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) you can withdraw funds from 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 offering HELOCs.

In this guide:

Best banks offering HELOCs
Can you get a HELOC from any bank?
Why are some banks no longer offering HELOCs?
Why do some banks only offer variable interest rates on a HELOC?
How do banks determine my line of credit?
Recap of selections

Best banks offering HELOCs

Bank	Highlights
Citizens Bank	Low rates. Several repayment options.
Regions Bank	No annual fee. Fixed-rate conversion options.
BMO Harris	Fixed-rate options. Minimum credit score of 650.
TD Bank	Certain options offer no annual fees. Allows investment properties.

Citizens Bank HELOC

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Editorial rating: 3.9 out of 5

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

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.

What makes it stand out among others for HELOCs?

Citizens stands out for its low rates and overall flexibility. Borrowers can choose between interest-only and principal-plus-interest payments during the draw period, and the bank also offers a “GoalBuilder” program for newer homeowners who don’t yet have much equity.

Details:

Variable rates: Starting at 5.75% APR.
Draw period: 10 years.
Repayment period: 15 years. Choose between interest-only and principal-and-interest payments.
HELOC amounts: Start at $5,000.
Maximum LTV: 80% to 85%, depending on your state.
Minimum credit score: Not disclosed.
Fees: No origination or appraisal fees; $50 annual fee after the first year.
Discounts: Available for checking customers.

Regions Bank HELOC

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Editorial rating: 3.8 out of 5

No annual fee
Fixed-rate conversion options
Autopay discount

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

What makes it stand out among others for HELOCs?

Regions Bank HELOCs come with no annual fees, and borrowers also have the option to convert all or a portion of their balance into a fixed-rate, fixed-term loan.

Rates: Variable and fixed-rate options; 7.25% to 12.63% APR.
Draw period: 10 years.
Repayment period: 20 years.
HELOC amounts: $10,000 to $500,000.
Maximum LTV: 80%.
Minimum credit score: Not disclosed.
Fees: No annual fee; $100 conversion fee.
Discounts: 0.25% to 0.50% discount for automatic payments.

BMO Harris HELOC

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Editorial rating: 3.9 out of 5

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

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.

What makes it stand out among others for HELOCs?

First, BMO Harris’ rates are competitive.

It also offers the option to lock in a fixed rate, and its credit score minimum is 650, while others require as high as 700.

Variable rates: Starting at 8.49%.
Draw period: 10 years.
Repayment period: 20 years.
HELOC amounts: Up to $500,000 for no closing costs.
Maximum LTV: 70%.
Minimum credit score: 650.
Fees: $75 annual fee.
Discounts: 0.50% discount for checking customers and autopay.

TD Bank HELOC

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Editorial rating: 3.6 out of 5

Options with no annual fees.
Allows investment properties.

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.

What makes it stand out among others for HELOCs?

TD Bank offers several HELOC options, including no annual fee and a line of credit for investment properties.

Rates: Variable and fixed; Starting at 6.99% APR.
Draw period: 10 years.
Repayment period: 20 years.
HELOC amounts: Start at $25,000.
Maximum LTV: 89.99%.
Minimum credit score: Not disclosed.
Fees: $99 origination fee; $50 annual fee (on certain HELOCs).
Discounts: 0.25% discount for checking customers.

Can you get a HELOC from any bank?

Not every bank offers HELOCs. Some may offer them only for a limited time. (More on this below.)

Since eligibility requirements vary among banks, you may be able to get a HELOC with one bank but not another—if your credit score doesn’t meet the required minimum or you have low equity, for example.

So you can get a home equity line of credit from any bank that offers a HELOC provided you meet the eligibility requirements.

It’s smart to contact your main bank when considering a HELOC. Many offer loyalty discounts for existing customers, which could reduce your interest rate.

Why are some banks no longer offering HELOCs?

Some banks may offer HELOCs and then discontinue them when economic conditions are challenging. Poor conditions increase the chance that 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 is one example. As of November 2023, the bank’s HELOC page reads, “Due to current market conditions, we are temporarily suspending new applications for home equity lines of credit.”

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

Most HELOCs come with variable rates. The typical APR is the prime rate (as 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 will offer these options.

If your HELOC has a variable rate, it’s essential to read the fine print. There should be a cap on how high your rate can go. 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?

Though lenders have minimum and maximum amounts for HELOCs, 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.

Recap of selections

Bank	Highlights
Citizens Bank	Low rates. Several repayment options.
Regions Bank	No annual fee. Fixed-rate conversion options.
BMO Harris	Low rates. Fixed-rate options. Minimum credit score of 650.
TD Bank	Certain options offer 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.