Montana HELOC Rates and Lenders

A home equity line of credit, or HELOC, can be a great way to tap into your home equity and use it for almost any purpose. For example, you can use the loan proceeds to help consolidate high-interest debt or renovate your home. 

Whatever the reason, shopping around for HELOCs in Montana will help you find the best rates and terms for your financial profile. To help, look at the following local and online HELOC lenders in Montana to find one that suits your needs. 

Reviews of the best online HELOCs in Montana 

One of the main benefits of online lenders compared to local lenders in Montana is that they may be more convenient. Applicants may be able to submit their application and paperwork online, see and compare quotes with other online lenders, and even sign HELOC closing documents online.

Though it may not always be the case, you may be able to receive funding quickly with online lenders. Figure, for example, offers funding as fast as within five days, helping you get the money you need for your goals.

Consider our list of the best online Montana HELOC lenders to see what you may qualify for.  

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

FourLeaf FCU

Best credit union

4.7 _/5

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Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowersⓘ
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

LendingTree

Best marketplace

4.5 _/5

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Why we picked it

LendingTree excels as a marketplace, providing access to multiple lenders. This allows comprehensive comparison tools to find competitive rates and customizable loan options. 

LendingTree’s extensive network of lenders ensures borrowers can access a wide range of HELOC products, making it easier to find a loan that meets specific needs and preferences.

• Access to multiple lenders
• Comprehensive comparison tools
• Competitive rates
• Customizable loan options

Loan details

Rates (APR)	Starting at 6.24%
Loan amounts	$10,000 – $2 million
Draw period	2 – 20 years
Repayment term	5 – 30 years
Funding time	Varies
Properties	Varies
Credit score	Varies, 620 advisable

Local HELOCs in Montana

HELOC lenders local to Montana or your immediate area can offer a more personalized process than online lenders. For one, many lenders in your local area may have a more vested interest in helping out residents. Those who prefer in-person service may like that they can do so at their local bank or credit union.

Company	Rates (APR)	Location
Montana Credit Union	Starting at 6.99%	Great Falls, Montana
Russell County Federal Credit Union	Starting at 5.45%	Great Falls, Montana
Three Rivers Bank of Montana	Varies	Kalispell, Montana

When choosing between local Montana HELOC lenders, consider factors such as rates, terms, and the level of customer support you may receive. Since some or all of the application process may take place offline, you’ll want a lender who will walk you through it and answer any questions you may have. 

Once you receive a quote from multiple lenders, take the time to understand the loan breakdown, including the rate you’ll pay, the length of your draw period, and when you’ll need to start repaying the entire loan. 

Understanding your HELOC inside out will help you with borrower responsibilities, such as making on-time payments and knowing the maximum amount you can take out. 

What’s the difference between online and local HELOCs in Montana?

The main difference between local and online lenders is the amount of information you can access online and how you can apply for a HELOC. Since online lenders tend not to have physical branches, you’ll need to complete tasks like getting prequalified and signing closing documents online. 

Local lenders may not have the digital advantages online ones do, but you may be able to receive more personalized service and have someone walk you through your loan options. 

Many, like Three Rivers Bank of Montana, offer other financial products, such as bank and investment accounts. This allows you to build a relationship with a local bank and conveniently do all your financial transactions in one place. 

Online lenders may be best suited for those who are fine with handling paperwork independently and want the convenience of going through the process even outside of business hours. Local lenders may be the better choice for those who want to speak to someone in person and may want a bit more hand-holding throughout the loan process. 

How do Montana HELOC rates compare to other states? 

According to the Wall Street Journal, the average national HELOC rate is 9.31% as of January 2024. Montana HELOC rates appear below the national average, with online lenders offering APRs starting at 6.24% and local lenders offering APRs as low as 4.24%.

That being said, the rate you qualify for may be higher or lower than the national average. Lenders tend to offer rates based on your financial and credit profile. 

Still, you may be able to score a competitive rate, considering many online lenders like Figure are available in Montana. Local lenders may also be willing to help you find rates and terms that can help you save thousands of dollars or more in loan costs. 

According to Zillow, housing prices went up by 4% over the past year, and the average home price is $470,917. Homeowners in this state may be able to tap into their home equity to help achieve their various financial goals. 

How to get the best HELOC rates in Montana 

Lenders in Montana consider several factors when determining whether to approve you for a HELOC and at what rate. These include your home equity, credit history, and debt-to-income ratio.

To get the best HELOC rates in Montana, aim to meet the requirements lenders seek in borrowers. 

Available home equity

Your home equity is the amount or percentage of your home you own. Lenders want to see that you have enough home equity — typically, your line of credit is based on this amount. In most cases, lenders only offer you a HELOC if you own at least 10% to 20% of your home. Plus, you may only be able to borrow up to 80% of your available equity.

Good credit history

Lenders want to know that you’ll be able to repay the amount you borrow. They assess your credit behavior by looking at your credit history and credit score. The higher your credit score, the more likely you’ll qualify for the most competitive rates. 

Low debt-to-income ratio

Your debt-to-income ratio (DTI) measures the percentage of your gross income that goes towards loan payments. The higher the percentage, the more of your income goes towards debt and could signal to lenders you may find it hard to afford a new loan. 

Ideally, you’ll have a low DTI to get the lowest rates—you can do so by paying down existing debts before applying for a HELOC.

Even if you can meet all the above criteria, shop around to help ensure you get the best rate. Different lenders may offer you different HELOC rates and terms, so being able to look through all your options will help you find the right fit. 

 Are there any Montana-specific requirements or regulations? 

According to our research, there don’t seem to be any Montana-specific laws or regulations that may affect HELOC rates or terms. Borrowers do have legal protections within the Montana Consumer Protection Act (MCPA), which includes mandates preventing deceptive and misleading practices. 

Lenders must also follow regulations for home equity plans stipulated by federal laws. For example, lenders are required by law to provide disclosures and documents clearly stating HELOC terms and rates. Lenders are also required to state what happens if you cannot pay back your loan. 

HELOC lenders in Montana may have their own requirements for their applicants. For example, some lenders may require that you have homeowners insurance or that your home is in good condition. Check when speaking with multiple lenders to see what you need to be eligible for a HELOC. 

FAQ 

What credit score do you need for a Montana HELOC?

The minimum credit score required for a HELOC in Montana varies by lender. Most lenders prefer a minimum credit score of around 620 to 640, but some lenders, such as Lower, may approve applicants with scores as low as 580. A higher credit score can help you secure better interest rates and terms.

What are the typical fees for a Montana HELOC?

The typical fees for a HELOC in Montana can include application fees, origination fees, appraisal fees, and closing costs. These fees vary by lender but usually fall between 2% to 5% of the total loan amount. Some lenders may offer promotions with reduced or waived fees, so it’s essential to compare different offers to find the best deal.

Are there any special programs or incentives for Montana HELOCs?

While Montana does not have state-specific HELOC programs, many lenders offer special incentives such as introductory interest rates, waived fees, or flexible draw and repayment terms. 

For instance, some lenders provide rate discounts when setting up autopay or may offer no closing costs under certain conditions. Shopping around and comparing different lenders can help you find the best available incentives and programs. 

How we picked the best Montana HELOCs

Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of Montana HELOC rates and lenders