The Best HELOC Rates and Lenders in Idaho

A home equity line of credit (HELOC) is a renewable credit line secured by your house that you can use to pay for significant expenses. It functions similarly to a credit card but uses your home as collateral.

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A HELOC is commonly used to fund large expenses such as home improvements, college fees, medical bills, debt consolidation and more. It’s also perfect for homeowners who have a lot of equity in their home and are good at managing credit.

MoneyGeek discovered that current home equity line of credit rates in Idaho range from 0.99% to 18%, with Bank of America being the top overall HELOC lender.

It's critical to shop around for a lender that fits your needs before applying for a HELOC. Compare their offerings to make sure that you're getting the best rate possible.

Home Equity Line of Credit (HELOC) Rates for 2023

When choosing a HELOC, it's critical to research rates and terms from several lenders to discover the best deal.

Last updated in May 2022, the table below provides an overview of the home equity line of credit rates and relevant lender information. Keep in mind that rates and other information may change over time, but MoneyGeek will update this data to keep it up to date.

  • Lender
    APR
    Loan Amount
    Min. Credit Score Requirement
    Repayment Terms
    Annual Fees
    Pre-Approval Time
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 1.99% special
    introductory variable
    APR for 6 months,
    then as low as
    4.35% variable

    $25,000 to $1,000,000

    Not specified

    10-year draw period,
    20-year repayment period

    Not specified

    Not specified

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 3.49% for 6 months
    (4.08% thereafter)

    Starting at $5,000

    Not specified

    15-year draw period
    with 15-year repayment period

    None

    24 hours

  • 3.75% to 10.63% variable

    $10,000 to $500,000

    Not specified

    10-year draw period,
    and then 20 years for repayment

    None

    Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Idaho

MoneyGeek's goal is to help you find the ideal HELOC lender for your specific financial requirements and objectives.

Many lenders do not provide home equity line of credit loans. Typically, national banks are the only institutions that offer HELOC loans for individuals. If a major lender turns down your application, see if your local credit union offers HELOCs.

Best Overall HELOC Lender in Idaho: Bank of America


  • Bank of America

    Up to $1,000,000 borrowing limit.


    • 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time

    on Bank of America Website

Best HELOC Lender for Good Credit in Idaho: U.S. Bank


  • U.S. Bank

    Fixed rates are available to borrowers with good to exceptional credit.


    • 4.20% to 9.35%APR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time

    on U.S. Bank Website

Best HELOC Lender for Bad Credit in Idaho: Figure


  • Figure

    For customers with bad credit, Figure is a good HELOC lender option.


    • From 6.55% to 15.54%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time

    on Figure Website

Best HELOC Lender for Competitive Rates in Idaho: PenFed


  • PenFed Credit Union

    PenFed Credit Union offers a credit line of up to $1 million.


    • 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • N/APre-Approval Time

    on PenFed Credit Union Website

HELOC vs. Home Equity Loans

While both home equity loans and home equity lines of credit use your home equity to determine how much you can borrow, the differences between the two are substantial.

Home equity loans allow homeowners to borrow money against the value of their homes. A set interest rate and payback duration apply to a home equity loan. The borrower receives the fund in one single amount.

A HELOC, on the other hand, works similarly to a credit card in that it allows a borrower to borrow up to a certain amount during the draw period. The borrower is not trapped in a set monthly payment because the interest rate is variable.

The table below provides a more comprehensive list of differences between the two.

  • HELOC
    Home Equity Loan
  • Interest Rate

    Adjustable interest rate,
    but fixed-rate options are available

    Fixed interest rate

  • Monthly Payment

    Changes depending
    on the amount of money borrowed

    Fixed monthly payments

  • Repayment Terms

    During the draw period, borrowers pay
    interest on the money they borrowed;
    after the draw period, they repay any
    principal owed in addition to interest

    Repayment starts as soon as
    the money is given to the borrower

  • Fund Disbursements

    Line of credit

    Lump sum delivery

How to Apply for a HELOC

Most HELOC lenders provide online applications to make the process more convenient. You only have to submit various pieces of information, including personal data and contact details. Then, you wait for the approval.

1

Determine how much you need

Keep in mind that a HELOC isn't for everyone. For homeowners who can budget properly and know the precise amount they need to borrow, MoneyGeek advises a home equity line of credit. HELOCs are also great for big purchases like investments, debt reduction and education.

2

Assess your financial standing

You need to qualify before applying for any type of loan. For HELOC, this means that you must be able to fulfill the credit score requirement, earn within the income threshold, have enough home equity and more. If you’re planning to apply for a HELOC loan, try to avoid hurting your creditworthiness by applying for other credit lines.

3

Shop around and compare lenders

Researching lenders and comparing their rates could be beneficial. This will help you in locating the best option for your needs. You may avoid paying additional fees and take advantage of cheap rates before the loan begins if you choose the correct HELOC lender.

4

Apply

Most HELOC applications may be completed online and are typically less complicated than mortgage applications. Simply gather your application documents and answer the questions honestly. Verification documents, such as bank statements and asset information, must also be provided.

5

Use funds wisely

Be mindful of the payback terms and additional costs after you begin pulling cash from your HELOC. To budget for monthly spending, keep track of how much you need to pay while your HELOC is open.

Frequently Asked Questions About HELOCs

Taking out a HELOC loan is a long-term investment that should be carefully evaluated. To help you consider your options, below are some frequently asked questions.

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