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.

WHAT WE’RE GEEKING OUT ON

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

PenFed Credit Union

3.75% to 18%

$25,000 to $1,000,000

660

10-year draw period
and 20-year repayment period

None

N/A

PNC Bank

Not specified

Not specified

Not specified

Not specified

Not specified

Not specified

Bank of America

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

U.S. Bank

3.65% to 8.80%

$15,000 to $750,000

730

10-year draw period,
unspecified repayment period

$90

Not specified

Flagstar

Starting at 3.99%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period

$75

Not specified

SunTrust/Truist

Starting at 4.64%

$10,000 to $500,000

Not specified

10-year draw period
and 20-year repayment period

None

24 hours

Figure

Starting at 3.50%

$15,000 to $400,000

620

5 to 30 years

3% to 4.99%

24 hours

Citizens Bank

Starting at Prime - 0.50%

Starting at $17,500

Not specified

10-year draw period,
15-year repayment period

$50

Not specified

TD Bank

Starting at 3.34%

Starting at $25,000

740

Not specified

$50

Not specified

Connexus Credit Union

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

Regions Bank

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.

    • 9.55%APR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • NoneAnnual Fees
    • Not specifiedPre-Approval Time
    Bank of America

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.

    • Not specifiedAPR Range
    • $15,000 to $750,000Loan Amount Range
    • 10-year draw period; unspecified repayment periodRepayment Terms
    • $90Annual Fees
    • Not specifiedPre-Approval Time
    U.S. Bank

Best HELOC Lender for Bad Credit in Idaho: Figure


  • Figure

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

    • 8.25%APR Range
    • $15,000 to $400,000Loan Amount Range
    • 5 to 30 yearsRepayment Terms
    • NoneAnnual Fees
    • 24 hoursPre-Approval Time
    Figure

Best HELOC Lender for Competitive Rates in Idaho: PenFed


  • PenFed Credit Union

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

    • Not specifiedAPR Range
    • $25,000 to $1,000,000Loan Amount Range
    • 10-year draw period; 20-year repayment periodRepayment Terms
    • $99Annual Fees
    • Not SpecifiedPre-Approval Time
    PenFed Credit Union

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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