Nevada HELOC Rates and Lenders

The average Nevada homeowner gained an additional $35,000 in home equity over the last year. If you’ve been looking for a flexible way to borrow money at a low rate, now could be the perfect time to open a HELOC. 

HELOCs are some of the most popular options for tapping into your home equity, but it’s important to choose the right lender since it dictates your HELOC costs and terms. To help you choose, we’ve rounded up the best options for Nevada HELOCs from online and local lenders.

Reviews of the best online HELOCs in Nevada

Online lenders are often much faster and easier to work with, offering a more abundant range of HELOC options. There are simply more lenders to choose from online than if you’re sticking with someone local. Here are some of the top online lenders offering Nevada HELOCs. 

Figure

Best Overall

4.9 _/5

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Why we picked it

Figure is our top pick for a HELOC due to its blend of competitive fixed rates, quick funding, and flexible terms. 

Advanced technologies such as blockchain and AI ensure a fast and efficient approval process, with funds available in as few as five days. This makes Figure ideal for borrowers seeking quick and reliable access to home equity without the traditional banking hassle.

• Fixed interest rates
• No in-person appraisal is needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

Loan details

Fixed Rates (APR)	6.55% – 15.54%
Loan amounts	$20,000 – $750,000
Draw period	2 – 5 years
Repayment term	10, 15, 20 or 30 years
Funding time	As few as 5 days
Properties	Primary home, second home, or investment property
Minimum Credit score	640

Figure Disclosures

1. The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.
6. Available initial APRs range from 6.65% to 15.25%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms. Your actual rate will depend on many factors such as your credit, combined loan-to-value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. Additionally, for the variable rate HELOC, the APR is based on an interest rate index and the credit agreement margin, and an increase or decrease of the index value will cause a corresponding increase or decrease in the variable APR after account opening subject to a rate floor and rate cap, and your monthly payments may increase or decrease as the APR changes. APRs for home equity lines of credit do not include costs other than interest. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn’t permit eNotary ($350), and recording fees ($0 – $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.
7. You should consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
8. The Figure Variable Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on the selected rate at application and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the initial draw, plus a stated margin; however, the rate and payment will adjust monthly based on the market and the fluctuation of the Index subject to a Rate Cap and Rate Floor. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. The index can change at any time and the unpaid balance of all draws are subject to the monthly variable rate. Accordingly, variable rates are based on the market and may change after account opening. This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC.

FourLeaf FCU

Best credit union

4.7 _/5

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Why we picked it

FourLeaf offers HELOCs with a low fixed introductory rate for creditworthy borrowers. This lender is an excellent option for homeowners needing lines of credit due to its lack of upfront fees and wide range of borrowing amounts. It provides the financial leverage required for home renovations or other major expenses. 

FourLeaf’s commitment to customer service and flexible loan terms make it an excellent choice for those looking to maximize their home equity. The straightforward application process and competitive rates further enhance its appeal, ensuring borrowers can access the necessary funds.

• Borrow $10,000 – $1 million
• No application, origination, or appraisal fees
• Convert some or all of your HELOC to a fixed-rate option
• 12-month fixed introductory rate for qualified borrowersⓘ
• $0 closing costs

Loan details

Rates (APR)	6.99% for 12 months, then variable starting at 6.75%ⓘ
Loan amounts	$10,000 – $1 million
Repayment terms	Up to 20 years
Funding time	6 to 10 weeks on average
Properties	Primary homes, second homes, or condos
Credit score	670

LendingTree

Best marketplace

4.5 _/5

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Why we picked it

LendingTree stands out as a marketplace that connects borrowers with multiple lenders, ensuring they can compare various offers to find the best rates and terms. 

This comprehensive comparison tool allows for a more personalized and competitive borrowing experience. It’s particularly useful for borrowers who want to ensure they are getting the best possible deal without spending too much time shopping around. 

LendingTree provides access to a wide range of loan amounts and terms, catering to diverse financial needs.

• Access to multiple lenders
• Comprehensive comparison tools
• Competitive rates
• Customizable loan options

Loan details

Rates (APR)	Starting at 6.24%
Loan amounts	$10,000 – $2 million
Draw period	2 – 20 years
Repayment term	5 – 30 years
Funding time	Varies
Properties	Varies
Credit score	Varies, 620 advisable

Local HELOCs in Nevada

Sometimes you just can’t beat being able to walk into a local branch and talk to someone directly, especially if you run into any problems or have a unique situation. That’s one of the biggest benefits of working with a local lender—it may have specialized knowledge about issues in your area.

Company	Rates (APR)	Location
Greater Nevada Credit Union	8.50% – 18.00%	Carson City, NV
One Nevada Credit Union	8.75% – 18.00%	Las Vegas, NV
Nevada State Bank	9.25% – 11.75%	Las Vegas, NV
Clark County Credit Union	8.50% – 18.00%	Las Vegas, NV

Credit unions generally offer lower rates than banks, and that’s true here, too. However, you’ll need to become a member first, which usually involves meeting membership criteria and setting aside $5 in a savings account. You can check your rate before you join, though.

What’s the difference between online and local HELOCs in Nevada?

No matter which lender you go with, they’ll need to estimate your home’s value to calculate your loan amount. This means getting an appraisal, and there are a few ways of doing it. 

Local lenders, such as Clark County Credit Union, generally require a full in-person appraisal, which you’ll have to pay for as a part of your closing costs. Online lenders may be more likely to offer remote appraisals, which are cheaper and quicker to get, although slightly less accurate.

In addition, you have fewer choices regarding local lenders offering Nevada HELOCs. Many local banks and credit unions don’t offer them at all. If you’re willing to take out a HELOC with a lender from anywhere in the country, though, your options go up dramatically. 

How do Nevada HELOC rates compare to other states?

HELOC rates don’t vary much by state. In December 2023, the average HELOC borrower paid an interest rate of 10.04%. 

Instead, HELOC rates tend to vary more across different lenders and are impacted more by your qualifications, how much you plan to borrow, etc. than by which state you live in. 

How to get the best HELOC rates in Nevada

Nevada HELOCs generally require the same qualifications as HELOCs in other states, although each lender is free to be more or less stringent. Here are the general requirements with most Nevada lenders:

• Credit score: 620 or higher. Nevada residents generally have a lower-than-average credit score (702 vs. 715 nationwide), so this is one area many people can work on.
• Home equity: 10% or more. Between a HELOC and a mortgage, most lenders only allow you to borrow up to 90% of your home’s value. 
• Debt-to-income ratio: 43% or less. Lenders divide your monthly debt payments by your total income to make sure you have enough left over to pay your other bills and living expenses. 

The better your numbers in these three categories, the higher your chances of getting the best rates on a HELOC for your Nevada abode. It’s also a good idea to get a quote from many different lenders and compare their rates, fees, and features. 

If you can take some time before you apply for a HELOC, it’s also a good idea to work on building your credit, paying down debt, and boosting your income.

Are there any Nevada-specific requirements or regulations?

Nevada has some general lending laws that apply to most loans in the state, including HELOCs. Notably, Nevada doesn’t limit the maximum interest rate a lender can charge you for a HELOC. That’s important to pay attention to since HELOC rates are variable and can increase over time. 

Before you take out any Nevada HELOCs, check your loan documentation for the lifetime rate caps, which set upper bounds on how much you’ll have to pay. Also, check the periodic interest rate caps and how often they might adjust. This will tell you how much your monthly payment may change with each step. 

Taking out a HELOC with a variable interest rate can be risky, as your payments can increase when the interest rate increases. This could make budgeting difficult, and if the increased payment becomes unaffordable, you’re at risk of losing your home. When considering any home equity loan, make sure the loan fits within your budget and you have a plan to pay it off. 

Chloe Moore, CFP®

FAQ

What credit score do you need for a Nevada HELOC?

The credit score required for a HELOC in Nevada can vary depending on the lender. Generally, you need a minimum credit score of 620 to qualify, though some lenders might require a higher score, such as 640 or 670, to offer better rates and terms. Higher credit scores typically result in lower interest rates and more favorable loan conditions.

What are the typical fees for a Nevada HELOC?

Typical fees for a Nevada HELOC can include application fees, origination fees, appraisal fees, and annual maintenance fees. Some lenders may also charge closing costs and early termination fees if you pay off the HELOC early. 

However, many lenders, especially credit unions like FourLeaf FCU, offer HELOCs with no application, origination, or appraisal fees, and some may cover closing costs for loan amounts under a certain threshold.

Are there any special programs or incentives for Nevada HELOCs?

Yes, some lenders in Nevada offer special programs or incentives for HELOCs. These can include introductory low-interest rates, rate discounts for setting up automatic payments, and zero-fee options. 

For instance, FourLeaf FCU offers a 12-month fixed introductory rate and no closing costs for loans under $500,000. It’s important to compare different lenders to find the best programs and incentives that meet your needs. Additionally, some local credit unions and banks might offer special rates or terms for members or specific community programs.

How we chose the best Nevada HELOC lenders

LendEDU evaluates HELOC lenders to help readers find the best HELOCs. Accessibility is important to this evaluation, so our editorial ratings system primarily focuses on companies available in most U.S. states. That’s why the lenders we selected in the online section have editorial ratings. They’ve gone through an extensive review process and were determined to offer superior products compared to other lenders. We’ve also independently verified that these companies are available in Nevada.

Since most local lenders aren’t available outside state lines, they haven’t gone through the same review process as the online lenders. Instead, we found them through separate research and determined that each offered solutions worthy of consideration by readers.

Recap of Nevada HELOC rates and lenders