The national average HELOC rate is 7.26% APR as of May 6, 2026, according to Bankrate’s survey of major lenders — the lowest it’s been in over two years, following three Federal Reserve rate cuts in 2025. With home equity near record levels and rates improved, more homeowners are exploring HELOCs to fund renovations, consolidate debt, or keep a financial cushion without refinancing their existing mortgage.
But the lender you choose matters as much as the rate. Approval timelines range from 5 days to 6 weeks. Credit score requirements span from 600 to 720+. Draw periods run from 5 to 20 years. We reviewed more than a dozen leading HELOC lenders and ranked them by what actually matters to homeowners in 2026.
- Average HELOC rate: 7.26% APR as of May 6, 2026 (Bankrate national survey). Best rates are meaningfully lower for well-qualified borrowers.
- Fastest funding: Figure and Aven can fund in as few as 3–5 days. Traditional banks typically take 4–6 weeks.
- Lowest fees: Bank of America, Navy Federal, and FourLeaf waive closing costs entirely for qualifying borrowers.
- Highest LTV: Navy Federal allows up to 95% CLTV for qualifying members; most lenders cap at 80–85%.
- Most lenders require a 620–680 minimum credit score, though PNC and SpringEQ accept 640, and some credit unions go lower.
Table of Contents
- Best HELOC Lenders at a Glance
- Compare Live HELOC Rates
- Figure — Best for Fast Funding
- Aven — Best for Flexible Access (Card + HELOC)
- Bank of America — Best for No Fees
- Navy Federal — Best for Military Borrowers
- PNC Bank — Best for Lower Credit Scores
- SpringEQ — Best for High LTV Borrowing
- FourLeaf Federal Credit Union — Best Intro Rate
- RenoFi — Best for Renovation Financing
- How to Choose the Right HELOC Lender
- How HELOCs Work
- What You Need to Qualify
- Frequently Asked Questions
Best HELOC Lenders at a Glance
| Lender | Best For | Min. Credit Score | Max LTV | Max Loan | Closing Costs | Funding Speed |
|---|---|---|---|---|---|---|
| Figure | Fast funding | 640 | 85% | $750,000 | None (most states) | 5 days |
| Aven | Flexible access | 640 | 90% | Varies | None | 3 days |
| Bank of America | No fees | 680 | 85% | $1,000,000 | None | 4–6 weeks |
| Navy Federal | Military / high LTV | Not disclosed | 95% | $1,000,000+ | None | 2–4 weeks |
| PNC Bank | Lower credit scores | 600 | 85% | $1,000,000 | Varies | 3–6 weeks |
| SpringEQ | High LTV / equity access | 640 | 90% | $500,000 | Varies | 2–4 weeks |
| FourLeaf FCU | Low intro rate | 680 | 80% | $1,000,000 | None (up to $500K) | 2–4 weeks |
| RenoFi | Renovation projects | 640 | 95% (after-reno value) | $500,000 | Varies by partner | Varies |
Compare Live HELOC Rates
Rates vary significantly between lenders for the same borrower profile — often by 1–2 percentage points. The tool below lets you compare current offers based on your specific situation:
Figure — Best for Fast Funding
Min. credit score: 640 | APR range: 6.65%–14.60% | Max loan: $750,000 | Max LTV: 85% | Closing costs: None (most states) | Funding time: As few as 5 days
Figure has funded more than $19 billion in home equity products since 2018, becoming one of the top HELOC lenders in the country by volume. The appeal is straightforward: an entirely digital process that can take you from application to funded in about 5 days — compared to the 4–6 weeks typical of traditional banks.
Figure’s HELOC is fixed-rate — unusual in the industry — which means your rate and payment are locked from day one rather than floating with the prime rate. There’s no annual fee and no closing costs in most states. A small autopay discount is available.
The trade-offs: Figure requires you to draw 100% of the credit line at closing, which makes it function more like a home equity loan despite the HELOC label. The draw period is only 5 years (versus the industry standard 10), and the product isn’t available in Hawaii.
Best for: Homeowners who know exactly how much they need, want fixed-rate certainty, and want funds fast.
Not ideal for: Borrowers who want a true revolving line to draw from flexibly over time.
Aven — Best for Flexible Access
Min. credit score: ~640 | APR range: Competitive variable | Max LTV: ~90% | Closing costs: None | Funding time: As few as 3 days | Cash back: 2% unlimited on card purchases
Aven is a genuinely different product: a home equity-backed credit card that combines the lower rates of a HELOC with the everyday convenience of a Visa card. You apply online, and approved borrowers can access funds in as little as 3 days — among the fastest in the industry. The card earns unlimited 2% cash back on all purchases, which is rare for a home equity product.
Because it’s structured as a revolving credit account, Aven’s draw and repayment flexibility is similar to a credit card — you borrow what you need, repay, and borrow again up to your limit. Fixed-rate option available. No origination, annual, or prepayment fees on the HELOC component.
Note: residents of Arkansas, Indiana, Louisiana, New Mexico, Oklahoma, South Dakota, and Wyoming are limited to credit lines up to $100,000. Aven is best suited for borrowers who want both flexible day-to-day spending access and the lower rates of home equity financing.
Best for: Homeowners who want the rate advantage of home equity with the everyday flexibility of a credit card.
Bank of America — Best for No Fees
Min. credit score: ~680 | Max loan: $1,000,000 | Max LTV: 85% | Closing costs: None | Annual fee: None | Funding time: 4–6 weeks
Bank of America waives virtually all HELOC fees — no closing costs, no origination fee, no annual fee. For a borrower putting a $500,000 HELOC in place, that can represent $2,000–$5,000 in avoided costs compared to lenders who charge standard closing fees.
Bank of America also offers relationship discounts: Preferred Rewards members with qualifying deposit balances can receive a rate reduction of 0.125%–0.375% on their HELOC rate. The tradeoff is that Bank of America’s standard variable rates can be higher than some competitors — particularly after the 6-month introductory rate expires. The funding timeline is also slower than digital-first lenders.
The HELOC operates as a standard variable-rate revolving line. Bank of America is a large national lender with a substantial branch network for borrowers who prefer in-person support during the process.
Best for: Existing Bank of America customers who can qualify for relationship discounts and want no fees with a major national lender.
Navy Federal — Best for Military Borrowers
Eligibility: Military members, veterans, DOD employees, and family members | Max LTV: 95% | Max loan: $1,000,000+ | Draw period: 20 years | Closing costs: None
For those who qualify for Navy Federal membership, their HELOC terms are among the best available anywhere. The 95% CLTV limit is exceptional — most lenders cap at 80–85%, meaning Navy Federal allows you to borrow significantly more of your equity. The 20-year draw period is the longest offered by any major lender. No closing costs and no annual fee.
Navy Federal also offers a home equity loan with up to 100% LTV and no closing costs — a combination that’s essentially unmatched in the market. Their variable rates are competitive, and a rate floor option helps protect against scenarios where your rate falls too low.
Best for: Military members, veterans, and their families — if you’re eligible, Navy Federal should be your first HELOC call.
Visit Navy Federal Credit Union’s website >>
PNC Bank — Best for Lower Credit Scores
Min. credit score: 600 | Max loan: $1,000,000 | Max LTV: 85% | Availability: 44 states
PNC’s 600 minimum credit score is the most accessible among major national banks — meaningful for borrowers who have equity but a credit history that disqualifies them from most competitors’ programs. PNC also offers large loan amounts (up to $1 million) and flexible rate lock options that let you convert a portion of your variable-rate HELOC to a fixed rate.
PNC’s rates are competitive for a traditional bank, and their fixed-rate lock option provides payment predictability that variable-only HELOCs can’t. The application process is available online, by phone, or in-branch.
Best for: Homeowners with credit scores in the 600–679 range who are locked out of most lenders’ standard programs.
See more about PNC Bank’s Home Equity loans >>
SpringEQ — Best for High LTV Borrowing
Min. credit score: 640 | Max LTV: 90% | Max loan: $500,000 | Fixed or variable: Both available
SpringEQ is a Philadelphia-based lender that has helped more than 120,000 homeowners access over $11 billion in equity since 2016. Their 90% LTV limit — higher than the 80–85% cap at most major banks — is the main draw for borrowers who want to access as much equity as possible. SpringEQ also offers both fixed- and variable-rate options, which adds flexibility that many pure-HELOC lenders don’t provide.
The 640 minimum credit score is accessible without being as open as PNC’s 600 floor. SpringEQ specializes in home equity, which means their underwriting team has deep experience with equity products.
Best for: Homeowners who have strong home values but limited equity cushion, needing to borrow at higher LTVs than traditional lenders allow.
Learn more about SpringEQ’s home equity options >>
FourLeaf Federal Credit Union — Best Intro Rate
Min. credit score: 680 | Intro APR: Competitive introductory rate for first 12 months | Max loan: $1,000,000 | Max LTV: 80% | Closing costs: None up to $500,000 | Fixed-rate conversion: Available
FourLeaf (formerly Bethpage Federal Credit Union) consistently offers one of the most competitive introductory rates in the HELOC market for the first 12 months, then transitions to a competitive variable rate. No closing costs on lines up to $500,000, and a fixed-rate conversion option is available for borrowers who want to lock in their rate after the draw period begins.
Credit union membership is required but is available to most U.S. residents through a one-time $5 joining fee. The 10-year draw period and 20-year repayment period are standard.
Best for: Borrowers who plan to draw heavily in the first year and want maximum rate savings in that initial window.
Visit FourLeaf Federal Credit Union’s website >>
RenoFi — Best for Renovation Financing
Min. credit score: ~640 | Max LTV: Up to 95% of after-renovation value | Max loan: $500,000 | Model: Mortgage broker — pairs borrowers with credit union partners
RenoFi is not a lender but a mortgage broker that connects homeowners to credit unions offering renovation-focused home equity products. What makes it unique: RenoFi lenders underwrite against your home’s post-renovation value rather than its current appraised value. This is a significant difference for homeowners planning substantial improvements.
For example: your home is currently worth $400,000 with a $250,000 mortgage. A standard lender at 80% LTV would let you borrow up to $70,000. But if RenoFi’s appraisal shows your post-renovation value is $550,000, you may be able to borrow against 95% of $550,000 — minus your mortgage — which could be $272,500. That’s a dramatically different borrowing capacity for the same homeowner.
The trade-off is that RenoFi works through partner credit unions, so closing timelines vary and underwriting may be slower. But for a major renovation project where the standard borrowing limit doesn’t cover the work, RenoFi can unlock otherwise inaccessible equity.
Best for: Homeowners planning significant renovations whose current home value limits their borrowing capacity with traditional lenders.
Love Your Rate? Keep It — Tap Equity Without Refinancing
A HELOC lets you fund repairs, upgrades, or improvements using your home’s equity — without touching your existing mortgage rate.
How to Choose the Right HELOC Lender
The “best” HELOC lender depends entirely on your priorities. Work through these questions:
- How quickly do you need funds? If you need money within a week, Figure or Aven are your options. If you have 4–6 weeks, you have access to the full field including traditional banks with potentially better terms.
- How do you want to use the funds? If it’s one large project with a known cost, Figure’s draw-100%-at-closing model works. If you’re doing phased work or want a financial cushion to draw as needed, a traditional revolving HELOC is better.
- What’s your credit score? If it’s below 640, PNC (minimum 600) is your best large-bank option. Above 720, you qualify for the best rates from any lender.
- How much do you need to borrow relative to your home’s value? If you need more than 85% CLTV, your options narrow to Navy Federal (members only), SpringEQ, or Aven.
- Are fees important? Bank of America, Navy Federal, FourLeaf, and Aven all offer zero-closing-cost options. If you’re paying closing costs elsewhere, that’s $2,000–$5,000 you’re adding to your borrowing cost upfront.
- Do you prefer fixed or variable rate? Most HELOCs are variable. Figure and Aven offer fixed rates — worth considering in an environment where rates may rise again.
Always get quotes from at least three lenders. Rates on the same borrower profile can vary by 1–2 percentage points — a difference that adds up to thousands in interest on a large credit line.
How HELOCs Work
A HELOC is a revolving line of credit secured by your home, structured in two phases:
Draw period (typically 10 years): You can borrow up to your credit limit, repay, and borrow again — similar to a credit card. Most lenders require interest-only minimum payments during this phase, though paying toward principal reduces your balance and saves interest.
Repayment period (typically 20 years): The line closes to new draws and you repay the remaining balance in full principal-and-interest payments. Monthly payments increase significantly during repayment — planning for this is important.
Most HELOC rates are variable, tied to the prime rate (which moves with the Federal Reserve’s benchmark rate). As of May 2026, the Fed has held rates steady at 3.50%–3.75% since December 2025. HELOC rates declined in 2025 following three Fed cuts and have remained stable in early 2026.
HELOC interest is tax-deductible when funds are used to “buy, build, or substantially improve” the home securing the loan — not for debt consolidation, vacations, or other uses. See our homeowner tax deductions guide for details.
What You Need to Qualify for a HELOC
Lender requirements vary, but these general standards apply across most programs:
- Equity: Most lenders require you to maintain at least 15–20% equity after the HELOC. If your home is worth $400,000 and you owe $280,000, your maximum borrowing at 80% LTV is $40,000.
- Credit score: Most lenders want 620–680 minimum; the best rates typically require 720+.
- Debt-to-income ratio: Generally 43% or below.
- Income documentation: W-2s, tax returns, pay stubs — or self-employment documentation.
- Home appraisal: Most lenders require a formal or automated appraisal to confirm current home value. Some (including Figure and Aven) use automated valuation models (AVMs), which speeds up the process.
Use our HELOC calculator to estimate how much you might qualify to borrow, and see how a HELOC compares to other equity options in our HELOC vs. home equity loan vs. cash-out refinance guide.
Love Your Rate? Keep It — Tap Equity Without Refinancing
A HELOC lets you fund repairs, upgrades, or improvements using your home’s equity — without touching your existing mortgage rate.
Frequently Asked Questions
The national average HELOC rate is 7.26% APR as of May 6, 2026, according to Bankrate’s survey of major lenders. Rates have remained relatively stable in 2026 following three Federal Reserve rate cuts in 2025. Well-qualified borrowers with high credit scores and significant equity can often obtain rates 1–2 percentage points below the average.
Aven and Figure are consistently the fastest, with funding possible in 3–5 days for approved applicants. Most digital-first lenders fund within a week. Traditional banks and credit unions typically take 3–6 weeks due to in-person appraisal requirements and manual underwriting processes.
Most HELOC lenders require a minimum credit score of 620–680. PNC Bank accepts borrowers with scores as low as 600. To qualify for the best HELOC rates — typically 1+ percentage points below the average — you generally need a score of 720 or higher. Your credit score also affects your available credit line and LTV ratio at most lenders.
Most lenders allow you to borrow up to 80–85% of your home’s value minus your mortgage balance. A few lenders (Navy Federal, SpringEQ, Aven, RenoFi for renovations) allow up to 90–95% LTV. Use our HELOC calculator to estimate your specific borrowing capacity.
It depends on how you plan to use the funds. A HELOC is better for ongoing or phased needs — you draw what you need, repay, and draw again. A home equity loan delivers a lump sum at a fixed rate, making it better for a single defined expense. Our full comparison guide walks through both scenarios in detail.
Is HELOC interest tax-deductible?
Only if you use the funds to buy, build, or substantially improve the home securing the loan. If you use HELOC funds for debt consolidation, a vacation, or other non-home expenses, the interest is not deductible. The deduction applies to interest on up to $750,000 of combined home debt (first mortgage plus HELOC).