A home equity line of credit, or HELOC, lets qualified homeowners borrow against available home equity through a revolving line of credit. During the draw period, borrowers can generally access funds as needed, repay balances, and borrow again up to the approved credit limit.
HELOCs are commonly used for home improvements, major expenses, education costs, emergency reserves, and debt consolidation. Because most HELOCs have variable rates, however, the interest rate and monthly payment can change over time.
There is no single HELOC lender that is right for every homeowner. Rates, combined loan-to-value limits, credit requirements, fees, draw periods, geographic availability, and underwriting standards vary. The comparison below is designed to help homeowners understand those differences and identify questions to ask before applying.
Why Homeowners Are Looking at HELOCs
Many homeowners have accumulated substantial equity while keeping first mortgages originated at earlier rates. A HELOC can allow a homeowner to access part of that equity without replacing the existing first mortgage.
A HELOC can also provide more flexibility than a lump-sum home equity loan because interest is generally charged only on the amount drawn, not the entire approved line. The tradeoff is that most HELOC rates are variable, so borrowing costs can rise or fall with the underlying index and lender margin.
Before opening a HELOC, homeowners should consider how much they expect to borrow, how long they expect to carry the balance, whether a variable payment fits their budget, and what fees or closing costs may apply.
HELOC Lenders to Compare in 2026
The lenders below offer different approaches to home equity borrowing. This is not a ranking or an endorsement of one lender over another. Product terms change frequently, and availability can vary by state, property, borrower profile, and loan amount.
Reliance Financial
Reliance Financial offers a consultative approach to home equity financing. Rather than focusing only on an advertised rate, the goal is to help homeowners evaluate available HELOC options alongside loan amount, equity, credit profile, property, fees, and longer-term financial objectives. Because available programs and pricing can vary, homeowners should request a personalized review for current terms.
Figure
Figure offers a technology-focused HELOC process. Its published information states that HELOC lines can range from $15,000 to $750,000 in most states, subject to credit, property, combined loan-to-value, and other eligibility requirements. Figure states that the minimum required credit score is 600 in most states, with different requirements for some property types.
Navy Federal Credit Union
Navy Federal offers HELOCs to eligible members, including a long 20-year draw period followed by a 20-year repayment period. Its published HELOC information shows borrowing of up to 95% of home equity and an APR as low as 7.000% as of September 2026, subject to qualifications and assumptions. Membership eligibility applies, and Navy Federal states that its HELOC is not available in Texas.
Bank of America
Bank of America offers variable-rate HELOCs and publishes pricing examples that incorporate certain relationship, automatic-payment, and initial-draw discounts. Its advertised pricing depends on borrower and transaction assumptions, so homeowners should compare the undiscounted terms, available discounts, fees, and total cost for their specific scenario.
PNC Bank
PNC’s Choice Home Equity Line of Credit offers variable-rate borrowing and the ability to establish fixed-rate parts under the product terms. PNC was advertising a 5.74% introductory APR for qualifying newly booked lines of $50,000 or more in September 2026, followed by variable pricing. Product availability and pricing vary by location and borrower qualifications.
Aven
Aven offers a home-equity-backed revolving credit product with card access, which gives borrowers a different way to use an approved equity line for purchases and other eligible transactions. Its pricing is tied to the prime rate plus a margin, and product terms, fees, and availability can vary. Homeowners should review the current pricing and terms directly before applying.
Connexus Credit Union
Connexus offers both standard and interest-only HELOC structures. As of September 11, 2026, it published a standard HELOC APR as low as 7.51% after the introductory period, based on 80% combined loan-to-value or less and available discounts. Membership is required, and Connexus states that the product is not available in Maryland, Texas, Hawaii, or Alaska.
AmeriSave
AmeriSave publishes a HELOC product page describing lines with a maximum combined loan-to-value of up to 90%, subject to restrictions and borrower qualification. Because lender offerings can change, homeowners should confirm current product availability, rates, fees, credit requirements, and state eligibility directly when applying.
New American Funding
New American Funding provides HELOC educational resources and home equity lending information. Its published guidance notes that HELOC rates are generally variable and that credit score, loan-to-value ratio, and other borrower factors can affect pricing. Homeowners should request current product terms rather than relying on a static advertised rate.
TD Bank
TD Bank is another lender homeowners may consider when comparing home equity products. Availability, credit-line limits, combined loan-to-value requirements, fees, and pricing can vary by location and borrower profile, so current terms should be confirmed directly before applying.
Comparison Table: HELOC Lenders
| Lender | Best For | Starting APR | Max LTV | Min. Credit Score |
| Reliance Financial | Best Overall for Personalized Service | Varies by lender network | Up to 90% | 620+ |
| Figure | Best for Fast Online Closing | From 6.90% | Up to 80% | 620+ |
| Navy Federal Credit Union | Best for Long Draw Period | As low as 7.00% | Up to 95% | Varies (membership required) |
| Bank of America | Best for No Fees | Varies | Up to 85% | 660+ |
| PNC Bank | Best for Lower Credit Scores | Varies | Up to 89% | 600+ |
| Aven | Best HELOC-Backed Credit Card | From 6.99% | Up to 89% | 640+ |
| Connexus Credit Union | Best for Small Withdrawals | As low as 7.51% | Up to 90% | 640+ |
| AmeriSave Mortgage | Best for Transparent Terms | Not always disclosed upfront | Up to 90% | 620+ |
| New American Funding | Best for High Credit Limits | From 5.25% | Up to 90% | 620+ |
| TD Bank | Best for Large Withdrawals | Varies | Up to 89.9% | 620+ |
How to Choose the Right HELOC Lender?
Compare APR and rate structure
Most HELOCs have variable rates. Understand the index, margin, introductory period, lifetime cap, and whether the lender allows any portion of the balance to be converted to a fixed rate.
Check combined loan-to-value limits
Lenders use CLTV to evaluate the total debt secured by the property relative to its value. A higher published maximum does not mean every borrower will qualify for that amount.
Review credit and income requirements
Credit score is only one part of underwriting. Income, debt-to-income ratio, property type, lien position, loan amount, and payment history can also affect approval.
Compare fees and closing costs
Ask about application, appraisal, origination, annual, inactivity, early-closure, recording, and other potential charges. A low advertised APR does not always mean the lowest total cost.
Understand the draw and repayment periods
Know how long you can draw funds, what minimum payments are required during the draw period, and how payments may change when repayment begins.
Confirm geographic availability
HELOC programs can have state and property restrictions. Confirm that the lender offers the product for the property location before relying on advertised terms.
Frequently Asked Questions
How much equity do I need to qualify for a HELOC?
Requirements vary by lender. Many lenders limit total secured borrowing to a percentage of the home’s value using combined loan-to-value, or CLTV. The amount available also depends on the existing mortgage balance, credit profile, property, and program.
What credit score is needed for a HELOC?
There is no universal minimum. Some lenders publish minimums around 600, while others may require stronger credit depending on the loan amount, CLTV, property, and other factors. Better credit can also improve available pricing.
Are HELOC interest rates fixed or variable?
Most HELOCs have variable rates, often based on a benchmark such as the prime rate plus a lender margin. Some lenders offer fixed-rate conversion features for all or part of an outstanding balance.
How long does it take to get a HELOC?
Timelines vary. Digital processes may move quickly for straightforward files, while transactions requiring an appraisal, title work, additional documentation, or more complex underwriting can take longer.
What can I use a HELOC for?
HELOC proceeds are commonly used for renovations, major expenses, education, emergency reserves, or debt consolidation. Borrowers should review their loan agreement for any restrictions and consider whether using home equity for the intended expense fits their financial plan.
Is HELOC interest tax deductible?
HELOC interest may be deductible when the borrowed funds are used to buy, build, or substantially improve the home that secures the debt, subject to applicable federal tax rules and individual circumstances. Consult a qualified tax professional for advice.
What is the difference between a HELOC and a home equity loan?
A HELOC is generally a revolving line of credit with a variable rate. A home equity loan typically provides a lump sum with a fixed repayment schedule. The better structure depends on how and when the borrower expects to use the funds and the level of payment predictability desired.
Can I get a HELOC with less-than-perfect credit?
Possibly. Credit requirements differ among lenders, and approval also depends on equity, income, debts, property, and other underwriting factors. A lower credit score may reduce available options or result in less favorable pricing.
What fees can be associated with a HELOC?
Depending on the lender and transaction, potential costs can include appraisal, title, recording, origination, annual, inactivity, or early-closure fees. Some lenders waive certain costs subject to conditions. Compare the complete fee structure before choosing a line.
Final Thoughts
Compare HELOC Options With Reliance Financial
The most useful HELOC comparison is not simply a list of advertised rates. It considers how much equity you need to access, how long you expect to borrow, whether you are comfortable with a variable rate, the fees involved, and how the line fits with your existing mortgage.
Reliance Financial can help homeowners review available home equity financing options and understand the tradeoffs among rate, APR, line size, CLTV, fees, and repayment structure.
If you are considering a HELOC, contact Reliance Financial for a personalized review based on your property, equity, credit profile, and borrowing goals.
