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.

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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.

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
  • 3.75% to 18%

    $25,000 to $1,000,000

    660

    10-year draw period
    and 20-year repayment period

    None

    N/A

  • Not specified

    Not specified

    Not specified

    Not specified

    Not specified

    Not specified

  • 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

  • 3.65% to 8.80%

    $15,000 to $750,000

    730

    10-year draw period,
    unspecified repayment period

    $90

    Not specified

  • 4.65% to 9.99%

    $35,000 to $300,000

    620

    10 to 30 years

    None

    1 to 2 weeks

  • Starting at 3.99%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    $75

    Not specified

  • Starting at 4.64%

    $10,000 to $500,000

    Not specified

    10-year draw period
    and 20-year repayment period

    None

    24 hours

  • Starting at 3.50%

    $15,000 to $400,000

    620

    5 to 30 years

    3% to 4.99%

    24 hours

  • Starting at Prime - 0.50%

    Starting at $17,500

    Not specified

    10-year draw period,
    15-year repayment period

    $50

    Not specified

  • Starting at 3.34%

    Starting at $25,000

    740

    Not specified

    $50

    Not specified

  • 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

  • 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

    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

    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

    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

    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.

1

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.

2

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.

3

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.

4

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.

5

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.

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