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Best HELOC Lenders of 2018

Managing Your Mortgage, Mortgages
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

A home equity line of credit, so often referred to as a HELOC, is a convenient way to draw on the value of your home — and tap the equity only as you need it. That’s a good thing, because your home’s long-term value can be a real wealth-building tool.

Having a HELOC to access can be a real budget saver, especially when you use your home’s equity for the right reasons.

NerdWallet has chosen some of the best mortgage lenders for a home equity line of credit in several categories, to help you find the one that’s right for you.

Best HELOC lenders

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At U.S. Bank

National/regional

National

Max LTV

90%

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

 

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at PenFed Credit Union

National/regional

National

Max LTV

90%

Why we like it

Ideal for customers seeking more than plain-vanilla services. PenFed offers a traditional home equity loan as well as interest-only HELOCs and lines with rate adjustments every five years.

 

Read review

at NerdWallet

National/regional

National

Max LTV

70-80%

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.

 

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At Chase

National/regional

National

Max LTV

80%

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.

 

National/regional

National

Max LTV

90%

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.

 

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at Connexus

National/regional

National

Max LTV

Not disclosed

Why we like it

Ideal for Connexus members who want the flexibility of a HELOC that lets them choose among two payment options. Connexus also a complete line of home equity loan products.

 

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at SunTrust

National/regional

National

Max LTV

89.9%

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.

 

Learn more

at Flagstar Bank

National/regional

National

Max LTV

89%

Why we like it

Ideal for those that are already a customer of Flagstar. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.

 

Best cash-out refinance lenders

A cash-out refi can be a solid alternative to home equity lines of credit, and you’ll often find it offered with a lower, fixed interest rate. Below are two cash-out refinance lenders, but be sure to review our entire list of the best cash-out refinance lenders.

Learn more

at Rocket Mortgage

Min. credit score

620

National / regional

National

Why we like it

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

 

Learn more

at LoanDepot

Min. credit score

620

National / regional

National

Why we like it

Ideal for refinancing online or in person. Loan Depot has a fully-online application process as well as hundreds of affiliated lending centers across the nation. Well-rated for low customer complaint volume, too.

Best HELOC lenders: summary

  • Best for unique account features: U.S. Bank
  • Best for unique account features: PenFed
  • Best for face-to-face service: CitiMortgage
  • Best for face-to-face service: Chase
  • Best for financial flexibility features: PNC
  • Best for financial flexibility features: Connexus
  • Best for existing-customer perks: SunTrust
  • Best for existing-customer perks: Flagstar Bank
  • Best for selection of mortgage products: CitiMortgage
  • Best for selection of mortgage products: Chase
  • Best for cash-out refinance: Rocket Mortgage
  • Best for cash-out refinance: LoanDepot

More from NerdWallet
How much is my house worth?
The pros and cons of home equity lines of credit
Tips for getting best HELOC rates

NerdWallet’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.