Updated: December 21, 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 8.3%, compared with 8.3% for a 90% LTV.
HELOC rates vary by city in Idaho. Chubbuck has an average APR of 7.4%, whereas Preston's is 9.2%.
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:
| 8.5% | 8.6% |
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% |
| TruGrocer Federal Credit Union | 7.3% |
| Lewis Clark Credit Union | 7.5% |
| Idaho Central Credit Union | 7.6% |
| D.L. Evans Bank | 7.8% |
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 | 7.8% |
| Zions Bancorporation | Commercial Bank | 8.0% |
| Pioneer Federal Credit Union | Credit Union | 8.5% |
| Heritage Bank | Commercial Bank | 8.5% |
| Mountain America Federal Credit Union | Credit Union | 8.5% |
| Horizon Credit Union | Credit Union | 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, reflecting their different operational structures. Commercial banks in Idaho have an average HELOC rate of 8.8%, which is higher than the average rate of 8.1% offered by credit unions. Credit unions are not-for-profit institutions that typically provide lower rates due to their focus on member benefits rather than profit.
When deciding between banks and credit unions, consider more than just rates. Banks may provide more convenience and a wider range of services, while credit unions often offer better customer service and lower fees. It's also wise to check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both types of lenders.
As with anything there are pros and cons. Even though rates may be higher right now, the home values are also high. This could lead to you getting approved for more of a HELOC compared to if rates are lower but housing values decrease (not saying they will). In my opinion, it’s better to get a HELOC now and have it for when you need it. Also, HELOC rates are variable — so if rates go down, so will the rate on your HELOC.
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
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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:
The average credit score in Idaho is 729. Improving it can help you secure more competitive rates from 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.
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.
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.
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 8.4%, slightly higher than the 8.1% average for home equity loans in the state. The difference stems from HELOCs' variable rate structure, which can lead to higher rates in certain market conditions.
- HELOCs are flexible, revolving credit lines with variable interest rates. In rising interest rate environments, these rates can increase, potentially impacting homeowners' finances over time.
- In contrast, home equity loans provide a lump sum at a fixed rate, offering stability throughout the loan term. They're typically better for those who need a predictable payment plan.
When deciding between these options, consider your need for flexibility versus stability. Assess your financial goals and how changes in interest rates might affect your ability to manage payments. Understanding equity in your home is also crucial in making an informed 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.
The average Idaho's HELOC rates is 8.4%, slightly higher than the national average of 8.3%.
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
HELOC rates in Idaho average 8.4%, while home equity loan rates are lower at 8.1%, which could be beneficial for those with bad credit.
Commercial banks in Idaho offer HELOC rates averaging 8.8%, while credit unions offer lower rates at 8.1%.
The average HELOC rate in Idaho is 8.4%, while Boise's rates are slightly higher, averaging 8.5%.
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 December 13, 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.
