Before applying for a HELOC, MoneyGeek advises that you compare offers from many lenders to find the best option. HELOC rates begin at a special promotional variable APR of 0.99% for six months and can go up to 18%. We found that Bank of America is the best overall HELOC lender in Wyoming.
HELOCs are frequently used for major expenses such as investments, debt repayment, education, maintenance and more. If you have substantial home equity and good credit, a HELOC could be a good option for you.
Home Equity Line of Credit (HELOC) Rates for 2023
When searching for a HELOC, it's crucial to compare interest rates and repayment terms from several lenders. This way you can find the best option for your needs.
The MoneyGeek table below highlights home equity line of credit rates and pertinent lender data as of May 2022. Since this information can change frequently, we update it regularly to keep it current.
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 | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw 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, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | None | Not specified |
MoneyGeek’s Picks for Best HELOC Lenders in Wyoming
To help you choose the best option for your needs and criteria, MoneyGeek has listed the top home equity line of credit lenders in Wyoming. We do this because our goal is to help consumers with their financial needs.
Keep in mind that only a tiny proportion of lenders offer HELOCs. Most of these lenders are national banks that will only work with borrowers who have good to excellent credit. MoneyGeek recommends considering local credit unions as an alternative if a national lender rejects your HELOC application.
Best Overall HELOC Lender in Wyoming: Bank of America
- Bank of America
Bank of America is great for customers looking for low introductory APR and discounts.
- 7.49% (introductory rate) then 9.90%APR Range
- UndisclosedMinimum Credit Score
- Generally $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- UndisclosedPre-Approval Time
Best HELOC Lender for Good Credit in Wyoming: U.S. Bank
- U.S. Bank
U.S. Bank is perfect for customers with good credit looking for flexible application options.
- 8.95% to 12.70%APR Range
- 660Minimum Credit Score
- $15,000 to $750,000 ($1 million in California)Loan Amount Range
- 10-year draw period; up to 30 years repayment periodsRepayment Terms
- Up to $75Annual Fees
- UndisclosedPre-Approval Time
Best HELOC Lender for Bad Credit in Wyoming: Figure
- Figure
Figure is ideal for borrowers with bad credit.
- 6.10% to 14.74%APR Range
- 640 (680 for investment properties or second homes)Minimum Credit Score
- $20,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
Best HELOC Lender for Competitive Rates in Wyoming: PenFed
- PenFed Credit Union
PenFed is perfect for customers looking for low introductory APR.
- Starting at 8.625%APR Range
- 680Minimum Credit Score
- $25,000 to $500,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- UndisclosedPre-Approval Time
HELOC vs. Home Equity Loans
Major expenses can be financed using your home as collateral using home equity loans (HELOANs) and home equity lines of credit (HELOCs). Knowing the differences between the two is essential when choosing an option.
With a home equity loan, a lump amount is delivered to the borrower all at once. Over the course of the loan, the interest rate and monthly payments are typically fixed.
Meanwhile, a home equity line of credit is like a credit card. You can make withdrawals as often as necessary within a predetermined time-frame, up to a predetermined limit, and repay the money you borrow. HELOC rates are often variable, which means they might change.
The table below further outlines the differences.
HELOC | Home Equity Loan | |
|---|---|---|
Interest Rate | Adjustable interest rate, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
Fund Disbursements | Line of credit | Lump sum delivery |
How to Apply for a HELOC
Applying for a home equity line of credit is easy because many lenders let you complete the application online. Normally, you must first provide your contact information and personal information. Then, you wait for the lender's approval.
Determine how much you need
HELOCs are excellent for making large purchases, including investing, paying off debt and financing higher education. MoneyGeek suggests a home equity line of credit for homeowners who are aware of the exact amount they need to borrow. However, a home equity line of credit might not be the greatest choice if all you need is $1,000 for a quick home improvement.
Assess your financial standing
Most lenders have minimum credit score requirements in order to assess your capacity to repay the loan. Along with determining how much you need to borrow, assessing your financial situation is essential. Before submitting an application for a HELOC, you might be able to acquire a better interest rate by making a small improvement to your credit.
Shop around and compare lenders
It could be useful to explore lenders and assess their offerings, which can help you get the best deal for your particular situation and needs. If you pick the right home equity line of credit lender, you might be able to avoid paying extra fees and benefit from low rates.
Apply
You can typically apply for a HELOC digitally. Gather the data you will need for your application in advance to save time. Keep in mind that verified documents like bank and mortgage statements and proof of income may be needed.
Use funds wisely
Once you start drawing money from your HELOC, be aware of the terms of repayment and any additional fees. Consider how much you must pay while your home equity line of credit is open when creating your monthly spending budget.
Frequently Asked Questions About HELOCs
Understanding how to get a home equity line of credit can be complex. To assist you in learning more, MoneyGeek provided answers to some frequently asked questions about HELOCs.
sources
- Bank of America. "Home equity loan vs. line of credit? Here’s what you need to know." Accessed June 7, 2022.
- Bank of America. "Home Equity Assumptions." Accessed June 7, 2022.
- Bank of America. "Making some home improvements? We can help.." Accessed June 7, 2022.
- U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.
- Figure. "Homeowners, We're Here for You." Accessed June 13, 2022.
- Figure. "Figure Home Equity Line FAQs." Accessed June 13, 2022.
- PenFed. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 7, 2022.