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Best HELOC Lenders

Lower, Achieve Loans, AmeriSave Mortgage and nbkc bank are our top picks

  • Best overall
    Lower
    4.4(290)
  • Customer service
    Achieve Loans
    4.4(152)
  • High borrowing amounts
    AmeriSave Mortgage
    4.7(6,336)
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By: Jennifer Schurman
+3 more
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By: Miranda Weiss
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Edited by: Cassidy McCants
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Edited by: Jana Lynch

Best HELOC Lenders

A home equity line of credit (HELOC) lets homeowners borrow money using their home as security. You can borrow money as needed, pay it back over time and only pay interest on what you use.

Based on our research, the best HELOC lenders offer high borrowing limits, long repayment terms, competitive interest rates and low fees, with availability across the U.S.

Why trust ConsumerAffairs?
  • Our recommendations are based on what reviewers say.
  • 4,890,033 reviews on ConsumerAffairs are verified.
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  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

Our top 4 HELOC lender picks

  1. Best overall: Lower
  2. Best customer service: Achieve Loans
  3. Best for high borrowing amounts: AmeriSave Mortgage
  4. Best for fast closing: nbkc bank

The ConsumerAffairs Research Team compared more than 30 popular lenders to find our top four picks based on consumer reviews, interest rates, loan amounts and other features.

Our picks may be Authorized Partners that compensate us, but this does not affect our recommendations. Read our full methodology for details on how we selected the best HELOC lenders.

All information accurate as of time of publication.
Best overall

Lower

Lower
4.4
290 reviews
Draw period
10 years
Maximum credit line amount
$500,000
Maximum combined LTV ratio
90%
Repayment period
Varies
Read Reviews

Lower is our pick for the best overall HELOC because of its high maximum loan amounts, solid customer support and relatively simple loan process. We also appreciate Lower’s transparency about rates and other important information.

What to consider: Most reviews for Lower are positive, but some customers had a more mixed experience. This seems to come down to the specific agent you end up working with — if you ever feel unhappy with the service you’re getting, don’t hesitate to ask for someone else.

The majority of Lower customers have a good experience, which isn’t always the case in this industry.

“Lower is a good lending company. They offer the HELOC up to 95%. That's the main reason why I wanted to try Lower, because maybe eventually I could try that HELOC later on. But it has been great. My loan officer did a good job. I got the amount I wanted, and the process was smooth. It was all online. So, it was good.”
Jaime Chicago, IL
“They could also have a better dashboard. But I've had nothing but good experiences with Lower from my initial refinance and then with the HELOC. It's been great all around. It's been pretty smooth any time I've worked with them.”
Steven Cable, OH
“Lower offered a better rate than the other companies that I was looking at. I went with a HELOC and the customer service was good and I’ve been happy with Sherri, the one who has guided me through the process. But I’m not happy with Shellpoint, the company that Lower has servicing the loan.”
Valerie Tallahassee, FL
Pros
  • Solid customer support
  • Transparent rates
  • Fast application with no hard credit check
Cons
  • Occasional funding delays
  • Not available in all states
Best customer service

Achieve Loans

Achieve Loans
4.4
152 reviews
Draw period
5 years
Maximum credit line amount
$300,000
Maximum combined LTV ratio
80%
Repayment period
5 to 25 years
Read Reviews
Disclosures

We picked Achieve Loans for the best customer service because it has a smooth loan process that gets funds into your hands quickly. 

Funds are typically available in less than three weeks, but the company claims it can be as quick as 10 days. We also like that Achieve has reasonable rates and flexible loan term options. 

What to consider: The initial interest rates with Achieve are higher than with many competitors. Fixed interest rates are typically higher than initial rates on adjustable-rate loans, but you won’t have to worry about them creeping up over time.

Many find the process easy and convenient, but some were frustrated by difficulties with the servicing organization, Shellpoint.

“The loan process began with a straightforward online application. I spoke with a representative, submitted the necessary documents, signed the paperwork, and funds were disbursed as required.”
D Farmington Hills, MI
“Achieve Loans provided my family a great, easy to accomplish, fixed rate HELOC which was 75% or more lower than all our revolving credit card debt. They took my app mid October and funded in under 2 weeks and paid all our debt off and $33k for home repairs, starting with our roof this Monday.”
Terrence Lake Stevens, WA
“Working with Achieve was one of the smoothest processes I’ve ever experienced. I have friends that went to banks and said it took them two months to do a HELOC. I was able to move through this process within a week and get exactly what I needed really great experience so far; they didn’t miss a beat.”
Karen Naples, FL
Pros
  • Flexible terms
  • Fixed interest rates
  • Fast fund availability
Cons
  • Lower maximum loan amount than competitors
  • Third-party servicing company
Best for high borrowing amounts

AmeriSave Mortgage

AmeriSave Mortgage
4.7
6,336 reviews
Draw period
10 years
Maximum credit line amount
$350,000
Maximum combined LTV ratio
90%
Repayment period
10 years
Read Reviews

We picked AmeriSave Mortgage for high borrowing amounts because it has the second-highest limit after our top pick overall, Lower. AmeriSave also offers competitive rates and an easy online application process. There are no loan origination fees or application fees with AmeriSave, which is a nice touch.

What to consider: AmeriSave operates completely online. So, if you prefer working with lenders face-to-face, look elsewhere.

Overall, those who had a positive experience highlighted the helpfulness of specific staff members and the ease of the online process. Negative reviews tend to mention issues with the subordination of loans or excessive document requests.

“Working with AmeriSave Mortgage for a HELOC was great overall, although there were some back and forth during the process regarding document submissions, especially related to my homeowners' policy. Despite this, everything else went smoothly, and I ultimately felt comfortable working with the loan officer because he was personable and made the experience relatable.”
Michael Forest, VA
“I recently had the opportunity to work with AmeriSave Mortgage for a HELOC, as they are my existing lender. The process was a bit involved but met my expectations. It took roughly a month to complete from start to finish, and throughout the process, the communication and interactions were great—professional.”
Timothy Crestline, CA
“The process and explanations, especially concerning the handling of funds post-closing, could have been clearer, particularly since this was our first experience with a HELOC. This aspect could use improvement, as clarity in financial transactions is crucial.”
Michael Greenville, SC
Pros
  • Transparent process
  • Excellent and readily-available customer support
  • Available in 49 states (all but New York) and Washington, D.C.
Cons
  • HELOC rates are not readily available online
  • May require a lot of paperwork
4x Award Winner
Selected for having one of the highest satisfaction rates for Best Loan Process, Best Experience with Staff, Best Value for Price and Best Customer Service
Best for fast closing

nbkc bank

nbkc bank
3.9
71 reviews
Draw period
Up to 10 years
Maximum credit line amount
$300,000
Maximum combined LTV ratio
85%
Repayment period
10 to 20 years
Read Reviews

On average, nbkc bank makes funds available within 14 business days. The company is willing to work individually with customers who have complicated or income histories or unique needs, which is a major plus in our book. We also appreciate that nbkc bank offers competitive rates and a smooth loan process.

What to consider: nbkc bank’s application process is not 100% online. Whether this is a good or bad thing will depend on your needs and preferences — it could go either way. We also think nbkc could be more transparent about its fees.

Happy reviewers praise nbkc bank for its quick service and knowledgeable loan officers. However, some have faced issues with account closures, payment processing errors and holds on funds.

“They consistently lock in the best rates and have the best customer service. They are very thorough and professional with their work.”
Patrick Virginia Beach, VA
“I had been working with Tony the last couples of years. He's very professional and knowledge. He's always available and provide accurate information.”
Nora Riverside, CA
“We have used Kurt several times and he never has disappointed us. He is a pleasure to work with. The application process went smoothly from the beginning of obtaining the appraisal to getting the final closing documents to the signing process.”
Alexander Anchorage, AK
Pros
  • Competitive interest rates
  • High loan-to-value ratio for HELOCs
  • Fast access to funds
Cons
  • Some communication issues
  • Applications are not 100% online

HELOC Lenders Buyers Guide

Jump into our guides and start learning

In this guide

Top Picks

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AmeriSave Mortgage logo
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Find the best HELOC for you

HELOC lenders buyers guide

You pull up your house on a real estate app and see that it’s worth more than what you owe — maybe a lot more — but how can you tap into that equity?

A home equity line of credit (HELOC) is a low-cost option that allows borrowers to access their equity without refinancing their existing mortgage.

Key insights

A HELOC is a revolving line of credit, similar to a credit card, that lets you borrow against your home equity.

Jump to insight

HELOC rates are usually variable, meaning they change periodically based on a benchmark rate like the prime rate, plus a margin determined by your creditworthiness.

Jump to insight

When choosing a HELOC lender, compare interest rates, fees (including closing costs), introductory rate offers and any interest rate caps to find the best deal for your needs.

Jump to insight

What is a HELOC?

A HELOC is a type of financing that lets a homeowner borrow funds based on their home equity. With a HELOC, you can borrow money up to a certain limit and pay back your balance over a number of years. It’s a second mortgage, meaning it doesn’t replace your primary mortgage (like a refinance does).

How does a HELOC work?

A HELOC is similar to a credit card in that it’s a revolving line of credit, which means you can make withdrawals up to a specified credit limit repeatedly, pay off the debt as you go and then withdraw funds again as needed. However, there is a limit to how long you can borrow using a HELOC.

A HELOC has two phases: the draw period and the repayment period. During the draw period (typically from five to 10 years), you can withdraw money up to the credit limit. As with a credit card, you’re expected to make minimum monthly payments during the draw period, though these payments are often interest-only and don’t go toward the principal.

After the draw period closes, you’ll enter the repayment period, during which you make principal and interest payments until the balance is paid off. Repayment periods are often longer than draw periods, so a 10-year draw period could have a 20-year repayment period.

The credit limit is calculated as a percentage of the home’s appraised value minus the combined total of any principal loan balance securing the home. Most lenders typically set the percentage (called a combined loan-to-value ratio, or CLTV ratio) between 60% and 85%.

Real-world example

Say your home has a current appraisal value of $250,000 and the outstanding balance on your mortgage loan is $160,000. If you obtain a HELOC with a combined loan-to-value ratio of 80%, you may be able to borrow 80% of $250,000, minus the $160,000 you still owe on your mortgage. Your potential credit limit would equal $40,000.

Home equity loan vs. HELOC

A HELOC and a home equity loan are similar in that they both draw funds from the equity in a property. However, they differ in how and when these funds are disbursed.

With a home equity loan, the funds are distributed as a lump sum of cash upfront. Home equity loans generally come in handy for situations where the borrower has, for example, an accurate cost estimate for a project. With a HELOC, you can access funds as needed during the draw period.

Some of the most common differences between HELOCs and home equity loans:

  • Lump sum versus line of credit: While a home equity loan provides a one-time lump sum of cash, a HELOC provides a defined credit limit. A homeowner can borrow and repay their HELOC numerous times throughout the draw period (typically five to 10 years).
  • Monthly payment amount: A home equity loan has a fixed payment amount that is a combination of principal and interest. HELOCs have interest-only payments during the draw period. Once the repayment period starts, you make principal and interest payments (often over 20 years).
  • Interest rate: Most home equity loans lock in a fixed interest rate. HELOCs usually have a variable interest rate that can go up or down over time. In both cases, the borrower's credit profile and chosen lender can affect the rate.
  • Interest charges: With a home equity loan, borrowers start accruing interest on the full balance immediately, whether they're using the money or not. With a HELOC, you only pay interest on the money you draw from your credit limit. If you have a balance of zero, there are no interest charges.
  • Maximum LTV ratio: Some lenders have different maximum LTV ratios for home equity loans and HELOCs. This difference could affect how much of your equity you can access.

How to choose a HELOC lender

As with any borrowing decision, it’s a good idea to read customer reviews and gather quotes from multiple lenders before you make your decision. Some lenders may discount upfront fees; others may offer lower rates. You’ll want to consider the overall cost of the HELOC, including all fees and charges, as you compare lenders.

Type of interest rate

A HELOC may have a variable rate, a fixed rate or a combination of both (e.g., a variable rate that converts to a fixed rate after a certain period of time). Variable rates may start out lower than the fixed rates a lender offers, but they also have the potential to rise in the future. A variable rate may save you money in the short term, while a fixed rate may offer more predictable payments over time.

Introductory rate

HELOC lenders may offer a low introductory rate to entice you. You could find a HELOC with a 1.99% rate for the first 12 months, followed by a rate increase. Consider how long you’ll need access to funds and when you can repay. You may be able to save money using a HELOC with a low introductory rate if you can pay back the principal before the rate expires.

Some lenders also offer rate discounts if you make an initial withdrawal of at least a certain amount.

Interest rate cap

This cap limits how much your interest rate can rise during a given time frame. Lenders should disclose both periodic adjustment caps (how much the rate can increase from one adjustment period to another) and lifetime caps (how much the interest rate can increase over the life of the HELOC).

Fees and charges

Fees vary based on the lender (e.g., an annual fee, an inactivity fee or an early termination fee). Compare these fees based on how you plan to use the HELOC. You can also expect to pay some closing costs. Some lenders offer no-closing-cost HELOCs, but there are conditions you must meet (like keeping the credit line open for a certain amount of time) in order to take advantage of the savings.

HELOC rates

HELOC rates are typically variable and tied to a benchmark interest rate, such as the prime rate. This means your interest rate can fluctuate over time. Lenders add a margin to the benchmark rate, which is influenced by your creditworthiness, loan amount and loan-to-value ratio (LTV).

As the benchmark rate changes, your HELOC rate adjusts accordingly, usually monthly. Your minimum monthly payment can change as your interest rate fluctuates.

Factors that affect HELOC rates:

  • Credit score: A higher credit score generally leads to a lower margin and interest rate.
  • Loan amount: Larger loan amounts may have higher margins.
  • LTV ratio: A lower LTV (meaning you have more equity in your home) can result in a lower margin.
  • Introductory rates: Some lenders offer low introductory rates to attract borrowers, but these rates typically increase after a set period.

While less common, some lenders offer fixed-rate HELOCs or allow you to convert a portion of your variable-rate balance to a fixed rate. For the most up-to-date information on HELOC rates, it's best to contact lenders directly or check their websites.

HELOC pros and cons

Before applying for a HELOC, make sure you know the benefits and drawbacks.

HELOC pros

  • Consistent availability of cash for expenses
  • Lower interest rates compared with credit cards
  • Few restrictions on how you use the funds

HELOC cons

  • Your home is collateral on the loan
  • Variable interest rates
  • Must pay closing costs
  • May have initial draw requirements

Applying for a HELOC

The application process for a HELOC is similar to the mortgage loan application process, though it may not require as much personal and financial information. You’ll need to answer questions about your current income, assets and debt. The lender will likely request proof of income and other documentation, like a W-2 and bank statements. A low DTI ratio is also ideal. Each lender may set a different DTI cap, but most look for a DTI ratio of 43% or lower.

You’ll want to also make sure you have at least 15% to 20% equity in your home based on the current appraised value, as well as a good credit score. Most lenders look for a credit score of 680 or higher for HELOC qualification.

If you get a HELOC from a lender that’s not your current mortgage lender, you may need to show proof of payment history. Lenders need to see that you can manage your existing debt effectively. The lender will then use all of this information to determine if you qualify for a HELOC. It will also use this information to determine your credit limit and interest rate.

To apply for a HELOC, cross the following items off your list:

1. Determine the purpose and timeline for the HELOC

It’s important to have a goal and purpose in mind for how you’ll use the HELOC. For example, if you plan to renovate your home, you’ll want to estimate costs and develop a timeline for the project before you apply. This can help you decide how long of a draw period you’ll need.

2. Know your numbers

It’s a good idea to assess your financial situation ahead of time so you can find the right HELOC for you. Lenders generally use your credit score, DTI ratio and equity value to determine your eligibility. Check your credit report for any inaccuracies, and request your up-to-date credit score.

You can find the estimated market value of your home on a real estate site (though your home may end up appraising for less than what is shown online). Your equity is equal to the appraised value of the home minus your current mortgage balance.

3. Research HELOC lenders to gather rate and fee information

Most lenders disclose the starting rates and fees for HELOCs directly on their websites. You can also use online calculators to estimate your payment.

4. Complete an application

When you’ve found a lender that offers a HELOC that suits your needs, you can complete an application. Be prepared to input your income, asset and debt information. The lender will also require a home appraisal.

5. Borrow only what you need and make regular monthly payments

Once you get a HELOC, ensure that you withdraw only what you need and can afford to repay. It’s also important to make on-time payments — your payment history is reported to the credit bureaus and will ultimately affect your credit score.

HELOC alternatives

If you want to use your equity without taking out a line of credit, you might consider other loan and refinancing options. Home equity loans, reverse mortgages and cash-out refinances all allow borrowers to use their equity for a variety of purposes.

  • Home equity loan: A home equity loan lets you borrow against the equity you have in your home. Home equity loans are typically disbursed in a single payment and are generally repaid with fixed monthly payments.
  • Cash-out refinance: A cash-out refinance is a type of refinancing that lets you convert some of your equity into cash. It involves taking out a new mortgage loan larger than your existing balance, paying off your old mortgage loan and keeping the balance in cash. Generally, you can choose between adjustable- and fixed-rate options.
  • Reverse mortgage: A reverse mortgage is generally for individuals 62 and older. It lets homeowners borrow against the equity in their homes. The lender makes a lump sum or regular payments to the homeowner or provides a line of credit, and the loan doesn’t need to be repaid until after the borrower dies or moves out of the house.

FAQ

What is home equity?

Equity is the difference between your home’s appraised value and your outstanding mortgage balance. It reflects your ownership stake in the property.

What is negative equity?

Negative equity can occur when your home’s appraised value is less than the outstanding mortgage balance you owe. With negative equity, you owe more on your home than it’s worth.

How do I get a HELOC?

You can usually apply for a HELOC online through a lender’s website. Once you complete an application, the lender will pull your credit report and ask for proof of income to get the process started. The lender may also request a home appraisal before determining whether you qualify and how much you can borrow.

» MORE: No doc HELOC

What can I use my HELOC for?

You can use a HELOC for a variety of purposes, like consolidating credit card debt, making home improvements, paying for education, covering medical bills, funding a special event or nearly anything else.

Is a HELOC a good idea?

A HELOC could be a good idea if you have equity in your home and need to finance a large project or consolidate debt. You should evaluate the pros and cons carefully before you make a borrowing decision, and make sure to consider all options for tapping into your home equity.

Does a HELOC affect your credit score?

A HELOC’s effect on your credit score depends on whether you make payments on time and how you use the funds. If you use the money to pay off credit card balances, your credit utilization ratio will improve, which could raise your score.

» MORE: How does bankruptcy affect your HELOC?

Methodology: How we chose the best HELOC lenders

We analyzed thousands of verified ConsumerAffairs reviews to find out what matters most to borrowers and which lenders earned the highest ratings.

Most reviewers focused on five key things:

  • The helpfulness of staff
  • The loan process
  • Punctuality and speed
  • Transparency
  • Rates

We then compared top lenders on the features that matter most when choosing a HELOC lender, including:

  • Maximum borrowable amounts
  • Normal time to close
  • Maximum loan-to-value ratio

Each lender received a score based on a weighted formula that measures how well it performs in each area. Top-performing companies earned a “Best for” or “Our pick for” designation.

If one lender led in multiple categories, we highlighted the next-highest performer in some cases to give readers a wider range of high-quality options.

Not sure how to choose?

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    Guide sources

    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:

    1. Consumer Financial Protection Bureau (CFPB), “ What you should know about home equity lines of credit.” Accessed Feb. 10, 2026.
    2. Consumer Financial Protection Bureau (CFPB), “ 1026.40 Requirements for home equity plans.” Accessed Feb. 10, 2026.

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