Best HELOC Lenders in Nevada (December 2024)

Enter your ZIP code to get started

Shield

Free. Simple. Secure.

Key Takeaways

blueCheck icon

U.S. Bank is the best home equity line of credit (HELOC) lender in Nevada, with a MoneyGeek score of 96 out of 100. The runner-up is BMO Bank, scoring 94 out of 100.

blueCheck icon

The average HELOC limit in Nevada is $129,018. How much you can borrow often depends on your home's equity, outstanding mortgage balance and credit score.

blueCheck icon

Comparing rates can help you find lenders suited to your needs. MoneyGeek compiled the best HELOC rates in Nevada, updated weekly to assist you.

Overall Best HELOC Lender in Nevada

Company logo for U.S. Bank
U.S. Bank
MoneyGeek Score:
96/ of 100

Minimum Credit Score660
Average HELOC APR9.45%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Borrow up to $750K
  • Provides a 0.50% autopay discount
  • Option to lock in a fixed interest rate
CONS
  • Minimum line amount is $25,000
  • Closing must be done at a local branch
  • Charges an early closure fee of 1% of loan

Runner-Up for Best HELOC Lender in Nevada

Company logo for BMO BANK
BMO BANK
MoneyGeek Score:
94/ of 100

Minimum Credit Score650
Average HELOC APR8.88%
Draw Period10 years
Repayment Period20 years
Time to Receive Funds3 Business Days
PROS
  • Offers a 0.25% rate discount for automatic payments
  • Provides a remote closing option for HELOC applications
  • Option to lock in your balance at a fixed rate
CONS
  • Charges a $75 annual fee
  • Charges a closing cost recoupment fee for accounts closed within 36 months
  • Locking in your rate costs $75 after closing

Calculate Your Monthly Payment

The average HELOC balance in Nevada for the third quarter of 2023 was $51,349, according to Experian. Calculating your HELOC payments can help you manage this debt effectively and plan 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 shows how much of your payments go toward interest and principal over time.

Nevada HELOC Payoff Calculator

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.

$
%
years
years

Credit Line Information

Draw Period Payment

$0

Repayment Period Payment

$0

Credit Payoff Schedule for Home Equity Line

YEAR

Ending balance
Principal paid
Interest paid

Best HELOC Lender in Nevada for Affordability

Company logo for City National Bank
City National Bank
MoneyGeek Score:
94/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR9.25%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • No annual fees
  • Can borrow up to $10 million
  • Offers a rate discount for existing relationships
CONS
  • No option to switch to a fixed interest rate
  • Must call or visit a branch to apply
  • Other HELOC information not disclosed on website

Best HELOC Lender in Nevada for Service Quality

Company logo for Umpqua Bank
Umpqua Bank
MoneyGeek Score:
96/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.75%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • Offers an optional lock-in feature for variable interest rates
  • No origination fee
CONS
  • Charges an annual fee of $75
  • Need to connect with a loan expert to apply
  • Charges a $50 to lock in interest rate

What You Can Use a HELOC for in Nevada

Home equity lines of credit (HELOCs) are popular in Nevada due to their flexibility and the control they offer over borrowing amounts and repayment timelines. Here’s a look at where you can use a HELOC.

    paintingRoller icon

    Home Improvements or Renovations

    A HELOC is perfect for home improvements, providing flexibility as costs change. It allows you to access funds as needed, helping you complete your renovation without financial strain.

    debtConsolidation icon

    Consolidating High-Interest Debt

    The average 2023 consumer debt in Nevada was $116,440. Using a HELOC for debt consolidation can simplify payments and reduce interest rates.

    graduationCap icon

    Funding Education

    Using a HELOC for education expenses is smarter than using other debts. It can cover tuition, books and housing, with lower interest rates and flexible repayment options.

    money icon

    Investment Properties

    A HELOC can fund investment properties, offering potential returns. Shop around for the best HELOC lenders for investment property to secure favorable rates and terms.

How to Apply for a HELOC in Nevada

Understanding the steps to apply for a HELOC in Nevada can make the process smoother and more manageable. We've outlined this journey in six simple steps to guide you.

  1. 1
    Review Your Financial Health

    Check your credit score, debt-to-income ratio and home equity. In Nevada, the average credit score is 702 in the third quarter of 2023 based on Experian data. A score like this can improve your chances of HELOC approval.

  2. 2
    Compare Rates in Nevada

    Comparing rates can help you secure the best HELOC deal. Also, look into other lender features, such as repayment terms, fees and the option to apply for a fixed-rate HELOC.

  3. 3
    Prepare Required Documentation

    Preparing the necessary documents for a HELOC application can streamline the process. Commonly required documents include proof of income, recent tax returns, and mortgage and home value information.

  4. 4
    Submit an Application

    Submit your HELOC application online or in person if your lender has a physical branch. Double-check for errors or omissions in your application to avoid delays.

  5. 5
    Undergo a Home Appraisal

    Some lenders may require an appraisal to determine your home's current market value, which can influence your HELOC terms.

  6. 6
    Wait for Approval and Closing

    The approval process for a HELOC can take two to six weeks. Once approved, you'll go through the closing process, which may involve signing documents and paying closing costs. Some lenders might offer to cover part of your closing costs.

Know How Much You Can Borrow in Nevada

The average HELOC limit in Nevada was $129,018 for the third quarter of 2023, according to Experian data. The maximum amount you can borrow is usually tied to the equity you have in your home. The higher your equity, the higher your potential credit limit.

Check out the table below for the range of credit lines offered by Nevada lenders in our database.

America First Federal Credit UnionFrom $5,000
Bank of America$15,000 to $1,000,000
City National Bank$25,000 to $10,000,000
U.S. Bank$25,000 to $750,000
Umpqua Bank$5,000 to $1,000,000
Ask the experts:

How do lenders handle changes in home value, and can that impact HELOC terms down the road?

Credit & Mortgage Expert

As with any line of credit, the lender can increase or decrease the limit at any time for any reason. With a HELOC, if the value of your home drops significantly, the lender can choose to decrease your line or even freeze it, making it unusable until you pay it down to the amount that aligns with their guidelines.

FAQ: Best HELOC Lenders in Nevada

Who is the best HELOC lender in Nevada?

How to find the best HELOC lenders for bad credit in Nevada?

What factors should I consider when choosing a HELOC lender in Nevada?

What are common fees associated with HELOCs that I should compare in Nevada?

What is the typical draw period for HELOCs, and does it vary between lenders in Nevada?

How can I find a lender with flexible repayment options in Nevada?

MoneyGeek's scoring system offers a comprehensive overview of how each lender performed in areas that matter most to borrowers. We allocated scores based on the inclusion or exclusion of certain desirable features in various critical categories.

recency icon

We completed our analysis in December 2024 and considered different banks and credit unions in Nevada from S&P Global's SNL Depository Rates dataset.

101Lenders Analyzed

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

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.


sources