Best HELOC Rates and Best HELOC Lenders in Montana (2024)

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Updated: July 26, 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.

A Summary of the Best HELOC Lenders in Montana

Best Overall: Lower

Best for Affordability: Aven

Best for Bad Credit: U.S. Bank

Best for Large Loan Amounts: Bank of America

Best for Debt Consolidation: U.S. Bank

We evaluated each lender in our research against a rubric, including APR ranges, annual fees and affordability, among others.

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Our analysis was completed in July 2024 and includes lenders that do business in Montana.

11Lenders Analyzed

    Best HELOC Lender Overall

  • 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
    Lower

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.

Data filtered by:Results filtered by:
Credit Score:
Credit Score:680 - 740
LTV Ratio:
LTV Ratio:80% or lower
HELOC (10 year)APR7.14%
HELOC (15 year)APR7.14%
HELOC (20 year)APR7.14%

Where does this data come from?

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.

HELOC Calculator
Discover borrowing capacity, interest rates, and make informed financial choices with confidence!
You may be eligible for a HELOC. Because you have an LTV at or below 85%, you may be approved for a home equity line of credit.
10 Years Payoff Scenario
$732/mo
Eligible to Borrow
$62,500
Loan-to-Value Ratio
80%
Note: Lenders set varying limits on the acceptable Loan-to-Value (LTV) ratio, depending on the property type (owner-occupied or investment). Typically, owner-occupied homes have a higher acceptable LTV, often capped at 85%.

    Best HELOC Lender for Affordability

  • 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
    Aven

How does MoneyGeek create this recommendation?


    Best HELOC Lender for Bad Credit

  • 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
    U.S. Bank

How does MoneyGeek recommend lenders for those with bad credit?


    Best HELOC Lender for Large Loans

  • 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
    Bank of America

How does MoneyGeek recommend lenders for large loan amounts?


    Best HELOC Lender for Debt Consolidation

  • 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
    U.S. Bank

How does MoneyGeek recommend lenders 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.

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    Define Your HELOC Purpose

    Identify how you'll use your HELOC in Montana. Different lenders may offer favorable terms for renovations, debt consolidation or educational expenses. Knowing your goal helps in choosing a lender that aligns with your specific needs.

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    Assess Lender Reputation

    Research the reputation of HELOC lenders through the Better Business Bureau and Montana Division of Banking & Financial Institutions. Trustworthy feedback ensures a secure choice.

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    Compare Rates and Fees

    Look beyond rates; evaluate closing costs and fee structures, too. Each lender's terms can impact the total cost of your Montana HELOC, including the fine print on loan features.

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    Community Standing Matters

    A lender’s community reputation in Montana, such as local awards, may reveal its dedication to customer satisfaction. Sometimes, locals provide the most reliable insights.

    loanReview icon

    Check Lender Flexibility

    Seek a lender offering interest-only payments or a fixed-rate HELOC. A lender's willingness to adjust to your situation, plus the convenience of online prequalification, matters.

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.

What's a good HELOC rate in Montana? What are the best HELOC rates in Billings?
Which HELOC lender is best overall in Montana?
Can I still qualify for a HELOC in Montana if I have bad credit?
Which HELOC lender in Montana is best for large loans?
Can I use a HELOC to consolidate debt?
How can I ensure I find the right HELOC lender in Montana for me?

Sources

Better Business Bureau. "Get Consumer Help." Accessed July 8, 2024.

Experian. "What Is the Average Credit Score in the US?." Accessed July 8, 2024.

Montana Division of Banking & Financial Institutions. "List of Licensees." Accessed July 8, 2024.

TransUnion. "Home Equity Trends Report Q3 2023." Accessed July 8, 2024.

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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