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.
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 |
|---|---|---|---|---|---|---|
3.75% to 18% | $25,000 to $1,000,000 | 660 | 10-year draw period | None | N/A | |
Not specified | Not specified | Not specified | Not specified | Not specified | Not specified | |
1.99% special | $25,000 to $1,000,000 | Not specified | 10-year draw period, | Not specified | Not specified | |
3.65% to 8.80% | $15,000 to $750,000 | 730 | 10-year draw period, | $90 | Not specified | |
Starting at 3.99% | $10,000 to $500,000 | Not specified | 10-year draw period | $75 | Not specified | |
Starting at 4.64% | $10,000 to $500,000 | Not specified | 10-year draw 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, | $50 | Not specified | |
Starting at 3.34% | Starting at $25,000 | 740 | Not specified | $50 | Not specified | |
3.49% for 6 months | Starting at $5,000 | Not specified | 15-year draw period | None | 24 hours | |
3.75% to 10.63% variable | $10,000 to $500,000 | Not specified | 10-year draw period, | 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.
- 7.49% (introductory rate) then 9.90%APR Range
- Generally $25,000 to $1,000,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- NoneAnnual Fees
- UndisclosedPre-Approval Time
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.
- 8.95% to 12.70%APR Range
- $15,000 to $750,000 ($1 million in California)Loan Amount Range
- 10-year draw period; up to 30 years repayment periodsRepayment Terms
- Up to $75Annual Fees
- UndisclosedPre-Approval Time
Best HELOC Lender for Bad Credit in Nevada: Figure
- Figure
Figure has one of the lowest credit score requirements for HELOCs.
- 6.10% to 14.74%APR Range
- $20,000 to $400,000Loan Amount Range
- 5 to 30 yearsRepayment Terms
- NoneAnnual Fees
- 24 hoursPre-Approval Time
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.
- Starting at 8.625%APR Range
- $25,000 to $500,000Loan Amount Range
- 10-year draw period; 20-year repayment periodRepayment Terms
- $99Annual Fees
- UndisclosedPre-Approval Time
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, | Fixed interest rate |
Monthly Payment | Changes depending on | Fixed monthly payments |
Repayment Terms | During the draw period, borrowers pay | Repayment starts as soon as |
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.