A home equity line of credit (HELOC) is a way to use some of the equity you’ve built in your home to cover expenses. You can use a HELOC for all sorts of large expenses, from home renovations to emergency bills to debt consolidation.
TL;DR
- HELOCs offer flexible access to home equity for various expenses, acting as secured loans collateralized by your property.
- Key factors for choosing a HELOC include interest rates, borrowing limits, repayment terms, and lender fees.
- Top HELOC lenders for 2025 include Rate Mortgage, PNC, FourLeaf Federal Credit Union, Truist, Bank of America, Better, and Navy Federal.
- Each lender is highlighted for specific benefits like fast funding, lengthy repayment, low intro APR, high borrowing amounts, low fees, low equity options, or military service.
A HELOC represents a secured form of credit collateralized by your real estate. This implies that should you fail to meet your loan obligations, your financial institution could seize your dwelling and liquidate it to satisfy your outstanding debt. Put differently, it constitutes a significant financial undertaking. It's exceptionally crucial to select a financial provider that aligns well with your specific circumstances and requirements, given that each offering differs in terms of interest rate, the highest sum you can borrow, the duration for repayment, and other factors.
Below are our picks for the top seven HELOC lenders for common financial situations.
Rates, fees, and loan amounts checked Dec. 12, 2025, and are subject to change.
Top Home Equity Line of Credit providers as of December 2025
| Best for | Institution | Loan amount | Max loan term | APR | [EDIT.HEADER] |
|---|---|---|---|---|---|
| Fast funding | Rate Mortgage | $400,000 | 30 years | Starts at 6.25% | View offer at Bankrate |
| Lengthy repayment term | PNC | $750,000+ | 40 years | 7.49% – 11.35% after introductory rate ends | View offer at MoneyLion |
| Low intro APR | FourLeaf Federal Credit Union | $1 million | 30 years | As low as 6.75% (after intro rate) | View offer at FourLeaf Federal Credit Union |
| High borrowing amount | Truist | $1 million+ | 30 years | 7.00% – 14.35% | View offer at Truist |
| Low fees | Bank of America | $1 million | 30 years | Varies by location. See rates for your state | View offer at Bank of America |
| Low equity | Better | $500,000 | 30 years | 9.00% – 15.55% | View offer at Better |
| Military members | Navy Federal | $500,000 | 40 years | Starts at 7.25% | View offer at MoneyLion |
| Fast funding | View offer at Bankrate |
|---|---|
| Institution | Rate Mortgage |
| Loan amount | $400,000 |
| Max loan term | 30 years |
| APR | Starts at 6.25% |
| Lengthy repayment term | View offer at MoneyLion |
| Institution | PNC |
| Loan amount | $750,000+ |
| Max loan term | 40 years |
| APR | 7.49% – 11.35% after introductory rate ends |
| Low intro APR | View offer at FourLeaf Federal Credit Union |
| Institution | FourLeaf Federal Credit Union |
| Loan amount | $1 million |
| Max loan term | 30 years |
| APR | As low as 6.75% (after intro rate) |
| High borrowing amount | View offer at Truist |
| Institution | Truist |
| Loan amount | $1 million+ |
| Max loan term | 30 years |
| APR | 7.00% – 14.35% |
| Low fees | View offer at Bank of America |
| Institution | Bank of America |
| Loan amount | $1 million |
| Max loan term | 30 years |
| APR | Varies by location. See rates for your state |
| Low equity | View offer at Better |
| Institution | Better |
| Loan amount | $500,000 |
| Max loan term | 30 years |
| APR | 9.00% – 15.55% |
| Military members | View offer at MoneyLion |
| Institution | Navy Federal |
| Loan amount | $500,000 |
| Max loan term | 40 years |
| APR | Starts at 7.25% |
Best for fast funding
Rate Mortgage
| Max loan amount | $400,000 |
| Min. APR | 6.25% |
| Max loan term | 30 years |
- Year Founded: 2000
- Company Headquarters: Chicago, IL
- CEO: Victor F. Ciardelli III
Rate Mortgage stands as a significant financial institution providing a wide array of residential financing choices, featuring some of the most advantageous home equity lines of credit available. The institution boasts reduced annual percentage rates and charges, offers stable interest rates, and provides a notably extended maximum repayment term. Nevertheless, its most compelling attribute, according to our evaluation, is the swift disbursement of funds. It's possible to obtain your money in less than seven days after your request is submitted.
However, Rate falls short in certain aspects. For instance, its longest repayment term is five years, which is half the duration of typical home equity lines of credit from other companies. Additionally, you're restricted to borrowing a maximum of $400,000 against your equity. This represents one of the most restrictive caps among major financial institutions we've evaluated.
Ideal for extended repayment periods
PNC Bank
| Max loan amount | $750,000+ |
| Min. APR | 7.49% |
| Max loan term | 40 years |
at MoneyLion
- Year Founded: 1983
- Company Headquarters: Pittsburgh, PA
- CEO: Bill Demchak
PNC functions as a comprehensive financial institution with its main presence situated on the East Coast, although its home equity line of credit (HELOC) services extend to 44 states currently. While its introductory Annual Percentage Rate (APR) is appealing and competitive, it's not the absolute lowest among those we've reviewed. However, this institution permits borrowing sums exceeding $750,000. To support this substantial borrowing capacity, it provides an extended repayment term of up to three decades, following an initial 10-year period for drawing funds. This structure enables borrowers to manage their loan obligations through more manageable monthly payments.
Best for low intro APR
FourLeaf Student Savings
| Max loan amount | $1 million |
| Min. APR | 5.99% (intro) |
| Max loan term | 30 years |
- Year Founded: 1941
- Company Headquarters: Bethpage, NY
- CEO: Linda Armyn
With its main office situated in Bethpage, New York, FourLeaf Credit Union operates as a financial entity primarily serving Long Island. Their Home Equity Lines of Credit (HELOCs) are not limited by location. Borrowers can expect typical draw and repayment periods, an option to secure a fixed interest rate, minimal charges, and a substantial maximum borrowing limit of $1 million. Conveniently, FourLeaf Credit Union provides an attractive introductory interest rate of 5.99% for the initial 12 months on lines up to $500,000. Following this introductory period, the variable APR could be as low as 6.75% for the duration of the loan.
Facing a substantial loan requirement
Truist Bank
| Max loan amount | $1+ million |
| Min. APR | 7.00% |
| Max loan term | 30 years |
at Truist Bank
- Year Founded: 1872
- Company Headquarters: Charlotte, NC
- CEO: William H. Rogers
Truist operates as a comprehensive financial establishment, boasting close to 2,000 locations nationwide. This institution presents an excellent choice for individuals who prefer the convenience of handling their mortgage needs face-to-face. In addition to its notably low variable Annual Percentage Rate, you'll also be afforded the capacity to secure loans exceeding $1 million. This feature is uncommon among prominent financial providers, making it a persuasive justification for Selecting Truist if you intend to leverage seven figures of your home's equity.
Aside from those points, Truist Home Equity Lines of Credit are generally typical. Anticipate a decade-long period for drawing funds, followed by a repayment phase lasting as long as 20 years, and an annual charge of $50 (which may differ based on your locale).
Best for low fees
Bank of America
| Max loan amount | $1 million |
| Min. APR | Varies by location |
| Max loan term | 30 years |
- Year Founded: 1904
- Company Headquarters: Charlotte, NC
- CEO: Brian Moynihan
Beyond the Annual Percentage Rate, numerous lenders impose additional charges when establishing a Home Equity Line of Credit. These expenses might amount to thousands of dollars, potentially diminishing the attractiveness of accessing your home's equity. Bank of America is one entity that largely foregoes all such charges, encompassing everything from closing costs to processing fees and yearly dues.
The catch is that you might get an APR that’s comparatively high. Depending on your location, you may pay over 8.50% variable APR after the six-month intro APR offer expires, for example.
Best for low equity
Better
| Max loan amount | $500,000 |
| Min. APR | 9.00% |
| Max loan term | 30 years |
at Better
- Year Founded: 2014
- Company Headquarters: Philadelphia, PA
- CEO: Vishal Garg
In certain aspects, Better's HELOC conditions are not as favorable as those offered by rival financial institutions. For instance, there's a ceiling on the amount you can borrow, set at $500,000, and you're required to take out a minimum of $50,000 or 75% of your available credit, whichever sum is larger, at the outset. Consequently, this product isn't suitable for individuals intending to utilize it as a safety net for unexpected expenses, given that you'll commence incurring substantial APR charges without delay.
This option is probably ideal for individuals with minimal home equity and immediate intentions to use a HELOC. Better might (possibly) disburse your funds in under seven days, and eligible borrowers are able to access as much as 90% of their property's equity.
Best for military members
Navy Federal Credit Union
| Max loan amount | $500,000 |
| Min. APR | 7.25% |
| Max loan term | 40 years |
at MoneyLion
- Year Founded: 1933
- Company Headquarters: Vienna, VA
- CEO: Dietrich Kuhlmann
Navy Federal, arguably the premier provider of HELOCs, is available solely to active duty military personnel, veterans, Department of Defense staff, along with their immediate and household relatives. Our assessment indicates it surpasses other lenders across nearly all metrics.
Navy Federal permits individuals to access as much as an impressive 95% of their residence's value. This financial cooperative also provides an extensive 20-year period for drawing funds, succeeded by a 20-year period for repayment. You will not incur any charges for closing, applications, origination, or annual fees. For those who qualify for membership with Navy Federal and require a loan of $500,000 or under, it presents an obvious decision.
What to know about HELOCs
The equity in your home represents the amount by which your property's worth exceeds your remaining mortgage debt. For instance, if your house is appraised at $300,000 and your mortgage balance is $100,000, you possess $200,000, which is 66% of equity. Lenders typically mandate that you retain a minimum of 15% equity in your residence, meaning you'll need to have more than this threshold available if you intend to secure a loan.
Upon establishing a Home Equity Line of Credit, you receive a flexible credit facility, limited by your home's equity and the sum you request. You're able to accumulate debt and then reduce it at your discretion, much like a charge card. Interest is charged solely on the amount of credit you've drawn upon, signifying that a substantial segment of your HELOC can remain unused without incurring any annual percentage rate.
The life of a HELOC is made of two parts:
- The draw period is the timeframe during which you're permitted to access funds from your credit line. This duration typically spans a decade or less.
- Repayment term: Once your borrowing phase concludes, further advances won't be possible. You'll need to settle any remaining debt, either in a single payment or spread across consistent monthly payments. This duration frequently extends to two decades or longer.
Pros and cons of HELOCs
Pros
- Revolving credit structure lets you reuse your loan amount multiple times
- You’ll only pay interest on the funds you use
- Initial interest-only payments keep upfront costs low
Cons
- You may lose your home if you fail to pay off your loan
- Interest rates are typically variable
- Lowers your home equity until repaid
Selecting the optimal HELOC for your needs
HELOCs typically operate similarly in most cases, yet this doesn't imply they're all identical. The following are the aspects you ought to evaluate when selecting the most suitable home equity line of credit for your distinct requirements.
Loan amount
Financial institutions don't all provide the same lending capacity. While it's typical for lenders to mention that you're able to borrow from 80% to 85% of your property's equity, you'll frequently still face a ceiling on the total loan sum.
In essence, possessing equity doesn't automatically grant you the ability to borrow against it. For instance, if you aim to tap into $1 million of equity, you'll need to actively seek out a financial institution prepared to extend that loan.
Draw period
For what duration do you require access to your money? Lenders generally permit you to draw on your home equity for up to a decade with a HELOC, though this timeframe can differ among financial institutions. If your objective is to maintain an active credit line for an extended period, possibly as a safeguard for unforeseen circumstances, a brief drawing phase may not be advantageous.
Repayment term
Extending your repayment period will result in smaller installment amounts. This point is particularly important if you anticipate a substantial outstanding amount once your draw period concludes. However, if your intention is to reduce your balance prior to that time, this consideration might hold less significance for you.
Annual percentage rate (APR)
The estimated annual percentage rate you'll be charged for obtaining funds ought to be a significant factor when selecting a financial institution. You'll generally encounter a broad spectrum of HELOC interest rates that can differ based on your credit standing, geographic area, and other elements. Certain lenders even provide an introductory APR phase, which proves particularly beneficial for individuals who require funds for a duration of one year or shorter.
While most Home Equity Lines of Credit feature fluctuating Annual Percentage Rates, a few offer the ability to change a segment of your borrowing to a set rate.
Fees
The cost to initiate a home equity line of credit (HELOC) differs significantly among financial institutions. These expenses, encompassing origination charges and finalization expenses, could total several thousand dollars. Additionally, some lenders impose yearly charges, frequently amounting to $50 or higher.
Funding time
The period from submitting your application to gaining access to your HELOC can frequently span several weeks or even months. Nevertheless, certain financial institutions provide a quicker process. For those requiring funds urgently, specific lenders might be capable of providing them in under seven days.
HELOC: Score best rates
The strategy to getting a good rate on a HELOC is straightforward. Those with the most impressive credit profiles and the least red flags will generally get the best APRs. Show the bank you’re not a risky borrower, and your APR should be comparatively favorable. Here’s how to do it:
- Make on-time payments: The most beneficial action for your credit rating is to steer clear of overdue payments. Ensure you consistently submit at least the required minimum amount for your outstanding debts monthly.
- Keep credit utilization low: Substantial credit card debt can significantly reduce your creditworthiness. Aim to reduce those outstanding amounts (advisors suggest utilizing under 30% of your accessible credit limit) prior to seeking a HELOC.
- Don’t submit lots of loan applications beforehand: When you seek any type of financing, a check on your credit history will appear on your credit record. If you pursue multiple loans prior to obtaining a HELOC, it might suggest you're in urgent need of funds. Creditors might view this as a warning sign.
- Keep your DTI low: The debt-to-income ratio represents the portion of your earnings allocated to debt repayment on a monthly basis. Financial institutions assess a suitable debt-to-income ratio to determine your capacity for an additional monthly obligation. A DTI of 40% or below is generally favored.
If any of these details can be improved before you secure your loan, it might be advisable to postpone obtaining a HELOC until that time.
It’s a good idea to “rate shop” to find your best options. Many lenders will give you the option to prequalify for a loan which can give you an idea of your expected APR and your odds of getting approved when formally submitting an application.
Alternatives to a HELOC
If you don’t think a HELOC suits your situation, there are other ways to procure a large upcoming purchase. Other common methods include:
- Home equity loan: Home equity loans are an alternate way to borrow equity from your home for a big expense. Instead of getting a revolving credit line, you’ll receive a large upfront sum of money and immediately be enrolled in an installment plan with fixed interest rates to repay your loan. Depending on the lender, you’ll still be subject to closing costs, origination fees, and a long wait period before you get the money.
- Personal loan: Much like a home equity loan, a personal loan is disbursed as a single payment transferred directly to your bank. These frequently involve lower initial charges compared to tapping into your home's equity. Certain financial institutions even promote funding on the same day. A personal loan proves beneficial for individuals requiring funds quickly who haven't yet established home equity.
- Credit cards: Financing a substantial acquisition with credit cards is typically inadvisable due to their elevated interest charges. These cards are more suitable for routine expenditures such as food, fuel, and household bills. Nevertheless, certain credit cards offer an initial 0% APR for a period extending up to twenty-four months, potentially making them a viable choice for an acquisition that can be settled within a reasonable timeframe.
An alternative, more casual method for obtaining funds is to approach acquaintances and relatives. This approach can help bypass interest charges, and it doesn't involve any formal application requirements.
Frequently asked questions
Which lenders providing Home Equity Lines of Credit have the quickest closing processes?
Numerous lenders providing Home Equity Lines of Credit (HELOCs) feature accelerated closing processes to facilitate swift access to your funds. Although tapping into your home's equity can frequently require several weeks (or even longer), offerings from Rate, CrossCountry Mortgage, Upstart, PenFed, and Better enable you to possibly start utilizing your HELOC in under seven days.
Are there any HELOC lenders that provide no closing costs or minimal fees?
Certain financial institutions promote loan options without any upfront charges or related expenses (such as appraisal costs, processing fees, title examination charges, yearly dues, and so forth). Examples of these institutions are Navy Federal, FourLeaf Federal Credit Union, Bank of America, and U.S. Bank.
Is it permissible to utilize a Home Equity Line of Credit from leading financial institutions for properties intended for investment or for vacation residences?
Certainly, a HELOC might be a viable option for financing your purchase of investment properties or several residences. However, keep in mind that this approach would establish additional mortgages, possibly straining your monthly finances and negatively impacting your debt-to-income metrics.
For military personnel or veterans, which HELOC provider offers the most advantageous terms?
Navy Federal stands out as our top choice for military personnel and veterans, owing to its exceptional draw period, minimal charges, and sensible annual percentage rate.
Is it possible to obtain a Home Equity Line of Credit with subpar or average credit standing?
It's feasible to obtain a Home Equity Line of Credit even with a fair credit rating. Financial institutions generally mandate a minimum credit score of 620 for eligibility. Should your score fall below this threshold, it's advisable to enhance your credit standing prior to submitting an application for a HELOC.
Our methodology
Coins2Day evaluated 20 leading institutions that provide home equity lines of credit to present our top picks among seven excellent choices suited for diverse financial circumstances. We assessed each HELOC based on the subsequent criteria:
- Minimum APR (23%): Lenders typically issue a range of possible interest rates you may receive based on your creditworthiness. Obviously, the lowest possible interest rate is the best.
- Maximum draw period (15%): The longer a HELOC’s draw period, the longer you have to spend your home equity. It’s often possible to refinance a HELOC to renew your draw period, but that can be an expensive hassle.
- Maximum repayment term (15%): Ideally, you'll want to settle your outstanding HELOC balance promptly to incur the least amount of interest. Nevertheless, the flexibility to make payments at your convenience is a significant advantage.
- Discloses fee information (10%): Certain creditors are frustratingly secretive regarding the charges you'll incur for initiating a HELOC. We preferred the financial entities that offered clients a glimpse into their fee structures.
- Maximum loan amount (15%): A higher HELOC score correlated with greater potential borrowing capacity in our assessment. The ultimate loan sum can differ by hundreds of thousands of dollars, contingent on the financial institution.
- Expedited funding (10%): For those that need money in a hurry, lenders offering a fully online application process and potential closing times in less than a week earned extra points in our evaluation.
- Fixed-rate lock option (7%): HELOCs are generally issued with a variable interest rate, meaning the APR you pay will fluctuate based on market rates. Some HELOCs allow you to convert a portion of your borrowed amount to a fixed APR.
- Annual fee (5%): While HELOCs only accrue interest on the amount of your credit line you've drawn upon, certain ones impose a yearly charge. Consequently, even without utilizing your HELOC, you might still incur a fee.