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Best for cash back
Our take on Aven
Aven's HELOC offers fast closing, flexible repayment terms, and a rare cash-back feature, but the draw term is on the short side.
Best for no prepayment penalties
Our take on Achieve
Achieve's HELOC has flexible terms and an unusual fixed rate, but the draw period is shorter than other lenders'.
Best for rates shopping
Our take on TD Bank
TD Bank is a major HELOC lender, featuring a high borrowing limit and the option to fix your rate. Borrowers with a TD Bank checking account can get a rate discount.
Best for fast closing
Our take on Figure
Online lender Figure is one of the top HELOC lenders in the nation by loan volume. The main appeal is its fast closing, but you’ll need to draw 100% of the line amount at closing and only have five years to keep borrowing.
Best for HELOC loan expertise
Our take on Bank of America
Bank of America's HELOC features no annual fee as well as options for a rate discount, but time to close is on the longer side.
Best for high draw limit
Our take on Huntington National Bank
Huntington keeps the HELOC process pretty painless: no origination fee, no required first draw, and up to 90% CLTV. The trade-off? You’ll need to live in its service area and accept an annual fee in most states.
Best for low introductory rates
Our take on Truist
Truist, one of the largest HELOC lenders in the country, offers an interest rate below prime for the first nine months, and borrowers can get a rate discount. However, you won’t find customized rates online.
Best for rate shopping
Our take on Fifth Third Bank
Fifth Third Bank stands out for its Equity Flexline HELOC, which charges no closing costs. You also don’t have to worry about minimum draw requirements (unless you live in Texas), and you could qualify with a combined loan-to-value (CLTV) ratio of up to 90% — a higher limit compared to some lenders. You also have the option to convert some or all of your balance to a fixed rate.
Best for rate discounts
Our take on Regions Bank
Regions Bank HELOCs come with a low introductory rate lower for the first six months and can be used for either a first or second home. Borrowers can take advantage of discounts if they sign up for autopay or already have an eligible Regions checking account. Regions will also cover closing costs on credit lines of $500,000 or less.
Best for California borrowers
Our take on Golden 1 Credit Union
Golden 1's HELOC delivers low fees and a fixed-rate option to California members, though time to close is not clear.
Best for no annual fees
Our take on Lower
Lower's HELOC offers a fast closing and no annual fee, with various draw and repayment terms plus the flexibility of a fixed-rate option — though it does charge an origination fee.
Best for no initial draw requirement
Our take on PNC Bank
PNC is among the largest HELOC lenders, offering a fixed-rate option, a wide range of repayment terms and no initial draw requirements. However, there is an annual fee of $50.
Best for military borrowers
Our take on Navy Federal
Navy Federal Credit Union, a top HELOC lender by loan volume, stands out for its high borrowing limit and long draw period of 20 years. Credit union membership is limited.
Best for fast closing
Our take on Rate
Rate's HELOC has browsable rates and relatively fast closing, but note required initial withdrawal and shorter-than-usual draw period.
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See if you could be eligible for a HELOC and estimate how much you could borrow
This calculator assumes an 85% max LTV, which could differ depending on lender.
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 | Why Truist is NerdWallet’s Best Mortgage Lender for HELOCs in 2026 Truist is a leader in the HELOC market and offers one of the longest introductory rates we've seen: You'll get a low rate for the first nine months. Truist allows you to borrow against more of your home's equity than many other lenders, and HELOCs are available for second homes as well. For borrowers wary of a variable rate, a fixed-rate option is available. - Kate Wood, Senior Writer and Spokesperson |
“I think a lot of people get afraid because of the whole "variable interest rate" situation, but they don't realize that it's going off of the prime rate. The prime rate is pretty predictable as far as how the market goes, and they don't realize that you can do an interest-only payment — which makes your payment way lower than what you would actually get on, say, a cash-out refinance.”
Features of the loan | HELOC | Home equity loan |
|---|---|---|
Loan funding | You can draw funds as needed, up to a certain limit (typically a percentage of your equity). | You receive a lump sum at closing (typically a percentage of your equity). |
Terms | Begins with a draw period (typically 10 years) with interest-only minimum payments. This is followed by a repayment period (often up to 20 years) that requires you to pay back principal and interest. | Repayment periods are often up to 30 years. Minimum payments include both interest and principal. |
Rates | Variable, (though some lenders offer a fixed-rate option) | Fixed |
Borrowing limits | You can typically borrow around 85% of the equity in your home. Some lenders allow for more. Use NerdWallet's HELOC calculator for personalized details. | You can typically borrow around 85% of the equity in your home. Some lenders allow for more. Use NerdWallet’s home equity loan calculator for personalized details. |
Lenders | See top of page |
