Best HELOC Loans

• Maximum LTV: Not disclosed
• Annual Fee: None
• Minimum Credit Score: 640

Figure is a fintech with a low-cost, easy-to-use, online-only HELOC lending process. Of the 15 lenders we evaluated, it offers the best online experience, earning the highest rating in our mathematical scoring model.

Figure’s HELOC application and borrowing process is entirely online—even property appraisals. Figure claims you can be approved in as few as five minutes and funded in five days. Our researchers rated Figure highly for its online experience. The site’s educational resources cover Figure’s process, costs, and the broader HELOC lending process.

One negative with Figure is that borrowers must draw the entire amount of their HELOC during their initial draw. As you repay that amount, you can take additional draws up to your credit limit. Figure is also unique as a HELOC lender in that you can withdraw funds for the entire loan term. Generally, a HELOC is broken into a draw period and a repayment period.

Figure’s maximum origination fee of 4.99% is among the highest we recorded in our research. However, it does not charge other common fees like annual or prepayment fees.

Figure was founded in 2018 and has since financed more than $13 billion in home equity loans. It is headquartered in New York City.

• Maximum LTV: Not disclosed
• Annual Fee: $0
• Minimum Credit Score: Not disclosed

If a competitive rate and the credit union customer experience are what you are looking for in a HELOC, Boeing Employees Credit Union (BECU) may be a good choice. According to our analysis of 2023 HMDA data, it had the lowest average rates on HELOCs among the lenders on our list.

BECU saves HELOC borrowers with its low average interest rates and its relatively low fees. You won’t pay application, origination, or annual fees on a BECU HELOC.

Its other loan terms are borrower-friendly, too. Draws can be as small as $100. You can convert a variable interest rate to a fixed rate anytime. You’ll need to convert at least $5,000 and can have no more than three different fixed-rate loans open at once. You also make fixed-rate advances of at least $5,000.

BECU was founded in 1935. Membership is open to Boeing employees and their families, residents of the state of Washington and several northern Oregon counties, and members of several partner associations, including the GoWest Foundation, which is open to anyone.

• Maximum LTV: 89.90%
• Annual Fee: $50
• Minimum Credit Score: 620

PNC makes our list because of its low state minimum credit score requirement. Several lenders we evaluated have minimum credit score requirements as high as 680, but PNC Bank’s is just 620.

Depending on where you live, PNC Bank may be your best choice if you’re looking to borrow a lot relative to your home’s value. That’s because the lender’s maximum loan-to-value ratio is as high as 89.9% of the property’s value for homes with no other mortgages (“first-lien” HELOCs). For second-lien loans, the maximum LTV is 85% for current PNC customers and 80% for non-customers. Loan-to-value ratios vary by U.S. state.

Borrowers can choose between variable rates and fixed rates. You can switch from variable to fixed later, subject to a fee. The bank will pick up some closing costs, too, but if you close the loan within the first 36 months, you may be required to cover those costs.

PNC Bank was founded in 1865 and is headquartered in Pittsburgh, Pennsylvania.

• Maximum LTV: 80%
• Annual Fee: $0
• Minimum Credit Score: Not disclosed

A home equity loan or HELOC is excellent for large loan amounts to cover significant expenses, but some borrowers may not need a big loan. Regions Bank’s low minimum HELOC loan amount of $10,000 provides that flexibility.

Regions Bank’s smaller loan may be a good fit if you don’t want or need a large HELOC, or you don’t have enough equity in your home for a larger one. The minimum borrowing limit puts a cap on your interest payments, too, and Regions Bank keeps HELOC costs down with no origination or annual fees. 

The lender will also cover borrower closing costs for loans of $250,000 or less or up to $500 (for loans over $250,000). You’ll have to repay those costs if you close the loan within the first 24 months.

For added flexibility, you can convert a variable rate draw to a fixed-rate one for a fee.

Regions Bank is headquartered in Birmingham, Alabama, and was founded in 1971.

• Maximum LTV: Not disclosed
• Annual Fee: $75
• Minimum Credit Score: 660

U.S. Bank may be the right choice if you’re looking for the convenience of working with a large national bank. Its HELOC rates and terms are competitive, and you don’t have to live in one of the 26 states where it has branches to apply.

Although it has branches in just 26 U.S. states, U.S. Bank accepts HELOC applicants from all 50. No matter where you live, you can get a HELOC of up to $750,000 (the largest among the lenders we researched). The minimum amount you can borrow is also high: $25,000.

In terms of fees, you won’t have to pay an origination fee or closing costs, but there is a $75 annual fee. You can also convert variable interest rate draws to fixed-rate loans (up to three such loans can be active at one time). There’s no fee to lock in a rate this way, but you must lock in at least $2,000.

U.S. Bank was founded in 1863 and is headquartered in Minneapolis, Minnesota.

• Maximum LTV: 95%
• Annual Fee: $0
• Minimum Credit Score: Not disclosed

Navy Federal Credit Union, the nation’s largest credit union, is a good choice for veterans and military members, and its HELOC is a compelling option for credit union members.

A HELOC from Navy Federal offers flexibility and affordability. Borrowers won’t pay annual fees, prepayment fees, origination fees, or any other fees associated with their loan.

The maximum LTV is up to 95% of the property’s value, higher than any other lender on our list (PNC Bank’s 89.9% is the nearest). You can borrow as much as $500,000 or as little as $10,000, which gives borrowers plenty of flexibility. Navy Federal offers a draw period of 20 years with its loan, twice as long as the usual 10 years. There’s also a 20-year repayment period.

One downside with borrowing through Navy Federal is that you must be a military member, veteran, or family member to join.

Navy Federal Credit Union, the nation’s largest credit union, was founded in 1933 and is headquartered in Vienna, Virginia.