Best Banks Offering HELOCs

If you’re a homeowner, a home equity line of credit (HELOC) can be a smart way to access cash. This turns your home equity into a line of credit (similar to a credit card), and you can withdraw funds for up to 10 years.

You can get a HELOC from most banks. Are you considering using a HELOC to access your home equity? Our research turned up four of the best banks and one excellent marketplace to borrow a HELOC.

Bank	What we like	Rates (APR)
LendingTree	Get prequalified offers from multiple lenders	Starting at 7.99%
Citizens Bank	Low rates & multiple repayment options	Starting at 5.75%
Regions Bank	No annual fee & fixed-rate conversion options	7.25% – 12.63%
BMO Harris	Fixed-rate options & minimum credit score of 650	Starting at 8.49%
TD Bank	Options with no annual fees, allows investment properties, and has variable- and fixed-rate options	Starting at 6.99%

Best banks offering HELOCs

When looking for the best banks offering HELOCs, consider interest rates, fees, and flexibility in borrowing terms. HELOCs allow you to tap into your home’s equity for financing, and different banks offer varying options that might better suit your financial needs and goals. Comparing lenders can help you find the most competitive rates and favorable terms, ensuring you get the most out of your home equity.

Below, we’ve compiled the top banks that offer HELOCs, highlighting what makes each lender stand out.

LendingTree

Best marketplace

4.5 _/5

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Why we recommend it

LendingTree stands out for its ability to connect borrowers with an extensive network of banks offering competitive HELOC options. Unlike going right to a bank, LendingTree simplifies the process by allowing users to compare rates, terms, and conditions from various lenders in one place.

This ensures you can find best HELOC for your financial situation and goals. LendingTree’s partnership with leading banks and financial institutions means access to top-tier HELOC offers with attractive interest rates and flexible repayment options.

LendingTree offers a user-friendly platform with a commitment to transparency. By providing comprehensive comparisons and prequalified recommendations, LendingTree empowers users to make informed decisions without the hassle of visiting multiple bank websites or offices.

Access to a wide array of banks and financial institutions offering competitive HELOC rates
Tailored comparisons of HELOC offers that match your financial profile and goals
Streamlined application process and transparent information to help you make the best decision for your financial needs.

Citizens Bank

3.6 _/5

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Why we recommend it

Citizens Bank is a national bank offering credit cards, mortgages, student loans, car loans, investing and retirement services, home equity products, and banking and savings accounts. It also provides small business and corporate services. It has around 1,000 locations and 3,000 ATMs across the Northeast and Midwest.

Citizens stands out for its low rates and overall flexibility. You can choose between interest-only and principal-plus-interest payments during the draw period, and the bank also offers a “GoalBuilder” HELOC program for newer homeowners without much equity.

Low rates
Several repayment options
GoalBuilder program for homeowners with little equity

BMO Harris

3.6 _/5

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Why we recommend it

BMO Harris is a national bank with more than 600 branches and thousands of ATMs across the U.S. It offers checking, savings, investment, money market, and retirement accounts, as well as credit cards, mortgages, and lines of credit.

BMO Harris’s rates are competitive. It also offers the option to lock in a fixed rate, and its credit score minimum is 650. Others require as high as 700. You can borrow up to 70% of your home equity—as much as $500,000 with no closing costs.

Lock in a fixed rate for up to 30 years
Minimum credit score of 650

Regions Bank

3.5 _/5

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Why we recommend it

With locations throughout the Southern U.S. and Midwest, Regions Bank offers personal, small business, and commercial banking, plus retirement and wealth management services.

Regions Bank HELOCs come with no annual fees, and borrowers have the option to convert all or a portion of their balance into a fixed-rate, fixed-term loan. With Regions, you can borrow up to 80% of your home equity—from $10,000 to $500,000.

No annual fee
Fixed-rate conversion options
Autopay discount

TD Bank

3.3 _/5

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Why we recommend it

TD Bank offers a wide range of banking and financial services, including credit cards, certificates of deposit, checking and savings accounts, personal loans, home loans, and IRAs.

You’ll find TD Bank in more than 1,100 locations nationwide. It offers several HELOC options, including no annual fee and a line of credit for investment properties. Its lines of credit start at $25,000, and you can borrow up to 89.99% of your home equity.

Options with no annual fees
Allows investment properties

If you’re considering a HELOC, make sure you shop around. Rates, repayment terms, and qualifying requirements can vary. For more information, visit our list of the best HELOC rates and lenders.

Which banks are offering HELOCs?

Not every bank offers HELOCs, and some may offer them only for a limited time. (More on this below.) We’ve confirmed that the four banks and the marketplace mentioned above are solid options that offer HELOCs.

Check out our list of home equity companies we’ve reviewed to see more banks that offer HELOCs and compare all your options.

Why do some banks only offer variable interest rates on a HELOC?

Most HELOCs come with variable rates for three main reasons:

Adaptability to market conditions: By offering variable-rate HELOCs, banks can adjust the interest rates in response to changes in the broader economic environment, particularly the Federal Reserve’s interest rate decisions. This flexibility helps banks manage their risk.
Reflective of borrowing costs: Variable rates are tied to benchmark interest rates, such as the prime rate, which means they can fluctuate based on the bank’s cost of borrowing. This ensures the rate offered to consumers reflects the current financial market conditions.
Encourages shorter-term borrowing: Because variable rates can increase over time, they may encourage borrowers to repay their HELOCs sooner rather than later. This can be beneficial for banks because it reduces the risk associated with long-term lending.

The typical rate is the prime rate (published by The Wall Street Journal) plus a margin based on the borrower’s risk. Because the prime rate can change, HELOC rates often change—sending monthly payments up or down with them.

Some banks offer fixed-rate options or the option to convert your balance (or a portion of it) into a fixed-rate loan later. If you’re interested in this, you’ll want to shop around and compare lenders. Not all banks offer these options.

If your HELOC has a variable rate, it’s essential to read the fine print. Your rate should be capped at a certain amount. You should also ensure you have the funds to cover a higher payment should your rate rise.

How do banks determine my line of credit?

Lenders have minimum and maximum amounts for HELOCs, but they don’t speak to the exact amount you may be able to borrow. To determine this, lenders consider your home’s value, current mortgage balance, credit score, and more.

The typical maximum you can access with a HELOC is 90% of your home’s value (aka the loan-to-value ratio or LTV). To calculate this, multiply your home’s appraised value by 0.90, and subtract your mortgage balance.

Here’s an example:

Home value: $400,000
Mortgage balance: $225,000
Maximum HELOC amount: $400,000 x 0.90 – $225,000 = $135,000

This is the maximum, but the lender will consider your credit score and credit history to assess your risk. You may qualify for the total amount if you have a high credit score and a history of paying off debts on time. If your score is low or your credit history is spotty, you might qualify for less. If you’re unsure, you can request quotes from lenders.

FAQ

Can you get a HELOC from any bank?

No, you can’no’t get a HELOC from any bank. Many but not all banks offer HELOCs, and availability may vary based on your location, creditworthiness, and the bank’s lending policies. Some banks may only offer HELOCs to current customers or within certain geographic areas.

The terms, interest rates, and fees associated with HELOCs can vary by bank. It’s important to research and compare options from different financial institutions, including national banks, regional banks, and credit unions, to find the best HELOC for your needs.

Which bank is best for a home equity line of credit?

The best bank for a home equity line of credit depends on several factors, including your financial situation, the loan terms you’re looking for, and your location. We think that’s part of the appeal of LendingTree: You can see your prequalified rates and terms with several banks to ensure you choose the right HELOC for you.

Why are banks not offering HELOCs?

Some banks may offer HELOCs and then discontinue them when economic conditions are challenging. Poor conditions increase the chance borrowers will default on their loans. (For example, consumers are more likely to lose their jobs in a recession. Should that occur, they may be unable to make their HELOC payments.)

Wells Fargo and Chase have both discontinued offering HELOCs.

How we selected the best banks offering HELOCs

Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of best banks offering HELOCs

Bank	What we like	Rates (APR)
LendingTree	Get prequalified offers from multiple lenders	Starting at 7.99%
Citizens Bank	Low rates & multiple repayment options	Starting at 5.75%
Regions Bank	No annual fee & fixed-rate conversion options	7.25% – 12.63%
BMO Harris	Fixed-rate options & minimum credit score of 650	Starting at 8.49%
TD Bank	Options with no annual fees, allows investment properties, and has variable- and fixed-rate options	Starting at 6.99%