Best HELOC Lenders in Nevada (October 2024)

Key Takeaways

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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 Umpqua Bank, scoring 94 out of 100.

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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.

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

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 $750,000
  • Provides a 0.50% autopay discount
  • Can lock in a fixed interest rate
CONS
  • $25,000 minimum line amount
  • Closing must be done at a local branch
  • Early closure fee of 1% of the loan

Runner-Up for Best HELOC Lender in Nevada

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

Minimum Credit ScoreUndisclosed
Average HELOC APR8.25%
Draw Period10 years
Repayment Period20 years
Time to Receive FundsUndisclosed
PROS
  • Borrow as low as $5,000
  • Optional lock-in feature for variable interest rates
  • No origination fee
CONS
  • $75 annual fee
  • Need to connect with a loan expert to apply
  • $50 fee to lock in interest rate

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.

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Repayment Period Payment

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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 APR8.50%
Draw Period10 years
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • No annual fees
  • Can borrow up to $10 million if secured
  • 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 its website

Best HELOC Lender in Nevada for Service Quality

Company logo for Western Alliance Bank
Western Alliance Bank
MoneyGeek Score:
95/ of 100

Minimum Credit ScoreUndisclosed
Average HELOC APR8.50%
Draw PeriodUndisclosed
Repayment PeriodUndisclosed
Time to Receive FundsUndisclosed
PROS
  • Has a mobile app for easy account management
CONS
  • Very little information about HELOC on its website

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.

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    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.

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    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.

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    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.

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    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
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
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
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
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
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
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:

What fees should homeowners expect from a HELOC lender, and how can they minimize or avoid them?

Credit & Mortgage Expert

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.

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.

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We completed our analysis in October 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.


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