A home equity line of credit, or HELOC, is a second mortgage that lets you convert some of your equity in your home back into debt in exchange for cash. Borrowers often use HELOCs to finance home improvement projects, educational expenses or debt consolidation.
The interest rate on a HELOC tends to be lower than rates on credit cards and personal loans. Lenders use your loan-to-value ratio, or LTV, to decide if you have enough equity for a HELOC.
NerdWallet has chosen some of the best HELOC lenders to help you find the one that’s right for you.
Best HELOC Lenders
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 Bethpage Federal Credit Union: NMLS#449104 |
5.0
/5 HELOCs
Best for fixed-rate option |
National |
85% |
670
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 Truist: NMLS#399803 |
5.0
/5 HELOCs
Best for range of repayment terms |
National |
89% |
660
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 Guaranteed Rate: NMLS#2611 |
5.0
/5 HELOCs
Best for fixed-rate option |
National |
85% |
620
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 PNC: NMLS#446303 |
5.0
/5 HELOCs
Best for fixed-rate option |
National |
80% |
680
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 TD Bank: NMLS#399800 |
5.0
/5 HELOCs
Best for no minimum draw |
Regional |
89.90 |
620
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 Bank of America: NMLS#399802 |
4.5
/5 HELOCs
Best for rate transparency |
National |
85% |
660
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 Figure: NMLS#1717824 |
4.5
/5 HELOCs
Best for fast closing |
National |
85% |
640
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 Flagstar: NMLS#417490 |
4.5
/5 HELOCs
Best for existing Flagstar customers |
National |
80% |
680
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 State Employees’ Credit Union: NMLS#430055 |
4.5
/5 HELOCs
Best for high borrowing limit |
Regional |
90% |
540
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 Navy Federal: NMLS#399807 |
4.5
/5 HELOCs
Best for high borrowing limit |
National |
95% |
N/A
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