Best home equity lines of credit (HELOC) lenders of June 2026

A home equity line of credit (HELOC) lets you tap into your home's value with a revolving line of credit for renovations, college tuition or other expenses.

Unlike with a home equity loan, you only have to repay the portion of the loan you use. HELOCs also offer lower interest rates than personal loans and more time to repay than credit cards.

CNBC Select named the best HELOC lenders based on withdrawal limits, credit score requirements, draw periods and other factors. For more information on how we made our selections, see our methodology. 

Who's this for? If you want to open a HELOC without leaving home, consider applying for one with Figure. Its application process is 100% online, including remote closing (where available).

Standout benefits: Figure will loan up to 85% of your home's value and you can access funds in as little as five days.

Who's this for? If you need a lot of cash, TD Bank has a $6 million draw limit, one of the highest in the market. Don't need a lot? There's no minimum draw.

Standout benefits: TD Bank approves HELOCs with loan-to-value ratios of up to 89.99%. You can get a 0.25% rate discount if you set up autopay from a TD Bank personal checking or savings account.

Who's this for? If you want your line of credit to operate like a credit card – rewards and all — Aven's Home Equity Cash product is an innovative way to tap your home equity. Your full line of credit is available via an Aven credit card, and you get 2% cash back on purchases.

Standout benefits: Aven has a draw minimum of just $5,000, much lower than most HELOC lenders. It also has a $250 lowest rate guarantee.

Who's this for? If you're looking to minimize the amount you plan to pay up front, consider applying for a HELOC with Bank of America. It doesn't charge application fees, account fees or closing costs for HELOCs.

Standout benefits: If you want personal attention, BofA has nearly 3,800 branches nationwide. It also ranks highly with J.D. Power for customer satisfaction with mortgage servicing

Who's this for? If you want a small line of credit, look into Third Federal. It has no minimum draw, so you can take out only what you need and avoid paying unnecessary interest.

Standout benefits: Third Federal doesn't charge application fees or closing costs for HELOCs.

Who's this for? By skipping the appraisal process, CMG Financial's five-day HELOC lets you access funds faster than the typical three to six weeks it takes other lenders.

Standout benefits: CMG will accept a loan-to-value ratio of 90% and approve HELOCs on second homes and investment properties.

Who's this for? If you want to ensure consistent rates when repaying your HELOC, FourLeaf Federal Credit Union is one of the few lenders that allows you to convert some or all of a variable-rate HELOC to a fixed rate. (There is a $10,000 minimum, however.)

Standout benefits: FourLeaf doesn't assess closing fees for HELOCs up to $500,000.

Who's this for? If you have less-than-perfect credit, consider a HELOC with PNC Bank. It approves HELOC candidates with a 600 FICO Score, considerably lower than most lenders.

Standout benefits: PNC has a wide draw range, from $100 up to $1 million. After withdrawing your funds, you can switch from a variable to a fixed rate.

Who's this for? If you want a draw period that's longer than 10 years, look into applying for a HELOC with Navy Federal Credit Union, which offers a 20-year draw period, twice as long as most lenders.

Standout benefits: Navy Federal approves HELOCs with a 95% loan-to-value ratio and doesn't charge closing fees.

Who's this for? If you are already a Flagstar customer, you can save on a potential HELOC by opening an account with the bank. It provides a 0.25% rate discount on HELOCs if they set up automatic payments from their checking account.

Standout benefits: Flagstar waives its HELOC fees if you keep your account open for at least 36 months.

A home equity line of credit (or HELOC) leverages the stake you have in your home for a line of revolving credit.

There's a draw period, usually 10 to 15 years, during which you're only required to make interest payments. If you make payments on the principal, your available credit will increase. After the draw period ends, you'll have a set period, usually 20 or 30 years, to repay the remaining principal and interest.

HELOCs typically have variable rates, which is a boon if interest rates are declining. If they increase, however, you could be hit with much higher payments. The loan is backed by your house, so your lender could force you into foreclosure if you fail to make payments.

Approval requirements vary by lender, but you should have:

• At least 15% to 20% equity in your home
• A credit score of between 620 and 680
• A debt-to-income ratio of 47% or below
• Stable, verifiable income

In addition to interest and closing costs, your lenders may charge other fees while your HELOC is open:

Annual fee: Many HELOCs have an annual membership fee (typically $50 to $75), though it may be waived in the first year.

Inactivity fee: Your lender may charge you if you don't use your line of credit within a specified timeframe, typically one or two years.

Fixed-rate conversion fee: Some lenders allow borrowers to convert a variable-rate HELOC to a fixed rate before the draw period ends, but a conversion fee may be charged.

Early closure fee: If you close your account before the agreed-upon time — typically within the first three years — your lender may charge you a cancellation fee.

To get the best rates, fees, and terms, compare at least three to five HELOC lenders—including traditional banks, credit unions, and online lenders. If you currently have a mortgage, consider checking with your existing lender as well.

• Rates: Compare APRs and check whether any lender offers a fixed-rate conversion or lock option. If there is an introductory rate, see how long it lasts, what conditions apply and what the rate reverts to when it ends.
• Fees: Review application and origination fees, as well as closing costs, annual fees, inactivity fees, and early termination penalties. A lender with slightly lower rates but higher fees may end up costing more over time.
• Approval requirements: Review how much home equity is needed for approval, along with credit score and debt-to-income ratio requirements.
• Draw and repayment terms: The most common draw period is 10 years, though some lenders offer terms as short as five years and (less commonly) as long as 20 to 30 years. Some lenders allow borrowers to renew or extend the draw period and continue making interest-only payments rather than converting the balance into a fully amortizing loan.
• Loan amounts and limits: Most HELOC lenders cap the combined loan-to-value (CLTV) ratio at 80% to 90%, though limits vary. Some also require a minimum initial draw at account opening or during the draw period.
• Discounts: Many banks offer rate reductions for setting up autopay or maintaining an existing deposit account. While small, these discounts can provide meaningful savings in the long term.
• Funding speed: If you need funds quickly, compare appraisal and approval timelines and how soon the credit line becomes available after closing.
• User experience and lender reputation: Review J.D. Power rankings in mortgage lending, Better Business Bureau ratings, and third-party reviews such as Trustpilot. You can also check for complaints filed with the Consumer Financial Protection Bureau or state regulators.

There are other ways to access cash, including some that don't leverage your home equity.

Home equity loan

Rather than a line of credit, a home equity loan is a lump-sum cash payment. It's a good option for large one-time costs, like buying a car or consolidating high-interest debts.

Unlike HELOCs, home equity loans have fixed rates and repayment terms of 5 to 30 years. In addition, borrowers make amortized payments from the start.

Home equity sharing

If you don't have great credit, a home equity sharing agreement lets you access cash in exchange for partial ownership of your home and a share of any future appreciation.

Instead of monthly payments, you'll repay the loan in full at the end of your term — anywhere from 10 to 30 years — or when you sell the house. In addition to the principal, you'll pay an amount equal to your risk adjustment rate, based on the home's value at the end of the term.

Cash-out refinancing

Cash-out refinancing lets borrowers take out a loan for more than their existing mortgage balance and receive the remainder as cash.

Credit requirements are more flexible than for a HELOC, and you'll likely get a lower interest rate. But it will also take more time to get your money.

Reverse mortgage

Unlike a HELOC or home equity loan, you don't have to make payments on a reverse mortgage until you sell the house, stop using it as a primary residence, or pass away.

Reverse mortgages are typically reserved for homeowners aged 62 or older who have at least 50% equity in their home. That makes them a popular option for older people on a fixed income in need of extra cash.

But they have drawbacks, too: Failure to pay your property taxes, homeowners insurance or other home-related expenses can lead the bank to foreclose.

Personal loan

A personal loan avoids putting your home at risk and is easier to get if your credit history isn't ideal. Your interest rate will likely be higher than with a HELOC, however, and the repayment term is shorter.

Lenders usually cap personal loans at $50,000 or $100,000. In addition, you won't be able to write off the interest, even if you use it for home renovations.

At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties, and we pride ourselves on maintaining high journalistic standards and ethics.

CNBC Select analyzed dozens of banks, credit unions and online lenders to determine which are the best for home equity lines of credit. We focused on the following features:

Loan terms: We considered each lender's minimum and maximum draw limits, as well as the draw and repayment periods. 

Loan availability: The lenders we chose offered HELOCs in all or most states.

Closing timeline: We gave more weight to lenders with shorter-than-average closing times or who guaranteed on-time closing.

Fees: The mortgage process includes origination, application and underwriting fees, as well as charges for appraisals, title insurance, attorneys and other closing costs. When possible, we noted if a lender had lower fees, discounts or waived certain fees.

Customer service: We gave more weight to lenders that scored highly on J.D. Power's mortgage origination and servicing surveys. We also noted if they had robust customer service phone hours and a website with an online chat feature and educational resources.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

Based on these criteria, our picks for the best HELOC lenders are:

• Best for online closings: Figure
• Best for large withdrawal: TD Bank
• Best HELOC card: Aven
• Best for no fees: Bank of America
• Best for small withdrawals: Third Federal Savings and Loan
• Best for speedy closing: CMG Financial
• Best for fixed-rate HELOCs: FourLeaf Federal Credit Union
• Best for low credit score: PNC Bank
• Best for long draw period: Navy Federal Credit Union
• Best for existing bank customers: Flagstar Bank

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