FourLeaf Federal Credit Union HELOC Review 2025
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
5.0
FourLeaf Federal Credit Union earns high marks for its HELOC. The lender doesn’t charge an origination or annual fee and offers a rate discount. Its promotional intro rate is good for 12 months, longer than most, and a fixed-rate option keeps payments predictable. However, HELOCs aren’t available for second homes.
Pros
-
No origination or annual fees.
-
Discount available for FourLeaf account holders who take an initial draw.
-
Offers a fixed-rate repayment option.
Cons
-
HELOCs not available for second homes.
-
Other lenders report shorter closing times.
Compare to Other Lenders
Full Review
💲FourLeaf 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% |
You can browse sample HELOC rates on the FourLeaf website.
👍 Reasons to get a FourLeaf HELOC
As a credit union, FourLeaf is a nonprofit financial cooperative with a community oriented mindset. Membership requirements are simple: Just deposit $5 into a savings account.
FourLeaf offers a few cost-saving perks on its HELOC. For starters, there’s no annual or origination fee. (Many lenders waive one or the other, but not both.) FourLeaf doesn’t require an initial draw, but you need to take one if you want its promotional introductory rate. This lower rate is good for 12 months, which is longer than most similar promotions.
FourLeaf offers a fixed-rate repayment option to keep payments predictable.
» MORE: Best HELOC lenders
🤔 Reasons why FourLeaf’s HELOC gives us pause
FourLeaf says its average time to close a HELOC is 36 days, which is longer than other lenders we review. (The quickest ones let you access your money within a week.) However, the lender noted that upgrades to their loan servicing system affected those numbers, so your experience may vary.
FourLeaf HELOCs are not available on second homes or investment properties.
📎 Ways to apply for a FourLeaf HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | ✅ |
While shopping for your HELOC, you can contact FourLeaf customer service in person or over the phone. FourLeaf account holders can also access support via live chat.
🛒 Alternatives to a FourLeaf 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.
For other highly rated HELOC lenders with a fixed-rate option, consider Bank of America or PenFed Credit Union — they each earn five stars in our HELOC rubric.
If you want to access your equity as fast as possible, New American Funding says it closes HELOCs in an average five to seven days.
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.
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.
