Best home equity line of credit (HELOC) lenders for September 2025

Written by

Linda Bell,

Edited by

Troy Segal,

Reviewed by

Mark Hamrick,

Expert verified

Updated on Sep 15, 2025

If you’re in the market for a HELOC, take a look at our top lenders offering home equity lines of credit. We’ve carefully reviewed and rated our home equity lenders to find the ones that shine, building on our scoring system, the Bankrate Awards, and data culled from our lender reviews.

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Best home equity line of credit (HELOC) lenders in September 2025

Lender	Bankrate Score	Line of Credit Amount	National/Regional	Best for
Alliant Credit Union	4.7/5	$10,000+	Regional (in 25 states & D.C.)	Overall
Aven	4.6/5	Up to $250,000	National (in 43 states)	Innovation
BMO	4.5/5	$25,000-$1,000,000	National	Best from a bank
FourLeaf Federal Credit Union	4.3/5	$10,000+	National	No closing costs or fees
Fifth Third Bank	4.3/5	$10,000-$500,000	Regional (12 states)	Low or bad credit
Figure	4.2/5	$15,000-$750,000	National (except Hawaii & New York)	Fast funding
Renofi	4.2/5	$25,000-$750,000	National	Home improvement
Rate	4.1/5	$25,000-$400,000	National (43 states)	Online

Note: The above data is current as of Sept. 3, 2025

Alliant Credit Union: Best overall HELOC lender

4.7

Bankrate Score

Overview

Originally founded in 1935 for United Airlines employees, Alliant Credit Union now services borrowers in half the country. It operates solely online and through a network of surcharge-free ATMs.

The company stands out due to its highly competitive rates (including, currently, a 3.99 percent APR fixed intro rate for the first six months), low loan minimums and lack of fees.
- There’s an interest-only HELOC option (in select states).
- You can tap up to 85 percent of your home’s value (in certain states).
- Covers closing costs and appraisal fees on HELOCs up to $250,000. Annual fee of $50 is waived for the first year.
- No physical branches.
- HELOCs are available only to borrowers in 25 states and Washington D.C.
- You must join the credit union in order to apply, and auto-pay from a credit union account for the best terms.

Aven: Best HELOC lender for innovation

4.6

Bankrate Score

Overview

Aven offers not a home equity line of credit, but a home equity-secured credit card – a Visa card backed by Coastal Community Bank, an FDIC-insured institution. Its credit limit is based on your tappable equity, at an interest rate that reflects your creditworthiness. You can use it as you would any credit card, and it has no finite repayment period. It does offer cashback on purchases.

While some lenders do supply a debit card to tap your HELOC with, Aven’s home equity-secured card is a unique, highly convenient product – combining the perks and ongoing nature of a credit card with the borrowing power of a HELOC.
- You receive 2 percent cash back on all purchases
- No origination, annual, or prepayment fees
- Can tap up to 89 percent of your equity in a primary or secondary residence or an investment property
- If you cash out and enroll in the fixed repayment plan, you’ll pay a one-time fee of either 2, 2.5 or 4.9 percent, depending on your card agreement. The same fee structure applies to balance transfers.
- There's a $29 fee for any late payments.
- Aven and Coastal Community Bank are added as beneficiaries on your homeowners insurance policy (for $100,000+ credit lines).

BMO: Best home equity line of credit from a bank

4.5

Bankrate Score

Overview

BMO is the eighth-largest bank in North America by assets and serves 13 million customers. A sizable financial services institution operating in personal banking, business lending, and capital markets, it recently grew even larger with the acquisition of Bank of the West.

Not only does BMO offer both HELOCs and home equity loans, but it also features no application fees and low-to-no closing costs.
- This lender offers some of the most competitive HELOC rates available.
- BMO's HELOC has low fees.
- Get a 0.25% interest rate discount for setting up autopay from a qualifying BMO account.
- If you close your account within three years, the bank might charge a fee to recoup closing costs.
- There’s a $75 fee every time you convert a fixed-rate lock option after closing.

FourLeaf Federal Credit Union: Best HELOC lender for minimal fees

4.3

Bankrate Score

Overview

FourLeaf, formerly Bethpage, is a credit union that serves over 400,000 members. The credit union offers mortgage loans, refinance loans and HELOCs.

FourLeaf has no application, appraisal or origination charges. Also, for credit lines up to $500,000, the company will cover all closing costs.
- Incredibly low introductory rates for the first year.
- Zero fees and closing costs.
- You can convert some or all of your variable-rate HELOC to a fixed rate with no fee.
- You must become a member of the credit union by opening a savings account.
- If you close your HELOC within 36 months, you'll need to reimburse FourLeaf the closing costs.

Third Federal Savings and Loan: Best HELOC lender for low or bad-credit borrowers

4.3

Bankrate Score

Overview

Dating back to 1858, Fifth Third Bank has a footprint in 11 states and provides a variety of financial products, including HELOCs, annuities, credit cards and more.

Fifth Third sets a 640 credit score requirement – low compared to other home equity lenders, whose minimum is 680 or even 700.
- With its fixed-rate lock option, you can lock in a rate on all or part of your existing balance.
- Various customer support options: online, on the phone or at one of its branches.
- No closing costs.
- Exercising the fixed-rate lock option comes with a $95 fee
- Fifth Third’s HELOCs and home equity loans are only available in 11 states.
- Advertised rates assume a loan-to-value (LTV) of 70%, on the low side.

Figure: Best HELOC lender for fast funding

4.2

Bankrate Score

Overview

Figure is a non-bank online lender that has served over 201,000 households since its founding in 2018. Its HELOC comes with a fixed interest rate and mandates a large lump sum withdrawal.

You can apply for the HELOC online, lock your rate in 5 minutes and get funding as quickly as 5 business days. The industry average is around 37 days.
- Extremely competitive interest rates
- Loan amounts are as low as $15,000 and as high as $750,000
- Discounts for enrolling in auto-pay and membership in certain credit unions
- Figure requires that you take all of the loan amount, minus the origination fee upfront
- Its HELOCs come with an origination fee of 4.99 percent.
- You may have to pay for a home appraisal if an AVM is not available or if your loan amount exceeds $400,000.

Renofi: Best HELOC lender for home improvements

4.2

Bankrate Score

Overview

RenoFi is not itself a lender; it acts like a mortgage broker for borrowers, pairing them with credit unions who offer home equity financing – including HELOCs.

Renofi is specifically geared towards borrowers who want to use their home equity on repairs and renovations. It bases its calculation of a borrower’s available equity on the post-upgrade worth of the home, rather than its current market value, and allows them to borrow up to 90 percent of that future figure. As a result, homeowners might be able to access more equity than they would with a traditional HELOC.
- Renofi offers credit lines up to $750,000.
- You can use funds on newly purchased homes and investment properties.
- The 620 minimum credit score is low by home equity financing standards.
- HELOCs can only be used for renovations or repairs.
- Renofi’s working with outside lending partners can complicate or elongate the underwriting process.

Rate: Best online HELOC lender

4.1

Bankrate Score

Overview

Formerly known as Guaranteed Rate, this leader in the mortgage lending and digital financial services space specializes in home-based financing. Since its founding in 2000, it has helped more than 2 million homeowners.

Rate’s application process is 100 percent digital. It takes from 5 to 10 minutes to apply – you can simply link your bank accounts instead of uploading documents – and, if approved, you can receive HELOC funds in as little as five business days.
- Allows a DTI of up to 50 percent.
- You can get a 0.25 percent rate discount for enrolling in autopay.
- Availability across much of the U.S.
- The HELOC draw period is 2 to 5 years, less than the 10-year standard.
- You must withdraw your entire credit line at the time of origination, minus the origination fee.
- Rate only has a fixed-rate HELOC, no variable-rate product.

Bankrate’s methodology for choosing the best HELOC lenders

In choosing the eight lenders featured here, we began with our Bankrate Scores. Each of the financial institutions scores strongly – a 4 out of a possible 5 stars – among home equity lenders offering HELOCs.

5.0

Overall Score

Affordability 33%
Availability 33%
Borrower experience 33%

Learn more: Our Bankrate Score methodology

Then, going beyond the Bankrate Score, we took a deeper look at the standout characteristics of these lenders, like overall value, low costs, availability and product range, to pinpoint which ones excelled in specific areas or for specific features. From there, we created the Best HELOC Lenders list presented here.

What to consider when choosing a HELOC lender

When you’re shopping for a lender, the cost of borrowing from them is paramount. That refers to the interest rate on their HELOCs, of course, but also other expenses, both upfront closing costs and ongoing charges, like annual or transactional fees.

But borrowing cost isn’t everything. Other key factors to consider in a lender:

Qualifying requirements. Does the lender’s requirements around loan-to-value and credit score fit your financial profile?
Availability. One obvious factor is whether the lender does business where you live. Another question to ask yourself: Do you prefer doing business with a brick-and-mortar lender or an online company?
Flexibility. What are the lender’s policies concerning prepayment, refinancing and adjusting the credit line limit?
Reputation: Read the lender’s consumer reviews to get a sense of their customer service and others’ real-life experiences with them.

Is there an introductory rate that can drastically reduce your interest charges in the initial months the line of credit is open? Look for lenders that waive or cover any closing costs to minimize out-of-pocket expenses, and if you’re using this as an emergency backup, then stay away from lenders that have a minimum draw requirement or charge any type of annual or inactivity fee.
Greg McBride, Bankrate Chief Financial Analyst

Requirements for a HELOC

In evaluating you for a HELOC, lenders usually will zero in on a few financial things. First, you’ll need to have enough equity in your home, typically a stake that’s at least 15 to 20 percent of your home’s value. Your credit score will also play a big role: It should be, at a minimum, in the mid-600s – though some lenders require at least 700 (and reserve best rates for borrowers at that level and up). Alongside this, your debt-to-income (DTI) ratio needs to be 43 percent or less, as lenders want to see that your regular monthly outgo doesn’t eat up too much of your income, and that you’ll have ample funds to cover monthly payments.

You’ll also need proof of steady income and employment. This reassures the lender that the monthly payments won’t stretch your budget too thin. An appraisal is also a must-have, as lenders will use it to confirm your home’s current market value.

How to get the best HELOC rate

The best way to lock in a low rate is to shop around. Don’t settle for the first offer you receive, or a lender with whom you already do business. Banks, credit unions, and online lenders vary widely in what they charge. Comparing at least three options can save you thousands over the life of the loan.

Improving your credit score before you apply can also make a big difference. Paying down debts, catching up on late payments, and lowering credit card balances can boost your score and help you qualify for better rates.

Finally, while timing the market is tricky, do look at where HELOC rates are, along with interest rate trends in general. Applying when rates are lower or trending down can work in your favor. With HELOCs, you also want to keep an eye out for special offers: lower-than-average introductory rates that are fixed for a set period.

FAQs

A HELOC is a revolving line of credit: you can draw against it, repay the funds, then borrow again. Funds are available for a set time frame known as the draw period, which typically lasts up to 10 years. When the draw period expires, you enter the repayment period, which can last up to 20 years. You can no longer borrow, but will pay back the outstanding balance, as well as any interest owed.

HELOCs typically charge interest at a variable rate. HELOC rates are tied to a benchmark, usually the prime rate. As it moves up or down, so does your HELOC rate. So your monthly payment minimums will vary, depending on the current interest rate and how much money you have borrowed.

Many HELOCs allow you to pay interest-only during the draw period, though you have the option to repay all or part of the principal, too. Some HELOCs also let you lock in a fixed interest rate on your outstanding balance.
HELOCs require strong credit. You typically need a credit score of at least 640; many lenders have even higher minimums of 680 or 700. In addition, most lenders also require a combined loan-to-value ratio (CLTV) of 85 percent or less and a debt-to-income (DTI) ratio below 43 percent to approve you for a home equity line of credit.

Home equity lenders reviewed by Bankrate

Meet our Bankrate experts

Written by: Linda Bell, Senior Writer, Home Lending

For more than two decades, I have covered the housing market, including in-depth coverage of the 2008 residential real estate collapse. To increase my knowledge of home equity and HELOCs, I earned a Certified HELOC Specialist designation from the National Association of Mortgage Underwriters (NAMU). Throughout my career, I have won more than two dozen awards, most notably from the National Association of Real Estate Editors (NAREE) and the New York Association of Black Journalists (NYABJ) for an investigative series I produced on minorities and the housing industry.

Here's how it works:

Enter your details

Compare top rates

Choose a lender

Best home equity line of credit (HELOC) lenders in September 2025

Alliant Credit Union: Best overall HELOC lender

Overview

Why we say it’s the best overall

Pros

Cons

Aven: Best HELOC lender for innovation

Overview

Why we say it’s the best for innovation

Pros

Cons

BMO: Best home equity line of credit from a bank

Overview

Why we say it's the best from a bank

Pros

Cons

FourLeaf Federal Credit Union: Best HELOC lender for minimal fees

Overview

Why we say it's the best for minimal fees

Pros

Cons

Third Federal Savings and Loan: Best HELOC lender for low or bad-credit borrowers

Overview

Why we say it's the best for borrowers with low/bad credit

Pros

Cons

Figure: Best HELOC lender for fast funding

Overview

Why we say it’s the best for fast funding

Pros

Cons

Renofi: Best HELOC lender for home improvements

Overview

Why we say it's the best for home improvements

Pros

Cons

Rate: Best online HELOC lender

Overview

Why we say it’s the best online

Pros

Cons

Bankrate’s methodology for choosing the best HELOC lenders

What to consider when choosing a HELOC lender

Requirements for a HELOC

How to get the best HELOC rate

FAQs

How does a HELOC work?

What is the credit score typically required to qualify for a HELOC?

Home equity lenders reviewed by Bankrate

Meet our Bankrate experts