Best HELOC Lenders of January 2020

Why we like it

Pros

• Get a 0.25% rate discount for having Chase personal checking or 0.5% rate discount with a Premier Platinum checking account.

• Convert all or part of the credit line's outstanding balance into a fixed rate and term.

• Discount introductory interest rate when taking an initial draw of $30,000 or more.

Cons

• Carries $50 annual fee unless you have a Chase Premier, Premier Plus or Premier Platinum checking account.

• Has a $50 origination fee.

• HELOCs not available in Alaska, Hawaii or South Carolina.

Why we like it

Pros

• Equity borrowing available from $15,000 to $750,000 (up to $1 million for properties in California), depending on credit history, property's equity and monthly debts.

• With a variable-rate HELOC up to three fixed-rate options can be locked.

• Originates loans in all 50 states with loan officers physically present in 28 states.

• Mortgage options include a "piggyback" or 80/10/10 loan.

• Alternative credit sources can be used In some cases.

• No closing costs with a cash-out refinance.

Cons

• Limited opportunities for face-to-face banking with offices in only 28 of 50 states.

• Average score in J.D. Power 2017 consumer satisfaction survey (US Bank has 3 stars out of 5).

• Online capabilities are currently limited.

Why we like it

Pros

• Discounts may be available for Citibank customers or those who elect to pay closing costs.

• Lower introductory rates may be available.

• Multiple ways to access HELOC funds.

• No application or closing cost fees.

Cons

• Early closure fee if you close HELOC account within 36 months of opening it.

• Must be a premium account holder for best rates.

• HELOCs require an initial draw of at least $25,000

• Not available in Alaska.

Why we like it

Pros

• A variety of home equity options, including an interest-only HELOC.

• A 5/5 HELOC allows you to lock in a low rate for five years.

Cons

• Membership required, but it's easier to obtain these days than in years past.

• Branch offices are in limited locations, following a major military base footprint.

Why we like it

Pros

• Offers a wide variety of purchase and refinance mortgages, home equity loans and HELOCs.

• Online planning tool helps borrowers find affordable mortgage payment amounts.

• Home equity loan amounts start at $1,000.

• HELOCs allow two fixed-rate lock options at one time.

Cons

• Automatic deductions from a PNC account required to enjoy advertised rates on some equity products.

• Offers mortgage loans nationwide, but has branches for in-person service in only about two dozen states.

Why we like it

Pros

• Flexible payment options during HELOC draw period: interest-only or interest plus principal.

• No annual fee on HELOC.

• Home equity loan terms from 60 to 240 months.

Cons

• Borrower pays closing costs that range from $250 to $2,000.

• Branch locations in only four states.

Why we like it

Pros

• Discount introductory interest rate for initial advances of $25,000 or more.

• Up to five loans of at least $5,000 each can be converted to a fixed-rate, fixed-term option.

• Multiple ways to access funds: checks, online, mobile or at a branch.

• Annual fee waived for Signature Advantage or Premier Banking clients.

Cons

• Borrower pays closing costs of $100 to $2,000 if account is closed within three years.

• $65 annual fee.

• No interest-only payment option during draw and repayment periods.

Why we like it

Pros

• Multiple draw methods.

• Line amounts from $10,000 to $1,000,000.

• No prepayment penalty on home equity loans.

Cons

• Below average customer satisfaction, according to J.D. Power.

• Branch locations in only about half of U.S. states.

Why we like it

Pros

• Offers conventional and government-backed refinance mortgages.

• Customized loan recommendations based on refinance goals.

• Automatically fills in your application with public information.

• Helpful mortgage bankers are just a click away.

Cons

• Doesn’t consider alternative-credit info for refinances.

• No in-person customer service available.

• Must create an account to see personalized refinance rates.

Why we like it

Pros

• Apply and be approved for a refinance entirely online.

• Suggests refinance loan products based on your financial goals.

• No personal information required for customized refinance rate quotes.

Cons

• Charges some fees, such as a lender fee which includes an application fee.