Home Equity Loan Rates in Idaho (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Idaho's home equity loan rates are above national averages — 8.4% APR for a 10-year term (7.7% nationally) and 8.7% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Idaho, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Idaho is 8.7%, but several factors might affect what lenders offer. For instance, a higher credit score usually results in a lower APR, while a larger loan amount could mean a higher rate. Repayment terms also play a role — check out the table below to compare the current home equity loan rates in Idaho across different loan terms.

Interest rates for home equity loans change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For example, a 15-year home equity loan with an 8.7% APR results in a monthly payment of $498 and a total interest of $39,685. In contrast, a 10-year loan with an 8.4% APR has a monthly payment of $617 and a total interest of $24,071.

The rate you qualify for depends on your loan-to-value ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Idaho with an LTV ratio of 80% is 8.8%. It's 8.3% for a 90% LTV ratio. Use the table to see what average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Idaho. Cities with higher living costs may see slightly higher rates due to increased operational expenses. Additionally, differences in property taxes or local fees can influence rates, affecting overall borrowing costs.

In Idaho, Lewiston has an average APR of 7.1%, while Weiser has an average APR of 11%. Explore the table below to see the average home equity loan rates across Idaho cities for different loan terms.

Home equity loan rates in Idaho vary significantly between lenders, reflecting differences in policies and market strategies. For instance, Washington Trust Bank offers the lowest average APR at 4.8%, while KeyBank National Association has the highest at 11.9%.

Comparing rates and terms from different lenders is key to securing the lowest home equity loan rates. Explore the interactive table to discover which lenders offer the most competitive rates in your city.

Getting the best possible home equity interest rates can lower your monthly payments and total borrowing costs, allowing you to allocate funds elsewhere. To achieve the best home equity loan rates in Idaho, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates, offering clear and reliable insights to Idaho homeowners.