Updated: November 19, 2024
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Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Idaho with an 80% LTV is 8.5%, compared with 8.6% for a 90% LTV.
HELOC rates vary by city in Idaho. Chubbuck has an average APR of 7.4%, whereas Soda Springs' is 9.7%.
Different lenders offer varying rates for the same loan types. Rails West Federal Credit Union's average APR is 7.1%, whereas KeyBank National Association's is 11.3%.
HELOC rates in Idaho rose from 4% in early 2022 to 8.9% by late 2023, stabilizing around 8.7% in 2024. If this trend holds, homeowners might encounter higher costs. Consider locking in a rate now to potentially save on future borrowing expenses.
HELOC rates in Idaho vary based on your loan-to-value ratio and line limit. A lower LTV is less risky for lenders because it indicates more home equity. For instance, with an 80% LTV, you've borrowed less against your home's value compared to a 90% LTV, reducing the risk of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
HELOC rates in Idaho vary by city due to differences in housing markets and lender competition. For example, cities with stable real estate markets might offer lower rates, reducing lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
| $100,000 | 8.6% |
| $50,000 | 8.7% |
HELOC interest rates in Idaho vary due to each lender's pricing strategies and risk assessments.
The table below highlights the five lenders in Idaho offering the lowest average APRs, helping you compare competitive rates.
| Rails West Federal Credit Union | 7.1% |
| Lewis Clark Credit Union | 7.5% |
| Idaho Central Credit Union | 7.6% |
| Capital Educators Federal Credit Union | 7.8% |
| Frontier Credit Union | 7.9% |
HELOC rates today can vary between lenders within the same city. Use the table below to filter by city and compare APRs, helping you find the most competitive rate in your area.
| Idaho Central Credit Union | Credit Union | 7.6% |
| Capital Educators Federal Credit Union | Credit Union | 7.8% |
| D.L. Evans Bank | Commercial Bank | 8.0% |
| Zions Bancorporation | Commercial Bank | 8.0% |
| Pioneer Federal Credit Union | Credit Union | 8.5% |
| Mountain America Federal Credit Union | Credit Union | 8.5% |
| Horizon Credit Union | Credit Union | 8.5% |
| Heritage Bank | Commercial Bank | 8.5% |
| Umpqua Bank | Commercial Bank | 8.8% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.9% |
| Washington Trust Bank | Commercial Bank | 9.0% |
| America First Federal Credit Union | Credit Union | 9.2% |
| Bank of America | Commercial Bank | 9.4% |
| U.S. Bank National Association | Commercial Bank | 9.7% |
| Banner Bank | Commercial Bank | 9.7% |
| Westmark Credit Union | Credit Union | 9.8% |
HELOC rates in Idaho vary between banks and credit unions due to different operational structures. Commercial banks often have higher rates, with the best HELOC rate in Idaho for banks averaging 8.9%. In comparison, credit unions offer a lower average APR of 8.4%, as they are not-for-profit institutions that typically pass savings onto their members.
When choosing between the two, consider more than just rates. Banks may provide more convenience, while credit unions often offer better customer service and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Most banks and credit unions charge little to no fees when getting a HELOC. Typically, you will pay the cost of the appraisal — anywhere from $150 to $450 depending on the type of appraisal done. But closing costs are usually covered by the bank or credit union. This is why it’s best to shop around with at least three different lenders when applying for a HELOC to compare not only the rates but also any costs involved. Getting a rate that is 0.25% lower but having to pay a couple thousand dollars in costs may not make financial sense.
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Idaho HELOC payment calculator to determine your monthly payments based on the amount drawn, APR and loan terms. Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC and plan for future payments.
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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Finding the best HELOC rates in Idaho can help you save thousands over the life of your loan. To secure the most competitive rate, consider these five strategies:
Maintain a strong credit score
The average credit score in Idaho is 729. Improving it can help you secure more competitive rates from lenders.
Compare offers from multiple lenders
Settling for the first offer you receive may be costly. By shopping around, you can find competitive rates and even use offers to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lenders favor borrowers with lower debt-to-income (DTI) ratios because it shows financial stability. Reducing your debt can make you a more attractive candidate for a lower rate.
Increase your home equity
The more equity you have, the less risk the lender assumes, which can lead to a lower rate. Paying down your mortgage or making home improvements can increase your equity.
Review closing costs and rate caps
Some lenders charge closing costs between 2% and 5%, whereas others don't. Compare rate caps to limit your costs as rates adjust over time.
HELOC interest rates in Idaho average 8.6%, slightly higher than home equity loan rates at 8.4%. This difference arises from the variable rate structure of HELOCs, which can lead to higher average APRs.
- HELOCs are flexible, revolving credit lines with variable rates that adjust based on market conditions. In rising interest rate environments, HELOC rates may increase, impacting homeowners' finances over time.
- Home equity loans offer a lump sum at a fixed rate, providing stability throughout the loan term. This predictability can be advantageous for those needing financial certainty.
When deciding between these options, consider your need for flexibility versus stability. If you value consistent payments, a home equity loan might be more suitable. If you prefer flexible borrowing against your home's equity, a HELOC could be the better choice.
A cash-out refinance is a HELOC alternative that lets you replace your existing mortgage with a larger loan, giving you cash access. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300K with a $150K mortgage balance, an FHA cash-out refinance for $200K could provide $50K in cash, with new payments based on $200K.
Idaho's HELOC rates average 8.6%, slightly above the national average of 8.4%.
Common fees include application, appraisal, annual, and early closure fees, though specifics vary by lender.
HELOC rates in Idaho average 8.6%, while home equity loan rates are lower at 8.4%, making them a viable option for those with bad credit.
Commercial banks in Idaho offer HELOC rates averaging 8.9%, while credit unions offer lower rates at 8.4%.
Boise's rates average 8.7%, slightly above the state average of 8.6%.
MoneyGeek examined 35 different banks and credit unions in Idaho using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of November 15, 2024.
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.
