Home Equity Line of Credit (HELOC) Rates for October 2023

U.S. Bank offers both home equity loans and HELOCs in 47 states, with the option of interest-only HELOCs available to qualified borrowers. You also have the option to lock all or part of your outstanding HELOC balance into a fixed-rate option during your draw period.

You can apply for a home equity loan or HELOC through an online application, by phone or by visiting a U.S. Bank branch in person.

• APR: 8.05% to 12.70%
• Introductory APR: N/A
• Max LTV ratio: 80%
• Loan amount: $15,000 to $750,000 (up to $1 million for properties in California)
• Terms: 10-year draw period, unspecified repayment period
• Fees: There are no closing costs on HELOCs from U.S. Bank, but you’ll be charged an early closure fee of 1% of the line amount ($500 max) if you close your HELOC within 30 months of opening. HELOC borrowers may be charged an annual fee of up to $90, which can be waived with a U.S. Bank Platinum Checking Account.
• Perks: You have the option to lock all or part of your outstanding HELOC balance into a fixed-rate option during your draw period.

TD Bank offers home equity loans and HELOCs in 15 states, with the option for interest-only and rate-lock HELOCs.

You can apply for a TD Bank home equity loan or HELOC online, by phone or by visiting a branch in person. The online application includes a calculator that will tell you the maximum amount you can borrow based on the information you input. You can also see a full breakdown of rates, fees and monthly payments by entering some basic information online. No credit check is required for this service.

• APR: 8.34% (0.25% TD checking account discount included)
• Introductory APR: N/A
• Max LTV ratio: 89.99%
• Loan amount: From $25,000
• Terms: 10-year draw period, 20-year repayment period
• Fees: Closing costs for HELOCs exist only on loan amounts greater than $500,000, but you will have to pay a $99 origination fee at closing regardless of your loan amount. There is also an annual fee of $50 on HELOCs for lines over $50,000. You will be charged an early termination fee — 2% of the outstanding balance — if you close your HELOC within 24 months of opening.
• Perks: You will receive a 0.25% rate discount if you set up a TD personal checking account.

Connexus Credit Union offers home equity loans and HELOCs in 46 states (excluding Alaska, Hawaii, Maryland and Texas). This credit union also offers an interest-only HELOC.

Since Connexus is a credit union, its products are available only to its members. But membership eligibility is open to most people: you (or a family member) just need to be a member of a one of Connexus’ partner groups, reside in one of the communities or counties on Connexus’ list or become a member of the Connexus Association with a $5 donation to its nonprofit.

To apply for a home equity loan or HELOC with Connexus, you can fill out a three-step application online. You won’t be able to see a personalized rate without a credit check.

• APR: From 8.74%
• Introductory APR: 3.99% until Oct. 1, 2024 or 4.49% until Apr. 1, 2025
• Max LTV ratio: Not specified
• Loan amount: $5,000 to $200,000
• Terms: 15-year draw period, 15-year repayment period
• Fees: You won’t have to pay an annual fee for a home equity loan or HELOC with Connexus, but closing costs can range from $175 to $2,000 depending on the loan terms and property location.
• Additional requirements: Must be a member of the credit union.
• Perks: Introductory rate for the first six months of your loan term.

Spring EQ operates in 38 states and offers home equity loans, HELOCs and interest-only HELOCs. While Spring EQ doesn’t display rates without an application, they do advertise a maximum LTV ratio of 90% for home equity loans. It doesn’t clarify whether the same maximum LTV ratio is applicable to HELOCs.

The loan application process is transparent and easy to understand. Customers can see an extensive breakdown of their loan options without needing to undergo a credit check or provide their Social Security number.

• APR: Fill out application for personalized rates
• Introductory APR: N/A
• Max LTV ratio: 90% for home equity loans, not specified for HELOCs
• Loan amount: $50,000 to $500,000
• Terms: 10-year draw period, 20-year repayment period
• Fees: Loans may be subject to an origination fee of $995 and an annual fee of $99 in some states.
• Additional requirements: Borrowers must have a minimum credit score of 680 and debt-to-income ratio of 45% or less.
• Perks: Spring EQ offers a high maximum loan-to-value ratio.

KeyBank offers home equity loans to customers in 15 states and HELOCs to customers in 44 states. Aside from a standard HELOC, KeyBank also offers interest-only and rate-lock options.

The KeyBank application allows you to apply for multiple products at one time. If you’re not sure whether KeyBank loans are available in your area, the application will tell you once you input your ZIP code. If you’re an existing KeyBank customer, you’ll have the option to skim through the application and import your personal information from your account.

• APR: From 11% (0.25% KeyBank client discount included)
• Introductory APR: N/A
• Max LTV ratio: 90%
• Loan amount: From $10,000
• Terms: 15-year draw period, 15-year repayment period
• Fees: KeyBank HELOCs come with an annual fee of $50, but no closing costs unless your closing is performed by a closing agent. In that case, a closing fee could be up to $400.
• Perks: 0.25% rate discount for clients who have eligible checking and savings accounts with KeyBank.

Third Federal Savings & Loan offers HELOCs in 26 states and home equity loans in only eight states. If you find a different lender that offers a lower interest rate, Third Federal says it will match the rate or pay you $1,000 if it can’t.

You can apply for a home equity loan or HELOC on the Third Federal website. Both applications are included on the same page along with multiple rate and term options, allowing you to assess what will be best for you.

• APR: 7.49%
• Introductory APR: N/A
• Max LTV ratio: 80%
• Loan amount: $10,000 – $200,000
• Terms: 10-year draw period, 30-year repayment period
• Fees: Third Federal doesn’t require you to pay an origination fee or closing costs, and the annual $65 fee is waived your first year.
• Perks: If you find a different lender that offers a lower interest rate, Third Federal says it will match the rate or pay you $1,000 if it can’t.

PNC Bank operates in 44 states. While PNC doesn’t offer home equity loans, it does offer both variable-rate and fixed-rate HELOCs. PNC HELOCs are also good for their long repayment periods — 30 years. A long repayment period generally means lower monthly payments (but more interest paid in the long run). PNC also gives you the option to lock in a specific rate on all or a portion of your HELOC balance, but you must pay a $100 fee every time you do so.

PNC doesn’t show its rates online. You must fill out an application to see personalized rates, but the site is user-friendly. Customers can estimate their home equity with an easy-to-use calculator.

• APR: Fill out application for personalized rates
• Introductory APR: N/A
• Max LTV ratio: 89.9% for first liens, 85% for second liens
• Loan amount: $10,000 – $1 million
• Terms: 10-year draw period, 30-year repayment period
• Fees: $50 annual fee (except in Texas). $100 fee every time you convert your HELOC into a fixed-rate option.
• Perks: Borrowers can receive a 0.25% discount when they set up and maintain automatic payments from a qualifying PNC checking account.

Headquartered in San Antonio, Frost Bank’s products are available only to Texas residents. It offers home equity loans, HELOCs and interest-only HELOCs.

You can apply for a home equity loan or HELOC on the Frost Bank website, but first you’ll need to create an account. According to the bank, the application will only take you about 15 minutes. If you’re not located in Texas, you won’t be able to apply.

• APR: 9% to 18% (0.25% autopay discount included)
• Introductory APR: N/A
• Max LTV ratio: 80%
• Loan amount: Starting from $8,000
• Terms: 10-year draw period, 20-year repayment period
• Fees: None
• Additional requirements: Borrower must live in Texas.
• Perks: If you set up automatic payments from a Frost Bank checking or savings account, you’ll be eligible for a 0.25% rate discount.

Citizens offers standard and interest-only HELOCs to borrowers in 19 states. The bank doesn’t offer home equity loans at all. Citizens’ minimum loan amount is $5,000, which may be a draw for customers who aren’t looking to borrow a large amount of money.

You can apply for a HELOC on the Citizens website, but you also have the option to speak to a loan specialist on the phone. You need to sign up with a phone number and email to access the application.

• APR: From 8.50% (0.25% autopay discount included)
• Introductory APR: Not specified
• Max LTV ratio: 80%
• Loan amount: From $5,000
• Terms: 10-year draw period, 15-year repayment period
• Fees: Citizens won’t require any application fees or closing costs, but you will have to pay a $50 annual fee (waived the first year of your draw period).
• Perks: 0.25% rate discount for borrowers who enroll in autopay from a Citizens checking account. In states where Citizens doesn’t offer checking accounts, consumers can get the same discount with automatic payments set up from any checking account.

BMO Harris (a subsidiary of the Canadian financial services company Bank of Montreal) has products and services available in 48 states (all but New York and Texas). BMO Harris offers home equity loans and three variations of a HELOC.

You can apply for a home equity loan or HELOC online or in-person. You can get personalized rates without a hard credit check, but you’ll have to speak with a representative on the phone.

• APR: From 8.49% (0.5% autopay discount included)
• Introductory APR: 6.99% for first six months
• Max LTV ratio: Not specified
• Loan amount: From $10,000
• Terms: 10-year draw period, 20-year repayment period
• Fees: There is no application fee for home equity loans or HELOCs with BMO Harris. In addition, BMO Harris will pay closing costs for loans secured by an owner-occupied one-to-four-family residence. Borrowers will have to pay a $75 annual fee.
• Additional requirements: The minimum credit score required is 650 to 680.
• Perks: If you set up autopay from a BMO Harris checking account, you’ll be eligible to receive a 0.5% rate discount.

Flagstar Bank offers home equity loans and HELOCs in 49 states (all but Texas) — but check your specific ZIP code for availability.

Flagstar doesn’t have a full online application, only a form where you can submit your information to be contacted by a representative. You can get a custom rate based on a soft credit check and some additional information. Flagstar’s tedious application process may be frustrating, but the lender does offer several customer support options, including 24-hour loan support over the phone.

• APR: 8.74% to 21% (0.25% autopay discount included)
• Introductory APR: N/A
• Max LTV ratio: 89.99% or lower
• Loan amount: $10,000 – $1 million
• Terms: 10-year draw period, 20-year repayment period
• Fees: HELOCs with Flagstar require an additional $75 fee, but it is waived the first year. To avoid closing fees, you’ll have to keep your HELOC open for at least 36 months.
• Perks: There is a 0.25% rate discount for borrowers who have monthly automatic payments set up from a Flagstar bank deposit account.

Truist offers standard, interest-only and rate-lock HELOCs to borrowers in 15, primarily Southeastern, states. Truist doesn’t offer home equity loans at all.

You can apply for a HELOC on Truist’s website. You won’t be required to sign up for an account, but if you already have one with Truist, you’ll be able to auto-fill your application. Truist advertises that the turnaround time from application to closing averages 30 to 35 days, that’s one of the fastest times among its bank peers (not including newer, nontraditional startup companies like Figure).

• APR: 10.05% to 16%
• Introductory APR: 7.49% for first 12 months
• Max LTV ratio: 85%
• Loan amount: From $10,000
• Terms: 10-year draw period, 20-year repayment period
• Fees: When closing, the borrower will have the option to pay closing costs themselves or advance them (have Truist pay them). If you choose the latter, you won’t have to reimburse Truist for the closing costs if you keep your account open for at least three years. There is a $50 annual fee in some states.
• Perks: Truist says the average closing time is 30 to 35 days.

Figure uses a unique combination of technology and banking to provide customers in 41 states with HELOCs. Though officially called a HELOC, Figure’s HELOC has characteristics of both a traditional HELOC and a home equity loan. Borrowers withdraw the full line amount (minus the origination fee) at the time of origination. Once you repay the initial balance at a fixed rate, you will be able to make additional draws over a specified period.

Figure says it will deliver funds in as little as five days. The application is entirely online and takes about five minutes to complete, according to Figure.

• APR: Fill out application for personalized rates
• Introductory APR: N/A
• Max LTV ratio: 95%
• Loan amount: $15,000 – $400,000
• Terms: Five, 10, 15, or 30 years
• Fees: A HELOC with Figure has no closing costs, but the borrower will be responsible for an origination fee of up to 4.99% of the initial draw, depending on the state and the borrower’s credit profile. You may also have to pay a recording fee if your county requires it.
• Additional requirements: Minimum credit score of 620 in most states (720 in Oklahoma).
• Perks: Borrowers may receive a rate discount of up to 0.75%; 0.5% for opting into a credit union membership and 0.25% for enrolling in autopay.

The Pentagon Federal Credit Union (widely known as PenFed) offers HELOCs in all 50 states, as well as Guam, Puerto Rico and Okinawa, Japan. PenFed is a credit union so its products are available only to members, but you can easily become a member by opening a PenFed savings account and funding it with at least $5.

With PenFed, you can choose between a standard, interest-only or rate-lock HELOC. PenFed doesn’t offer home equity loans. To apply for a HELOC with PenFed, you’ll have to request a callback over the phone. This feature may be a major drawback for customers who prefer online services and applications.

• APR: Starting from 8.625%
• Introductory APR: N/A
• Max LTV ratio: 90%
• Loan amount: $25,000 – $1 million
• Terms: 10-year draw period, 20-year repayment period
• Fees: Annual fee of $99 unless you have $99 in interest during the preceding year. PenFed will pay most closing costs, but for credit lines greater than $500,000, the borrower will likely be responsible for closing costs.
• Additional requirements: Minimum credit score of 660 and maximum debt-to-income ratio of 50%.
• Perks: PenFed serves borrowers in all 50 states, as well as Guam, Puerto Rico and Okinawa, Japan. The credit union has flexible membership requirements.