How we make this list: we compare pricing pages, product documentation and public user reviews. Ratings come from G2, Capterra or Trustpilot, with the date we checked them.
Key takeaways
- Figure leads on speed, with approval in 5 minutes, funding in as few as 5 days, and borrowing up to 750,000 dollars.
- Third Federal leads on fees, with no closing costs, no prepayment penalties, and a lowest rate guarantee that beats a lower rate or pays 1,000 dollars.
- Navy Federal leads for military members, with no closing costs, up to 95 percent of home equity, and rates as low as 7.25 percent APR.
- Spring EQ leads on flexibility, offering fixed-rate loans, variable and fixed-rate HELOCs, and funding in as few as 11 days.
- Home equity borrowing puts the home at risk: missed payments can lead to foreclosure, so borrow only what the budget can repay.
Quick comparison
| Tool | Best for | Starting price | Free plan |
|---|
 Figure | Speed | See website | Free application |
 Spring EQ | Flexibility | See website | Free application |
 U.S. Bank | Full-service bank | See website | Free rate estimate |
 Chase | Branch network | See website | Free estimate |
 Third Federal | No fees | 6.490% APR | Free application |
 Navy Federal | Military members | 7.25% APR | Free application |
 Bank of America | No fees | See website | Free application |
 Citizens | Fast digital HELOC | See website | Free rate view |
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We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
The best home equity loan companies
Starting priceSee website
Free planFree application
Figure is a fast, easy online HELOC lender that uses blockchain and AI to deliver faster approvals, lower costs, and transparent access. Approval takes 5 minutes, funding arrives in as few as 5 days, borrowing reaches up to 750,000 dollars, and rates start as low as 7.30 percent APR for qualified borrowers. Over 30 billion dollars in equity has been accessed through the platform by 382,000 plus households. Figure suits borrowers who want the fastest fully online home equity experience.
What we like- Approval in 5 minutes with funding in as few as 5 days
- Borrow up to 750,000 dollars
- Rates as low as 7.30 percent APR
- Over 30 billion dollars in equity accessed and 382,000 plus households served
- Blockchain-based process with fewer middlemen
Watch out for- Rate shown is a starting figure for qualified borrowers, not a guarantee
- Online-only experience may not suit borrowers who want branches
Starting priceSee website
Free planFree application
Spring EQ offers flexible home equity solutions for debt consolidation, renovation, or major expenses, with a faster, simpler lending experience. Options include fixed-rate loans, variable-rate HELOCs, and fixed-rate HELOCs with customized terms, and funding arrives in as few as 11 days. Since 2016, over 160,000 homeowners have trusted Spring EQ to access over 16 billion dollars in equity, guided by dedicated experts from start to finish. Unlike refinancing, a Spring EQ home equity product keeps the first mortgage rate untouched. Spring EQ suits borrowers who want product choice plus speed.
What we like- Fixed-rate loans, variable-rate HELOCs, and fixed-rate HELOCs
- Funding in as few as 11 days
- Over 160,000 homeowners served and over 16 billion dollars in equity accessed since 2016
- Dedicated experts guide each case
- Home equity keeps the first mortgage rate untouched
Watch out for- Homepage shows no rate table
- Availability and terms vary by state and credit
Starting priceSee website
Free planFree rate estimate
U.S. Bank compares three ways to access home equity: a HELOC for ongoing access at rates lower than most credit cards, a home equity loan with fixed rates and steady payments for one-time expenses, and a cash-out refinance for new mortgage terms plus cash at closing. Depending on credit history, available equity, and monthly debt, borrowers may access 25,000 to 500,000 dollars. The application runs on phone, laptop, or other devices with document upload and save-and-resume, and a Loan Estimate can be obtained without a full application. U.S. Bank suits borrowers who want a national bank, branch support, and all three equity products in one place.
What we like- HELOC, home equity loan, and cash-out refinance side by side
- Borrow 25,000 to 500,000 dollars depending on credit, equity, and debt
- Fixed-rate lock option on some or all of a HELOC
- No closing costs on HELOCs with a 75 dollar annual fee after year one
- Streamlined phone, laptop, or device application with save-and-resume
Watch out for- Early closure fee of 1 percent up to 500 dollars within 30 months on HELOCs
- Lowest rates require automatic payments from a U.S. Bank account
Starting priceSee website
Free planFree estimate
Chase offers a home equity line of credit with rates usually lower than credit cards, letting borrowers keep their current mortgage rate with no refinancing required. Borrowers can access up to 80 percent of home value minus the mortgage balance, take up to 85 percent of the line in cash, and make interest-only payments during the 3-year draw period. A Home Lending Advisor guides each case, and a HELOC tool gives personalized estimates after sign-in. Qualification requires a primary or secondary home, a credit score of 680 or higher, and a property outside Texas. Chase suits existing Chase customers and borrowers who want advisor guidance.
What we like- Borrow up to 80 percent of home value minus mortgage balance
- Keep the current mortgage rate with no refinancing
- 3-year draw period with interest-only payments and up to 85 percent of the line in cash
- Home Lending Advisor guidance
- HELOC calculator for personalized estimates
- Minimum credit score 680
Watch out for- HELOC not available in Texas
- Homepage shows no rate table
- Branch and advisor experience varies by location
Starting price6.490% APR
Free planFree application
Third Federal offers a home equity line of credit with no hidden fees ever, no closing costs, and no prepayment penalties, with funds available for up to 10 years and access by debit card or check. The homepage shows a HELOC rate of 6.490 percent APR with no teaser or introductory rate, meaning the rate shown is the rate the borrower gets, variable for the life of the loan. Draw runs 10 years within a 30-year total repayment period, with no minimum balance or initial draw required, and existing lines from other lenders can be refinanced in. The lowest rate guarantee promises to beat a lower home equity rate or pay 1,000 dollars. Third Federal suits fee-sensitive borrowers who want an honest published rate.
What we like- No closing costs and no prepayment penalties
- HELOC rate 6.490 percent APR shown on the homepage
- 10-year draw period with a 30-year total repayment period
- No minimum balance or initial draw required
- No teaser or introductory rates
- Lowest rate guarantee beats a lower rate or pays 1,000 dollars
- Refinance an existing line easily
Watch out for- Variable rate moves with the market over the life of the loan
- Regional footprint centered on Cleveland, Ohio
Starting price7.25% APR
Free planFree application
Navy Federal Credit Union offers a HELOC for military members, veterans, and their families with APRs as low as 7.25 percent, no closing costs, and borrowing up to 95 percent of home equity. Lines run 10,000 to 500,000 dollars with a variable rate based on the US Prime Rate, no application, origination, annual, or inactivity fees, and an interest-only option. Funds arrive through an included Home Equity Credit Card, and a limited-time 250 dollar cash reward applies to 5,000 dollars in advances by 31 December 2026. Processing currently takes an estimated 30 to 40 calendar days to close. Navy Federal suits eligible military families who want high loan-to-value borrowing with no fees.
What we like- Rates as low as 7.25 percent APR
- No closing costs
- Borrow up to 95 percent of home equity
- 10,000 to 500,000 dollar lines
- No application, origination, annual, or inactivity fees
- Interest-only option
- Home Equity Credit Card for access
- 250 dollar cash reward for 5,000 dollars in advances by 31 December 2026
Watch out for- Membership limited to military members, veterans, and families
- HELOCs not available in Texas
- Processing takes an estimated 30 to 40 calendar days to close
Starting priceSee website
Free planFree application
Bank of America offers a HELOC that lets borrowers use up to 85 percent of home value minus the mortgage balance, revolving like a credit card so interest is paid only on the portion used. There are no closing costs, no application fees, no annual fees, and no fees to use funds, plus rate discounts for automatic payments and for funds used at opening. Borrowers can convert 5,000 dollars or more of the balance to a fixed rate for predictable payments, draw during a 10-year borrowing period, then repay over typically 20 years. Bank of America suits borrowers who want a big-bank HELOC with no fees and a fixed-rate conversion option.
What we like- Borrow generally up to 85 percent of home value minus mortgage balance
- No closing costs, no application fees, no annual fees, and no fees to use funds
- Rate discounts for automatic payments and opening funds
- Convert 5,000 dollars or more to a fixed rate
- 10-year draw period with a 20-year repayment stage
- Apply online, by phone, or in a financial center
Watch out for- Homepage content is a video transcript, so current rates need a live quote
- Variable rate moves with the Wall Street Journal Prime Rate
- Interest deductibility needs a tax advisor
Starting priceSee website
Free planFree rate view
Citizens offers a HELOC through FastLine, a digital experience that delivers a personalized offer in 2 to 3 minutes, gathers income and property data in real time to cut documents, and closes in as few as 7 days with cash in as little as 2 weeks. Lines start as low as 17,500 dollars with no application fee, a variable APR based on the Wall Street Journal Prime Rate with a 2.50 percent floor and 21 percent cap, and a 0.25 percent discount for automatic payments from a Citizens checking account. The 50 dollar annual fee is waived in the first year and with qualifying checking accounts. Citizens suits borrowers in its listed states who want the fastest digital HELOC process.
What we like- FastLine digital experience with a personalized offer in 2 to 3 minutes and closing in as few as 7 days
- Lines as low as 17,500 dollars
- No application fee
- Variable APR with a 2.50 percent minimum and 21 percent maximum
- 0.25 percent rate discount for automatic payments from a Citizens checking account
- First-year annual fee waived, then 50 dollars per year
Watch out for- HELOCs limited to listed states
- Best rate requires a 200,000 dollar plus line, first lien position, 80 percent or lower loan-to-value, and strong credit
- No fixed-rate home equity loan product
How we chose
We opened each lender homepage and compared speed, fees, loan-to-value limits, rate transparency, and product choice. Several candidates were excluded: Discover Home Loans, which closed its home loan business in July 2025 and ended servicing on 2 February 2026; Aven, PenFed, PNC, and Bethpage, whose homepages failed to load and were not retried; and Rocket Mortgage, whose home equity page returned a 403 access denial and was not retried. Rates shown are homepage figures for qualified borrowers at the time of checking and change with the market.
How to pick the right home equity loan company
Start with the product type. A home equity loan gives a lump sum at a fixed rate with steady payments, ideal for one-time costs like a renovation. A HELOC gives revolving access during a draw period, ideal for phased projects or ongoing needs, but variable rates can rise and payments can jump when the draw period ends and repayment begins.
Then compare the full cost, not just the rate. Third Federal, Navy Federal, and Bank of America charge no closing costs, while U.S. Bank adds a 75 dollar annual fee after year one and Citizens charges 50 dollars per year after the first year. Check early closure fees, minimum draws, and rate floors and caps, since Citizens caps at 21 percent APR while Navy Federal caps at 18 percent. Get a Loan Estimate from at least three lenders and compare APR, fees, draw and repayment terms, and fixed-rate conversion options side by side.
Most importantly, respect the risk. A home equity loan or HELOC is secured by the home, so missed payments can lead to foreclosure. Borrow only for needs with a clear repayment plan, keep total housing debt affordable, and consider alternatives first: a personal loan, a 0 percent intro APR card for small amounts, or delaying the project. Interest may be tax deductible only when the loan funds buy, build, or substantially improve the home, so confirm with a tax advisor. This article is general information, not financial advice; consult a licensed financial advisor or housing counselor for the specific situation.
Frequently asked questions
What is the best home equity loan company?
Figure leads on speed, Third Federal on fees, Navy Federal for military members, and Spring EQ on product flexibility. The best choice depends on timeline, fees, and eligibility.
What is the difference between a home equity loan and a HELOC?
A home equity loan gives a lump sum at a fixed rate with steady payments. A HELOC gives revolving access during a draw period, usually with a variable rate and payments that can change.
How much can I borrow with a home equity loan?
Limits vary by lender and equity. Chase allows up to 80 percent of home value, Bank of America generally up to 85 percent, Navy Federal up to 95 percent, and Figure up to 750,000 dollars.
How fast can I get home equity funds?
Figure funds in as few as 5 days, Citizens FastLine closes in as few as 7 days, Spring EQ funds in as few as 11 days, and Navy Federal takes an estimated 30 to 40 days.
Can I lose my home with a home equity loan?
Yes. Home equity loans and HELOCs are secured by the home, so missed payments can lead to foreclosure. Borrow only what the budget can repay.
Is home equity loan interest tax deductible?
Interest may be deductible only when the loan funds buy, build, or substantially improve the home that secures the loan. Confirm the current rules with a tax advisor.
Sources we checked (8)
- https://www.figure.com/
- https://www.springeq.com/
- https://www.usbank.com/home-loans/home-equity.html
- https://www.chase.com/personal/mortgage/home-equity
- https://www.thirdfederal.com/borrowing/home-equity
- https://www.navyfederal.org/loans-cards/equity/heloc.html
- https://www.bankofamerica.com/home-equity/
- https://www.citizensbank.com/home-equity-loans/home-equity-line-of-credit-heloc.aspx
Is your product missing or out of date?
We review this list regularly. Vendors can request a listing, send updated pricing or ask about featured placement.
Shihab Mia · Founder, Rankite
Shihab has 5+ years in B2B and SaaS SEO. He writes Rankite's software buying guides from pricing pages, documentation and public user reviews. More about Shihab.