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U.S. Bank HELOC Review 2026
Last updated on May 6, 2026
Written by
Lead Writer & Content StrategistCo-written by
Contributing WriterWritten by
Lead Writer & Content StrategistCo-written by
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Our Take
4.5
HELOCs
NerdWallet rating
The Nerdy headline:
U.S. Bank stands out for its fixed-rate conversion option, a way to keep payments predictable. Its HELOC has no origination fee and no initial draw requirement. However the lender charges a $75 annual fee (waived for businesses with a U.S. Bank Platinum Checking Package account) and an early repayment penalty.
Jump to:Full Review
U.S. Bank: NMLS#402761
National / regional
National
Max LTV
80%
Min. credit score
660
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Pros
- Offers a fixed-rate repayment option.
- No origination fee.
- No initial draw required.
Cons
- $75 annual fee (waived for certain business banking customers).
- Charges a fee for early repayment within 30 months.
- Average time to close is higher than average among lenders surveyed by NerdWallet.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 Visit Lenderat Achieve at Achieve | $500,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 600 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
 Visit Lenderat Better at Better | $750,000 | 90% | 620 | Visit Lenderat Better at Better |
Full Review
💲U.S. Bank HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, a benchmark interest rate that banks set to determine the lowest rate offered to their most creditworthy customers. The prime rate is generally set around 3% above the federal funds rate. 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 — last changed Dec. 2025 | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high | Projected median prime rate for 2026 |
|---|---|---|---|---|
6.75% | 6.75% | 6.75% | 7.5% | 6.4% |
Interested borrowers can customize a rate quote online.
👍 Reasons to get a U.S. Bank HELOC
A U.S. Bank HELOC has no initial draw requirement or origination fee. Its draw period is 10 years with a repayment period of 20 years. You can customize a rate quote online, and discounts are available to those with a personal checking account with U.S. Bank.
U.S. Bank allows borrowers to convert some or all of their HELOC balance from a variable rate to a fixed rate, which can help keep payments predictable.
» MORE: Best HELOC lenders
🤔 Reasons why U.S. Bank’s HELOC gives us pause
A U.S. Bank HELOC may take longer to close compared to other lenders. The lender tells us it closes most HELOCs in 31 days. Comparatively, the average time to close is 20 days among HELOC lenders surveyed by NerdWallet in 2026.
U.S. Bank reports its maximum combined loan-to-value ratio (CLTV) is 80%, which is on the lower side of lenders we review. CLTV measures the total debt secured by your home — including the HELOC balance — divided by your home's appraised value. Lenders use this metric to assess your eligibility and borrowing limit.
The lender charges a $75 annual fee for its HELOC, although the fee is waived for business customers with U.S. Bank Platinum Checking Package accounts. U.S. Bank HELOCs are not available for second homes.
📎 Ways to apply for a U.S. Bank HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | ✅ |
In person 🏦 | ✅ |
You can contact U.S. Bank customer service in person, by phone and through human live chat.
🛒 Alternatives to a U.S. Bank 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 like the predictability of a fixed-rate option, Bank of America also offers this (while earning a higher HELOC star rating).
For another highly rated HELOC lender with no origination fee, consider Andrews Federal Credit Union.
For a higher CLTV ratio, consider a TD Bank HELOC, which lets you borrow up to 89.9% of your home’s value.
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.
U.S Bank offers both home equity loans and cash-out refinancing.
Borrow from your home’s equity
Methodology
NerdWallet rates home equity line of credit lenders based on what matters most to borrowers: HELOC rates and fees, how much of a lender’s business is dedicated to home equity lines of credit, HELOC market share, product accessibility, borrowing flexibility and features, customer experience and rate transparency.
We review more than 40 lenders and score HELOC lenders using a weighted system that prioritizes affordability, flexibility and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, higher combined loan-to-value (CLTV) limits, flexible draw and repayment terms, fixed-rate options, faster closing times and clear, accessible rate information, along with strong customer support throughout the process.
We use a mix of lender-provided information, publicly available data and our own analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.