Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity HELOCs Chase Home Equity Loan Review Updated Nov 08, 2024 7-min read Reviewed by Kiara Taylor Reviewed by Kiara Taylor Expertise: Personal finance, fintech, copywriting Learn more about Kiara Taylor Chase, a leading U.S. bank, offers a range of financial products but no longer accepts new applications for home equity lines of credit (HELOCs). In 2020, it suspended HELOCs due to market conditions and shifted focus to home purchase and refinancing loans. Keep reading because we’ll cover what this means for you. We’ll explore alternative home equity options from Chase and other lenders. CompanyBest for…Rating (0-5) Best overall 4.9 View Rates Best customer reviews 4.8 View Rates Best credit union 4.7 View Rates Best marketplace 4.5 View Rates Best for accessing up to 95% of equity 4.1 View Rates Show more Table of Contents Skip to Section What happened to Chase home equity loans and HELOCs?What if I already have a Chase home equity product?AlternativesFAQ What happened to Chase home equity loans and HELOCs? Chase suspended new HELOC applications in late 2020 due to economic uncertainty and the financial impact of the COVID-19 pandemic. With the economic downturn, Chase aimed to mitigate risk within its mortgage-lending operations by halting HELOCs, which tend to be riskier than new or refinanced mortgages. HELOCs represent a second lien on a home, meaning if a borrower defaults, the primary mortgage lender is paid first from the home’s value, while the HELOC lender (Chase) is paid only if there is remaining equity. This risk increases further during economic recessions when defaults are more likely. New mortgage standards To reduce risk, Chase also tightened its mortgage lending standards around the same time. The minimum FICO score required for a mortgage increased from 620 to 700, and it raised the down payment requirement from 5% to 20%. What if I already have a Chase home equity product? If you already have a HELOC with Chase, suspending new applications doesn’t affect you. Current customers can continue to withdraw funds from their HELOCs as usual. The change only affects new applicants looking to open a HELOC. Chase still offers a wide range of other financial products to meet various needs. For example, if you’re a business owner, a high-risk merchant credit account could be an alternative way to access credit without relying on home equity. While these accounts often come with higher fees, they provide a credit line for businesses that lenders consider higher-risk. Alternatives to Chase home equity products If you decide seeking a home equity loan from another company is the right move for you, you have choices from other banks. Here are the top options to consider. LenderWhat it offersFigureHELOCs from $20,000 – $400,000AvenHELOCs from $5,000 – $400,000BethpageHELOCs for $10,000 – $1 millionLendingTreeMarketplace that matches you to lenders Spring EQHELOCs from $25,000 – $500,000 Figure Best overall 4.9 /5 LendEDU Rating View Rates Why it’s an excellent Chase home equity alternative Figure is a top choice for HELOCs due to its quick online process. Unlike traditional lenders, which may take weeks to approve a HELOC and often require in-person meetings, Figure allows you to complete the entire application online and get approval within minutes. All HELOCs come with a fixed rate, providing predictable monthly payments. With Figure, you can access funds in as little as five days and redraw up to 100% of your available credit. The platform offers convenient features, including online and video notary support with response times averaging under 45 seconds. You won’t pay closing or out-of-pocket costs, but an origination fee applies, and you must withdraw the full line of credit at origination. Figure HELOCs are available in most states, and you can take them out for primary residences, second homes, or investment properties, making them a flexible option for many homeowners. HELOC terms Rates (APR)7.10% – 15.70%*Loan amounts$20,000 – $400,000Repayment termsDraw: 5 years / Repayment: 5, 10, 15, or 20 years*Includes autopay and credit union membership discounts, as well as payment of an origination fee in exchange for a reduced APR. Terms and conditions apply. Visit Figure.com for further details. Figure Lending LLC is an equal opportunity lender. NMLS #1717824 Aven Best customer reviews 4.8 /5 LendEDU Rating View Rates Why it’s an excellent Chase home equity alternative Aven offers a unique HELOC with several standout features, including a fixed interest rate for the life of the loan and a “Lowest Rate Guarantee.” Its 100% digital application process allows for approval in as little as 15 minutes, and you can check your rate without affecting your credit score. Aven also provides an optional debt protection program through Securian, which covers your minimum payment for up to six months if you lose your job. With over 3,450 positive customer reviews, Aven’s customers praise its fast service and competitive terms. However, it charges a 4.90% first-draw fee, and the product is unavailable in some states, including Connecticut, New York, and Texas. Aven’s HELOC is a strong option for those looking for a fixed-rate product with quick approval and additional protection features. HELOC terms Rates (APR)6.99% – 15.49%Loan amounts$5,000 – $250,000Repayment termsDraw: 5 years / Repayment: 5, 10, 15, or 30 years Bethpage Best credit union 4.7 /5 LendEDU Rating View Rates Why it’s an excellent Chase home equity alternative Bethpage Federal Credit Union offers HELOCs up to $1 million—higher than many other lenders. Qualified borrowers can benefit from a low fixed interest rate for the first 12 months on HELOCs of $25,000 or more, provided they have a VantageScore of 720 or above. After the initial 12-month period, the rate converts to a variable one. Bethpage charges no closing costs, application, origination, or appraisal fees, and allows you to convert portions of your HELOC into fixed-rate loans, giving you flexibility in managing your debt. Funds are typically available within 35 days. It doesn’t allow prequalification for a soft credit check, and the minimum credit score required is 670. Rate discounts are available if you set up automatic payments from a Bethpage savings or checking account, making it a strong option for those who want flexibility and competitive rates on a large HELOC. HELOC terms Rates (APR)12-month intro rate of 6.99% for VantageScores of 720 and up; then a variable rateLoan amounts$10,000 – $1 millionRepayment termsDraw: 10 years / Repayment: 20 years LendingTree Best marketplace 4.5 /5 LendEDU Rating View Rates Why it’s an excellent Chase home equity alternative LendingTree is our top choice for those looking to compare HELOC offers. It provides a convenient marketplace for exploring multiple lenders’ rates and terms. While not a direct lender, LendingTree allows you to compare various HELOC options to find the best fit for your needs without affecting your credit score. By filling out a simple online form, you can access potential HELOC offers of up to $2 million with repayment terms ranging from five to 30 years. Submitting the form is free, and you can compare offers from multiple partner lenders, ensuring you find the most competitive rates and terms. However, LendingTree matches you only with its network of partner lenders, meaning your options could be limited. HELOC terms Rates (APR)Vary by lenderLoan amounts$10,000 – $2 millionRepayment termsDraw: 2 – 20 years / Repayment: 5 – 30 years Spring EQ Best for accessing up to 95% of equity 4.1 /5 LendEDU Rating View Rates Why it’s an excellent Chase home equity alternative Spring EQ is a standout choice if you want to access up to 95% of your home’s available equity—far above the typical 85% that most lenders offer. The process is relatively quick, with average funding times around 21 days, and some loans are funded in as little as 11 days. Most borrowers will not need an in-home appraisal, simplifying the process further. Spring EQ offers HELOCs up to $500,000, with a 10-year draw period followed by a 20-year repayment term. Costs include a $399 administration fee and a $99 annual maintenance fee. To qualify, you’ll need a minimum credit score of 680 and a maximum debt-to-income ratio (DTI) of 45%, and the HELOC is only available in certain states. The maximum loan-to-value (LTV) is 95%, making it a strong option for those seeking to borrow more against their home’s equity. HELOC terms Rates (APR)Starting at 9.50%Loan amounts$25,000 – $500,000Repayment terms5 – 30 years FAQ When will Chase offer a HELOC again? Chase has not announced when or whether it will offer its HELOC program again. Approved applicants can still draw funds, but the program is closed to new applicants. Does Chase offer any alternative products to a HELOC or home equity loan? Chase offers a cash-out refinance program as an alternative to a HELOC or home equity loan. Under this program, you can replace your mortgage to use equity in your home with cash to spend on other large expenses. Chase doesn’t restrict how you can use the funds under this program. Can I switch my Chase HELOC to a new lender? Yes, you can refinance your line of credit with a different bank. This will require applying for a new loan, likely at a new rate with new terms. The process and requirements will depend on the specific bank you aim to refinance with. Recap of the best Chase home equity alternatives CompanyBest for…Rating (0-5) Best overall 4.9 View Rates Best customer reviews 4.8 View Rates Best credit union 4.0 View Rates Best marketplace 4.5 View Rates Best for accessing up to 95% of equity 4.1 View Rates Show more