What’s a good HELOC rate in Nebraska?

HELOC rates vary depending on your financial capability. In Nebraska, PenFed Credit Union and Bank of America each offer a competitively low, six-month introductory APR of 0.99% and 1.99%, respectively.

What can I use a HELOC for in Nebraska?

In Nebraska, homeowners may use their HELOC for significant expenses like home improvement projects, educational fees, medical expenditures, debt consolidation and other investments.

Is HELOC interest tax-deductible in Nebraska?

Interests on HELOCs are usually tax-deductible. However, we suggest that you consult with a financial advisor or a financial expert for more details. They can also help you figure out how much you need to borrow and how to budget repayment.

How much money can I borrow with a HELOC in Nebraska?

The minimum and maximum loan amounts vary for every lender. Bank of America and PenFed Credit Union provide the highest loan amount of $1,000,000, while the lowest minimum loan amount is usually around $5,000.

Is HELOC better than a home equity loan (HELOAN)?

HELOCs are ideal for borrowers who prefer a revolving line of credit with variable interest rates. HELOANs are best for those who need a specific amount of funds and prefer to pay the same amount each month.

Are HELOC rates fixed?

Usually, HELOC rates are variable. Since it’s a revolving line of credit, the interest rates change depending on how much you borrow.

The Best HELOC Rates and Lenders in Nebraska

A home equity line of credit, or HELOC, is an open-ended credit line that borrowers use against the value of their home. Borrowers can easily withdraw money whenever needed as long as it’s within their maximum loan amount. A HELOC can be used to fund large expenses such as home improvement projects, educational fees, debt consolidation and investments.

Advertising & Editorial DisclosureLast Updated: 12/6/2022

Edited By

Morgan Hull

A HELOC is ideal for financially responsible homeowners with considerable home equity that are looking to pay for tuition and fees, medical expenses, home improvement projects, debt consolidation and more. The interest on a HELOC varies and usually is lower than credit card rates and personal loan rates. For homeowners in Nebraska, MoneyGeek found that the current home equity line of credit rates range from 0.99% to 18%.

Before applying for a home equity line of credit, it’s vital to research other lenders to know which will suit your needs. Lenders review your financial history, including your credit score and loan-to-value (LTV) ratio, to assess your eligibility. Comparing different lenders’ terms and requirements will help you find the best lender for you.

WHAT WE’RE GEEKING OUT ON

Home Equity Line of Credit Rates
Best HELOC Lender Overall in Nebraska
Best HELOC Lender for Good Credit in Nebraska
Best HELOC Lender for Bad Credit in Nebraska

Home Equity Line of Credit (HELOC) Rates for 2023

To help you compare lenders, MoneyGeek gathered information about each lender, including equity rates, repayment terms, minimum credit score requirements and other vital details in the table below.

The information displayed in the table was updated as of May 2022. At MoneyGeek, we strive to provide customers with the latest information, so we regularly update our pages as new information becomes available.

Lender
APR
Loan Amount
Min. Credit Score Requirement
Repayment Terms
Annual Fees
Pre-Approval Time
PenFed Credit Union
3.75% to 18%
$25,000 to $1,000,000
660
10-year draw period
and 20-year repayment period
None
N/A
PNC Bank
Not specified
Not specified
Not specified
Not specified
Not specified
Not specified
Bank of America
1.99% special
introductory variable
APR for 6 months,
then as low as
4.35% variable
$25,000 to $1,000,000
Not specified
10-year draw period,
20-year repayment period
Not specified
Not specified
U.S. Bank
3.65% to 8.80%
$15,000 to $750,000
730
10-year draw period,
unspecified repayment period
$90
Not specified
Discover
4.65% to 9.99%
$35,000 to $300,000
620
10 to 30 years
None
1 to 2 weeks
Flagstar
Starting at 3.99%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
$75
Not specified
SunTrust/Truist
Starting at 4.64%
$10,000 to $500,000
Not specified
10-year draw period
and 20-year repayment period
None
24 hours
Figure
Starting at 3.50%
$15,000 to $400,000
620
5 to 30 years
3% to 4.99%
24 hours
Citizens Bank
Starting at Prime - 0.50%
Starting at $17,500
Not specified
10-year draw period,
15-year repayment period
$50
Not specified
TD Bank
Starting at 3.34%
Starting at $25,000
740
Not specified
$50
Not specified
Connexus Credit Union
3.49% for 6 months
(4.08% thereafter)
Starting at $5,000
Not specified
15-year draw period
with 15-year repayment period
None
24 hours
Regions Bank
3.75% to 10.63% variable
$10,000 to $500,000
Not specified
10-year draw period,
and then 20 years for repayment
None
Not specified

MoneyGeek’s Picks for Best HELOC Lenders in Nebraska

MoneyGeek’s mission is to help you find the best HELOC lender for your financial needs and goals. Aside from national banks, a few lenders offer home equity line of credit loans. If you don’t qualify for a HELOC from a national bank, you should check to see if your local credit union finances HELOC loans.

Best Overall HELOC Lender in Nebraska: Bank of America

Bank of America
Bank of America offers a low introductory APR of 1.99% for six months.
- 1.99% special introductory variable APR for 6 months, then as low as 4.35% variableAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- Not specifiedPre-Approval Time
MoneyGeek chose Bank of America as the best overall HELOC lender in Nebraska. This lender lets homeowners easily manage their accounts online through its mobile app.
Bank of America provides one of Nebraska's lowest introductory variable APRs at 1.99% for the first six months for credit lines ranging from $25,000 to $1,000,000. After that, the minimum rate increases to 4.35%. Its relatively low APRs and high loan amounts make it a great option for borrowers looking to fund large purchases.
However, this lender doesn’t explicitly mention its minimum credit score requirement on its website. If you have poor credit, you might benefit more from a different HELOC lender.
Pros
Low introductory APR
High maximum loan amount
No application, closing or annual fees
Online application process
Secondary residences are eligible

Cons
Potentially high APRs
Minimum credit score not specified online
Pre-approval time not specified online
APR: 1.99% for six months, 4.35% thereafter
Loan Amount: $25,000 to $1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: Not specified
Annual Fees: None
Pre-Approval Time: Not specified
on Bank of America Website

Best HELOC Lender for Good Credit in Nebraska: U.S. Bank

U.S. Bank
Apply through the phone, on the website or during a branch visit.
- 4.20% to 9.35%APR Range
- $15,000 to $750,000Loan Amount Range
- 10-year draw period; unspecified repayment periodRepayment Terms
- $90Annual Fees
- Not specifiedPre-Approval Time
U.S. Bank was founded in 1863 and is available in all 50 states and Washington, D.C. This lender is best suited for homeowners with excellent credit and a U.S. Bank personal checking account, as they will receive the lowest rates. To begin the application process, it’s best to call its number at 800-642-3547 or fill out its application online.
Though U.S. Bank is a top-rated lender in Nebraska, it’s not best for everyone’s needs. If your credit score is below 730, you won’t qualify for HELOC with this lender. You may also want to apply with a different lender to avoid paying the $90 annual fee.
Pros
Multiple ways to apply
Relatively low interest rates
High maximum loan amount
No application fees
No closing fees

Cons
Annual fee
Repayment period not specified
High minimum credit score requirement
APR: 4.20% to 9.35%
Loan Amount: $15,000 to $750,000
Repayment Terms: 10-year draw period; unspecified repayment period
Minimum Credit Score: 730
Annual Fees: $90
Pre-Approval Time: Not specified
on U.S. Bank Website

Best HELOC Lender for Bad Credit in Nebraska: Figure

Figure
Borrowers with poor credit scores can qualify for a HELOC with Figure.
- From 6.55% to 15.54%APR Range
- $15,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
MoneyGeek found that Figure is the best HELOC lender for homeowners in Nebraska with a fair credit score of 620 or above. It’s ideal for borrowers with fair credit that want a longer repayment term; the lender offers repayment terms of up to 30 years.
With Figure, Nebraska homeowners can borrow up to a maximum of $400,000, which is a reasonably competitive amount for individuals with lower credit scores. However, Figure charges origination and recording fees, which some borrowers may not want to pay.
Pros
Online application available
Low starting APRs
Pre-approval within 24 hours
Low minimum credit score requirement
Fast online customer service

Cons
Annual fees
Low maximum loan amount
Possible recording fees
Origination fees
APR: Starts at 3.24%
Loan Amount: $15,000 up to $400,000
Repayment Terms: 5 to 30 years
Minimum Credit Score: 620
Origination Fee: None
Pre-Approval Time: 24 hours
on Figure Website

Best HELOC Lender for Competitive Rates in Nebraska: PenFed

PenFed Credit Union
Offers an introductory APR of 0.99% for the first six months.
- 0.99% for 6 months; 4.25% to 18% thereafterAPR Range
- $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- N/APre-Approval Time
According to MoneyGeek’s study, PenFed offers the most competitive rates for a home equity line of credit in Nebraska. Borrowers seeking large funds at a relatively low interest rate will benefit most from this lender; with a PenFed HELOC, eligible homeowners can borrow up to $1,000,000 at an introductory APR of 0.99%.
However, PenFed may not be suitable for those who prefer to apply online, as you’ll need to call a PenFed representative to begin the application process. Furthermore, based on your credit score and financial history, you may end up paying a high APR of up to 18%. This lender also charges an annual fee of $99 if the borrower fails to pay the same amount in interest during the previous year.
Pros
High maximum loan amount
Lowest introductory APR
Option to switch from a variable to a fixed rate
Closing costs partially covered by lender
No fees to access your money

Cons
No online application
Potentially high APRs
Annual fee
Fair minimum credit score requirement
APR: Introductory APR of 0.99% for six months; 4.25% to 18% thereafter
Loan Amount: $25,000 to $1,000,000
Repayment Terms: 10-year draw period; 20-year repayment period
Minimum Credit Score: 660
Annual Fees: $99 conditional
Pre-Approval Time: Not applicable
on PenFed Credit Union Website

HELOC vs. Home Equity Loans

Though a home equity line of credit (HELOC) and a home equity loan (HELOAN) both use your home as collateral, there are distinct differences between the two.

HELOANs let homeowners borrow against the value of their homes. This type of loan has fixed interest rates and fixed repayment terms. Borrowers also receive their funds from the bank as a lump sum.

On the other hand, a HELOC acts like a credit card. Borrowers can withdraw a specific amount during the draw period set by the lender. HELOCs may have variable interest rates. Therefore, borrowers aren’t locked into specific monthly payments during repayment.

We’ve detailed the differences between HELOCs and HELOANs in the table below.

HELOC
Home Equity Loan
Interest Rate
Adjustable interest rate,
but fixed-rate options are available
Fixed interest rate
Monthly Payment
Changes depending on
the amount of money borrowed
Fixed monthly payments
Repayment Terms
During the draw period, borrowers pay
interest on the money they borrowed;
after the draw period, they repay any
principal owed in addition to interest
Repayment starts as soon as
the money is given to the borrower
Fund Disbursements
Line of credit
Lump sum delivery

How to Apply for a HELOC

Applying for a HELOC is often easy, as most lenders offer simple online applications. To save even more time, borrowers can gather their personal information and contact details in advance. Once you’ve submitted your application, including all the necessary documents to verify your personal information, you’ll wait for the lender’s feedback and approval.

Determine how much you need

A HELOC may not suit everyone. MoneyGeek highly recommends a home equity line of credit for homeowners who stick to a budget very closely and for those who know how much they want to borrow. This is ideal for large expenses such as investments, bonds, debt consolidation, medical fees and home improvement projects. A HELOC is not the best option for small expenses.

Assess your financial standing

To know if you are eligible and how much you need to borrow, review your financial standing. Ask yourself: are you capable of paying off your loan? Do you have a steady income stream? Are there any other liabilities you need to settle?

Most lenders look at your credit score to assess your capacity to repay the loan. We recommend that you try to improve your credit score before applying to secure the lowest interest rate.

Shop around and compare lenders

Before applying to a specific lender, it’s best to shop around and compare quotes from different lenders. You’ll find the best deal based on your current situation and financial needs. It’s important to carefully review the terms and fees for each lender to avoid paying fees and to take advantage of low rates before the loan starts.

Apply

Applying for a HELOC has become more accessible to most borrowers because of lenders’ online applications. To save time, you should gather the information you need, such as bank statements, pay stubs, mortgage statements and employment certificates, before you start your application. MoneyGeek shares these tips to easily apply for a HELOC.

Use funds wisely

After you’re approved for your HELOC, it’s important to properly manage your funds. Carefully tracking and monitoring how much you’ve withdrawn will ensure that you don’t exceed the limits of your credit or budget. Remember, a HELOC uses your home as collateral, so it’s essential to make timely payments to avoid possible foreclosure on your home.

Frequently Asked Questions About HELOCs

Applying for your first home equity line of credit may be confusing. To help you better understand the topic, MoneyGeek answered some of the most commonly asked questions about HELOCs.

sources

Bank of America. "Home Equity." Accessed June 7, 2022.
Figure. "Get a Home Equity Line." Accessed June 21, 2022.
PenFed Credit Union. "PenFed Home Equity Line of Credit (HELOC)." Accessed June 21, 2022.
U.S. Bank. "Home Equity Line of Credit (HELOC)." Accessed June 21, 2022.