Wyoming HELOC Rates and Lenders

A home equity line of credit (HELOC) offers access to cash for home improvements, large purchases, and other expenses. Your equity, or the difference between your home’s current value and what you owe on it, secures the loan. You only pay interest on the part of your credit line you use. 

Comparing HELOC rates is an important step when researching lenders. If you’re interested in rates for Wyoming HELOCs, we’ve researched the best lenders and loan options for you. Keep reading to learn how they compare and how to get the lowest HELOC rates. 

Best online HELOCs in Wyoming 

Online lenders offer several advantages over local options, making them popular for many borrowers. One major benefit is convenience. You can complete online applications from the comfort of your home anytime. 

Online lenders often provide faster approval and funding processes than traditional banks, allowing borrowers to access funds sooner. Due to the extensive network of lenders competing in the digital marketplace, online lenders might offer more competitive rates and a broader range of loan products. The availability of online tools and resources also makes it easier to compare offers and find the best terms to suit your financial needs.

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

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.

Aven

Best Customer Reviews

4.8 _/5

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Why we picked it

Aven‘s HELOC stands out for offering a fixed interest rate throughout the loan’s life, providing Wyoming residents with stability and predictability. The Lowest Rate Guarantee ensures that customers get competitive pricing, and with the ability to check your rate without affecting your credit score, it’s easier to explore your options. And that’s on top of its 100% digital application process, which allows you to apply and receive approval in as little as 15 minutes. Funds can be accessed within three days of signing, making it one of the fastest funding options available.

• Offers a Lowest Rate Guarantee
• Optional Debt Protection program through Securian
• Approval in as little as 15 minutes
• 100% digital application process
• 3,600 5-star reviews on Trustpilot (as of September 2024)
• 3-day funding after signing
• Fixed interest rates

Loan details

Rates (APR)	6.99% – 15.49%
Loan amounts	$5,000 – $250,000
Repayment terms	Draw: 5 years / Repayment: 5, 10, 15, or 30 years

FourLeaf FCU

Best Credit Union

4.7 _/5

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Why we picked it

FourLeaf is ideal for those needing large HELOCs, offering up to $1 million without application, origination, or appraisal fees. Borrowers can benefit from a 12-month fixed introductory rate for qualified borrowers and $0 closing costs. The added flexibility to convert part of the HELOC to a fixed-rate option further enhances its appeal. As a reputable credit union, FourLeaf provides competitive rates and personalized service, making it an excellent choice for members seeking substantial loan amounts with minimal fees.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert part 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
Draw period	10 years
Repayment term	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

Local HELOCs in Wyoming 

In addition to online lenders, comparing HELOC options offered by local Wyoming lenders is helpful. Regional or community banks and credit unions can offer favorable HELOC rates and flexible terms. You also benefit from working with a loan officer face-to-face rather than online or over the phone. 

Here are four notable options for local Wyoming HELOC rates. 

Company	Rates (APR)	Locations
Western Vista Credit Union	Starting at 8.75%	Branches in Casper & Cheyenne
State Security Bank of Wyoming	4.99% fixed rate for the first 6 months; after that, a fixed rate ranging from 7.81% – 10.12%	Branches in Basin, Gillette, Graybull, Sheridan, & Worland
Meridian Trust Federal Credit Union	Fixed rates starting at 6.75%; Variable rates starting at 8.75%	Branches in Alliance, Casper, Cheyenne, Jackson, Lander, Rawlins, Rock Springs, Scottsbluff, Wellington, & Yellowstone

If you’re considering a local lender, knowing how to compare them is helpful. Here are the most important factors to weigh. 

• Interest rates. Does the lender offer variable-rate HELOCs only, or is there a fixed-rate option? How do the rates compare to other lenders?
• Draw period. The draw period is how long you can withdraw funds from your line of credit before repayment begins. A typical draw period is five years, though some lenders might extend this to 10 years. 
• Repayment period. Local lenders may offer just one repayment term or allow you to choose from several. 
• Fees. Lenders may charge annual, maintenance, or transaction fees for a HELOC. You’ll also need to pay closing costs unless the lender waives them or pays them for you. 
• Accessibility. It makes sense to choose a local lender with branches in your area. You may also consider the lender’s online and mobile banking features to get a feel for the type of user experience you can expect. 
• Customer support. Knowing how and when to contact the lender’s support team is ideal if you have questions about your HELOC. 

Consider membership requirements if you evaluate HELOCs at local credit unions. You may need to live, work, attend church, or go to school in a specific geographic area to qualify. 

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

When reviewing terms or eligibility requirements, you might find differences between online and local HELOC lenders. As you compare online and local HELOC options, it helps to look at the following:

• Rates
• Fees
• Draw periods and repayment terms
• Minimum credit score and income requirements
• Minimum loan-to-value ratio (LTV)

The loan-to-value ratio is a measure of the size of your mortgage with your home’s appraised value. A typical minimum LTV is 80% to 85%, though you may find Wyoming lenders that extend the limit up to 90%. 

Let’s consider the State Security Bank of Wyoming and FourLeaf Federal Credit Union as examples of how online and local lenders may vary. Here are a few notable distinctions between them.  

• State Security Bank offers a fixed introductory HELOC rate, and so does FourLeaf. 
• State Security Bank’s rate is the lower of the two, but FourLeaf offers its fixed rate for 12 months versus the six months you get with SSB. 
• State Security Bank charges a 1% origination fee, while FourLeaf Federal Credit Union has no origination fee. 

Analyzing each lender this way is worth the effort when trying to find the best HELOC option for your needs and budget. 

How do Wyoming HELOC rates compare to other states? 

Comparing HELOC rates by state is a way to gauge how much of a difference your location makes in what you’ll pay. We could not find surveys or studies tracking the average HELOC rate in Wyoming. We can, however, use the national average HELOC rate of 10.04% (in July 2024) as a guide.

Living in Wyoming or any other state can influence your HELOC rates based on several common factors. The most significant rate drivers include:

• Home values and home value trends in your area
• Natural disaster risk, which can occur if you live in an area that’s prone to flooding, severe storms, or similar events
• State laws that establish rate caps for lenders
• Interest rate trends

We searched Wyoming statutes for laws relating to home equity lines of credit and found no results. By federal law, credit unions set their maximum rates at 18%. 

How to get the best HELOC rates in Wyoming 

Lenders determine eligibility for Wyoming HELOCs. Your ability to qualify depends on:

• Credit score
• Income
• Debt-to-income ratio (DTI), which is how much of your income goes to debt repayment monthly
• Your home value and LTV ratio

A good to excellent credit score can help you secure the best rates for a HELOC in Wyoming. A good credit score on the FICO scale is typically 670 or better, while excellent credit is 800 or higher. You can get approved for a HELOC with less-than-perfect credit, but you’ll likely pay a higher interest rate. 

Shopping around to compare online or local lenders allows you to see how rates differ. Getting preapproved or prequalified is an opportunity to see the rates you’re most likely to qualify for based on information you provide to the lender. Getting at least three rate quotes is helpful so you have something to compare them to.

If you’re wondering how to improve your credit scores for a HELOC, paying bills on time is a terrific place to start. You can also add points to your score by reducing your debt, keeping older credit accounts open, and limiting applications for new credit. 

Are there any Wyoming-specific requirements or regulations? 

Your lender should be able to tell you your rights and responsibilities when applying for a HELOC in Wyoming. Generally, you must:

• Complete an appraisal of the property so the lender can determine its value
• Provide your lender with any supporting documentation it requests, such as tax forms, pay stubs, or bank statements
• Maintain homeowners insurance on the property

By law, you’re required to make your HELOC payments as agreed. Wyoming law does allow lenders to initiate foreclosure proceedings when a home equity line of credit goes unpaid. Setting up automatic payments to your HELOC can help you avoid a situation where you’re at risk of losing your home due to nonpayment. 

FAQ

What credit score do you need for a Wyoming HELOC?

The minimum credit score required for a HELOC varies by lender. Most lenders prefer a minimum credit score of around 620 to 660. However, some lenders may approve applicants with scores as low as 580.

What are the typical fees for a Wyoming HELOC?

Typical fees for a HELOC in Wyoming include application, origination, appraisal, and closing costs. These fees vary depending on the lender and loan amount. Some lenders might offer promotions with reduced or waived fees, lowering the overall cost of obtaining a HELOC. Reviewing each lender’s fee structure to understand the total cost is important.

Are there any special programs or incentives for Wyoming HELOCs?

While Wyoming 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 for certain conditions. Shopping around and comparing different lenders can help you find the best available incentives and programs.

What happens if I move to another state with a HELOC in Wyoming?

If you move to another state with a HELOC from Wyoming, the terms of your HELOC generally remain unchanged. Your Wyoming property secures the loan. However, managing your account might be less convenient if your lender doesn’t have a presence in your new state. It’s important to notify your lender about your move and ensure that you continue to meet the terms and conditions of your HELOC agreement.

How we chose the best HELOCs in Wyoming

LendEDU evaluates HELOC lenders to help readers find the best home equity products. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Wyoming.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of Wyoming HELOC rates and lenders