Home Equity Loan Rates in Wyoming (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.

Wyoming's home equity loan rates are below national averages — 7.4% APR for a 10-year term (7.7% nationally) and 7.7% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Wyoming, 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 Wyoming is 7.7%. However, several factors can influence the rate lenders offer you. For instance, maintaining a higher credit score often results in a lower APR, while opting for a larger loan amount might lead to a higher rate. Additionally, repayment terms play a crucial role in determining your APR. Take a look at the table below to compare the current home equity loan rates in Wyoming across different loan terms.

Interest rates for a home equity loan 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 a 7.7% APR results in a monthly payment of $469 and total interest of $34,457. In contrast, a 10-year loan with a 7.4% APR has a monthly payment of $591 and total interest of $20,908.

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 means greater risk for lenders, leading to higher rates. In Wyoming, the average APR for a 15-year equity loan with an LTV ratio of 80% is 7.6%, compared to 7.7% 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 Wyoming. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Additionally, cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.

In Wyoming, Powell has an average APR of 4.5%, while Evanston has an average APR of 9.0%. Below is a table showing the cities in Wyoming and their average home equity loan rates for different terms.

Home equity loan rates in Wyoming differ significantly between lenders, affected by each lender's policies and market strategies. For instance, Pinnacle Bank - Wyoming offers the lowest average APR at 4.9%, while Riverstone Bank has the highest at 11.8%.

Comparing rates and terms from various lenders is essential to securing the lowest home equity loan rates. Check out the interactive table below to see which lenders offer the best rates in your city.

Securing the best home equity interest rates can lower your monthly payments and reduce overall borrowing costs, allowing you to allocate funds toward other financial goals. Imagine saving hundreds monthly, easing your budget constraints. To achieve the best home equity loan rates in Wyoming, consider these strategies:

MoneyGeek answers Wyoming homeowners' questions about home equity loan rates, offering clear and reliable information. By focusing on common concerns, MoneyGeek ensures you have the knowledge needed to explore your options confidently. Understanding these rates can help you make informed decisions about your home financing.