Looking for a flexible and affordable way to fund home improvements, consolidate debt, or handle unexpected expenses? Our Home Equity Line of Credit (HELOC) offers rates as low as 8.50% APR1,2 and is here to help you reach your financial goals.
Limited-Time Offer: Take advantage of a rate discount based on how much you borrow at account opening!
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by the equity in your home. It’s like a credit card, but typically with a lower interest rate because it is backed by your home.
You have the flexibility and freedom to do whatever you want with your HELOC funds. Home improvement projects, debt consolidation, and education funds are all great ideas on how to use your HELOC.
Only Pay for What You Use: Unlike a traditional fixed-sum home equity loan (second mortgage), a HELOC allows you to access funds as needed. You only repay the amount you borrow, plus interest.
Flexibility and Repayment: HELOCs often have variable interest rates, which means the interest rate can fluctuate over time. Minimum payments are typically based on the amount of credit you’ve used. HELOCs come with a 10-year draw period, where you can access funds, followed by a 15-year repayment period, where you focus on paying it back.
Here’s an example: Let’s say you’ve paid down $100,000 of the principal on your original $500,000 mortgage, and your home’s current appraised value is still $500,000. Many lenders allow you to borrow up to 80% of your home’s equity. In this scenario, 80% of your $100,000 equity would be $80,000. That would be your maximum HELOC credit limit.
Rates as low as 8.50% APR.1,2
HELOC loan amounts vary. The maximum is based on your home’s value, the percentage of that value you can borrow against, and how much you owe on your first mortgage.
Draw periods typically last for 10 years and repayment periods typically last for 15 years.
HELOCs can be used for home improvements, as well as educational funding, new home purchases, and consolidating other high-interest debt.
HELOCs normally require a minimum 640 FICO credit score.
To apply for a HELOC, you must first qualify for a membership with Greater Nevada Credit Union (which is open to anyone living or working in Nevada’s 17 counties, and members of their immediate family). We then use a figure called a combined loan-to-value (CLTV) ratio to determine your eligibility. It’s based on your property’s value and your creditworthiness.
We understand how important it is to make the most of your money right now. A HELOC from Greater Nevada not only gives you access to funds for your needs, but you can also lock in a lower rate!
You can receive a 0.10% rate discount for every $10,000 you borrow at account opening, up to a maximum discount of 1.00%.2 So, the more you borrow, the lower your new rate can be! See below for an example based on an initial base rate of 9.50% APR.
Ready to get started? Apply online now or book an appointment with a GNM Consultant to learn more at a time that works best for you.
| Amount Borrowed | Updated Rate |
|---|---|
| $0 – $9,999.99 | 9.50% APR (no change) |
| $10,000.00 – $19,999.99 | 9.40% APR |
| $20,000.00 – $29,999.99 | 9.30% APR |
| $30,000.00 – $39,999.99 | 9.20% APR |
| $40,000.00 – $49,999.99 | 9.10% APR |
| $50,000.00 – $59,999.99 | 9.00% APR |
| $60,000.00 – $69,999.99 | 8.90% APR |
| $70,000.00 – $79,999.99 | 8.80% APR |
| $80,000.00 – $89,999.99 | 8.70% APR |
| $90,000.00 – $99,999.99 | 8.60% APR |
| $100,000.00+ | 8.50% APR |
Lindsey and Michael Gay both grew up in the heart of Reno’s River District, and their connection to the community goes back generations. It was important for Lindsey and Michael to keep the family home while making it their own. By using a HELOC from Greater Nevada Mortgage, the Gays were able to renovate Lindsey’s grandparents’ house and turn it into a home base for the next generation.
Understanding how HELOCs work, especially because of their unique draw and repayment periods, can be challenging, but we’re here to help. We’ve answered some of the most common questions we receive from homeowners about this unique funding option.
HELOCs can be useful sources of funding for homeowners looking to make large purchases. Those purchases can vary from high-interest debt consolidation to home improvement projects and educational expenses. In short, HELOCs can provide financial flexibility.
Though both are based on the equity in your home, HELOCs and home equity loans have unique features and conditions.
Home equity loans have fixed payments with fixed rates. You’ll borrow a specific lump sum and can’t access more funds at any point, even in an emergency. You’ll repay what you borrowed in fixed monthly amounts for a fixed term. Between these loan options, home equity loans are more predictable.
HELOCs, on the other hand, are revolving lines of credit with variable interest rates. This means you can access funds as needed, and interest rates may increase or decrease over the years. During the repayment period, you can’t access funds, and your monthly payments may continue to increase or decrease over time as rates change.
HELOCs offer many advantages over other kinds of home loans. Upfront costs are generally lower, and HELOC interest rates are usually more competitive than credit cards. Plus, you’re only charged interest on the funds you use, saving you more over the life of the loan versus receiving a lump sum from a home equity loan.
Though they offer plenty of perks, HELOCs naturally come with some disadvantages which can be avoided by managing your usage. Variable rates can lead to higher repayment amounts, and there may also be additional fees. Late or missed payments can also hurt your credit score.
Many lenders require at least 15 – 20% equity in your home. This number is used to calculate your loan-to-value ratio, which helps determine your eligibility for a HELOC.
Along with a minimum amount of equity, you generally need a credit score of 640, a history of responsible mortgage payments, a steady income, and a reasonable low debt-to-income ratio–usually 45% or lower–to improve your eligibility for a HELOC.
Please consult with your tax advisor for information on tax implications with a HELOC.
Applying for a HELOC is as simple as contacting Greater Nevada Mortgage. We’re here to help you understand your home loan options, determine your eligibility, and get access to the funds you need.
Learn how much you can borrow by calculating how much equity you have in your home by subtracting your remaining mortgage from your home’s current appraised value.
It’s quick. It’s easy. It’s online. We suggest gathering essential information (repayment history, credit score, proof of debts and other documents) before you begin.
All your HELOC questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
1APR = Annual Percentage Rate. The APR can vary and is based on the Prime Rate plus a margin of 2.00% – 2.50% based on borrower credit rating and other qualifications. The APR is subject to change each month, based on changes to the highest Prime Rate published in the Wall Street Journal “Money Rates” table. The minimum base APR is 9.50%, and the maximum base APR is 18.00%. Up to 80% CLTV is available with credit lines from $25,000 – $250,000 subject to collateral type and borrower qualifications. Fees and closing costs to establish a HELOC generally total between $0 – $1,500 and are paid by the borrower. $75 annual fee beginning on the first anniversary date. $500 pre-payment penalty if the HELOC is closed within 36 months of origination. Rates, terms, and conditions are effective as of December 19, 2024, and are subject to change without notice. Loans are available for 1 – 2 unit, owner-occupied properties in the state of Nevada only. Greater Nevada Credit Union membership is required prior to loan funding, which is open to anyone living or working in any of Nevada’s 17 counties and members of their immediate family. Additional terms and conditions may apply. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal Income Tax purposes. Borrowers should consult a tax adviser for further information regarding the deductibility of interest and charges. This is not a credit decision or a commitment to lend. We do business in accordance with the Federal Fair Housing Law, the Equal Opportunity Act, and the California Fair Employment and Housing Act.
2The following discounts are available on a new Home Equity Line of Credit (HELOC): An “initial draw” discount of 0.10% for every $10,000.00 withdrawn with a maximum discount of up to 1.00% from your approved base rate. Discounted rate will be locked as your new rate for the remainder of your HELOC. Example of the discount tiers based on the minimum base APR of 9.50%: Borrow $10,000.00 – $19,999.99 means your new rate would be 9.40% APR; borrow $20,000.00 – $29,999.99 means your new rate would be 9.30% APR; borrow $30,000.00 – $39,999.99 means your new rate would be 9.20% APR; borrow $40,000.00 – $49,999.99 means your new rate would be 9.10% APR; borrow $50,000.00 – $59,999.99 means your new rate would be 9.00% APR; borrow $60,000.00 – $69,999.99 means your new rate would be 8.90% APR; borrow $70,000.00 – $79,999.99 means your new rate would be 8.80% APR; borrow $80,000.00 – $89,999.99 means your new rate would be 8.70% APR; borrow $90,000.00 – $99,999.99 means your new rate would be 8.60% APR; borrow $100,000.00+ means your new rate would be 8.50% APR.
