Updated: November 16, 2024
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Bank of America is the best home equity line of credit (HELOC) lender in Idaho, with a MoneyGeek score of 96 out of 100. Umpqua Bank follows with a MoneyGeek score of 94 out of 100.
The average HELOC limit in Idaho is $118,300. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find lenders that suit your needs. MoneyGeek compiled the best HELOC rates in Idaho, updated weekly, to assist you.
The average HELOC balance in Idaho for the third quarter of 2023 was $44,487, according to Experian. Knowing this balance is useful for homeowners considering or managing a HELOC.
Calculating your HELOC payments is vital for managing this type of debt effectively. Use our HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. The full amortization schedule provided shows how much of your payments go toward interest and principal over time.
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.
Draw Period Payment
Repayment Period Payment
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Home equity lines of credit (HELOCs) have gained popularity in Idaho for their flexibility and the control they offer over line amounts and repayment timelines. These features make HELOCs an attractive option for homeowners seeking financial solutions tailored to their needs.
Here are some common ways you can use a HELOC:
Home improvements or renovations
A HELOC is ideal for home improvements, offering flexibility as costs evolve. It allows you to access funds as needed, ensuring you can adapt to changes without financial strain.
Consolidating high-interest debt
According to Experian data, the average 2023 consumer debt in Idaho was $120,766. Using a HELOC for debt consolidation can streamline payments and lower interest rates, easing financial burdens.
Funding education expenses
Using a HELOC for education expenses is often better than other debts. It can cover tuition, books and fees, providing a flexible, lower-interest option for managing educational costs.
Investment properties
A HELOC can fund investment properties, offering potential returns. It's crucial to shop around for the best HELOC lenders for investment property to secure favorable rates and terms.
Understanding the steps to apply for a HELOC in Idaho can help you navigate the process with ease. We have broken down this journey into six steps below.
Reviewing your financial health is essential when considering a HELOC. This includes understanding your credit score, debt-to-income ratio and home equity. The average credit score in Idaho was 729, based on Experian data. A higher credit score can improve your chances of HELOC approval.
Comparing HELOC rates in Idaho can help you secure the best deal. Consider the rates and the lender's features, such as repayment terms, fees and the option for a fixed-rate HELOC. This comprehensive approach ensures you choose a lender that aligns with your financial goals.
Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these ready in advance can help avoid delays and ensure a smoother application process.
You can typically submit your HELOC application online or in person if your lender has a physical branch. It's important to check for any errors or omissions in your application to prevent delays. Ensuring accuracy from the start can lead to a more efficient approval process.
Some lenders may require a home appraisal to determine your home's current market value. A home appraisal involves a professional assessment of your property's worth, which helps the lender decide on your HELOC amount. Understanding this process can prepare you for any additional steps needed.
After submitting your application, the approval process can take two to six weeks. Once approved, you'll proceed to closing, which may involve signing documents and paying closing costs. Some lenders might offer to cover part of these costs, so it's worth inquiring about potential savings.
The average HELOC limit in Idaho for the third quarter of 2023 was $118,300, as reported by Experian. The maximum amount you can borrow through a HELOC is typically linked to the equity you have in your home. The more equity you have, the higher your potential credit limit can be.
Check out the table below to see the range of credit lines offered by Idaho lenders in our database that discloses their line amount range.
| America First Federal Credit Union | From $5,000 |
| Bank of America | $15,000 to $1,000,000 |
| KeyBank | $10,000 to $500,000 |
| Mountain America Federal Credit Union | From $12,000 |
| U.S. Bank | $25,000 to $750,000 |
| Umpqua Bank | $5,000 to $1,000,000 |
When choosing a lender for a HELOC, a local bank or credit union may not charge you as many fees as an online lender or mortgage broker (if they charge you any fees at all). Usually you just need to pay for the appraisal fee, which can be anywhere from $150 to $500. Although an online lender may advertise a better rate, if it’s charging thousands of dollars in fees, it may not be the best financial decision to take the perceived lower rate.
Bank of America is the best HELOC lender in Idaho, with a MoneyGeek score of 96 out of 100. It excels in customer service, offers competitive interest rates and is credible and transparent about its HELOC terms.
A bad credit score is generally below 580 for FICO scores and between 300 and 600 for VantageScore. When looking for the best HELOC lenders for bad credit, consider lenders that offer flexible terms, have reasonable rates and are willing to work with less-than-perfect credit histories.
Key factors include interest rates, fees, borrowing limits, repayment terms and lender reputation. Evaluating these factors will help you find a lender that meets your financial needs.
Common fees include origination fees, annual fees, application fees and early closure fees. Comparing these fees among lenders can help you minimize costs.
The typical draw period for HELOCs is 10 years, but some lenders may offer more flexible options. It's important to check with each lender to understand their specific terms.
Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period. These features can provide more manageable repayment terms.
MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. Scores were allocated based on the inclusion or exclusion of certain desirable features in various critical categories.
Our analysis was completed in October 2024 and considered different banks and credit unions in Idaho from S&P Global's SNL Depository Rates dataset.
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.
