Key Takeaways
- Better Mortgage is our Best Overall pick. Better allows combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting, and it lists a 620 minimum credit score. Meeting a minimum credit score does not guarantee approval.
- Other lenders stand out in one area: Bank of America advertises no application or annual fee and no closing costs on lines up to $1 million; Figure says it can fund in as little as five business days for loans under $400,000 closed online; and Navy Federal offers a 20-year draw period to military-affiliated members.
- This page compares 8 lenders on their published terms: fees, minimum credit scores, borrowing limits and funding speed. The right choice depends on your credit, your equity and whether cost or speed matters more.
The best HELOC lender for you depends on your credit score, how much equity you have and whether you care more about cost or speed. Lenders differ most on minimum credit scores, how much of your home’s value they will lend against, fees and how fast they fund. Before you compare lenders, it helps to know the pros and cons of a HELOC.
Explore your HELOC options. Start hereIn this article. (Skip to...)
- Best home equity line of credit lenders
- Our Methodology: How We Picked and Scored These Lenders
- Compare top HELOC lenders side by side
- How to choose the best HELOC lender
- Is a HELOC right for you in 2026?
- FAQs about popular HELOC lenders in 2026
Best home equity line of credit lenders
The best HELOC lender in 2026 depends on your priorities. Based on fees, credit score requirements, borrowing power and funding speed, Better Mortgage is our Best Overall pick. Better allows combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting, and it lists a 620 minimum credit score. Meeting a minimum credit score does not guarantee approval.
No single lender fits everyone. Figure is built for fast HELOC funding: it can fund in as little as five business days when you close with its online notary and borrow less than $400,000. Navy Federal Credit Union lets eligible members borrow up to 95% of their home’s equity. Bank of America advertises no application or annual fee and no closing costs on lines of credit up to $1 million.
Check your HELOC eligibility. Start hereThe Mortgage Reports’ Best HELOC Lenders
Our Best Overall pick, followed by lenders grouped by what matters most to you: low fees, fast funding, high borrowing power and more.
- Best Overall
Better Mortgage
Best Overall4.3/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Up to 90%Min Credit Score 620Draw Period 3 yearsWhy it's our Best Overall pick: Better allows combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting. It lists a 620 minimum credit score and runs a fully digital process, with a 4.3/5 Overall Lender Score. Meeting a minimum credit score does not guarantee approval. The draw period is 3 years (Better may renew it), followed by a 7-year interest-only hold period and a 20-year repayment period. At funding, borrowers must draw at least $50,000 or 75% of their approved credit limit, whichever is greater. Not available in Texas.
-
Point
Best for HELOC or HEI Choice4.7/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not publishedMin Credit Score 680Draw Period Not publishedWhy it's here: The highest Overall Lender Score on this list (4.7/5). Point’s HELOC goes up to $750,000 with a 30-year term, and Point says you can get cash in as little as five days; appraisal, recording and other closing requirements can extend that timeline. Point lists a 680 minimum credit score. Meeting a minimum credit score does not guarantee approval. For homeowners who don’t qualify, Point also offers a home equity investment (HEI) with a 500 minimum credit score. An HEI has no stated interest rate or required monthly payment, but it is not cost-free: you repay based on your home’s value when the agreement ends.
-
Truist Bank
Best for Large Bank Network4.5/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not publishedMin Credit Score Not publishedDraw Period 10 yearsWhy it's here: A large bank with a branch network, if in-person help matters to you. Truist’s current offer covers lines from $15,000 up to $1,000,000, with a 10-year draw period and 20-year repayment period. In some states, Truist can pay closing costs on lines of $500,000 or less. Choosing lender-paid closing costs can affect your rate. Other fees may apply, and closing the line within 36 months may require repayment of costs Truist paid.
-
Bank of America
Best for Low Fees4.3/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Up to 85%Min Credit Score 660Draw Period 10 yearsWhy it's here: Bank of America advertises no application or annual fee and no closing costs on lines of credit up to $1 million. Its published loan assumptions list a $450 early closure fee if you close the line within 36 months, with some exceptions. It lists a 660 minimum credit score and at least 15% equity. Meeting a minimum credit score does not guarantee approval. Rate discounts are available for autopay, a large first withdrawal and BofA Rewards members.
-
Aven
Best for Credit-Card-Style Access4.0/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not confirmedMin Credit Score Not confirmedDraw Period VariesWhy it's here: The Aven Home Equity Visa card is a home equity line you use like a credit card, with limits up to $400,000. Moving cash to your bank account or doing a balance transfer costs 2.5% of the amount. Available in certain states only.
-
Figure
Best for Fast Funding4.0/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not publishedMin Credit Score 640Draw Period 2 to 5 yearsWhy it's here: A fully digital process that uses automated home valuations instead of a traditional appraisal for most loans. Approval can come in as little as five minutes, and funding in as little as five business days when you close with Figure’s online notary and borrow less than $400,000. The origination fee is 0% to 4.99% of your first draw. Figure lists a minimum credit score of 640 in most states; requirements vary by property and location. Meeting a minimum credit score does not guarantee approval. Figure disburses the full credit limit upfront, less the origination fee. Additional draws become available as principal is repaid, during a two- to five-year additional-draw period depending on the loan term.
-
Upstart
Best for Low Credit Score Requirements4.0/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not publishedMin Credit Score Around 600 in some casesDraw Period Not publishedWhy it's here: The lowest published credit threshold on this list: Upstart says that in some cases, you may qualify with a score of around 600. Meeting a minimum credit score does not guarantee approval. Lines run from $26,000 to $250,000, with an origination fee of 0% to 4.99% of the approved credit limit, and you must draw at least 80% of the limit at closing. Upstart is a technology-driven lender with a fully digital application; in the third quarter of 2026, 15% of its funded HELOCs closed in 2 days or less.
-
Navy Federal Credit Union
Best for Borrowing Power / Military3.2/5 The Mortgage Reports Overall Lender Score Read the full reviewMax CLTV Not publishedMin Credit Score Not publishedDraw Period 20 yearsWhy it's here: The longest draw period on this list (20 years, followed by a 20-year repayment period), and Navy Federal lets members borrow up to 95% of their home’s equity. It charges no application, origination or annual fee and pays closing costs, but borrowers remain responsible for required homeowners insurance and, on first-lien HELOCs, prepaid interest and escrow payments. Lines run from $10,000 to $500,000. Not available in Texas, and Navy Federal estimates 30 to 40 days to close. Its lower Overall Lender Score reflects that it doesn’t offer FHA or USDA loans (unrelated to HELOC quality). Membership is limited to service members, veterans, Department of Defense employees and their families, which is why it isn’t eligible for our Best Overall pick, reserved for lenders open to any borrower.
Figures come from each lender’s published terms as of November 2026 and vary by state, property and borrower profile. “Not published” means the lender does not list that figure, and “Not confirmed” means a current figure could not be confirmed on the lender’s own pages. Meeting a minimum credit score does not guarantee approval. Lender and homepage links are provided for reference; see full lender reviews for details.
Our Methodology: How We Picked and Scored These Lenders
Here’s exactly how we evaluated the HELOC lenders on this page — what we looked at, how we chose our Best Overall pick, and what every other lender’s distinction means.
What we evaluated
- Overall Lender Score — The Mortgage Reports’ independent rating of the lender as a whole: affordability, lending flexibility, trustworthiness, and customer experience.
- Fees — Application fees, annual fees, and closing costs charged specifically on the HELOC.
- Borrowing power — The maximum combined loan-to-value (CLTV) ratio the lender allows.
- Credit accessibility — The minimum credit score required to qualify.
- Funding speed — How quickly a borrower can get approved and receive funds.
Best Overall
Better Mortgage
We weighed all five factors together to name one Best Overall pick. Better Mortgage won by combining a strong 4.3/5 Overall Lender Score with one of the highest CLTVs on this list (90%) and one of the most accessible credit minimums (620) — a genuinely strong lender across the board, not just a leader in one category. We only consider lenders open to any qualified borrower for this pick; credit unions with membership requirements (like Navy Federal) are excellent options too, but are evaluated separately since Best Overall should work for the widest range of readers.
How every other lender is featured
Every other lender on this page is featured for one specific, verifiable strength from the list above — the lowest fees, the fastest funding, the highest CLTV, and so on. These lenders are not ranked against each other. We don’t average their scores into a single number and order them 1 through 8, because the “best” lender genuinely depends on what matters most to you: your credit score, how much equity you need, whether you want a branch nearby, or how fast you need funds.
A lender featured lower on the page isn’t “worse” — it may simply excel at something that isn’t your top priority. Check each lender’s “Best for” tag and stats to see if its strength matches your situation.
What “Overall Lender Score” means
This score reflects our independent review of a lender’s mortgage business as a whole — it is not a HELOC-specific rating. It’s a meaningful signal of whether a lender is reliable and well-run, but it doesn’t measure HELOC terms directly, which is why we also evaluate the four HELOC-specific factors above. Click “Read the full review” on any lender to see the complete breakdown behind its score.
Rates, credit requirements and CLTV limits shown on this page come from each lender’s published terms and vary by state, property and borrower profile. Always confirm current terms directly with the lender.
Compare top HELOC lenders side by side
Check your HELOC eligibility. Start here| Lender | Best For | Max CLTV | Published Min Credit Score | Draw Period | Key Feature |
| Better Mortgage | Overall value | Up to 90% | 620 | 3 years (renewable) | Fully digital process |
| Point | HELOC or HEI choice | Not published | 680 | Not published | HELOC lines up to $750,000 |
| Truist | Large bank network | Not published | Not published | 10 years | Lines up to $1,000,000 on its current offer |
| Bank of America | Low fees | Up to 85% | 660 | 10 years | Advertises no application or annual fee and no closing costs on lines up to $1 million |
| Aven | Credit card-style access | Not confirmed | Not confirmed | Varies | Home Equity Visa card |
| Figure | Speed | Not published | 640 | 2 to 5 years for additional draws; full initial draw required | As little as 5 business days for loans under $400,000 closed using remote online notarization; timing varies |
| Upstart | Low credit score requirements | Not published | Around 600 in some cases | Not published | Lowest published credit minimum on this list |
| Navy Federal | High borrowing power / military | Not published | Not published | 20 years | Borrow up to 95% of your home's equity; military eligibility |
Figures come from each lender’s published terms as of November 2026; “Not published” means the lender does not list that figure, and “Not confirmed” means a current figure could not be confirmed on the lender’s own pages. Meeting a minimum credit score does not guarantee approval. Property, equity, income and other underwriting requirements apply.
What experts are saying
Thomas Brock, CFA, CPA
“The best way to tell if you are getting a good HELOC rate is to compare the rates offered by top lenders. To facilitate your efforts, use a reputable mortgage financing resource, such as TheMortgageReports.com. Moreover, while conducting your review, be sure to compare other HELOC features, such as the lifetime rate cap, floor rate, draw and repayment terms and any annual or inactivity fees.”
How to choose the best HELOC lender
Start with the requirement you can’t change. If your score is below 620, look at lenders with lower published minimums, such as Upstart (around 600 in some cases). Meeting a minimum credit score does not guarantee approval. See what credit score you need for a HELOC. If you need combined mortgage and HELOC debt above 85% of your home’s value, few lenders go higher; Better allows combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting. If cost matters most, compare fees, closing costs and early closure fees as well as the rate. If speed matters most, online lenders such as Figure and Upstart can close and fund faster, in some cases within days, though appraisal and closing requirements can extend the timeline. For the application steps, see how to get a HELOC.
Time to make a move? Let us find the right mortgage for youFind Your Best-Match HELOC Lender
Answer a couple of quick questions and we’ll point you to a strong match from our HELOC comparison.
1Are you eligible for a military-affiliated credit union?
2What’s your approximate credit score?
3What matters most to you?
3What matters most to you?
Your Match
Navy Federal Credit Union
Best for Borrowing Power / MilitaryBorrow up to 95% of your home’s equity, with a 20-year draw period, the longest in our comparison. A strong fit for eligible military households.
Upstart
Best for Low Credit Score RequirementsThe lowest published credit threshold in our comparison: around 600 in some cases. Meeting a minimum credit score does not guarantee approval. Lines from $26,000 to $250,000, with a fully digital application.
Better Mortgage
Best OverallOur Best Overall pick: combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting, a 620 minimum credit score and a fully digital process. Meeting a minimum credit score does not guarantee approval. Note: at funding, you must draw at least $50,000 or 75% of your approved credit limit, whichever is greater, so it fits best if you want a large amount upfront rather than smaller amounts over time.
Figure
Best for Fast FundingApproval in as little as five minutes and funding in as little as five business days when you close online and borrow less than $400,000, using automated valuations instead of a traditional appraisal.
Point
Best for HELOC or HEI ChoiceA HELOC up to $750,000 with a 30-year term and a 680 minimum credit score. Meeting a minimum credit score does not guarantee approval. Point also offers a home equity investment (HEI) with a 500 minimum; an HEI has no stated interest rate or required monthly payment, but it is not cost-free.
Aven
Best for Credit-Card-Style AccessThe Aven Home Equity Visa card, a home equity line you use like a credit card, with limits up to $400,000. Cash-outs to your bank account and balance transfers carry a 2.5% fee.
Bank of America
Best for Low FeesAdvertises no application or annual fee and no closing costs on lines of credit up to $1 million. Its loan assumptions list a $450 early closure fee if you close the line within 36 months, with some exceptions.
Truist Bank
Best for Large Bank NetworkA large branch network and lines up to $1,000,000 on its current offer, suited to bigger renovation projects or long-term borrowing needs.
No exact match in our comparison
None of the lenders in our current HELOC comparison publish a minimum credit score below 600. Consider working on your credit score, or ask a lender directly about your options. A home equity investment (HEI) is another route: Point’s HEI accepts credit scores starting at 500. An HEI has no stated interest rate or required monthly payment, but it is not cost-free, and meeting a minimum credit score does not guarantee approval.
Interest rates and APR structure
Most HELOCs have variable interest rates tied to the prime rate plus a lender’s margin. For variable-rate HELOCs tied to prime, a change in prime can change the rate and payment. The timing depends on the agreement’s adjustment and billing provisions. Some lenders also offer fixed-rate HELOCs, allowing borrowers to lock portions of their balance at a fixed rate.
Draw periods and repayment terms
The draw period is when you can borrow against your line of credit. HELOC draw periods vary widely: among the lenders on this page, Figure allows new draws for 2 to 5 years, Better’s draw period is 3 years, Truist and Bank of America offer 10 years, and Navy Federal offers 20. During the draw period, many lenders allow interest-only payments.
After the draw period ends, the repayment phase begins, and borrowers must pay both principal and interest, which can significantly increase monthly payments.
Fees and closing costs
The Consumer Financial Protection Bureau lists these HELOC fees lenders may charge:
- Application fee: charged when you apply
- Origination, appraisal, title and other closing costs: charged when you open the line
- Annual or membership fee: charged each year you keep the line
- Inactivity fee: charged if you don’t use the line
- Cancellation or early closure fee: charged if you close the line early, usually within the first two or three years
- Conversion fee: charged to convert part of your balance to a fixed rate
Some lenders waive some of these costs. Bank of America advertises no application or annual fee and no closing costs on lines up to $1 million, and Navy Federal pays closing costs. Truist can pay closing costs in some states, but choosing lender-paid closing costs can affect your rate. A lender that pays your closing costs may charge them back, or charge an early closure fee, if you close the line within a few years. See our list of no-closing-cost HELOC lenders for more options.
Borrowing limits and CLTV
Combined loan-to-value ratio (CLTV) determines how much you can borrow relative to your home’s value. Many lenders cap CLTV at 80% to 85%; Bank of America generally allows combined mortgage and HELOC debt up to 85% of the home’s value. A few go higher: Better allows combined mortgage and HELOC debt up to 90% of the home’s value, subject to underwriting.
Example: If your home is worth $400,000 and you owe $250,000 on your mortgage, you have $150,000 in equity. At 80% CLTV, you could borrow around $70,000 through a HELOC.
Is a HELOC right for you in 2026?
A HELOC can make sense if you have a clear use for the money and a plan to repay it. Most HELOC rates are the prime rate plus a margin. The Federal Reserve’s H.15 release reported a bank prime loan rate of 7.00% for November 3, 2026. This benchmark is not a borrower’s HELOC APR. HELOCs often have lower rates than credit cards, but HELOCs typically have variable rates, and payments can increase. Your home secures the line, so failure to repay can lead to foreclosure.
