The Best HELOC Rates and Lenders in Wyoming

Similar to a credit card, a home equity line of credit (HELOC) is a revolving source of money that you can use whenever you want. This is advantageous for homeowners who are unsure of their exact borrowing needs and only want to pay interest on the funds they actually access.

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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
    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 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.


    • 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 Wyoming: U.S. Bank


  • U.S. Bank

    U.S. Bank is perfect for customers with good credit looking for flexible application options.


    • 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 Wyoming: Figure


  • Figure

    Figure is ideal for borrowers with bad credit.


    • 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 Wyoming: PenFed


  • PenFed Credit Union

    PenFed is perfect for customers looking for low introductory APR.


    • 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

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,
    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 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.

1

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.

2

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.

3

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.

4

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.

5

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.

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