HELOC rates in Kansas rose from 4.5% in 2021 to 9.0% by 2023, slightly decreasing to 8.8% in 2024. If this trend continues, homeowners could face higher costs, making it advisable to consider locking in a rate now.
HELOC
Best HELOC Rates in Kansas (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Kansas with an 80% LTV is 8.3%, compared with 8.9% for a 90% LTV.
HELOC rates vary by city in Kansas. Meriden has an average APR of 6.1%, whereas Andover's is 10.1%.
Different lenders offer varying rates for the same loan types. The Denison State Bank's average APR is 6.1%, whereas Bank of America's is 10.1%.
Current HELOC Rates in Kansas
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HELOC Rates in Kansas by LTV Ratio
HELOC rates in Kansas can vary based on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio means more equity in your home, reducing lender risk. For instance, you're less likely to default on your HELOC with an 80% LTV compared to a 90% LTV.
The table below lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.4% | 9.1% |
HELOC Rates in Kansas by City
HELOC rates in Kansas vary by city due to differences in housing markets and lender competition. For instance, cities with robust real estate markets may offer lower rates, reducing lender risk.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
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City:Wichita
| $100,000 | 8.9% |
| $50,000 | 8.9% |
HELOC Rates in Kansas by Lender
HELOC interest rates in Kansas differ among lenders due to varying pricing strategies and risk assessments. The table below highlights the five lenders in Kansas offering the lowest average APRs, helping you find competitive rates.
| The Denison State Bank | 6.1% |
| Great Southern Bank | 7.3% |
| Golden Plains Credit Union | 7.7% |
| Armed Forces Bank | 7.7% |
| Citizens State Bank and Trust Co., Ellsworth, Kansas | 7.8% |
HELOC rates today can differ significantly between lenders, even within the same city. Use the table below to filter by city and compare APRs, helping you find the best rate available in your area.
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City:Wichita
| Golden Plains Credit Union | Credit Union | 7.7% |
| Legacy Bank | Commercial Bank | 8.0% |
| KS StateBank | Commercial Bank | 8.0% |
| Home Bank and Trust Company | Commercial Bank | 8.0% |
| Great Plains Federal Credit Union | Credit Union | 8.0% |
| Credit Union of America | Credit Union | 8.0% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.4% |
| Busey Bank | Commercial Bank | 8.4% |
| Heartland Credit Union | Credit Union | 8.5% |
| The City National Bank and Trust Company of Lawton, Oklahoma | Commercial Bank | 8.5% |
| INTRUST Bank | Commercial Bank | 8.5% |
| Community Bank of Wichita, Inc. | Commercial Bank | 8.5% |
| Andover State Bank | Commercial Bank | 8.5% |
| Emprise Bank | Commercial Bank | 8.8% |
| Skyward Credit Union | Credit Union | 8.9% |
| Simmons Bank | Commercial Bank | 9.2% |
| Community National Bank & Trust | Commercial Bank | 9.5% |
| Commerce Bank | Commercial Bank | 9.9% |
| Vintage Bank Kansas | Commercial Bank | 10.0% |
| Carson Bank | Commercial Bank | 10.0% |
| Quantum Credit Union | Credit Union | 10.0% |
| Bank of America | Commercial Bank | 10.4% |
COMPARING HELOC RATES IN KANSAS: BANKS VS. CREDIT UNIONS
HELOC rates in Kansas vary between banks and credit unions, with both currently offering an average rate of 8.5%. While commercial banks typically have higher rates due to overhead costs, in Kansas, they match the average rate of credit unions, which are not-for-profit institutions often known for better customer service and potentially lower fees.
When choosing between the two, consider more than just rates. Banks may offer more convenience and a wider range of services, while credit unions might provide a more personalized experience and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Expert Answers About HELOCs
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Kansas HELOC payment calculator to estimate your monthly payments based on amount draws, APR and loan terms. Our calculator also provides an amortization schedule, showing the division of payments between principal and interest over time. Understanding these details can help you manage your HELOC more effectively and plan your finances better.
Kansas HELOC Payoff Calculator
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.
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How to Get the Best HELOC Rates in Kansas
Finding the best HELOC rates in Kansas can save you thousands over your loan's life. For instance, securing a rate that is 1% lower could mean substantial savings. To achieve this, consider these five strategies:
Maintain a strong credit score
The average credit score in Kansas is 723. Although this is good, aiming for 740 or higher can secure even better rates.
Compare offers from multiple lenders
Settling for the first offer may be costly. Shopping around can uncover competitive rates and help negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lenders favor lower debt-to-income (DTI) ratios. Paying off credit card debt can improve your chances of getting a lower rate.
Increase your home equity
More equity means less lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Some lenders charge closing costs. Compare rate caps to manage costs as rates adjust over time.
HELOC Loan Rates vs. Home Equity Loan Rates in Kansas
HELOC interest rates in Kansas average 8.5%, slightly higher than the 8.0% average for home equity loans. This difference stems from the variable rate structure of HELOCs, which can lead to higher rates over time.
- HELOCs offer revolving credit lines with variable rates that can rise with market conditions. In rising interest rate environments, this could increase costs for homeowners over time.
- Home equity loans provide a lump sum at a fixed rate, ensuring consistent payments. They are better suited for those who prefer financial predictability.
When deciding between these options, consider your financial goals and risk tolerance. If you value flexibility and can manage potential rate increases, a HELOC might be suitable. For stable, predictable payments, a home equity loan is preferable. Both let you borrow against your home's equity, so choose based on your financial needs.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
A cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, allowing cash access. It differs from HELOCs or home equity loans, which are separate from the primary mortgage.
For instance, if you have a loan backed by the Federal Housing Administration (FHA) and your home is valued at $300,000 with a $150,000 mortgage balance, an FHA cash-out refinance for $200,000 could give you $50,000 in cash, with new loan payments based on $200,000.
FAQ: Best HELOC Rates in Kansas
What are the current HELOC rates in Kansas and how do they compare to national rates?
Kansas's HELOC rates are averaging 8.5%, which is slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in Kansas?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Kansas compare to home equity loan rates?
HELOC rates in Kansas average 8.5%, while home equity loan rates are lower at around 8.0%, which might be preferable for those with bad credit.
How do HELOC Rates in Kansas vary between banks and credit unions?
Both banks and credit unions in Kansas offer HELOC rates averaging 8.5%, although some credit unions offer lower rates.
What's the best HELOC rate in Wichita? How does it compare to the current HELOC rate in Kansas?
Wichita's rates are slightly higher, averaging 8.8%, compared to the Kansas average of 8.5%.
MoneyGeek examined 85 different banks and credit unions in Kansas 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.
85Lenders Analyzed
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.