Home Equity Loan Rates in Nevada (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Nevada's home equity loan rates are above national averages — 8.4% APR for both 10-year and 15-year terms compared to 7.7% and 7.9% nationally. We've compiled detailed insights on current home equity loan rates in Nevada, including city-specific rates, top lenders, and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Nevada is 8.4%, but several factors might affect what lenders offer. For instance, a higher credit score usually results in a lower APR, while a larger loan amount could lead to a higher rate. Repayment terms also play a role. Check out the table below to compare the current home equity loan rates in Nevada across different loan terms.

Interest rates for home equity loans change daily. Keeping track of these rates can save you money in the long run by reducing the interest you pay over the life of the loan. If you have high-interest debts, securing a lower rate can also help you consolidate those debts and lower your overall interest payments.

For example, a 15-year home equity loan with an 8.6% APR results in a monthly payment of $495 and total interest of $39,155. In contrast, a 10-year loan with the same 8.6% APR has a monthly payment of $623 and total interest of $24,713.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio presents a higher risk to lenders, leading to higher rates. In Nevada, the average APR for a 15-year equity loan with an LTV ratio of 80% is 8.4%, compared to 8.3% for an LTV ratio of 90%. Check the table below to see what rates you might qualify for based on your LTV ratio.

Average APRs for home equity loans vary across cities in Nevada. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Differences in property taxes or local fees also influence rates, affecting overall borrowing costs.

In Nevada, Caliente has an average APR of 8.0%, while Minden has an average APR of 9.4%. Below is a table showing the cities in Nevada and their average APRs for home equity loans with different terms.

Home equity loan rates in Nevada can differ significantly between lenders due to varying policies and market strategies. For instance, InTouch Credit Union offers the lowest average APR at 6.5%, while Plus Credit Union has the highest at 9.7%.

Comparing rates and terms from different lenders is a smart way to find the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the best rates in your city.

Getting the best possible home equity interest rates can lower your monthly payments, reducing overall borrowing costs and freeing up funds for other financial priorities. Imagine saving hundreds each month by securing a better rate. To achieve the best home equity loan rates in Nevada, consider these strategies:

MoneyGeek provides Nevada homeowners with reliable answers to their questions about home equity loan rates. We offer clear, precise information to help you understand these rates and make informed decisions without unnecessary complexity or urgency.