Updated: November 16, 2024
Advertising & Editorial Disclosure
U.S. Bank is the best home equity line of credit (HELOC) lender in Wyoming, with a MoneyGeek score of 96 out of 100. The runner-up is UniWyo Federal Credit Union, with a MoneyGeek score of 93 out of 100.
The average HELOC limit in Wyoming is $108,992. How much you can borrow depends on your home's equity, outstanding mortgage balance and credit score.
Comparing rates can help you find suitable lenders. MoneyGeek compiled the best HELOC rates in Wyoming, updated weekly to assist you in your journey.
The average HELOC balance in Wyoming for the third quarter of 2023 was $48,054, according to Experian. Calculating your HELOC payments is key to managing this type of debt effectively and planning for any adjustments in your financial obligations.
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
YEAR
Home equity lines of credit (HELOCs) have gained popularity in Wyoming due to their flexibility and the control they offer over borrowing amounts and repayment timelines. This financial tool allows homeowners to manage their finances effectively, making it a preferred option for many.
Below is a list of common uses for a HELOC.
Home improvements or renovations
A HELOC is ideal for home improvements, offering flexibility as costs change. It allows you to access funds as needed, ensuring your renovation plans can adapt without financial strain.
Consolidating high-interest debt
The average 2023 consumer debt in Wyoming was $108,846, based on Experian data. You can use a HELOC for debt consolidation to simplify multiple debts into one, potentially lowering interest rates and easing financial management.
Funding education expenses
A HELOC offers better terms for education expenses than other debts. It can cover tuition, books and housing, providing a flexible solution for managing educational costs.
Investment properties
Using a HELOC for investment properties can enhance your portfolio. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms and maximize your investment potential.
Understanding the steps to apply for a HELOC in Wyoming is key to ensuring a smooth application process. Below, we have broken down this journey into six steps to guide you through it.
Start by reviewing your current financial situation, including your credit score, debt-to-income ratio and home equity. In Wyoming, the average credit score was 724 based on Experian data for the third quarter of 2023. A score like this can improve your chances of HELOC approval.
Comparing rates in Wyoming can help you secure the best HELOC deal. Look into a lender's features, such as repayment terms, fees and the option to apply for a fixed-rate HELOC. These factors can significantly impact your overall costs and repayment experience.
Preparing the necessary documents for a HELOC is essential. Commonly required documents include proof of income, recent tax returns and information on your mortgage and home value. Having these ready can streamline your application process and reduce potential delays.
You can submit your HELOC application online or in person if your lender has a physical branch. It's important to check for errors or omissions in your application to avoid delays. Ensuring accuracy can help expedite the approval process and get you closer to accessing your funds.
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 how much you can borrow. This step is crucial in the HELOC approval process.
After submitting your application, the approval process can take two to six weeks. Once approved, you'll proceed to closing, which involves signing documents and possibly paying closing costs. Some lenders may offer to cover part of these costs, easing the financial burden on you.
According to Experian, the average HELOC limit in Wyoming for the third quarter of 2023 was $108,992. The amount you can borrow through a HELOC is typically tied to the equity you have in your home. More equity generally means a higher potential credit limit.
Check out the table below to see the range of credit lines offered by Wyoming lenders in our database who have disclosed their line amount range.
| Blue Federal Credit Union | $10,000 to $400,000 |
| U.S. Bank | $25,000 to $750,000 |
Some lenders charge much higher fees than others when it comes to HELOCS. That’s why it’s recommended to shop around when applying for a HELOC. Some banks or credit unions will not charge you any fees at all, or you may just have to pay the appraisal fee.
U.S. Bank is the best HELOC lender in Wyoming, with a MoneyGeek score of 96 out of 100. It excels in customer service, is reputable and transparent and has an efficient application process.
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 factors like flexible loan terms, understanding of credit challenges and reasonable interest rates.
Consider interest rates, fees, borrowing limits, repayment terms and lender reputation when choosing a HELOC lender.
Common fees to compare include origination fees, annual fees, application fees and early closure fees.
The typical draw period for HELOCs is 10 years, but some lenders may offer more flexible options.
Look for lenders that offer fixed-rate HELOC options or allow interest-only payments during the draw period.
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 Wyoming 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.
