The Best HELOC Rates and Lenders in Montana

A home equity line of credit or HELOC is an open-ended credit line you can borrow against the value of your home. Borrowers can withdraw money when needed up to their maximum loan amount. A HELOC can fund expenses, such as home improvements, tuition and fees, debt consolidation and investments.

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You can use a HELOC to shoulder significant expenses, such as educational costs, medical fees, home improvement projects, debt consolidation and more. A HELOC is ideal for homeowners with considerable home equity who are responsible with credit. The interest rate on a HELOC is usually lower than the rates on credit cards and personal loans. HELOC lenders will check your home’s loan-to-value ratio (LTV) to evaluate whether you have enough equity to borrow against.

MoneyGeek found that current Montana home equity line of credit rates range from 0.99% to 18%. Before applying for a home equity line of credit, it’s crucial to check which lender suits your needs. Always compare rates to ensure you’re getting the best deal available.

Home Equity Line of Credit (HELOC) Rates for 2023

The table below provides an overview of lender equity rates, repayment terms and other essential details as of May 2022. Please note that rates and information continually change. MoneyGeek will regularly update this table with the most current information.

  • 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 Montana

MoneyGeek’s mission is to help you find the best HELOC lender based on your financial needs and goals. Remember that aside from national banks, not many lenders offer home equity line of credit loans. If a national lender denies your application, see whether your local credit union finances HELOC loans.

Best Overall HELOC Lender in Montana: Bank of America


  • Bank of America

    Bank of America offers a 1.99% introductory APR for six months.


    • 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 Montana: U.S. Bank


  • U.S. Bank

    Easily apply for a HELOC via phone, online, or during a branch visit.


    • 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 Montana: Figure


  • Figure

    Figure has one of the lowest credit score requirements for HELOCs: 620.


    • 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 Montana: PenFed


  • PenFed Credit Union

    PenFed Credit Union offers an introductory APR of 0.99% for the first six months.


    • 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

A home equity loan (HELOAN) and a home equity line of credit (HELOC) seem similar but are two distinctively different products.

Home equity loans let a homeowner borrow against the value of their home. Moreover, home equity loans have fixed interest rates and fixed repayment terms. Borrowers receive the money from the bank as a lump sum.

On the other hand, a HELOC acts like a credit card. Borrowers can withdraw a specific amount during the draw period. HELOCs have variable interest rates. Hence, borrowers aren't locked into specific monthly payments during repayment.

  • 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

Applying for a HELOC is convenient since several lenders let you complete the application online. You must provide your personal information and contact details, then wait for the lender's approval. MoneyGeek outlines important parts of the process below.

1

Determine how much you need

A HELOC isn't for everyone. MoneyGeek suggests a home equity line of credit for homeowners who can adhere to a budget and know how much they need to borrow. HELOCs are ideal for significant expenses, such as investments, debt consolidation and medical fees. A HELOC may not suit you if you only need money for a small home improvement project that would cost less than $1,000.

2

Assess your financial standing

Review your financial situation to determine your eligibility and how much you need to borrow. Ask yourself: are you financially stable and capable of repaying your loan? Do you have other liabilities to settle? Most lenders require a minimum credit score as an indicator of your ability to repay the loan. If you can boost your credit score before applying, you’ll secure a HELOC with a lower interest rate.

3

Shop around and compare lenders

Researching lenders and comparing their offers will help you find the best deal based on your situation and needs. With the best HELOC lender, you can avoid paying fees and take advantage of low rates.

4

Apply

Research and collect the information you need for your application in advance. Prepare verified documents like bank statements, mortgage statements, employment certificates or even pay stubs to ensure a smooth HELOC application process.

5

Use funds wisely

Once you start withdrawing funds from your HELOC, remember the repayment terms and other fees. Monitor how much you need to pay while your HELOC is open and budget this amount as part of your monthly expenses.

Frequently Asked Questions About HELOCs

Applying for a home equity line of credit (HELOC) can be an unfamiliar experience. To help you further, MoneyGeek answered some commonly asked questions about HELOCs.

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