Best HELOC Rates in Wichita, Kansas
Current and prospective homeowners in Wichita may be wondering where the best place to search for a HELOC loan is, or if getting a HELOC is really the right financial move for them.
Luckily, Equity Bank is here to help you understand your options when it comes to HELOC loans, and provide the best rates in Wichita if you choose to utilize one.
Read more about HELOCs here.
What’s a HELOC?
A HELOC, or “Home Equity Line of Credit,” is essentially a second mortgage. HELOCs are secured loans in which the borrower puts their property up as collateral, and in return is given a substantial line of credit with flexible terms.
The upside to HELOCs is their flexibility and comparatively favorable rates. Because you put property up as collateral, financial institutions see HELOCs as low-risk products, and therefore offer attractive repayment options and interest rates.
The risk, obviously, is in putting one’s property up as collateral. If a borrower should default on their loan, it could result in foreclosure.
HELOC Rates in Wichita
While all HELOCs operate on the same basic principles, financial institutions can vary drastically in the terms and rates they offer to their members. Some institutions may require the borrower to maintain a higher percentage of home equity, or charge hidden fees that are never revealed until the borrower sits down to sign the agreement.
The national average HELOC interest rate is around 7.75% as of early 2023, and most financial institutions in Wichita fall in line with this number. HELOC rates rise and fall in sync with the market, but are also subject to change according to the borrower’s credit history, equity in their home, and income. Larger financial institutions are generally less flexible when offering HELOCs, as they operate over much larger areas and with a greater deal of uncertainty. Their exposure to a national rather than a local housing market makes them more vulnerable to temporary fluctuations in the market and in the general economy.
Why is Equity Bank’s HELOC the Best in Kansas?
Equity Bank is committed to serving residents of our home state of Kansas faithfully. Though we’ve grown to serve four states, our roots as a small bank give us insight into the needs, attitudes, and values of the people of cities like Wichita.
Equity Bank’s community-first attitude dictates that we treat our members fairly, and offer them the best possible product we can. Our HELOC agreement has no hidden fees, no closing costs, and is flexible to fit your budget.
You can make an addition to your home, take a dream vacation, or finalize a big purchase you’ve been putting off, all while banking on the wealth you’ve already built in your home equity.Start your HELOC journey today by contacting us online, or visit your closest branch and allow one of our expert team members to walk you through what a HELOC can do for you.