Home Equity Loan Rates in Kansas (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.

Kansas home equity loan rates are above the national averages — 8.1% APR for a 10-year term (7.7% nationally) and 8.3% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Kansas, 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 Kansas is 8.3%, but several factors might affect what lenders offer. For instance, a higher credit score usually results in a lower APR, while opting for a larger loan could increase your rate. Repayment terms also play a role in determining rates. Check the table below to compare the average APRs of home equity loans in Kansas across different loan terms.

Interest rates for home equity loans change daily. Keeping track of these rates can make financing renovations more affordable and help you plan your budget accurately.

For example, a 15-year home equity loan with an 8.3% APR results in a monthly payment of $487 and a total interest of $37,575. In contrast, a 10-year loan with an 8.1% APR has a monthly payment of $609 and a total interest of $23,114.

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 Kansas with an LTV ratio of 80% is 8.2%. It's 8.5% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

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

In Kansas, Sabetha has an average APR of 5.5%, while Merriam has an average APR of 9.9%. Explore the table below to see the average home equity loan rates across Kansas cities.

Home equity loan rates in Kansas can vary significantly between lenders, influenced by individual policies and market strategies. For instance, HTLF Bank offers the lowest average APR at 5.5%, while U.S. Bank National Association stands at the higher end with an average APR of 9.9%.

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

Securing the best home equity loan rates can lower your monthly payments and total borrowing costs, freeing up funds for other financial goals. Imagine reducing your rate by even a small percentage; the savings can be substantial over time. To achieve the best home equity loan rates in Kansas, consider these strategies:

MoneyGeek provides Kansas homeowners with clear answers to common questions about home equity loan rates. Our information is straightforward and factual, ensuring you understand the factors influencing rates, such as lender policies and credit scores. We'll help you navigate your home equity options confidently.