Home Equity Loan Rates in North Dakota (January 2025)

A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

North Dakota's home equity loan rates are below national averages — 7.5% APR for a 10-year term (7.7% nationally) and 7.8% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in North Dakota, 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 North Dakota is 7.8%, but various factors might influence what lenders offer you. For instance, a higher credit score often results in a lower APR, while a larger loan amount might lead to a higher rate. Repayment terms also play a role — shorter terms generally have lower rates. Compare the average APRs for home equity loans in North Dakota across different loan terms to see how these factors might affect your rate.

Interest rates for a home equity loan change daily. Staying informed about these changes can save you money in the long run. A lower rate means you'll pay less in interest over the life of the loan. 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 a 7.8% APR results in a monthly payment of $472 and a total interest of $34,973. In contrast, a 10-year loan with a 7.5% APR has a monthly payment of $594 and a total interest of $21,221. Understanding these differences can help you make informed decisions about your financial future.

The rate you qualify for depends on your loan-to-value ratio, which is the amount 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 presents a higher risk to lenders, resulting in higher rates. In North Dakota, the average APR of a 15-year equity loan with an LTV ratio of 80% is 7.7%, compared to 8% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio and explore average home equity loan rates.

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

In North Dakota, Harvey has an average APR of 5.3%, while Wahpeton has an average APR of 9.6%. Below is a table showing the cities in North Dakota and their average home equity loan rates for different terms.

Home equity loan rates in North Dakota can vary significantly between lenders. This variation is influenced by each lender's policies and market strategies. For instance, Dakota Heritage Bank offers the lowest average APR at 5.3%, while that for U.S. Bank National Association's is 9.6%.
Comparing rates and terms from different lenders is essential to securing the lowest home equity loan rates. Explore the interactive table below to see which lenders in North Dakota offer the most competitive rates in your city.

Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for North Dakota homeowners, offering precise and reliable information.