U.S. Bank HELOC Review 2025
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Our Take
4.5
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 those with a U.S. Bank Platinum checking account) and an early repayment penalty.
Pros
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Offers a fixed-rate repayment option.
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No origination fee.
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No initial draw required.
Cons
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$75 annual fee (waived for certain banking customers).
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Charges a fee for early repayment within 30 months.
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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 | $300,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 4.0 Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC | $250,000 | 95% | 600 | Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 620 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
Full Review
💲U.S. Bank 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 |
|---|---|---|---|
7% | 7% | 7% | 8% |
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 24 days among HELOC lenders surveyed by NerdWallet in 2025.
U.S. Bank reports its maximum combined loan-to-value ratio is 80%, which is on the lower side of lenders we review.
The lender charges a $75 annual fee for its HELOC, although the fee is waived for customers with U.S. Bank Platinum checking 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 or by phone.
🛒 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 Fourleaf 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
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.
