Top Home Equity Line of Credit (HELOC) HELOC Lenders in the USA
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Bank Overview Minimum Credit Score Loan-to-Value (LTV) Ratio Unique Features Best For Wells Fargo Offers competitive rates and flexible payment options. 680 85% max – No closing costs on certain loans
– Rate lock option availablePeople looking for low interest rates and flexibility. Bank of America Known for low introductory rates and flexibility to convert variable-rate balances into fixed-rate options. 660 85% max – Discounts for existing customers
– Fixed-rate option for peace of mindBorrowers with good credit looking for discounts and fixed rates. Chase Bank Competitive rates with a focus on excellent customer service and easy online banking tools. 680 80% max – Easy online management
– Rewards for long-term customersCustomers seeking great online/mobile services. US Bank Straightforward HELOC product with no annual fees or closing costs and lower rates for existing customers. 680 85% max – No annual fees
– Rate discounts for automatic paymentsPeople who prefer low fees and good customer service. PNC Bank Offers flexible HELOC options that can be used for home improvements, education, or major purchases. 700 80% max – Rate lock available
– Flexible payment optionsBorrowers looking for multiple repayment options.
| Bank | Overview | Minimum Credit Score | Loan-to-Value (LTV) Ratio | Unique Features | Best For |
|---|---|---|---|---|---|
| CitiBank | Offers competitive rates with easy access to funds and no application or closing costs for certain accounts. | 680 | 80% max | – No application fees – No closing costs for some accounts |
Homeowners looking for a simple HELOC process with no upfront fees. |
| TD Bank | Provides flexible HELOC terms and a range of repayment options, with discounts for existing customers. | 660 | 85% max | – No origination fees – Rate discounts for TD checking account customers |
Borrowers looking for flexible terms and low fees. |
| Regions Bank | Known for its personalized service and multiple loan options, including HELOCs with no closing costs. | 680 | 89.9% max | – No closing costs – Relationship discounts for Regions Bank customers |
Homeowners seeking high LTV ratios and personalized service. |
| SunTrust (Truist) | Offers competitive HELOCs with fixed-rate loan options and no prepayment penalties, ideal for homeowners. | 680 | 85% max | – No prepayment penalties – Fixed-rate loan conversion available |
Borrowers looking for a flexible HELOC with no penalties for early payoff. |
| Flagstar Bank | Provides HELOC options with flexible terms, low rates, and no closing costs for specific lines of credit. | 680 | 85% max | – Low interest rates – No closing costs for qualified lines of credit |
Customers seeking affordable rates and no-cost borrowing options. |
| BB&T (Truist) | Offers low-interest HELOCs with rate lock and fixed-rate options, with discounts for automatic payments. | 660 | 85% max | – Fixed-rate loan option – Automatic payment discounts |
Borrowers who prefer rate lock options and automatic payment benefits. |
| KeyBank | Provides a highly competitive HELOC product, with no closing costs, and interest-only repayment options. | 680 | 80% max | – No closing costs – Interest-only repayment available for the first 10 years |
People looking for interest-only payments and low upfront costs. |
| Fifth Third Bank | Offers flexible HELOC terms with fixed-rate options, discounts for autopay, and no closing costs for qualified borrowers. | 660 | 85% max | – No closing costs – Fixed-rate options and autopay discounts |
Borrowers wanting low fees and fixed-rate HELOC options. |
Key Differences Between HELOC Lenders
- Interest Rates: Each lender offers different introductory rates and ongoing APR. For example, Bank of America often has lower introductory rates compared to Wells Fargo.
- Fees: Some lenders, like US Bank and Chase, offer no closing costs or annual fees, while others may charge for rate lock features or fixed-rate options.
- Flexibility: Banks like PNC and Wells Fargo provide greater flexibility with repayment and rate lock options, which is valuable for borrowers unsure of their future financial situation.
- Discounts: Many banks, including Bank of America and US Bank, offer interest rate discounts for existing customers or those with automatic payments.
FAQs
- What is a HELOC?
- A Home Equity Line of Credit (HELOC) allows homeowners to borrow money against the equity in their home, offering a revolving line of credit with flexible terms.
- Which bank offers the lowest HELOC rates?
- Bank of America and Wells Fargo often provide some of the most competitive rates, especially for existing customers.
- Can I use a HELOC for anything?
- Yes, HELOC funds can be used for home improvements, education, medical bills, or any major expenses.
- Are there fees associated with HELOCs?
- Some banks, like US Bank and Chase, offer HELOCs with no closing costs or annual fees, while others may charge for additional services like rate locks.
- How is a HELOC different from a home equity loan?
- A HELOC provides a revolving line of credit that you can draw from as needed, while a home equity loan gives you a lump sum upfront.