Best HELOC Rates and Lenders in Nevada for 2024

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Edited byScott Strandberg

Updated: December 28, 2023

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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.

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Home Equity Line of Credit (HELOC) Rates for 2024

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.

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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

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

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Best HELOC Lender for Bad Credit in Nevada: Figure

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Best HELOC Lender for Competitive Rates in Nevada: PenFed

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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.

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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.

1

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.

2

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.

3

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.

4

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.

5

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.

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%.

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

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.

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.

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.

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

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