🏆 Truist is NerdWallet's Best HELOC Lender of 2026
Truist was NerdWallet's pick for the best HELOC lender in 2026. Truist also won best lender for refinancing and second home loans, as well as best mortgage lender overall. Here's more about how we made our decisions and why Truist came out on top.
NERDY PERSPECTIVE 🤓
| 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. |
A guide to the best HELOC lenders, from the Nerds who chose them
Every lender on our list has earned high marks for its HELOC offerings. For some that means low rates and fees, while others stand out for deep expertise in home equity. Some also rise to the top for being especially flexible and shoppable.
Here’s what makes the best HELOC lenders stand out this month.
Truist: “Your interest rate will be below prime for most of your HELOC’s first year” Thanks to a 9-month introductory rate, your interest rate sits below prime for most of your HELOC’s first year. That can add up to serious savings, especially if you plan to pay down your balance early. Truist also reports no maximum loan limit, which can make it a great option for borrowers with high-value homes and a lot of equity to tap. The only real drawbacks with a Truist HELOC are 1) the $50 annual fee and 2) that the reported average time to close is 27 days. While that’s far from the longest closing time that we’ve seen, other lenders can close faster if speed is your priority.
Biggest reason I put them on this Best Of list: Low introductory rate
Aven: “One of the fastest HELOC closings we’ve seen” With a reported average closing time of just 7 days, Aven offers one of the fastest HELOC closings we’ve seen. The unlimited 2% cash back feature is also incredibly unique, combining one of the most attractive features of a credit card with a HELOC. While there are no annual or origination fees, you’ll pay a 2.5% fee on any balance transfers or cash-outs.
Biggest reason I put them on this Best Of list: Fast closing and unique cash back feature
Achieve: “No prepayment penalty is a huge bonus” Achieve HELOC borrowers get two major perks: fast closing (a reported average of just 10 days) and no annual fees. There’s also no prepayment penalty, a huge bonus for borrowers who want to pay off their HELOC quickly. One catch: You’ll need to withdraw your full loan limit at closing (at least $15,000). The upside: You’ll have five years to re-borrow anything you’ve paid down.
Biggest reason I put them on this Best Of list: Fast closing
TD Bank: “A solid option for most, and a great option for existing TD customers” TD Bank’s HELOC has most of the features you’ll see from large national lenders, including a 10-year draw period, a 20-year repayment period and a $50 annual fee. While it’s a solid option for most borrowers, it’s an especially good choice for existing TD Bank customers, who can snag a rate discount of 25 basis points (a basis point is one one-hundredth of a percentage point).
Biggest reason I put them on this Best Of list: Rate transparency
Figure: “An amazing option to access cash quickly” If you want to access cash quickly and need to borrow your full loan amount upfront, Figure is a great fit. Figure has an average reported closing time of just 11 days, and you can unlock rate discounts by enrolling in autopay or qualifying for a credit union discount. Figure is a major HELOC provider to other lending institutions, meaning that even if you apply with another lender, it could be a Figure HELOC wearing a different name tag.
Biggest reason I put them on this Best Of list: Fast closing
Bank of America: “A bread-and-butter option from a familiar national lender” With its 10-year draw period, a 20-year repayment period and a maximum CLTV of 85%, Bank of America offers a classic bread-and-butter HELOC and a familiar brand name. It also has some competitive perks, like a 6-month introductory rate below prime and no annual fees. Bank of America has several options for rate discounts, including discounts for borrowers with an existing relationship with the bank, which can be harder to come by at niche HELOC lenders that don’t offer a full suite of banking products.
Biggest reason I put them on this Best Of list: Low introductory rate
With a maximum CLTV of 90%, Huntington is a great option for borrowers who want to tap most of the equity in their home. In fact, borrowers who make an initial draw of $40,000 or more can be eligible for a rate discount, and the maximum loan amount ($1.5 million) is higher than what you’ll find at most lenders. Together, those perks make Huntington an ideal choice for large HELOC lines.
Biggest reason I put them on this Best Of list: High borrowing limit
Fifth Third Bank: “One of the lowest introductory rates we’ve seen”
Fifth Third offers one of the lowest introductory rates we’ve seen, sitting well below prime for the first 6 months of the loan. Rates are also customizable online and refreshingly transparent, which is ideal for shopping around. One catch: The $65 annual fee is higher than what you’ll find at most other lenders.
Biggest reason I put them on this Best Of list: Rate transparency
Among all HELOC lenders we’ve evaluated, Regions Bank earned our top mark for rates and fees combined. In fact, we’ve seen Regions publish introductory rate offers that are nearly half the prime rate — an incredibly good deal. Since its maximum CLTV is 80% (a little below most lenders), Regions can deliver the most value for borrowers who don’t need to borrow a large amount of equity.
Biggest reason I put them on this Best Of list: Low rates and fees
With no closing costs, application fee or annual fees, Golden 1 Credit Union offers California homeowners a HELOC with minimal expenses. Borrowers in the Golden State can also score a low 6-month introductory rate, which hopefully makes up for the Rams not going all the way last season.
Biggest reason I put them on this Best Of list: Low rates and fees
Lower mortgage: “A solid choice if you want to get a lot of cash fast and pay it off soon” According to Lower, borrowers can get a HELOC in 14 days, on average — faster than the majority of other lenders. With an initial minimum draw requirement of $20,000 and a repayment period of up to 10 years, Lower’s HELOC is a solid choice if you want to get a lot of cash fast and pay it off soon.
Biggest reason I put them on this Best Of list: Fast closing
PNC Bank: “Your monthly payment obligation will be lower than with a standard HELOC” Have you ever looked at a 30-year HELOC and thought…that’s just not long enough for me? PNC’s HELOC has a 10-year draw followed by a repayment period up to 30 years — which stretches the loan into four decades. With such a long repayment window, your monthly payment obligation will be lower than with a standard HELOC.
Biggest reason I put them on this Best Of list: Long repayment window
If you need to borrow a lot of equity and qualify for credit union membership, this is the HELOC for you. Navy Federal has a maximum borrowing limit of 95% CLTV; no lender that we surveyed offers a higher limit. Navy Federal is also a major HELOC player with a huge market share, which is ideal if you’re looking for a lender with deep home equity experience on your side.
Biggest reason I put them on this Best Of list: High borrowing limit
Rate: “An unusual repayment structure, with a longer-than-typical repayment window” Rate offers an unusual repayment structure. The draw period is only three to four years, but you’ll have up to 25 years to repay the loan. Rate also reports an average time to close of 14 days, which makes this HELOC a great choice if you want to access your equity quickly and mostly all at once (while taking advantage of a longer-than-typical repayment window).
Biggest reason I put them on this Best Of list: Long repayment window
Tips for getting a HELOC
To qualify for a HELOC, you’ll need to meet lenders’ minimum requirements. These can vary across lenders, but you’ll qualify with the widest range of lenders if you have the following:
🏠 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 640, and some have higher minimums.
⚖️ Minimal debt. Lenders will look at the percentage of your income that goes toward 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 get the best HELOC rates available, 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.
NERDY EXPERT
Jesse Haddad | Loan Officer at Next Door Lending, a wholly owned subsidiary of NerdWallet
On HELOC misconceptions and customer anxieties:
“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.”
Alternatives to a HELOC
A HELOC is not your only option for tapping your home's equity. Here’s a rundown of alternatives:
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.
Could work for you if:
You know exactly how much you need to borrow, and want it all at once.
You prefer the predictable payments that come with a fixed interest rate.
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 | | 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 | |
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.
Could work for you if:
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.
Could work for you if:
You can’t qualify for a HELOC, but need cash flow.
You're a homeowner with a lot of equity but little savings.
