Chase HELOC Review 2025
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Our Take
3.0
Chase’s HELOC is geared towards a very specific borrower. It has the highest reported minimum credit score requirement among HELOC lenders surveyed by NerdWallet (720), and borrowers must draw at least 85% of the line amount at closing. Borrowers also only have three years to redraw from the line, when five years is standard.
Pros
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No annual fees.
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HELOCs are available for second homes.
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Sample HELOC rates are posted online.
Cons
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No fixed rate repayment option.
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Charges origination fees up to 4.99% of the line amount (to a maximum of $1,995).
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Short draw period of three years.
Full Review
💲Chase HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, which is what banks pay to borrow from one another. The second part is a margin, which the lender calculates based on your financial qualifications (including your credit score, existing debts and income). The prime rate plus your margin equals your HELOC rate offer.
Current prime rate | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high |
|---|---|---|---|
6.75% | 6.75% | 6.75% | 7.5% |
Chase posts sample HELOC rates online, though these aren’t customizable.
👍 Reasons to get a Chase HELOC
Chase HELOC borrowers will pay no annual fees, and HELOCs are available for second homes. Borrowers can also access a wide range of options for applying and contacting customer support, including via mobile app.
» MORE: Best HELOC lenders
🤔 Reasons why Chase’s HELOC gives us pause
Chase’s HELOC has a maximum borrowing limit of 80%, when many competitors go up to 85% or more. Chase also does not offer a fixed-rate repayment option, and borrowers can only redraw from the line for three years (though they have 10 years of interest-only minimum payments). At least 85% of the line amount must be drawn at closing.
HELOC borrowers will also pay origination fees up to 4.99% of the line amount, up to a maximum of $1,995.
📎 Ways to apply for a Chase HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | ✅ |
In person 🏦 | ✅ |
You can contact Chase customer service in person, over the phone or via live chat on Chase’s website.
🛒 Alternatives to a Chase HELOC
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
If you want to avoid annual fees, you could consider Rate, which also charges much lower origination fees ($299).
If you want access to a variety of customer support options, Citizens Bank may be a good fit.
Borrowers who don’t want a minimum draw requirement, Bank of America is a strong option that scores highly for HELOCs overall.
A HELOC isn’t your only option
You can also explore products outside of HELOCs. Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Chase offers cash-out refinancing.
Borrow from your home’s equity
NerdWallet’s HELOC star ratings are independently researched and developed by the editorial team based on the following factors: HELOC lending volume, maximum combined loan-to-value ratio, whether a fixed-rate option is available, initial draw requirements, flexibility of draw and repayment terms, average time to close, interest rate transparency, length of any introductory term below the prime rate, lender fees, availability for second homes, application availability and customer support options. Lenders can receive bonus points for offering options for HELOC rate discounts. A recent regulatory action against a lender may affect its HELOC star rating.
