HELOC rates in Nebraska rose from 4.4% in early 2021 to 8.7% by November 2024. If this trend continues, homeowners could face higher borrowing costs. Consider securing a HELOC rate now to potentially save on future interest expenses.
HELOC
Best HELOC Rates in Nebraska (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Nebraska with an 80% LTV is 8.3%, compared with 8.7% for a 90% LTV.
HELOC rates vary by city in Nebraska. Kimball has an average APR of 6.8%, whereas Fairbury's is 9.5%.
Different lenders offer varying rates for the same loan types. OneNebraska Federal Credit Union's average APR is 6.8%, whereas Heartland Bank's is 9.5%.
Current HELOC Rates in Nebraska
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HELOC Rates in Nebraska by LTV Ratio
HELOC rates in Nebraska can vary depending on your loan-to-value ratio and line limit. Lenders view a lower LTV as less risky because you have more equity in your home. For instance, with a 70% LTV, you've borrowed less against your home's value than with an 85% LTV, reducing your risk of default on your HELOC.
The table below allows you to filter between different loan amounts, providing a clearer understanding of your potential qualifications.
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Line Limit:$100,000
| 8.3% | 8.7% |
HELOC Rates in Nebraska by City
HELOC rates in Nebraska vary between cities due to local housing markets and lender competition. For instance, cities with robust real estate markets might offer lower rates, reducing lender risk.
Use the table below to filter by city and see average APRs for $50K and $100K HELOCs.
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City:Omaha
| $100,000 | 8.5% |
| $50,000 | 8.5% |
HELOC Rates in Nebraska by Lender
HELOC interest rates in Nebraska vary due to lenders' unique pricing strategies and risk assessments. The table below highlights the five lenders in Nebraska offering the lowest average APRs, helping you easily compare competitive rates.
| Omaha Police Federal Credit Union | 6.8% |
| OneNebraska Federal Credit Union | 6.8% |
| Points West Community Bank | 6.8% |
| Great Southern Bank | 7.3% |
| MembersOwn Credit Union | 7.5% |
HELOC rates today can vary significantly between lenders even in the same city. Use the table below to filter by city and compare average APRs, helping you find the most competitive rate available.
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City:Omaha
| Great Southern Bank | Commercial Bank | 7.3% |
| Liberty First Credit Union | Credit Union | 7.8% |
| The Family Credit Union | Credit Union | 8.0% |
| Great Plains State Bank | Commercial Bank | 8.0% |
| Four Points Federal Credit Union | Credit Union | 8.0% |
| Foundation One Bank | Commercial Bank | 8.0% |
| First Nebraska Credit Union | Credit Union | 8.1% |
| Enterprise Bank | Commercial Bank | 8.3% |
| First State Bank Nebraska | Commercial Bank | 8.3% |
| UMB Bank | Commercial Bank | 8.5% |
| Core Bank | Commercial Bank | 8.5% |
| Cornhusker Bank | Commercial Bank | 8.5% |
| Exchange Bank | Commercial Bank | 8.5% |
| First Interstate Bank | Commercial Bank | 8.5% |
| Five Points Bank | Commercial Bank | 8.5% |
| Frontier Bank | Commercial Bank | 8.5% |
| Omaha Federal Credit Union | Credit Union | 8.5% |
| Pinnacle Bank (Lincoln, NE) | Commercial Bank | 8.5% |
| Union Bank and Trust Company | Commercial Bank | 8.5% |
| Union Pacific Streamliner Federal Credit Union | Credit Union | 8.5% |
| West Gate Bank | Commercial Bank | 8.5% |
| Mutual First Federal Credit Union | Credit Union | 8.6% |
| Centris Federal Credit Union | Credit Union | 8.7% |
| Bankers Trust Company | Commercial Bank | 8.8% |
| Cobalt Federal Credit Union | Credit Union | 8.8% |
| Access Bank | Commercial Bank | 8.9% |
| U.S. Bank National Association | Commercial Bank | 9.0% |
| Equitable Bank | Commercial Bank | 9.1% |
| Metro CU Federal Credit Union | Credit Union | 9.3% |
| Kellogg Midwest Federal Credit Union | Credit Union | 9.5% |
| Premier Bank National Association | Commercial Bank | 9.5% |
COMPARING HELOC RATES IN NEBRASKA: BANKS VS. CREDIT UNIONS
HELOC rates in Nebraska vary between banks and credit unions. Commercial banks often have higher rates, with the best HELOC rate in Nebraska for commercial banks at 8.5%. In comparison, credit unions — as not-for-profit institutions — offer a slightly lower average APR of 8.3%.
When choosing between the two, consider more than just rates. Banks may offer more convenience, but credit unions often have better customer service and lower fees. Also, check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Nebraska HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR, and loan terms.
Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
Nebraska HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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How to Get the Best HELOC Rates in Nebraska
Finding the best HELOC rates in Nebraska can lead to substantial savings over the loan's duration. Consider these five strategies to secure competitive rates:
Maintain a strong credit score
The average credit score in Nebraska is 731. Improving it can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Shopping around can help you find competitive rates and use offers to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off credit card debt can help reduce your DTI.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs can affect expenses. Understanding rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Nebraska
HELOC interest rates in Nebraska average 8.4%, while the best home equity loan rates are around 7.8%. This difference arises because HELOCs have variable rates that can increase, especially in rising interest rate environments.
- HELOCs are flexible, revolving credit lines with variable rates that may rise over time, impacting homeowners' long-term finances.
- Home equity loans provide a lump sum at a fixed rate, offering predictability, which is beneficial in situations requiring financial certainty.
When deciding between these options, consider whether you prioritize the flexibility of a HELOC or the stability of a home equity loan. Assess your financial goals and how changes in your home's equity might affect your decision.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a larger loan, offering cash access. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, with a Federal Housing Administration (FHA) mortgage, if your home is valued at $300K with a $150K balance, an FHA cash-out refinance for $200K provides $50K in cash.
FAQ: Best HELOC Rates in Nebraska
What are the current HELOC rates in Nebraska and how do they compare to national rates?
The average HELOC rate in Nebraska is 8.4%, slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in Nebraska?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Nebraska compare to home equity loan rates?
Nebraska's HELOC rates average 8.4%, while home equity loan rates are lower at 7.8%, making them a potentially better option for those with bad credit.
How do HELOC Rates in Nebraska vary between banks and credit unions?
Commercial banks in Nebraska offer HELOC rates averaging 8.5%, while credit unions offer lower rates at 8.3%.
What's the best HELOC rate in Omaha? How does it compare to the current HELOC rate in Nebraska?
Omaha's rates average 8.5%, which is similar to the overall Nebraska HELOC rate of 8.4%.
MoneyGeek examined 63 different banks and credit unions in Nebraska using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
63Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.