A home equity line of credit (HELOC) allows you to tap into your home’s equity through a revolving credit line. Unlike a loan or mortgage, you can withdraw funds from your HELOC as needed, giving you flexibility and, in some cases, allowing you to minimize your interest costs. Because home values remain elevated, many homeowners are currently in a good position to take advantage of HELOCs.
However, shopping around for HELOCs isn’t always easy. Interest rates are only one factor when determining which is the best HELOC lender for you. Factors like repayment terms, qualifying requirements, and customer service also need to be considered. Our ranking of the best HELOC lenders will help you find the HELOC lender that’s right for you.
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How we evaluated HELOC lenders
Our rating system took into account five major factors:
- HELOC rates and fees: Whether the lender offers fixed- and variable-rate options, offers any promotional rates and discounts, and if the lender charges origination, annual, or other fees.
- Draw and repayment terms: Whether the lender offers a draw period outside of the norm of 5-15 years and what the length of the repayment period is.
- Qualifying requirements: Lenders are given extra points for offering higher LTV ratios. We also take into account minimum credit scores and income requirements.
- Customer satisfaction: Sources like the Better Business Bureau, J.D. Power, and Trustpilot reviews were used to determine overall satisfaction.
- Speed and ease of use: App functionality and online tools were taken into consideration as was the speed of processing applications.
Best HELOC lenders ranked
1. Bank of America (NMLS# 399802)
Why we like it: Save with zero closing costs and fee waivers
Key Features:
- Draw Period: 10 years
- Repayment Period: 20 years
- Minimum Credit Score: 620
- Maximum LTV: 85%
- Notable Benefits: No closing costs, no application fees, no annual fees, rate discount for autopay
If you’re looking to save money, Bank of America offers some of the most competitive HELOC products. It boasts no closing costs on HELOCs up to $1,000,000 and doesn’t charge application or annual fees on qualifying lines of credit for $100,000 or more. Plus, it offers a 0.25% discount on interest payments when you set up autopay as long as you meet qualifying conditions.[1]
However, while Bank of America offers excellent terms, the approval process can take longer and customer service isn’t always easy to reach during busy periods.
I have been banking with them for 21 years and I only have great things to say about them. Every time I call with a problem, they are kind and polite, and sometimes funny! They always make sure I'm happy with the result.
We provided all documentation requested yet they kept coming back for more and more. The endgame was when they asked for a document that simply doesn’t exist.
2. TD Bank (NMLS #399800)
Why we like it: High borrowing limit
Key Features:
- Draw Period: 10 years
- Repayment Period: 20 years
- Minimum Credit Score: 620
- Maximum LTV: 89.9%
- Notable Benefits: Rate discounts for existing customers, no minimum draw
TD Bank generally offers excellent rates on HELOCs and existing customers can potentially save even more with special discounts. It boasts a relatively high maximum LTV of 89.9%, above the 80-85% that most lenders offer, so you can tap into more of your home’s equity if you qualify.
Unfortunately, TD Bank is largely limited to states in the Eastern U.S. While you can apply online, their limited branch network makes in-person support difficult.
I won't go to another bank, Whenever I need help or need customer service, I get it and the people I talk to are always nice and know exactly how to help me.
TD Bank online help is the pits, long wait times and no service at all, rude employees as well as no call backs online from their help center.
3. Navy Federal Credit Union (NMLS# 399807)
Why we like it: Excellent service for military families
Key Features:
- Draw Period: 20 years
- Repayment Period: 20 years
- Minimum Credit Score: N/A
- Maximum LTV: 95%
- Notable Benefits: Military-focused benefits, competitive rates, flexible terms
Navy Federal Credit Union has built a strong reputation for excellent customer service, ranking third nationwide among credit unions for member satisfaction, according to J.D. Power.[2] Its terms are also extremely favorable for military members and their families, with a maximum LTV of 95% and no origination or annual fees.[3]
However, to join Navy Federal Credit Union you’ll need to prove eligibility, usually through being a service member, veteran, or a military family member.[4]
Very very good experience using Navy Federal Credit Union for my HELOC. Fast prompt responses and all done online. Would highly recommend using them for all you banking needs.
We applied for the HELOC on May 15th and did not close until August 6th—nearly 90 days later. At the time of application, we were told the process would take between 20 to 45 days.
4. PNC Bank (NMLS# 446303)
Why we like it: Excellent promotional offers and flexible terms
Key Features:
- Draw Period: 10 years
- Repayment Period: 20 years
- Minimum Credit Score: 600
- Maximum LTV: 85%
- Notable Benefits: Mobile app with spending tracking, relationship discounts
When it comes to promotional discounts, PNC Bank is an attractive option. For example, as of September 2025 it is offering 0.25% APR for the first six months of your HELOC.[5] Its loan terms are also usually highly flexible, allowing you to switch between fixed and variable rates after you withdraw your funds.
However, PNC Bank has limited coverage, with branches in 27 states plus the District of Columbia.[6]
I have banked with PNC for over thirty years. I’ve never had a major issue. Customer service has always been congenial and helpful.
I have my mortgage with pnc I'm never late I have a good credit score and over 350k in equity and they deny a heloc loan.
5. Figure (NMLS# 1717824)
Why we like it: Digital-first approach and fast approval
Key Features:
- Draw Period: 2-5 years
- Repayment Period: 5-30 years
- Minimum Credit Score: 640
- Maximum LTV: 85%
- Notable Benefits: Fast 5-day closings, fully digital process, available for second homes
If you’re looking for a fast closing, Figure provides an excellent option, with funding available in as few as five days thanks to its digital-first approach. It even offers HELOCs on second homes and offers credit amounts of up to $750,000 for qualifying customers.
However, there are some drawbacks to be aware of. You may need to make a minimum initial withdrawal and the draw period tends to be short, just two to five years. Origination fees are also high at 4.99%.[7]
Figure made everything so easy with no hidden fees. I would recommend working with them to anyone who is looking to take equity out of their home without getting a new mortgage.
It's a fairly easy onboarding experience and I appreciated how quickly it was to get funding. However, I have paid off my HELOC and they provide no information for how to actually close the account. Been trying to get information for days and it's completely baffling.
6. Truist (NMLS# 399803)
Why we like it: Flexible repayment terms
Key Features:
- Draw Period: 10 years
- Repayment Period: 5 to 30 years
- Minimum Credit Score: 575
- Maximum LTV: 90%
- Notable Benefits: No closing costs if account is open for 3 years
Truist is a HELOC-focused lender that offers repayment periods from five to 30 years on fixed-rate HELOCs. It also doesn’t charge closing costs so long as your account is left open for at least three years.[8]
However, draws that are made on fixed-rate HELOCs must be at least $5,000, so Truist may not be a great option if you’re looking for cash for small purchases. And while Truist is a nationwide lender, its HELOCs are limited to select states.
I have been banking with Truist for several years now and I am very pleased with their service. I live miles from the nearest town and I have come to trust the Truist app for all of my banking needs.
Even though I had never been late on my car loan, HELOC or mortgage payment with them, they raised my interest rate on my HELOC THREE times in a three month period, and cut off my access to the equity in the account.
How to choose a HELOC lender
Set your financial goals
You should start by understanding why you need a HELOC and for how long. For ongoing projects, HELOCs provide excellent flexibility. But if you’re considering a large one-time expense,home improvement loans may be better for you.
Shop around for the best rates
Getting a low interest rate is important and is a good starting point for evaluating different HELOCs. But also consider the total cost, including promotional rates vs. rates after intro periods, origination and annual fees, and early payment penalties. The length of the draw and repayment periods will also affect your total costs.
Evaluate essential terms
Beyond costs, there are other important terms to pay attention to. A longer draw period offers enhanced flexibility, but it may cost more in the long run. Similarly, repayment options may only allow you to pay interest for a set term, which can leave you stuck with a high principal for longer.
Some HELOCs also have minimum draw requirements, which can lead to you having to pay interest on a principal amount that you may not need access to.
How to prepare to apply for a HELOC
Once you’ve found a HELOC you like, make sure you have the following items on hand before applying:
- Mortgage statements and payment history
- Recent pay stubs and tax returns
- List of your monthly debts and payments
- A plan for how you’ll use your HELOC funds
Applying for a HELOC vs. a mortgage
Be aware that the application process is different for HELOCs vs mortgages. HELOCs are often approved faster than mortgages and generally require less paperwork. While some HELOC lenders require an appraisal, others may use quicker (and cheaper) automated valuation models.
Finally, a HELOC is a revolving credit line — similar to a credit card — that you can access as needed, whereas mortgages are released in a lump sum when you purchase or refinance a house. But, like a credit card, HELOCs are more likely to be subject to variable rates, although fixed-rate options are also available.
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