity Loan Rates by City in Wyoming
Average APRs also vary between cities in Wyoming. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Additionally, cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.
In Wyoming, Powell has an average APR of 4.5%, while Evanston has an average APR of 9.0%. Below is a table showing the cities in Wyoming and their average home equity loan rates for different terms.
- Buffalo
- Casper
- Cheyenne
- Cody
- Douglas
- Dubois
- Evanston
- Gillette
- Glenrock
- Green River
- Jackson
- Lander
- Laramie
- Lyman
- Powell
- Rawlins
- Rock Springs
- Sheridan
- Torrington
10Year | 7.5% |
15Year | 7.7% |
5Year | 7.6% |
Home Equity Loan Lenders in Wyoming
Home equity loan rates in Wyoming differ significantly between lenders, affected by each lender's policies and market strategies. For instance, Pinnacle Bank - Wyoming offers the lowest average APR at 4.9%, while Riverstone Bank has the highest at 11.8%.
Comparing rates and terms from various lenders is essential to securing the lowest home equity loan rates. Check out the interactive table below to see which lenders offer the best rates in your city.
- Buffalo
- Casper
- Cheyenne
- Cody
- Douglas
- Dubois
- Evanston
- Gillette
- Glenrock
- Green River
- Jackson
- Lander
- Laramie
- Lyman
- Mills
- Powell
- Rawlins
- Riverton
- Rock Springs
- Sheridan
- Torrington
UniWyo Federal Credit Union | 6.7% |
Meridian Trust Federal Credit Union | 6.8% |
Western Vista Federal Credit Union | 7.2% |
Blue Federal Credit Union | 8.3% |
U.S. Bank National Association | 9.0% |
Riverstone Bank | 11.8% |
First Interstate Bank | |
Including credit unions in your lender options can be beneficial, as they often offer more competitive home equity loan rates in Wyoming. Commercial banks in the state have an average APR of 8.4%, while credit unions offer a lower rate of 7.2%. Be aware that credit unions may have stricter membership requirements.
How to Get the Best Home Equity Loan Rate in Wyoming
Securing the best home equity interest rates can lower your monthly payments and reduce overall borrowing costs, allowing you to allocate funds toward other financial goals. Imagine saving hundreds monthly, easing your budget constraints. To achieve the best home equity loan rates in Wyoming, consider these strategies:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, WyHy Federal Credit Union advertises an average APR of 5.4%, while Riverstone Bank offers 11.8%. Comparing different home equity loan lenders in Wyoming can help you find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. Wyoming homeowners can increase their home's equity by insulation upgrades or creating home offices.
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 Wyoming is 724, according to Experian.
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.
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 Wyoming
MoneyGeek answers Wyoming homeowners' questions about home equity loan rates, offering clear and reliable information. By focusing on common concerns, MoneyGeek ensures you have the knowledge needed to explore your options confidently. Understanding these rates can help you make informed decisions about your home financing.
What is the interest rate on a home equity loan in Wyoming?
As of November 2024, the average APRs for home equity loans in Wyoming are 7.4% for both 5-year and 10-year terms and 7.7% for 15-year terms. Rates may vary based on factors like your credit score.
How do you calculate your home equity in Wyoming?
Calculate your home equity by subtracting your remaining mortgage balance from your home's current market value. Make sure to understand home equity requirements.
Do home equity loan rates vary between cities in Wyoming?
Yes, they do. For instance, Powell has an average APR of 4.5%, while Evanston's rate is 9.0%.
Does a home equity loan in Wyoming have tax benefits?
Interest on a home equity loan may be tax-deductible if used for home improvements, subject to IRS guidelines.
What are possible drawbacks of securing a home equity loan in Wyoming?
Drawbacks include the risk of foreclosure if you fail to repay and the possibility of fluctuating interest rates affecting your payments.
How long does it take to get a home equity loan in Wyoming?
The process typically takes a few weeks, depending on the lender and your financial situation.
How do you get a home equity loan in Wyoming?
To get a home equity loan, check your eligibility for a home equity loan and ensure you meet the credit score requirements.
What can I use my funds for? Are there any home equity loan use restrictions in Wyoming?
Funds can be used for various purposes, such as home improvements or debt consolidation. However, some lenders may impose restrictions.
Can you only take out a home equity loan in Wyoming on your primary residence?
You can apply for a home equity loan on other properties, but terms might differ. Consider options like cash-out refinance.
What other home equity products can you consider if you want to tap into your home's equity in Wyoming?
Consider other types of loans such as HELOCs or reverse mortgages, which offer different terms and benefits.
What's the difference between a HELOC and a home equity loan?
A HELOC typically has a variable rate and a draw period, with an annual fee, while a home equity loan offers fixed interest rates.
About Zachary Romeo, CBCA
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.
sources
- Experian. "What Is the Average Credit Score in the U.S.?." Accessed November 27, 2024.
- TransUnion. "Home Equity Trends Report — Q4 2023." Accessed November 27, 2024.