Top HELOC Lenders Compared
HELOC rates and terms vary more between lenders than mortgage rates do, since HELOCs are priced individually rather than sold on a secondary market — meaning real shopping around pays off.
Figure — Best for Fast, Fully Digital Approval
Figure's entirely online HELOC process can fund in as little as 5 days, with fixed-rate draw options that add payment predictability many traditional HELOCs lack.
PenFed Credit Union — Best for Members
PenFed offers competitive HELOC rates with no annual fee for members, and membership is free to join for most applicants.
Bank of America — Best for Existing Customers
Preferred Rewards members can get rate discounts, and BofA offers a fixed-rate lock option on all or part of the balance during the draw period.
Third Federal Savings & Loan — Best for Low Rates
Third Federal frequently advertises some of the lowest published HELOC rates, with no closing costs and no annual fee, though it's only available in select states.
What to Compare Beyond Rate
- Draw period length (typically 10 years) and repayment period length (typically 10-20 years).
- Whether the lender charges an annual fee or early closure fee.
- Minimum draw amounts and any required minimum initial draw.
- Whether a fixed-rate conversion option is available for part of the balance.
This page is for educational purposes and isn't personalized financial or tax advice. Figures, rates, and program details change frequently — confirm current terms directly with lenders, tax professionals, or the IRS before acting.