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A HELOC lets you tap your home equity when you need it. But not all lenders are the same. Rates, fees, and draw terms vary a lot.
Here are the best HELOC lenders for 2026, based on APR ranges, draw periods, and credit score requirements.
Best HELOC Lenders 2026: Quick Comparison
| Lender | APR Range | Draw Period | Min. Credit Score |
|---|---|---|---|
| Figure | 8.45% – 14.99% | 2, 3, 5 yrs | 640 |
| Bethpage FCU | 7.99% – 10.49% | 10 years | 670 |
| Bank of America | 8.60% – 10.20% | 10 years | 660 |
| PNC Bank | 8.50% – 11.50% | 10 years | 660 |
| U.S. Bank | 8.70% – 12.25% | 10 years | 660 |
| Third Federal | 8.24% – 9.99% | 10 years | 680 |
Rates as of May 2026. APRs are representative and may vary by location, credit profile, and LTV.
Best for Fast Funding: Figure
Figure is an online lender. It uses automated appraisals to close in as few as 5 business days. Rates start around 8.45%. The draw periods are shorter than traditional HELOCs (2, 3, or 5 years). You get the full line upfront, like a loan. Best for people who need cash quickly.
Best Credit Union Rate: Bethpage FCU
Bethpage Federal Credit Union often has some of the lowest HELOC rates available. You must become a member, but anyone can join with a small deposit. It offers a traditional 10-year draw period and no closing costs on most products.
Best Big Bank Option: Bank of America
Bank of America is a solid choice for existing customers. Preferred Rewards members get rate discounts. The bank offers HELOCs in most states and has a straightforward online application. No annual fee and no closing costs on most products.
Best for Low Intro Rate: Third Federal
Third Federal has consistently low rates among traditional lenders. It serves a limited number of states. If you qualify, it’s worth checking. It also has no closing costs and no annual fee.
What to Look for in a HELOC Lender
- APR: Compare the full annual percentage rate, not just the intro rate
- Draw period: Standard is 10 years. Some online lenders offer shorter terms
- Fees: Watch for annual fees, prepayment penalties, and inactivity fees
- Closing costs: Many lenders waive these — always ask
- Rate caps: Variable HELOCs should have a lifetime rate cap
How to Qualify for the Best HELOC Rate
Lenders look at three things:
- Credit score: 720+ gets the best rates
- Loan-to-value (LTV): Having 25%+ equity helps
- Debt-to-income ratio: Under 43% is the standard cutoff
Check your debt-to-income ratio before applying. Before you borrow, make sure you understand your total home-related costs using our mortgage payment calculator.
HELOC vs Other Home Equity Options
Not sure a HELOC is right? Compare your options:
- Home equity loan: Fixed rate, lump sum — better for one-time costs
- Cash-out refinance: Replaces your mortgage with a larger one — best when rates are low
- Personal loan: No home collateral needed — but higher rates
See our full breakdown: HELOC vs Home Equity Loan: Which Is Better in 2026?
Frequently Asked Questions
What credit score do I need for a HELOC?
Most lenders require at least 620. To get the best rates, aim for 720 or higher.
How much can I borrow with a HELOC?
Most lenders allow up to 80%–85% combined loan-to-value. That means your mortgage plus the HELOC cannot exceed 80%–85% of your home’s value.
Are HELOC rates fixed or variable?
Most HELOCs have variable rates tied to the prime rate. Some lenders (like Figure) offer fixed-rate HELOCs. Check before you apply.
Can I get a HELOC if I already have a second mortgage?
It depends on your equity. If you have enough equity and your combined LTV is within limits, some lenders will still approve you.
Is a HELOC a good idea right now?
It depends on your needs and how you plan to use the funds. For home improvements or ongoing expenses, a HELOC offers flexibility. Just be aware that rates are variable and could rise.