What’s a reasonable HELOC rate in Nevada?

HELOC rates vary depending on your financial standing. In Nevada, PenFed Credit Union and Bank of America offer a competitively low, six-month introductory APR of 0.99% and 1.99%, respectively. Most lenders set the low end of their APR ranges between 3% and 5%.

What can I use a HELOC for in Nevada?

Homeowners in Nevada may use their HELOC for significant expenses like debt consolidation, investments, medical expenses, home improvement projects and educational fees.

Is HELOC interest tax-deductible in Nevada?

The interest on a HELOC is usually tax-deductible. However, consulting a financial advisor or a financial expert is the best way to go. They will be able to help you figure out all the details of your line of credit.

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

The minimum amount varies by lender. Bank of America and PenFed Credit Union offer the highest loan amounts of up to $1,000,000. On the other hand, the lowest minimum loan amount is usually at least $10,000.

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

HELOCs are ideal if you prefer an open-ended credit line with variable interest rates. But, this still depends on your current situation. Home equity loans are given in a lump sum and have fixed interest rates, which makes them a better choice for some borrowers.

Are HELOC rates fixed?

HELOCs rates aren’t fixed. Since it’s a revolving line of credit, its interest rates vary depending on how much you borrow.

The Best HELOC Rates and Lenders in Nevada

Are you wondering what a home equity line of credit is? It’s an open-ended credit line that you can use against the value of your home. Borrowers may withdraw money as needed up to their maximum loan amount. A HELOC can fund significant expenses, such as home improvement projects, educational fees and investments.

Advertising & Editorial DisclosureLast Updated: 12/6/2022

Edited By

Scott Strandberg

Homeowners use HELOCs to fund their medical expenses, home improvement projects, kids’ tuition, debt consolidation and more. HELOCs are ideal for homeowners who have considerable home equity and are responsible with credit. The interest rates on HELOCs are usually lower than credit card and personal loan rates. HELOC lenders review your loan-to-value (LTV) ratio to evaluate if you have enough equity.

For homeowners in Nevada, MoneyGeek’s study showed that the current home equity line of credit rates range from 0.99% to 18%. Before submitting your application for a home equity line of credit, check with other lenders to see which of them best suits your needs. Compare the rates to see if you’re getting the best deal available.

WHAT WE’RE GEEKING OUT ON

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

Home Equity Line of Credit (HELOC) Rates for 2023

The table below shows an overview of equity rates, loan amounts, repayment terms and other essential details you need to know about home equity line of credit lenders as of May 2022.

Please note that the rates and information continually change. MoneyGeek will regularly update this table with the most current information.

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 Nevada

It’s MoneyGeek’s mission to help you find the best HELOC lender based on your financial needs and goals. Aside from national banks, not many lenders offer home equity line of credit loans. Check whether your local credit union finances HELOC loans if a national lender denies your application.

Best Overall HELOC Lender in Nevada: Bank of America

Bank of America
Offers a 1.99% introductory APR 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 Nevada. This lender is great for homeowners who prefer to manage their accounts online, thanks to Bank of America’s extensive selection of convenient web-based tools, like its mobile app.
Bank of America has one of the lowest introductory variable APRs in Nevada, at 1.99% for the first six months. After that, rates begin at 4.35%. This lender is also suitable for those who need significant loan amounts, as its maximum loanable amount is $1,000,000.
Yet, since Bank of America doesn’t explicitly mention their minimum credit score requirement on their website, you may be better off with a different HELOC lender if you have poor credit. Remember to consult with a representative from Bank of America to check if you’re eligible.
Pros
High maximum loan amount
Low introductory APR
No application, closing or annual fees
Online application process
Mobile application for easy account management

Cons
High maximum APR
Minimum credit score not specified
APR: 1.99% for six months, as low as 4.35% after that
Loan Amount: $25,000–1,000,000
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 Nevada: U.S. Bank

U.S. Bank
Easily apply for a HELOC by phone, online 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 operates in all 50 states and Washington, D.C. This lender is suitable for homeowners with good credit scores and a U.S. Bank personal checking account, as these borrowers will receive the lowest interest rates. U.S. Bank also offers a low APR starting at 4.2% and provides different ways to apply for your HELOC. You may apply by visiting their branch, calling their phone number or filling out the application form online.
Even if U.S. Bank is a top-rated lender in Nevada, it might not suit everyone’s needs. If your credit score is below 730 or you don’t want to pay an annual fee of $90, you may opt to consider another HELOC lender.
Pros
Several options for the application process
Interest rates as low as 4.2%
High maximum loanable amount
No application fees
No closing fees

Cons
Charges an annual fee
High minimum credit score requirement
No pre-approvals available
APR: 4.2%–9.35%
Loan Amount: $15,000–750,000
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 Nevada: Figure

Figure
Figure has one of the lowest credit score requirements for HELOCs.
- 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 suitable for homeowners in Nevada with a fair credit score of 620 or above. This lender fits the needs of borrowers who need an extended repayment term of up to 30 years. With Figure, Nevada homeowners can borrow from $15,000 up to a maximum of $400,000, which is a reasonable and competitive amount for individuals with less-than-excellent credit.
However, Figure may not suit homeowners who do not want to pay an origination fee, as the lender charges up to 4.99%. Homeowners needing loan amounts exceeding $400,000 may consider applying with another lender as well.
Pros
Online application available
APR starts at 3.24%
Pre-approval within 24 hours
Eligible for borrowers with fair credit
Quick online customer service

Cons
Lower loan cap of $400,000
Charges origination fees
No introductory APR rate
APR: Starts at 3.24%
Loan Amount: $15,000–400,000
Repayment Terms: 5–30 years
Minimum Credit Score: 620
Origination Fee: 3%–4.99%
Pre-Approval Time: 24 hours
on Figure Website

Best HELOC Lender for Competitive Rates in Nevada: PenFed

PenFed Credit Union
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
PenFed has the most attractive home equity line of credit rates in Nevada because of its very low six-month 0.99% introductory APR. MoneyGeek finds this lender suitable for homeowners who need to finance significant expenses since its maximum loanable amount is up to $1,000,000.
However, PenFed may not suit those who prefer to apply online. Its website leads potential borrowers to fill out a form to request a call from a representative of PenFed Credit Union. We will also point out the lender’s $99 annual fee, as some competitors don’t charge annual fees at all.
Pros
High maximum loanable amount
0.99% APR for the first six months of the loan
May switch from variable to fixed-rate loan
10-year draw period, 20-year repayment period

Cons
No online application
Annual fee of $99
APR: 0.99% for first six months; 4.25%–18% after that
Loan Amount: $25,000–1,000,000
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

A home equity loan (HELOAN) and a home equity line of credit (HELOC) may seem similar. These are, however, two different products.

Home equity loans let a homeowner borrow against the value of their home. Moreover, the home equity loan product has fixed interest rates and fixed repayment terms. Borrowers get the money in a lump sum.

On the other hand, a HELOC acts like a credit card. Borrowers can withdraw a specific amount during the lender’s set draw period. HELOCs have variable interest rates, so the borrower isn’t locked into fixed monthly payments during repayment.

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

Borrowers often find it convenient to apply for a HELOC since several lenders have an online application. You need to provide your personal information and contact details, then wait for the lender’s approval.

Determine how much you need

A HELOC may not suit everybody. MoneyGeek highly recommends a home equity line of credit for homeowners who can stick to a budget and know how much to borrow. This is ideal for homeowners who need money for significant expenses such as home improvements, debt consolidation and medical fees. A HELOC may not suit you if you only use it for a small home project that would cost less than $1,000.

Assess your financial standing

Check your financial situation to determine your eligibility and how much you need to borrow. Are you financially stable? Will you be able to repay the loan within the term period? Most lenders also have a minimum credit score requirement to gauge your ability to repay the loan.

If you’re in a situation to take minor steps to boost your credit score, do that before you start applying for a HELOC to obtain a lower interest rate.

Shop around and compare lenders

Shopping around and comparing lenders will widen your options. You can find the best deal based on your situation and needs by comparing rates, fees and terms between various lenders.

Apply

When applying for a HELOC, it’s easier for many people to use online platforms. Gather the information you need for your application in advance to save time. Prepare documents like bank statements, mortgage statements, employee certificates and pay stubs. MoneyGeek shares these tips for a smooth HELOC application.

Use funds wisely

Once your application gets approved, make sure to withdraw the funds you need and keep in mind that your line of credit comes with repayment terms and other potential fees. You may create a tracker for your withdrawals to help you monitor your budget.

Frequently Asked Questions About HELOCs

Applying for a home equity line of credit can be new and unfamiliar. To guide you, MoneyGeek answers some commonly asked questions about HELOCs.

sources

Bank of America. "Home Equity." Accessed June 21, 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.