Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity HELOCs Best Banks Offering HELOCs Updated Mar 28, 2024 7-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Aly Yale Written by Aly Yale Expertise: Home equity, mortgages, real estate Aly Yale is a freelance writer with more than a decade of experience covering real estate and personal finance topics. Learn more about Aly Yale Reviewed by Erin Kinkade, CFP® Reviewed by Erin Kinkade, CFP® Expertise: Insurance planning, education planning, retirement planning, investment planning, military benefits, behavioral finance Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families. Learn more about Erin Kinkade, CFP® 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 and one excellent marketplace to borrow a HELOC. Table of Contents Skip to Section Best banks offering HELOCsCan you get a HELOC from any bank?Why do some banks no longer offer HELOCs?Why do some banks only offer variable interest rates on a HELOC?How do banks determine my line of credit? Best banks offering HELOCs BankWhat we likeRates (APR)LendingTreeGet personalized offers from multiple lenders at oneStarting at 7.99%Citizens BankLow rates & multiple repayment optionsStarting at 5.75%Regions BankNo annual fee & fixed-rate conversion options7.25% – 12.63%BMO HarrisFixed-rate options & minimum credit score of 650Starting at 8.49% TD BankCertain options offer no annual fees, allows investment properties, and has variable- and fixed-rate optionsStarting at 6.99% LendingTree – Marketplace for HELOCs View Rates Editorial rating: 4.7 out of 5 Access to a wide array of banks and financial institutions offering competitive HELOC ratesTailored comparisons of HELOC offers that match your financial profile and goalsStreamlined application process and transparent information to help you make the best decision for your financial needs. 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 personalized recommendations, LendingTree empowers users to make informed decisions without the hassle of visiting multiple bank websites or offices. Citizens Bank HELOC View Rates Editorial rating: 3.9 out of 5 Low ratesSeveral repayment optionsGoalBuilder 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. 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. Regions Bank HELOC View Rates Editorial rating: 3.8 out of 5 No annual feeFixed-rate conversion optionsAutopay 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. 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. With Regions, you can borrow up to 80% of your home equity—from $10,000 to $500,000. BMO Harris HELOC View Rates Editorial rating: 3.9 out of 5 Lock in a fixed rate for up to 30 yearsMinimum 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. 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. TD Bank HELOC View Rates 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.TD Bank 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. 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 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 March 2024, 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 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 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? 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: $400,000Mortgage balance: $225,000Maximum 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 BankWhat we likeLendingTreeGet personalized offers from multiple lenders at oneCitizens BankLow rates & multiple repayment optionsRegions BankNo annual fee & fixed-rate conversion optionsBMO HarrisFixed-rate options & minimum credit score of 650TD BankCertain options offer no annual fees, allows investment properties, and has variable- and fixed-rate options 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.