Best HELOC Lenders of October 2025
One of the best ways to finance your expenses, HELOCs get you great terms and flexibility with the home equity you’ve built.
Last updated on September 5, 2025
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Fact Checked
Written by
Lead Writer & Content StrategistEdited by
Head of Content, Home LoansFact Checked
Fact Checked
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One of the best ways to finance your expenses, HELOCs get you great terms and flexibility with the home equity you’ve built.
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Why trust NerdWallet
Why trust NerdWallet
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- Governed by NerdWallet's strict guidelines for editorial integrity.
Best HELOC Lenders of October 2025
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Lender | NerdWallet Rating | National / regional | Max LTV | Min. credit score | Learn more |
|---|---|---|---|---|---|
National | 85% | 670 | |||
National | 85% | 600 | |||
National | 85% | 640 | |||
 State Employees' Credit Union: NMLS#430055 | Regional | 90% | 600 | ||
 U.S. Bank: NMLS#402761 | National | 80% | 660 | ||
 Navy Federal: NMLS#399807 | National | 95% | N/A | ||
 TD Bank: NMLS#399800 | Regional | 89.90 | 620 | ||
 PenFed: NMLS#401822 | National | 85% | 680 | ||
 Truist: NMLS#399803 | National | 89% | 575 | ||
 PNC Bank: NMLS#446303 | National | 85% | 700 | ||
 Bank of America: NMLS#399802 | National | 85% | 660 | ||
 Golden 1 Credit Union: NMLS#669333 | Regional | 80% | N/A | ||
 Citizens Bank: NMLS#433960 | National | 80% | N/A |
FourLeaf Federal Credit Union: Best for no closing costs
Max LTV
85%
Min. credit score
670
National / regional
National
- Why we like itFourLeaf HELOC borrowers don’t pay closing costs (as long as the line is open for more than three years) and can get an introductory rate below the prime rate.Pros
- No closing costs.
- Easy-to-join credit union.
- Fixed introductory rate is below the prime rate.
ConsRead full review- Must pay back closing costs if the line is open for three years or less.
Figure: Best for fast closing
Max LTV
85%
Min. credit score
600
National / regional
National
- Why we like itFigure is a large HELOC lender and stands out for offering funding in as fast as five days. However, borrowers have to draw their full line amount at closing, and will pay an origination fee.Pros
- Specializes in HELOCs.
- The initial balance and any additional draws have a fixed interest rate.
- Closing may be available in just five days.
- HELOCs are available for second homes.
ConsRead full review- Short draw period of two to five years.
- Requires a $15,000 minimum initial draw.
- Lender charges origination fees up to 4.99%.
Rate: Best for fixed-rate borrowers
Max LTV
85%
Min. credit score
640
National / regional
National
- Why we like itRate’s HELOC is unique for having a fixed (rather than variable) interest rate and a short draw period. Additionally, the full loan amount (minus the origination fee) must be drawn at closing.Pros
- Closing may be available within five to 10 days of applying.
- The initial balance and any additional draws have a fixed interest rate.
- Offers paths for rate discounts.
ConsRead full review- Full amount (minus origination fee) must be drawn at closing.
- Short draw period of 2-5 years, compared with industry standard of 10 years.
State Employees' Credit Union: Best for North Carolina borrowers
- Why we like itState Employees' Credit Union may be a strong match for qualified North Carolina borrowers who want a long window to access their equity.Pros
- Long draw period of 15 years.
- Introductory rate is below the prime rate.
- Second homes are eligible for HELOCs.
ConsRead full review- Credit union membership is limited by restrictive requirements.
U.S. Bank: Best for fixed-rate borrowers
- Why we like itU.S. Bank’s HELOC offers a rate discount for existing customers and an option to convert to a fixed rate. However, the lender charges an annual fee and early repayment penalty.Pros
- Online tool lets you customize sample rate by location.
- Offers a fixed-rate payment option.
ConsRead full review- Charges a fee for early repayment.
- Annual fee of $75.
Navy Federal: Best for military members and their families
- Why we like itNavy Federal’s HELOC stands out for its long draw period of 20 years and lack of fees, but qualifications to join the credit union are narrow.Pros
- Unusually long draw period of 20 years.
- Borrowing limit of up to 95% CLTV is among the highest of lenders we review.
- No application, origination, or annual fees.
ConsRead full review- Potential borrowers must qualify for credit union membership.
- Only one repayment term option, which is 20 years.
TD Bank: Best for high borrowing limit
Max LTV
89.90
Min. credit score
620
National / regional
Regional
- Why we like itTD Bank stands out for being one of the largest HELOC lenders in the country by origination volume. Borrowers have the option to lock their interest rate on a balance, and rate quotes are customizable online.Pros
- Maximum borrowing limit is 89.99%, higher than the industry standard of 80%.
- Rate discount for borrowers with a TD Bank checking account.
- No minimum draw requirement.
ConsRead full review- Borrowers pay a $99 origination fee and a $50 annual fee.
- Borrowers can apply online but must close in person.
- Best rates are reserved for lines of credit starting at $200,000.
PenFed: Best for fast closing
- Why we like itPenFed Credit Union stands out for having a low introductory rate and a fast closing, but borrowers will have to pay a $99 annual fee.Pros
- Some borrowers may be able to close in as little as 15 days.
- Advertised introductory rate is below the current prime rate.
- Application is available online.
- No origination or transaction fees.
ConsRead full review- Annual fee of $99.
- Credit score requirements are on the higher side among lenders we review.
- Credit union membership is required to finish the application.
Truist: Best for fixed-rate borrowers
- Why we like itTruist is a large HELOC lender, with a generous borrowing limit, the option to fix the rate on all or part of the loan balance, and no origination fees.Pros
- Choice of 5, 10, 15, 20 or 30-year repayment terms for borrowers with fixed rates.
- No initial draw required.
- No origination fees.
ConsRead full review- $50 annual fee.
- Rates are not posted online.
- Fixed-rate draws must be at least $5,000.
PNC Bank: Best for high borrowing limit
- Why we like itPNC Bank is a large HELOC lender with a higher-than-average borrowing limit, a wide range of repayment terms and no initial draw requirements.Pros
- Max borrowing limit is higher than average.
- Repayment period up to 30 years.
- Among the largest HELOC lenders by origination volume.
ConsRead full review- Annual fee of $50.
- Borrowers must pay an origination fee in some states.
Bank of America: Best for no closing costs
- Why we like itBank of America’s HELOC stands out for offering multiple types of rate discounts, especially for current Bank of America customers, and a fixed-rate option that can help keep payments predictable.Pros
- Charges no annual fee, application fee or closing costs.
- Publishes sample HELOC rates online.
- Offers multiple discounts, including autopay discount when using a Bank of America account.
ConsRead full review- Charges an early account closure fee under some circumstances.
- Only offers one repayment term option, which is 20 years.
Golden 1 Credit Union: Best for California borrowers
- Why we like itGolden 1 Credit Union can be a good choice for borrowers in California seeking a line of credit with no annual fees.Pros
- Offers a fixed-rate option.
- No closing costs or annual fees.
ConsRead full review- Credit union membership is limited to California borrowers.
Citizens Bank: Best for fast closing
- Why we like itCitizens Bank is one of the largest HELOC lenders in the nation by volume, and offers a specialized HELOC product for borrowers who make less than the median income in their area.Pros
- Among the top HELOC lenders in the country by volume.
- Full application is available online.
- Closing may be available within seven days.
ConsRead full review- Annual fee of $50 after the first year.
- Repayment period is 15 years, when 20 is standard.
Tips for getting a HELOC
In order to qualify for a HELOC, you’ll need to meet lenders’ minimum requirements. These can vary across lenders, but following the below guidelines will help you qualify with the widest range of lenders.
🏠 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 620, and some have higher minimums.
⚖️ Minimal debt. Lenders will look at the percentage of your income that goes towards 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 obtain the best HELOC rates, 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.
What is a HELOC for?
I had a neighbor who used a HELOC to buy a Harley. That was a mistake, for two reasons. First, a Ducati would have been way cooler. Second, it's not advisable to spend your home equity on things that lose value (like motorcycles) or for experiences like vacations. (He lost the house and bike in the Great Recession.) Instead, use a HELOC to invest in home improvements or tuition — things that improve the financial standing of you or your family.
Alternatives to a HELOC
A HELOC is not your only option for tapping your home's equity.
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.
Who it's for:
- Borrowers who know exactly how much they need to borrow, and want it all at once.
- Borrowers who prefer the predictable payments that come with a fixed interest rate.
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.
Who it's for:
- Borrowers who want to refinance their current mortgage and take cash out.
- Borrowers who prefer to manage one loan.
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.
Who it's for:
- Borrowers who can’t qualify for a HELOC, but need cash flow.
- Homeowners with a lot of equity but little savings.
Last updated on September 5, 2025
Frequently asked questions
- Lender requirements for a HELOC vary, but typically you'll need a credit score of 620 or higher. As with other hard credit inquiries, taking out a HELOC will probably reduce your credit score temporarily when it appears on your credit report.
- The interest you pay each year on a HELOC is tax-deductible up to a limit as long as the borrowed money is used to buy, build or substantially improve your home, according to the IRS. This requirement expires after the 2025 tax year.
- Your HELOC payment will depend on several factors — mainly, your interest rate and repayment term.For example, if you withdrew $50,000 from a HELOC at a variable interest rate of 9.13%, your minimum monthly payment would start at around $400 per month. This amount would change any time you get a new interest rate. It would also increase after the 10-year draw period ends and your monthly minimum payments begin to include the principal balance.
- You have the best chances of getting approved for a HELOC if you have at least 20% equity in your home, a credit score that is at least in the mid-600s, and little debt. Use NerdWallet’s HELOC calculator to see how much you could be approved to borrow with a HELOC.
Methodology
How we chose the best HELOC lenders
Our team of mortgage experts follows an objective, consumer-first methodology to assess HELOC lenders and pick the best.
25+
Lenders reviewed
25+
Lenders reviewed
We review more than 25 lenders, including major banks, credit unions, and online lenders operating across multiple states.
15+
Categories assessed
15+
Categories assessed
Each lender is evaluated across six weighted categories and 16 subcategories covering product terms, rates and fees, loan volume and customer experience.
40+
Data points analyzed
40+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually for reviewed lenders, ensuring up-to-date, accurate comparisons.
Star rating categories
We evaluate the following categories and carefully weigh how each factor impacts your experience.
5.0
Overall score
NerdWallet has evaluated and reviewed more than 25 HELOC lenders. This includes products from the majority of the largest U.S. mortgage lenders by annual loan volume (measured among lenders with at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country. NerdWallet writers and editors conduct a full review and update annually, and also make updates throughout the year as necessary. This round-up was last fact-checked on September 5, 2025.
Our star ratings award points to lenders that offer consumer-friendly features and maximum flexibility. We collect information including: HELOC origination volume, maximum CLTV, availability of a fixed-rate option, annual fees, origination fees, transaction fees, initial draw requirements, draw and repayment terms, application availability options, customer support options and transparency regarding a lender’s average time to close, HELOC rates and how borrowers can access funds.
A recent regulatory action against a lender may affect its HELOC star rating. The highest scoring lenders appear on this page. NerdWallet does not receive compensation for our star ratings.
