Best HELOC Rates and Lenders in Montana (2024)
Updated: April 19, 2024
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The best home equity line of credit (HELOC) lender in Montana is Lower, offering its services exclusively online. Homeowners can get rates from 8.75% to 13.5% and borrow between $15,000 and $500,000. With a low minimum credit score requirement of 580, it caters to a broad spectrum of borrowers in the state. MoneyGeek reviewed multiple aspects to select the top lender, not limited to costs alone.
MoneyGeek's study included 11 HELOC lenders. While additional lenders are present in Montana, not all were analyzed. Local opportunities abound with institutions like Whitefish Credit Union, Rocky Mountain Credit Union and Billings Federal Credit Union, each providing potentially advantageous and unique offers to Montana homeowners.
- Lower
- 8.75% to 13.5%APR Range
- $15,000 to $500,000Loan Amount Range
- 580Minimum Credit Score
- 10-year draw period; undisclosed repayment period Repayment Terms
- NoneAnnual Fees
Lower is the best HELOC lender in Montana. Its APR ranges from 8.75% to 13.5%, allowing for competitive borrowing costs. Homeowners can access loan amounts from $15,000 to $500,000, accommodating a wide range of financial needs. With a minimum credit score requirement of 580, it opens doors for more Montanans to use home equity to their advantage. Additionally, Lower has no annual fee and boasts an A+ rating from the BBB, demonstrating a commitment to customer satisfaction and transparency.
Pros
- Accepts credit scores as low as 580
- Provides personalized support post-completion
- Minimum loan amount of $15,000
Cons
- No fixed-rate HELOC conversion
- No rate discounts available
- No financial hardship assistance
Best HELOC Lender Overall
HELOC Rates in Montana by Credit Score
In Montana, your HELOC APR is shaped by factors like credit scores and LTV ratios. Even with good credit and an LTV under 80%, rates vary based on repayment terms. Check the table to see rate adjustments for different parameters.
Comparing APRs from various Montana HELOC lenders can lead to savings over the loan's life. A lower APR means lower monthly payments, giving you more financial breathing room. Careful selection ensures you find a lender that aligns with your financial goals and provides a comfortable borrowing experience.
HELOC Calculator: Do You Qualify in Montana?
Montana homeowners with high home equity might borrow more, as suggested by TransUnion's report. An average credit score of 732 in Montana, data from Experian, indicates good potential for HELOC approval.
Your eligibility for a Montana HELOC includes different factors with equity and credit score as key components. To gauge your eligibility, the HELOC calculator can be an effective tool, allowing you to adjust variables and better navigate the HELOC landscape.
- Aven
- 7.99% to 15.49%APR Range
- Up to $250,000Loan Amount Range
- 620Minimum Credit Score
- Unlimited draw period; 5 to 10-year repayment period for cash out;Repayment Terms
- NoneAnnual Fees
Aven is the top pick for Montana homeowners looking for HELOC cost savings. Its product is a hybrid HELOC that operates like a credit card but is reported as a HELOC to credit bureaus. Aven offers a competitive APR range from 7.99% to 15.49%, with no annual fees, thus further reducing costs. Additionally, homeowners can benefit from a 0.25% rate discount for setting up autopay. These features make Aven a smart choice for those prioritizing affordability in Montana.
Pros
- Provides credit card against home equity
- Unlimited 2% cash back on purchases
- No fees for origination, annual and prepay
Cons
- Line limit only up to $250,000
- 10-day wait for card arrival
- 2.5% fee for bank transfers
Best HELOC Lender for Affordability
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank serves Montana homeowners with bad credit looking for a HELOC. If you've had a few financial hiccups, it doesn't shut you out from a home equity line of credit. With a minimum credit score of 660, U.S. Bank may work with you, allowing a borrowing range from $15,000 up to $750,000. Interest rates range between 8.95% and 13.1%, but Montana homeowners can lower that rate by 0.5% if they opt for autopay. As a BBB-accredited institution, even without a current rating, it offers solid options for accessing home equity.
Pros
- Offers a fixed-rate option
- Allows for interest-only payments
- No closing costs
Cons
- In-person closing required
- Early closure fee, maximum of $500
- Annual fee of $75
Best HELOC Lender for Bad Credit
- Bank of America
- Starting at 9.82%APR Range
- $25,000 to $1,000,000Loan Amount Range
- UndisclosedMinimum Credit Score
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
For Montana homeowners needing a hefty loan, Bank of America is the go-to lender. It allows a maximum of $1 million, which is a substantial sum. With a 10-year draw period and a 20-year repayment period, it gives you plenty of time to manage your finances effectively. Bank of America doesn't charge annual fees, easing the burden over the lifespan of your loan. Plus, with no application fees, annual fees or closing costs, it's a wallet-friendly option for those planning significant borrowing against their home equity.
Pros
- Competitive introductory rate (6.99%) for six months
- No application, annual or closing costs
- Maximum loan amount of $1 million
Cons
- Closing requires in-person visit
- Undisclosed HELOC requirements
- $25,000 minimum for online applications
Best HELOC Lender for Large Loans
- U.S. Bank
- 8.95% to 13.1%APR Range
- $15,000 to $750,000Loan Amount Range
- 660Minimum Credit Score
- 10-year draw period; up to 20-year repayment periodRepayment Terms
- Up to $75Annual Fees
U.S. Bank is recognized as the best HELOC lender for consolidating high-interest debt, such as credit card balances or personal loans, in Montana. U.S. Bank offers competitive APRs, ranging from 8.95% to 13.1%, below many high-interest debts. If you have a balance spread across different accounts, it's handy that U.S. Bank provides loan amounts from $15,000 to $750,000. Accessing your funds quickly is key too; U.S. Bank gets you financed within three business days. Plus, you can cut down costs with a 0.5% discount when opting for autopay. U.S. Bank is accredited by the BBB, though it currently does not have a rating.
Pros
- No closing costs
- Prequalify online option
- Interest-only payment available
Cons
- Closing must be done in person
- Charges an annual fee of $75
- Does not offer hardship assistance
Best HELOC Lender for Debt Consolidation
How to Choose a HELOC Lender in Montana
MoneyGeek's top picks for Montana HELOC lenders cover various needs. Yet, you might wish to delve deeper into the market. Here, we outline straightforward strategies to navigate lender selection, tailoring the choice to your unique financial landscape.
FAQ: HELOC Lenders and Rates in Montana
Navigating the landscape of home equity lines of credit can be daunting. These frequently asked questions aim to demystify the selection process, providing you with clear guidelines and actionable tips to confidently choose the right HELOC lender in Montana for your financial needs.
A competitive HELOC rate in Montana is approximately 6.66%. These rates are based on an LTV ratio of 80% or less, with a credit score ranging from 680 to 740. Homeowners should note that rates can fluctuate depending on individual creditworthiness and the chosen lender.
Lower is recognized as the best overall HELOC lender in Montana. It offers APRs ranging from 8.75% to 13.5%, caters to homeowners with a minimum credit score of 580 and provides loan amounts from $15,000 to $500,000. These aspects make it a significant option for those seeking flexible HELOC terms.
Yes, qualifying for a HELOC in Montana with bad credit is possible. For instance, U.S. Bank offers HELOCs to homeowners with a minimum credit score of 660, potentially accommodating those with less-than-ideal credit profiles.
Bank of America stands out for large HELOC loans in Montana, making it suitable for those needing to fund significant expenses even beyond home renovation or investment properties.
Yes, a HELOC can be used for debt consolidation. When choosing a lender, consider U.S. Bank, which provides favorable APRs, timely fund dispersal and a sizeable loan range, all of which are critical for efficient debt consolidation.
To find the right HELOC lender in Montana, assess your intended use for the HELOC and thoroughly understand your financial situation. Goals and financial health differ among homeowners, which means that the best lender for one person may vary for another based on individual needs and circumstances.