Updated: November 16, 2024
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BMO BANK is the best home equity line of credit (HELOC) lender in Kansas, with a MoneyGeek score of 96 out of 100. Bank of America follows with a MoneyGeek score of 94 out of 100.
The average HELOC limit in Kansas is $69,339. How much you can borrow depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates helps find suitable lenders. MoneyGeek compiled the best HELOC rates in Kansas, updated weekly, to assist you.
The average HELOC balance in Kansas for the third quarter of 2023 was $26,867, according to Experian. Calculating your HELOC payments is key to managing this debt effectively and planning for any changes in your financial obligations.
Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time.
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Draw Period Payment
Repayment Period Payment
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Home equity lines of credit (HELOCs) are a popular financial tool in Kansas, primarily because of their flexibility. They allow homeowners to control their borrowing amounts and repayment schedules, making them an appealing option for managing finances.
Here are some of the ways you can use a HELOC.
Home improvements or renovations
A HELOC is ideal for home improvements, offering flexibility as costs evolve. With non-final expenses, it provides a financial cushion for unexpected changes, ensuring your project stays on track.
Consolidating high-interest debt
Based on Experian data, the average 2023 consumer debt in Kansas was $80,961. A HELOC for debt consolidation can reduce interest rates and simplify payments.
Funding education expenses
A HELOC offers better terms for education expenses than other debts. Use it to cover tuition, books and housing, providing a flexible financial solution for your educational journey.
Investment properties
Using a HELOC for investment properties can be beneficial. It's essential to shop around for the best HELOC lenders for investment property to secure favorable rates and terms.
Understanding the steps to apply for a home equity line of credit (HELOC) in Kansas can make the process much smoother. We've broken down this journey into six steps below.
Assessing your financial health is key before applying for a HELOC. Review your credit score, debt-to-income ratio and home equity. The average credit score in Kansas was 723, based on Experian data from the third quarter of 2023. A higher score can improve your HELOC approval chances.
Comparing rates in Kansas can help you secure the best HELOC deal. Look into lenders' features, such as repayment terms, fees and the option for a fixed-rate HELOC. These factors can significantly impact your overall costs and repayment experience.
Preparing the necessary documents can streamline your HELOC application. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these ready can expedite the process and reduce potential delays.
You can submit your HELOC application online or in person if your lender has a branch. Ensure all information is accurate and complete to avoid delays. Double-check for errors or omissions before submission to keep the process smooth.
Some lenders may require a home appraisal to determine your home's current market value. This process involves a professional assessment of your property's worth, which can influence your HELOC terms and approval.
The HELOC approval process typically takes two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may offer to cover part of these costs, easing your financial burden.
The average HELOC limit in Kansas for the third quarter of 2023 was $69,339, according to Experian. The maximum amount you can borrow with a HELOC is typically tied to the equity you have in your home. The more equity you have, the higher your potential credit limit could be.
Check out the table below to see the range of credit lines offered by Kansas lenders in our database that have disclosed their line amount range.
| Bank of America | $15,000 to $1,000,000 |
| U.S. Bank | $25,000 to $750,000 |
When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.
BMO Bank is the best HELOC lender in Kansas, with a MoneyGeek score of 96 out of 100. It excels in customer service and education, offers competitive interest rates and has a credible, transparent process.
A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider lenders that offer favorable terms, have flexible repayment options and are willing to work with lower credit scores.
Consider interest rates, fees, borrowing limits, repayment terms and the lender's reputation when choosing a HELOC lender in Kansas.
Common fees associated with HELOCs include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs is 10 years, but some lenders may offer more flexible options.
For flexible repayment options, look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.
Our analysis was completed in October 2024 and considered different banks and credit unions in Kansas from S&P Global's SNL Depository Rates dataset.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
