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Best HELOC Lenders of 2025
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Best HELOC Lenders of 2025

Taylor GetlerJeanette Margle
Taylor Getler+1
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Last updated on August 1, 2025Fact Checked
One of the best ways to finance your expenses, HELOCs get you great terms and flexibility with the home equity you’ve built.
 

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Best for no closing costs

FourLeaf Federal Credit Union

NMLS#449104

NerdWallet rating

4.5

HELOCs
Max LTV

85%

Max. loan amount

$1M

Min. credit score

670

GET MY RATE

Our take on FourLeaf Federal Credit Union

The Nerdy headline

FourLeaf HELOC borrowers don’t pay closing costs (as long as the line is open for more than three years) and can get an introductory rate below the prime rate.

What we like
  • No closing costs.
  • Easy-to-join credit union.
  • Fixed introductory rate is below the prime rate.
What we don't like
  • Must pay back closing costs if the line is open for three years or less.
Read our full review of FourLeaf Federal Credit Union

Best for fast closing

Figure

NMLS#1717824

NerdWallet rating

4.0

HELOCs
Max LTV

85%

Max. loan amount

$400K

Min. credit score

640

GET MY RATE

Our take on Figure

The Nerdy headline

Figure is a large HELOC lender and stands out for offering funding in as fast as five days. However, borrowers have to draw their full line amount at closing, and will pay an origination fee.

What we like
  • Specializes in HELOCs.
  • The initial balance and any additional draws have a fixed interest rate.
  • Closing may be available in just five days.
  • HELOCs are available for second homes.
What we don't like
  • Short draw period of two to five years.
  • Requires a $15,000 minimum initial draw.
  • Lender charges origination fees up to 4.99%.
Read our full review of Figure

Best for fixed-rate borrowers

Rate

NMLS#2611

NerdWallet rating

4.0

HELOCs
Max LTV

85%

Max. loan amount

$400K

Min. credit score

640

GET MY RATE

Our take on Rate

The Nerdy headline

Rate’s HELOC is unique for having a fixed (rather than variable) interest rate and a short draw period. Additionally, the full loan amount (minus the origination fee) must be drawn at closing.

What we like
  • Closing may be available within five to 10 days of applying.
  • The initial balance and any additional draws have a fixed interest rate.
  • Offers paths for rate discounts.
What we don't like
  • Full amount (minus origination fee) must be drawn at closing.
  • Short draw period of 2-5 years, compared with industry standard of 10 years.
Read our full review of Rate

Best for North Carolina borrowers

State Employees' Credit Union

NMLS#430055

NerdWallet rating

4.5

HELOCs
Max LTV

90%

Max. loan amount

N/A

Min. credit score

600

Read review

Our take on State Employees' Credit Union

The Nerdy headline

State Employees' Credit Union may be a strong match for qualified North Carolina borrowers who want a long window to access their equity.

What we like
  • Long draw period of 15 years.
  • Introductory rate is below the prime rate.
  • Second homes are eligible for HELOCs.
What we don't like
  • Credit union membership is limited by restrictive requirements.
Read our full review of State Employees' Credit Union

Best for fixed-rate borrowers

U.S. Bank

NMLS#402761

NerdWallet rating

4.5

HELOCs
Max LTV

80%

Max. loan amount

N/A

Min. credit score

660

Read review

Our take on U.S. Bank

The Nerdy headline

U.S. Bank’s HELOC offers a rate discount for existing customers and an option to convert to a fixed rate. However, the lender charges an annual fee and early repayment penalty.

What we like
  • Online tool lets you customize sample rate by location.
  • Offers a fixed-rate payment option.
What we don't like
  • Charges a fee for early repayment.
  • Annual fee of $75.
Read our full review of U.S. Bank

Best for military members and their families

Navy Federal

NMLS#399807

NerdWallet rating

5.0

HELOCs
Max LTV

95%

Max. loan amount

$500K

Min. credit score

N/A

Read review

Our take on Navy Federal

The Nerdy headline

Navy Federal’s HELOC stands out for its long draw period of 20 years and lack of fees, but qualifications to join the credit union are narrow.

What we like
  • Unusually long draw period of 20 years.
  • Borrowing limit of up to 95% CLTV is among the highest of lenders we review.
  • No application, origination, or annual fees.
What we don't like
  • Potential borrowers must qualify for credit union membership.
  • Only one repayment term option, which is 20 years.
Read our full review of Navy Federal

Best for high borrowing limit

TD Bank

NMLS#399800

NerdWallet rating

4.5

HELOCs
Max LTV

89.90

Max. loan amount

N/A

Min. credit score

620

Read review

Our take on TD Bank

The Nerdy headline

TD Bank stands out for being one of the largest HELOC lenders in the country by origination volume. Borrowers have the option to lock their interest rate on a balance, and rate quotes are customizable online.

What we like
  • Maximum borrowing limit is 89.99%, higher than the industry standard of 80%.
  • Rate discount for borrowers with a TD Bank checking account.
  • No minimum draw requirement.
What we don't like
  • Borrowers pay a $99 origination fee and a $50 annual fee.
  • Borrowers can apply online but must close in person.
  • Best rates are reserved for lines of credit starting at $200,000.
Read our full review of TD Bank

Best for fast closing

PenFed

NMLS#401822

NerdWallet rating

4.0

HELOCs
Max LTV

85%

Max. loan amount

$500K

Min. credit score

680

Read review

Our take on PenFed

The Nerdy headline

PenFed Credit Union stands out for having a low introductory rate and a fast closing, but borrowers will have to pay a $99 annual fee.

What we like
  • Some borrowers may be able to close in as little as 15 days.
  • Advertised introductory rate is below the current prime rate.
  • Application is available online.
  • No origination or transaction fees.
What we don't like
  • Annual fee of $99.
  • Credit score requirements are on the higher side among lenders we review.
  • Credit union membership is required to finish the application.
Read our full review of PenFed

Best for fixed-rate borrowers

Truist

NMLS#399803

NerdWallet rating

5.0

HELOCs
Max LTV

89%

Max. loan amount

N/A

Min. credit score

575

Read review

Our take on Truist

The Nerdy headline

Truist is a large HELOC lender, with a generous borrowing limit, the option to fix the rate on all or part of the loan balance, and no origination fees.

What we like
  • Choice of 5, 10, 15, 20 or 30-year repayment terms for borrowers with fixed rates.
  • No initial draw required.
  • No origination fees.
What we don't like
  • $50 annual fee.
  • Rates are not posted online.
  • Fixed-rate draws must be at least $5,000.
Read our full review of Truist

Best for high borrowing limit

PNC Bank

NMLS#446303

NerdWallet rating

5.0

HELOCs
Max LTV

85%

Max. loan amount

$500K

Min. credit score

700

Read review

Our take on PNC Bank

The Nerdy headline

PNC Bank is a large HELOC lender with a higher-than-average borrowing limit, a wide range of repayment terms and no initial draw requirements.

What we like
  • Max borrowing limit is higher than average.
  • Repayment period up to 30 years.
  • Among the largest HELOC lenders by origination volume.
What we don't like
  • Annual fee of $50.
  • Borrowers must pay an origination fee in some states.
Read our full review of PNC Bank

Best for no closing costs

Bank of America

NMLS#399802

NerdWallet rating

5.0

HELOCs
Max LTV

85%

Max. loan amount

N/A

Min. credit score

660

Read review

Our take on Bank of America

The Nerdy headline

Bank of America’s HELOC stands out for offering multiple types of rate discounts, especially for current Bank of America customers, and a fixed-rate option that can help keep payments predictable.

What we like
  • Charges no annual fee, application fee or closing costs.
  • Publishes sample HELOC rates online.
  • Offers multiple discounts, including autopay discount when using a Bank of America account.
What we don't like
  • Charges an early account closure fee under some circumstances.
  • Only offers one repayment term option, which is 20 years.
Read our full review of Bank of America

Best for California borrowers

Golden 1 Credit Union

NMLS#669333

NerdWallet rating

4.0

HELOCs
Max LTV

80%

Max. loan amount

N/A

Min. credit score

N/A

Read review

Our take on Golden 1 Credit Union

The Nerdy headline

Golden 1 Credit Union can be a good choice for borrowers in California seeking a line of credit with no annual fees.

What we like
  • Offers a fixed-rate option.
  • No closing costs or annual fees.
What we don't like
  • Credit union membership is limited to California borrowers.
Read our full review of Golden 1 Credit Union

Best for fast closing

Citizens Bank

NMLS#433960

NerdWallet rating

4.0

HELOCs
Max LTV

80%

Max. loan amount

$400K

Min. credit score

N/A

Read review

Our take on Citizens Bank

The Nerdy headline

Citizens Bank is one of the largest HELOC lenders in the nation by volume, and offers a specialized HELOC product for borrowers who make less than the median income in their area.

What we like
  • Among the top HELOC lenders in the country by volume.
  • Full application is available online.
  • Closing may be available within seven days.
What we don't like
  • Annual fee of $50 after the first year.
  • Repayment period is 15 years, when 20 is standard.
Read our full review of Citizens Bank
NerdWallet verified icon

How we chose the best HELOC lenders

Our team of mortgage experts follows an objective, consumer-first methodology to assess HELOC lenders and pick the best.

25+

Lenders reviewed

We review more than 25 lenders, including major banks, credit unions, and online lenders operating across multiple states.

15+

Categories assessed

Each lender is evaluated across six weighted categories and 16 subcategories covering product terms, rates and fees, loan volume and customer experience.

40+

Data points analyzed

Our team tracks and reassesses hundreds of data points annually for reviewed lenders, ensuring up-to-date, accurate comparisons.

Star rating categories

We evaluate the following categories and carefully weigh how each factor impacts your experience.
Rates and fees

25%

We evaluate lenders based on the structure of their rates and fees. This includes whether the lender offers a fixed-rate option and whether it charges annual, origination or transaction fees.

Draw and repayment terms

20%

We measure the flexibility of the lender’s draw and repayment terms, which is determined by whether an initial draw is required, the length of the draw period and the maximum repayment term.

HELOC loan volume

20%

We use data based on Inside Mortgage Finance Surveys and public sources to track the largest HELOC lenders by volume.

Product transparency

15%

We review the information available about HELOCs on lenders’ websites. This includes HELOC interest rates, average time to close and how borrowers access funds.

Customer experience (application and support)

10%

We consider the customer experience from an accessibility perspective, both during the application process and when customer support is required.

Maximum borrowing limit

10%

We assess the maximum amount of equity that borrowers are allowed to borrow. This is the combined-loan-to-value ratio, or CLTV.

5.0

Overall score

NerdWallet has evaluated and reviewed more than 25 HELOC lenders. This includes products from the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country. NerdWallet writers and editors conduct a full review and update annually, and also make updates throughout the year as necessary. This round-up was last fact-checked on August 1, 2025.
Our star ratings award points to lenders that offer consumer-friendly features and maximum flexibility. We collect information including: HELOC origination volume, maximum CLTV, availability of a fixed-rate option, annual fees, origination fees, transaction fees, initial draw requirements, draw and repayment terms, application availability options, customer support options and transparency regarding a lender’s average time to close, HELOC rates and how borrowers can access funds.
A recent regulatory action against a lender may affect its HELOC star rating. The highest scoring lenders appear on this page. NerdWallet does not receive compensation for our star ratings.

Home equity line of credit calculator

See if you could be eligible for a HELOC and estimate how much you could borrow

You could borrow

$97,500

Current LTV:57%

This calculator assumes an 85% max LTV, which could differ depending on lender.

Get a quote

Tips for getting a HELOC

In order to qualify for a HELOC, you’ll need to meet lenders’ minimum requirements. These can vary across lenders, but following the below guidelines will help you qualify with the widest range of lenders.
🏠 Enough home equity. Most lenders will allow you to borrow up to 80%-85% of the value of your home, minus any other mortgage debt.
💳 A solid credit score. Most lenders will want to see a score of at least 620, and some have higher minimums.
⚖️ Minimal debt. Lenders will look at the percentage of your income that goes towards monthly debt obligations (called your debt-to-income ratio, or DTI). A DTI of 43% or less will help you qualify with the most lenders.

Getting the best HELOC rate

To obtain the best HELOC rates, make sure you shop around with at least three lenders. This will help you find the combination of features and interest rates that make the best HELOC for your needs.
The best rates are also typically reserved for borrowers with strong credit scores (740 and higher). While a DTI of 43% is the maximum to qualify for a HELOC with many lenders, a ratio of 36% or less will help you get the best rate offers.
sparkle

What is a HELOC for?

I had a neighbor who used a HELOC to buy a Harley. That was a mistake, for two reasons. First, a Ducati would have been way cooler. Second, it's not advisable to spend your home equity on things that lose value (like motorcycles) or for experiences like vacations. (He lost the house and bike in the Great Recession.) Instead, use a HELOC to invest in home improvements or tuition — things that improve the financial standing of you or your family.
Holden Lewis
Holden Lewis's profile picture

Alternatives to a HELOC

A HELOC is not your only option for tapping your home's equity.

1. Home equity loan

You borrow a percentage of your home equity as a lump sum loan and pay it back at a fixed rate.
Who it's for:
  • Borrowers who know exactly how much they need to borrow, and want it all at once.
  • Borrowers who prefer the predictable payments that come with a fixed interest rate.
» MORE: Shop NerdWallet’s best home equity loan lenders

2. Cash-out refinance

This replaces your current mortgage with a new, larger loan, and you pocket the difference. You’ll have a new interest rate and new repayment terms.
Who it's for:
  • Borrowers who want to refinance their current mortgage and take cash out.
  • Borrowers who prefer to manage one loan.
» MORE: Shop NerdWallet’s best cash-out refinance lenders

3. Home equity investment

An investment company gets a large chunk of the future value of your home. In exchange, you get a loan with no monthly payments. This can be much more expensive than paying interest, and most consumers are better served by a HELOC if they qualify.
Who it's for:
  • Borrowers who can’t qualify for a HELOC, but need cash flow.
  • Homeowners with a lot of equity but little savings.
» MORE: Read more about home equity investments

Frequently asked questions

  • What credit score do you need for a HELOC?

    Lender requirements for a HELOC vary, but typically you'll need a credit score of 620 or higher. As with other hard credit inquiries, taking out a HELOC will probably reduce your credit score temporarily when it appears on your credit report.

  • Is a HELOC tax-deductible?

    The interest you pay each year on a HELOC is tax-deductible up to a limit as long as the borrowed money is used to buy, build or substantially improve your home, according to the IRS. This requirement expires after the 2025 tax year.

  • What is the monthly payment on a $50,000 HELOC?

    Your HELOC payment will depend on several factors — mainly, your interest rate and repayment term.
    For example, if you withdrew $50,000 from a HELOC at a variable interest rate of 9.13%, your minimum monthly payment would start at around $400 per month. This amount would change any time you get a new interest rate. It would also increase after the 10-year draw period ends and your monthly minimum payments begin to include the principal balance.

  • How do I get approved for a HELOC?

    You have the best chances of getting approved for a HELOC if you have at least 20% equity in your home, a credit score that is at least in the mid-600s, and little debt. Use NerdWallet’s HELOC calculator to see how much you could be approved to borrow with a HELOC.