Best HELOC Lenders of October 2020

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.

Cons

• No personalized mortgage rates available online.

• Published mortgage rates assume an above-average credit score.

Why we like it

Pros

• PenFed pays most closing costs.

• Available for owner and non-owner occupied homes.

• Borrowers can switch from a variable to fixed interest rate on all or some of the credit line.

Cons

• Has a $99 annual fee, but that fee may be waved in certain circumstances.

Why we like it

Pros

• Allows borrowers to apply entirely online.

• Offers down payment and closing cost assistance programs.

• May give existing customers a discount on mortgage lender origination fees.

Cons

• Does not offer renovation loans.

Why we like it

Pros

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

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

• Maximum LTV is 84.9% but may be lower for borrowers in certain geographical areas.

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

• Well-qualified homeowners can borrow up to 90% of their home's equity.

• Home equity loan terms from 60 to 240 months.

Cons

• Borrower pays closing costs that range from $175 to $2,000.

• Home equity products are not available to residents of Maryland, Texas, Hawaii and Alaska.

Why we like it

Pros

• Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

• Offers a complete suite of online mortgage application tools and loan tracking.

• Sample rates and fees are easy to find on the website.

Cons

• Customized rates aren't available online without starting an application.

• Branches are limited mostly to the Southeast.

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

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

• Lower introductory rates may be available.

• Offers both home equity loans and home equity lines of credit.

Cons

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

• Must be a premium account holder to avoid annual fee.

• Not available in Alaska.

Why we like it

Pros

• Offers conventional and government-backed refinance mortgages.

• Customized loan recommendations based on refinance goals.

• Offers document and asset retrieval capabilities.

Cons

• If you’re a “look me in the eye” type of customer, you’re out of luck.

• Getting a customized interest rate requires a credit check, which can lower your credit score by a few points.

Why we like it

Pros

• Offers the ability to securely upload and digitally sign loan documents.

• Displays detailed sample rates for many of its refinance loan products.

Cons

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