Best HELOC Lenders of 2026
We reviewed 24 HELOC lenders across rates, draw periods, fee structures, and borrowing limits to find the top options for accessing your home equity.
Quick Comparison
| # | Lender | Rating | Best Rate | Best For | |
|---|---|---|---|---|---|
FigureEditor's Choice | 4.7 | 8.50% from APR | Fast Funding | Check Rate | |
| 2 | 4.5 | 6.99% intro APR | Fixed Intro Rate | Check Rate | |
| 3 | 4.4 | 90% max LTV | High LTV | Check Rate |
Best HELOC Lenders 2026: Quick Comparison
| Lender | APR Range | Max LTV | Draw Period | Best For |
|---|---|---|---|---|
| Figure | 6.10%–14.74% | ~95% | 5 years | Speed |
| Bethpage Federal Credit Union | 5.99%–18.00% | 80% | 10 years | Low Rates |
| Spring EQ | 7.50%–15.99% | 95% | 10 years | High LTV Borrowers |
| U.S. Bank | 7.20%–14.00% | 80% | 10 years | Rate Lock Feature |
| Third Federal | 6.49%–13.99% | 80% | 10 years | Fee Transparency |
| Bank of America | 7.40%–15.00% | 85% | 10 years | BofA Customers |
Rates current as of March 2026. LTV limits vary by credit score and property type.
Figure
100% online HELOC with funding in as few as 5 days
Figure is the fastest HELOC on the market. Their blockchain-based platform processes applications in minutes and funds in days, not weeks. The trade-off is a shorter draw period and an origination fee that eats into your borrowing power. If speed matters more than long-term flexibility, Figure is the pick.
- Fully online application with approval in minutes
- Funding in as few as 5 business days
- Fixed-rate option locks your rate during the draw period
- Origination fee can be as high as 4.99% of the draw
- Shorter draw period (5 years) compared to traditional HELOCs (10 years)
- Cannot draw additional funds after the initial disbursement without reapplying
Bethpage Federal Credit Union
Consistently among the lowest HELOC rates in the country
Bethpage consistently posts HELOC rates that undercut the big banks by a wide margin. No fees on most lines and a generous 10-year draw period make this the value pick. The membership requirement is a formality, since anyone can join with a $5 deposit.
- Some of the lowest starting HELOC rates available nationally
- No application fee, no origination fee, no closing costs on most lines
- Standard 10-year draw with 20-year repayment period
- Membership required (open to anyone with a $5 savings deposit)
- Variable rate with no fixed-rate lock option
- Slower approval timeline than online-only lenders like Figure
Spring EQ
Specialist lender that approves higher combined loan-to-value ratios
Most HELOC lenders cap your combined loan-to-value at 80% or 85%. Spring EQ goes up to 95%, which means you can tap more of your equity even if you have not paid down much of your mortgage. The rates are higher to compensate for the added risk, but for borrowers who need access to equity now, it fills a gap others do not.
- Approves borrowers with combined LTV up to 95%, higher than most lenders
- Fixed-rate and variable-rate options available
- Works with borrowers who have less equity than traditional lenders require
- Higher starting rates than Bethpage or Figure
- Closing costs and fees apply on most products
- Not available in all states
U.S. Bank
Rate lock option and relationship discounts for existing customers
U.S. Bank stands out for its fixed-rate lock feature. You can draw on your variable-rate HELOC, then lock individual draws into a fixed rate when you want payment certainty. The $100 lock fee is minor for the peace of mind. Existing U.S. Bank customers can stack loyalty discounts to bring rates closer to credit union territory.
- Fixed-rate lock option lets you convert variable draws to fixed rate
- No closing costs on HELOCs up to $1M
- Rate discounts of up to 0.50% for existing U.S. Bank customers
- Base rates are higher than credit union options
- Fixed-rate lock has a $100 fee per lock
- Approval process takes 30+ days in most cases
Third Federal
Transparent pricing with a rate guarantee and no hidden fees
Third Federal keeps it simple: low rates, zero fees, and a rate match guarantee. No teaser rates that spike after six months. No hidden annual fees. For borrowers who want a straightforward HELOC without reading 40 pages of fine print, Third Federal delivers.
- Low Rate Guarantee matches competitor offers
- No application fees, no annual fees, no closing costs
- Straightforward variable rate with no teaser gimmicks
- Lower maximum line amount ($200K) than some competitors
- Online-only experience, limited in-person support
- No fixed-rate conversion option
Bank of America
Preferred Rewards members get significant rate discounts
Bank of America's HELOC is a tough sell at face value, since the base rates are above average. But if you already hold significant assets with BofA through their Preferred Rewards program, the rate discounts of up to 0.625% bring them into competitive range. For everyone else, look at Bethpage or Third Federal first.
- Up to 0.625% rate discount through Preferred Rewards program
- No closing costs or annual fees
- Large maximum line amount up to $1M
- Base rates are higher than most competitors on this list
- Best discounts require $100K+ in BofA deposits/investments
- Application and approval process is slower than online lenders
Methodology
How We Evaluate HELOC LendersWe evaluate HELOC lenders across four weighted categories: APR competitiveness across multiple credit tiers (35%), fee structure including origination, closing, and annual fees (25%), borrowing flexibility including draw period length, fixed-rate options, and LTV limits (25%), and application experience and funding speed (15%).
Rate data is collected weekly. Ratings reflect quantitative rate analysis combined with qualitative assessment of the borrower experience. This page is updated monthly.
CalcMoney may receive compensation from partners when you click affiliate links. This does not influence our rankings or editorial content.
Frequently Asked Questions
HELOC FAQ
A HELOC works like a credit card: you get a revolving credit line secured by your home and draw what you need during the draw period (usually 10 years). You only pay interest on what you borrow.
A home equity loan gives you a lump sum upfront with a fixed rate and fixed monthly payments. HELOCs offer more flexibility.
Home equity loans offer more predictability.
Most lenders require at least 15–20% equity in your home, meaning your combined loan-to-value (CLTV) ratio cannot exceed 80–85%. Some lenders like Spring EQ go up to 95% CLTV for qualified borrowers.
If your home is worth $500,000 and you owe $350,000, you have 30% equity ($150,000), and most lenders would approve a HELOC for a portion of that amount.
HELOC interest is tax deductible if the funds are used to buy, build, or substantially improve the home securing the loan. If you use HELOC funds for other purposes (debt consolidation, tuition, a car), the interest is generally not deductible.
The deduction is limited to interest on the first $750,000 of total mortgage debt. Consult a tax professional for your specific situation.
When the draw period ends (typically after 10 years), you enter the repayment period (usually 20 years). You can no longer borrow additional funds, and your monthly payment increases because you are now repaying both principal and interest.
Some borrowers refinance into a new HELOC at this point to extend the draw period, but this resets the clock and involves new closing costs.
Most lenders require a minimum credit score of 620, but rates at that threshold will be near the top of the lender's range. To access competitive rates, aim for 700 or above.
Borrowers with 740+ typically qualify for the best available rates. Lenders also look at your debt-to-income ratio (most cap at 43%), employment history, and the amount of equity in your home.
A higher credit score can offset a higher LTV ratio in some cases.
HELOC rates are almost always variable and tied to the prime rate, which moves with Federal Reserve rate decisions. Your rate is typically prime plus a margin set by the lender (for example, prime + 0.
50%). When the Fed raises rates, your HELOC rate rises.
Some lenders — including Figure and U. S.
Bank — offer fixed-rate conversion options that lock a portion or all of your outstanding balance at a fixed rate, eliminating the variable-rate risk.
Yes. There are no restrictions on how you use HELOC funds, though the tax deductibility rules differ by use.
Common uses include home renovations (maintains deductibility), debt consolidation, education expenses, emergency reserves, and investment in a business. Using home equity for discretionary spending is generally not advisable, since a default puts your home at risk.
Traditional bank HELOCs take 2–6 weeks from application to funding, due to appraisal requirements, title searches, and underwriting. Online-first lenders like Figure have compressed this dramatically — Figure advertises funding in as few as 5 business days using an automated valuation model instead of a full appraisal.
If you have a time-sensitive need, compare lenders on funding speed, not just rate.
As of early 2026, average HELOC rates range from approximately 8. 00% to 10.
50% for borrowers with good credit (700+), reflecting the current prime rate environment. Top-tier borrowers with 760+ credit scores and strong equity positions can find rates from 6.
00% to 7. 50% with certain lenders.
Rates vary significantly by lender, credit score, LTV, and whether any introductory rate periods apply. Use our HELOC calculator to model your specific payment at current rates.
A HELOC makes sense when: you need flexible access to funds over time (home renovation phased over years), you have substantial equity and strong credit, and the project or use case has a clear financial return (increasing home value, eliminating higher-interest debt). It makes less sense if you are accessing equity for consumption spending, if your income is variable, or if rates are near peak and a fixed home equity loan would cost less over the project timeline.