Best HELOC Loan Companies in 2026: 8 Companies Compared

#1

Figure

Best for: Fast online funding

Visit figure.com

Figure is an online lender built around a digital application, online notary, and automated valuation in many cases. Its site lists rates as low as 7.35% APR and borrowing from $15,000 to $750,000, with approval in minutes for eligible applicants.

The catch is the draw structure. Unlike a traditional revolving line where you draw only what you need, Figure draws the full approved amount at closing, less any origination fee, and later draws are available for a limited period that depends on the term. Borrowers who want to draw small amounts over many years may prefer a traditional 10 year draw period. Figure also charges an origination fee that can reach a meaningful share of the initial draw, so the total cost needs a close read.

#2

PenFed Credit Union

Best for: Credit union pricing with a 10 year draw

Visit penfed.org

PenFed is a large credit union with a HELOC that follows a more traditional pattern. You draw what you need during a 10 year draw period, then repay over the remaining term. PenFed states that its HELOC APR is based on prime plus a margin and can change monthly, with prime listed at 7.00% as of September 21, 2026, on its mortgage rates page.

The main costs to weigh are the $99 annual fee charged on each account anniversary and closing costs, which PenFed notes can range from $500 to $8,500 for credit lines up to $500,000. PenFed picks up most closing costs in some descriptions of its offer, so the exact fee picture should be confirmed in writing for your file. Membership is required, though PenFed membership is broadly accessible to the public through qualifying associations and other routes.

#3

Navy Federal Credit Union

Best for: Military members and high loan-to-value borrowing

Visit navyfederal.org

Navy Federal is the largest credit union in the United States by membership and assets, and its HELOC is built for its military community. The standout term is the ability to borrow up to 95% of home equity, which is higher than the 80% to 85% cap common at many banks. Its site lists rates as low as 7.25% APR for a standard HELOC and 8.25% for an interest-only HELOC, assuming a 750 FICO score, a primary residence, and a 70% maximum high loan-to-value ratio. The rate is variable, with a minimum APR of 3.99% and a maximum of 18%.

Navy Federal states that it will pay all closing costs on HELOC applications, covering settlement fees, credit reports, flood determinations, property valuations, title searches, lender title insurance, recording, and government charges. That can remove a major upfront barrier. The limits are eligibility and timing. You must qualify for membership, HELOCs are not available in Texas, and Navy Federal estimates 30 to 40 calendar days to close once an application is received.

#4

Bank of America

Best for: No-fee HELOC with relationship discounts

Visit bankofamerica.com

Bank of America is a national bank with a HELOC available in all 50 states and the District of Columbia, according to its home equity assumptions page. The fee structure is simple to understand: no closing costs, no application fees, no annual fees, and no fees to use the funds on qualifying HELOCs. Lines are available online from $25,000 to $1 million, with a 10 year draw period and a 20 year repayment period.

Rate discounts are where the product rewards existing relationships. Bank of America offers a discount for automatic payments from an eligible deposit account, a discount tied to the amount initially withdrawn and maintained for the first billing cycles, and a further discount for Preferred Rewards members. Its published sample assumes a $100,000 HELOC in second lien position with a combined loan-to-value ratio up to 70% on an owner-occupied single family home and a borrower with excellent credit. The introductory variable rate lasts for 6 months, after which the variable rate applies, so borrowers should ask for the post-introductory rate in writing.

#5

Truist

Best for: Flexible terms from a large regional bank

Visit truist.com

Truist was formed from the merger of BB&T and SunTrust, and it remains a major lender for home equity borrowing in its core states. It suits borrowers who want a choice between applying online and talking to a banker in a branch. That choice matters when a property, a title question, or a complex income picture needs a conversation rather than a form.

The weakness is transparency before application. As with many large banks, the exact rate, margin, and fee schedule depend on credit, equity, property, and state, so a headline comparison will not tell you your price. Borrowers should ask for the variable rate formula, the margin, the rate cap and floor, the draw and repayment periods, and any annual or early closure fee.

#6

FourLeaf Federal Credit Union

Best for: No closing costs on qualifying lines

Visit bethpagefcu.com

FourLeaf Federal Credit Union (formerly Bethpage) is a large federal credit union based in New York, and its HELOC is often shortlisted for borrowers who want to avoid closing costs. Its published comparisons describe no closing costs and no annual fee on qualifying lines, with a fixed introductory rate for the first 12 months in some offers, followed by a variable rate. Lines up to $1 million appear in third-party comparisons, though the amount available depends on equity, credit, and property.

The honest limit is access. Credit union membership rules and state availability narrow who can apply, and borrowers outside FourLeaf's service area may need to look elsewhere. The application process is also less fully digital than an online-only lender, which can mean a longer timeline for some files. Borrowers should confirm the rate after the introductory period, the draw period, the repayment period, and any requirement to keep the line open for a set time to keep the closing cost waiver.

#7

Spring EQ

Best for: High loan-to-value home equity borrowing

Visit springeq.com

Spring EQ is a nonbank home equity lender that focuses on borrowers who need a larger share of their equity. Third-party comparisons describe loan-to-value ratios up to 95% and lines up to $500,000, with no closing costs on lines under $500,000 in some offers. That combination appeals to homeowners with strong equity but limited cash, or to borrowers who have been turned away by a bank with a lower loan-to-value cap.

The trade-off is price and process. Variable rates for high loan-to-value borrowing can sit above the rates offered to low loan-to-value borrowers at credit unions, and the final fee picture depends on the draw and the profile. Spring EQ has no branch network to match a national bank, so support is by phone and online. Borrowers should get the rate, the margin, the cap, the draw period, and the repayment period in writing, and should check whether a fixed-rate home equity loan would cost less over the time they expect to carry the balance.

#8

Chase

Best for: Digital account management from a national bank

Visit chase.com

Chase is the consumer banking arm of JPMorganChase, and its HELOC suits borrowers who already use Chase for checking, savings, or a mortgage. Managing the line in the same app as other accounts simplifies payments, statements, and draw requests. Its branch network also gives borrowers an in-person option for questions that are hard to resolve online.

The weakness is price competitiveness for some profiles. Chase rates can sit above those from credit unions, and the exact discounts, fees, and rate formula depend on the state and the borrower. Borrowers should ask for the variable rate, the margin over prime, the lifetime cap and floor, and any annual fee or early closure fee before comparing Chase with a credit union quote.