Best HELOC Lenders of October 2019

Why we like it

Ideal for homeowners who have a new or existing Chase checking account, where interest rate discounts are available on HELOCs. Chase also offers option to convert HELOC to fixed rate for up to 20 years.

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

Ideal for borrowers who want low fees. No closing costs and annual fee is waived for HELOC borrowers with an eligible checking account

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

Ideal for military or government-employee borrowers. PenFed offers a variety of options to tap into home equity.

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

Ideal for those who prefer an online experience. Rate discounts available if you sign up for Citibank Auto Deduct and link your HELOC to a premier Citi banking account.

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

Ideal for equity borrowers looking for flexibility on loan terms. PNC HELOCs have locked fixed-rate terms of 5 to 30 years.

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

Ideal for Connexus members who want multiple home equity loan and HELOC options.

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

Ideal for homeowners who want flexibility. SunTrust offers a variable-rate HELOC where borrowers can convert all or part of the HELOC balance into a fixed-rate option.

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

Ideal for current Flagstar customers. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.

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

Ideal for refi borrowers with little time. Rocket Mortgage brings smartphone app convenience to the refinance process. And online income and asset verification speeds the process.

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

Ideal for homeowners who are looking to refinance into conventional, FHA or VA mortgages. Guaranteed Rate works with almost anyone with a good credit score and stable income.

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.