The top HELOC lenders for July 2024.

If you have a good financial standing, a home equity line of credit (HELOC) could be an excellent option for settling medical debts, student loans, or home renovations.

A HELOC enables you to borrow against your home's value and typically has lower APRs compared to credit cards or personal loans. Unlike a lump sum loan, a HELOC allows you to withdraw cash over time. Additionally, you'll usually have more time to repay the loan, with most HELOC lenders offering borrowers 20 to 30 years to pay off their loan.

We reviewed the top eight HELOC lenders based on customer service, ease of application, perks, affordability, and details about their HELOC options. Our methodology involved considering dozens of lenders and analyzing these factors to create a comprehensive list.

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Best for flexible needs

This loan is for individuals looking for low rates, flexible qualification requirements, and excellent customer service. The minimum draw is $100, and the maximum amount is $1 million. Additionally, PNC allows borrowers to switch between a variable rate and a fixed rate after withdrawing their funds, a feature that many lenders do not provide.

PNC distinguishes itself with its transparent rates and high maximum. Eligible PNC customers with a checking account receive a 0.25% rate reduction.

Best for large withdrawal

TD Bank is the best option for those with a high-value home seeking a HELOC over $1 million. Its $6 million maximum draw is one of the largest available. Additionally, it is an excellent choice for those looking to take out a smaller loan, as it does not have a minimum, a rarity among lenders.

TD Bank offers a significant draw and a high maximum LTV (89.99%) for many borrowers. Its draw range is one of the largest, making it a suitable option for most homebuyers, regardless of the amount they plan to borrow.

Best for long draw period

Navy Federal is a great option for veterans seeking a HELOC with a longer draw period. While most lenders offer a 10-year draw period, Navy Federal provides a 20-year draw period, enabling you to access funds for your home renovation or other expenses for an extended period.

Unlike many lenders, Navy Federal does not charge customers fees at closing or an annual fee, and it has a 95% LTV.

Best for speedy closing

If you need to cash out of your HELOC as soon as possible, CMG Financial is the best option. The bank's 5-day HELOC program allows borrowers to access their funds quickly, much shorter than the average three to six weeks typically required to close.

The five-day program of this lender enables customers to receive their cash in less than a week, and an in-person appraisal is not necessary for every loan. Additionally, it offers a maximum loan-to-value ratio of 90%.

Best for customer satisfaction

Who is Fairway Independent Mortgage Corporation best for? It is ideal for individuals who plan to take out a HELOC of less than $400,000 and prioritize customer satisfaction above all else. Fairway was ranked No. 1 in mortgage origination satisfaction by JD Power in 2023 and offers a variety of borrower benefits.

Fairway promises to provide funding in as little as five days and offers remote online notarization in most states, allowing you to complete your application virtually, without leaving your house.

Best for existing customers

For those with an existing checking account with Flagstar, the best option is to set up automatic payments from their accounts to receive a 0.25% rate discount.

Flagstar offers a HELOC with no fees for those who maintain the account for 36 months or more, and a maximum draw of up to $1 million.

Best brick-and-mortar

If you want to interact with your lender in person, Bank of America is a top choice. With over 3,800 retail locations across the U.S., it's the largest lender on this list. It's an excellent option for those seeking a line of credit under $1,000,000 or a discounted intro APR.

Bank of America offers an introductory rate for variable APRs that is over 2% lower than its typical APR, with thousands of retail locations nationwide.

Best for no closing fees

If you're living in one of the 25 states where Third Federal is available and want to avoid fees, it's a great option.

Third Federal offers competitive interest rates that are typically 0.50% lower than other lenders. It does not charge closing fees or prepayment fees, and there is no minimum draw, allowing you to borrow as little as you need.

PNC Bank

PNC offers a diverse range of conventional, government-guaranteed, community, professional, and HELOC loans, and is highly regarded for customer satisfaction with an A+ rating from the Better Business Bureau (BBB). With over 2,300 retail branches across the country, PNC is a leading financial institution.

Minimum credit score for a HELOC

620

Maximum LTV for a HELOC

80% to 90%

Maximum draw

$1,000,000

Minimum draw

$100

Draw period

10 years

Repayment period

20 years

TD Bank

TD Bank is a major bank in the US, with over 1,100 branches on the East Coast. It provides a range of loan options, including conventional mortgages, jumbo loans, construction loans, government-backed loans, professional loans, and HELOC loans. TD Bank also offers low down-payment mortgage options, such as Fannie Mae's HomeReady mortgage and its own Right Step Mortgage, which allow borrowers to put as little as 3% down. The bank received an A+ rating from the BBB.

Minimum credit score for a HELOC

660

Maximum LTV for a HELOC

The percentage of homes that meet the criteria of being worth up to 500,000 dollars is 89.99%, while the percentage of homes worth over $2.5 million is 70%. For homes valued between 500,000 and $2.5 million, the percentage is 80%.

Maximum draw

$6 million

Minimum draw

No minimum

Draw period

10 years

Repayment period

20 years

Navy Federal Credit Union

Navy Federal Credit Union, the largest credit union in the country by asset size, offers conventional mortgages, government-backed loans, Military Choice loans, and Homebuyer Choice loans. Additionally, it is the largest VA loan provider in the country and provides a range of loan options for veterans, active servicemembers, and their families.

Minimum credit score for a HELOC

Not disclosed

Maximum LTV for a HELOC

95%

Maximum draw

$500,000

Minimum draw

$10,000

Draw period

20 year

Repayment period

20 years

CMG Financial

CMG Financial offers a range of mortgage options, including conventional, government-backed, refinancing, renovation, jumbo, reverse, and HELOC loans. Its HomeFundIt feature enables family and friends to contribute to borrowers' down payments through its website. Additionally, the bank's Community ONE Grant assists qualified homebuyers in purchasing a home with only 1% down by providing 2% in funding up to $6,000.

Minimum credit score for a HELOC

620

Maximum LTV for a HELOC

90% LTV in most cases

Annual Fee

$50-$150 per year.

Maximum draw

$400,000

Minimum draw

$20,000

Draw period

Varies for conventional, but 10 years is typical.

Repayment period

10 to 30 years

Fairway Independent Mortgage Corporation

An online-only mortgage lender, Fairway Independent Mortgage Corporation provides conventional loans, federally insured loans, interest-only loans, and specialized loans. Additionally, it offers a comprehensive down payment assistance program. According to JD Power's 2023 mortgage origination satisfaction study, it was ranked No. 1.

Minimum credit score

620 (getting confirmation)

Maximum LTV for HELOC

Getting confirmation

Maximum draw

$400,000 (getting confirmation on this)

Minimum draw

No minimum (Getting confirmation on this)

Draw period

Unclear from website (Getting confirmation on this)

Repayment period

Unclear from website (Getting confirmation on this)

Flagstar

Flagstar offers a range of loans to cater to borrowers' needs, including conventional mortgages, government-backed mortgages, refinancing, HELOC, and Community Reinvestment Act mortgages. First-time homebuyers can benefit from the Flagstar Gift Program, which provides up to $15,000 towards a down payment and closing cost, and the PowerUp program, which offers a $10,000 grant. Additionally, Flagstar has several low down payment options, such as FHA, USDA, HomeReady, and Home Possible loans, as well as Destination Home Mortgage, which allows borrowers to put as little as 0% down.

Minimum credit score

700

Maximum rate for HELOC

21%

Maximum LTV for HELOC

85%

Maximum draw

$1 million

Minimum draw

$10,000

Draw period

10 year

Repayment period

20 year

Bank of America

One of the largest banks in the country, Bank of America has 4,600 retail locations and provides a range of loan options, including conventional loans, government-backed loans, and specialized loans tailored to specific economic groups and professions. Additionally, the bank offers first-time homebuyer grants and online education.

Minimum credit score

620

Maximum LTV for HELOC

85%

Maximum draw

$1,000,000

Minimum draw

No minimum

Draw period

Can vary up to 10 years

Repayment period

Usually 20 years

Third Federal

Third Federal boasts an A+ rating from the BBB and provides a range of mortgage options, including conventional loans, jumbo loans, refinancing, and HELOCs. They guarantee the lowest rate and will offer a rate reduction or $1,000 if a borrower finds a better deal elsewhere. Additionally, they offer low closing costs and do not charge any closing fees for HELOC loans.

Minimum credit score

Not disclosed

Maximum LTV for HELOC

80%

Maximum draw

$300,000

Minimum draw

$10,000

Draw period

10 years

Repayment period

20 years

Why trust CNBC Select?

Our mission at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each mortgage review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of mortgage products. At CNBC Select, we are committed to maintaining our journalistic standards and ethics, even when it comes to earning a commission from affiliate partners on many offers and links. Our methodology outlines the process we use to select the best bad credit mortgages, which are based on rigorous research and analysis.

Our methodology

To identify the top HELOC lenders in the U.S., CNBC Select evaluated numerous mortgages offered by banks, both online and offline, including credit unions, that provide fixed-rate APRs and customizable loan amounts and terms to meet various financing requirements. When ranking the best HELOC loans, we prioritized the following characteristics.

A fixed rate APR ensures that your interest rate remains constant throughout the loan term, providing stability to your monthly payments and simplifying budget planning.
Lenders offer various mortgage loan options, including conventional, FHA, VA, USDA, and jumbo loans. These loans cater to different needs of applicants, and having more options available means lenders can serve a wider range of customers. Additionally, we have taken into account loans that would be suitable for borrowers looking to purchase a second home or a rental property.
Each lender on our list has a unique closing timeline that ranges from two weeks to 45 days after the home purchase agreement is signed.
Mortgage application fees: Origination fees, application fees, underwriting fees, processing fees, and administrative fees are common fees associated with mortgage applications. We consider these fees along with other factors when evaluating lenders' offers. While some lenders on this list do not charge these fees, we have noted any instances where a lender does charge such fees.
Each mortgage lender offers a range of financing options that you can tailor to your monthly budget and repayment timeline.
Our list of mortgage lenders does not charge borrowers for paying off the loan early.
We evaluated whether lenders provided a user-friendly online application process or local branch options for a hassle-free application.
Our list of mortgage lenders offers customer support through phone, email, or secure online messaging, as well as an online resource hub or advice center to assist you in understanding the personal loan process and managing your finances.
We found lenders that provide specialty loans with a lower minimum down payment requirement.

CNBC Select evaluated HELOC lenders based on specific loan terms, including maximum APR, minimum and maximum draw amounts, draw period length, and repayment period.

We took into account CNBC Select audience data, including demographics and engagement with our content and tools, when possible.

The interest rate and monthly payment for a mortgage are guaranteed to remain consistent throughout the loan term if you accept the mortgage agreement. However, the rates and fee structures advertised for mortgages may change based on the Fed rate. Your APR, monthly payment, and loan amount are determined by your credit history, creditworthiness, debt-to-income ratio, and desired loan term. To obtain a mortgage, lenders will conduct a hard credit inquiry and require a full application, which may include proof of income, identity verification, proof of address, and more.