A Home Equity Line of Credit (HELOC) can be an excellent way to tap into the value of your home for various purposes, from home improvements to debt consolidation or major expenses. With interest rates remaining competitive, choosing the right HELOC lender is crucial. In this article, we’ll explore the Best HELOC lenders for 2025, considering factors like interest rates, fees, and customer service.

1. Discover Home Equity Loans

Discover is known for its customer-friendly approach and transparent fees. Their HELOC offerings come with several advantages for homeowners looking to borrow against their property’s value.

  • Interest Rates: Starting as low as 6.99% APR for variable rates and 9.99% APR for fixed rates.

  • Draw Period: 10 years, with the option to extend the repayment period.

  • Fees: No application fee, annual fee, or closing costs (in most cases).

  • Customer Service: Discover offers 24/7 customer support, making it easy to get help whenever you need it.

Discover is ideal for borrowers who value low fees and high-quality customer service. Their straightforward approach to HELOCs makes them a top choice for homeowners who need access to flexible credit.

2. Home Equity Line of Credit by Wells Fargo

Wells Fargo is one of the most recognized names in the financial industry, offering a range of mortgage products, including HELOCs. Known for its reliable and stable lending practices, Wells Fargo provides an attractive option for many homeowners.

  • Interest Rates: Starting at 6.99% APR, with options for both variable and fixed rates.

  • Draw Period: 10 years, with a 20-year repayment period.

  • Fees: No application fees or closing costs, although they may charge for specific services like an appraisal.

  • Perks: Wells Fargo offers tools to help borrowers manage their home equity line, such as online calculators and financial management tools.

With its broad range of services and strong reputation, Wells Fargo is an excellent choice for homeowners who value stability and comprehensive financial services.

3. Chase Home Equity Line of Credit

Chase is another leading name in banking that provides competitive HELOC products, especially beneficial for existing customers.

  • Interest Rates: Rates start at 7.24% APR, with both fixed and variable rate options.

  • Draw Period: 10 years for most customers.

  • Fees: Chase charges no annual fees, but some HELOCs may require closing costs.

  • Additional Features: Customers can access their HELOC funds via checks, transfers, or a line of credit card.

Chase stands out for those looking for flexibility and ease of access, particularly if they already have a relationship with the bank. They also offer helpful tools for tracking spending and managing your line of credit.

4. U.S. Bank HELOC

U.S. Bank provides solid HELOC options with competitive rates, making it a good choice for homeowners who need access to funds over an extended period.

  • Interest Rates: Starts at 7.49% APR for variable rates.

  • Draw Period: 10 years with an additional 20-year repayment period.

  • Fees: U.S. Bank has no application or annual fees. However, you may encounter closing costs depending on the state.

  • Additional Benefits: U.S. Bank offers access to a personal banker and strong online banking features.

U.S. Bank is a great option for those who want a well-rounded experience with great customer service and competitive rates.

5. Citi Home Equity Line of Credit

Citi provides a wide range of financial products, and its HELOC offering is no different, known for its flexible terms and good customer service.

  • Interest Rates: Variable rates starting at 7.24% APR.

  • Draw Period: 10 years.

  • Fees: No annual fee or application fee. Closing costs may apply, depending on the loan amount and location.

  • Customer Support: Citi offers a variety of online tools and resources to help manage your HELOC effectively.

Citi is a good option for borrowers who want flexible terms, low fees, and the ease of managing their credit line online.

6. Bank of America HELOC

Bank of America is a reputable lender that offers competitive HELOC rates, with a range of features that appeal to many homeowners.

  • Interest Rates: Starting at 6.99% APR for variable rates.

  • Draw Period: 10 years with an additional 20-year repayment period.

  • Fees: No application fee or annual fee, though closing costs can vary.

  • Additional Features: Borrowers have access to a mobile app that simplifies tracking balances, making payments, and managing the credit line.

Bank of America is a solid choice for borrowers who prefer an easy-to-use mobile platform and competitive rates.

7. SoFi HELOC

SoFi has emerged as a popular alternative lender, known for its low-cost financial products and digital-first approach. SoFi’s HELOC is designed to offer a more tech-savvy and streamlined experience.

  • Interest Rates: Starting at 5.99% APR, making it one of the most affordable options available.

  • Draw Period: 10 years with flexible repayment options.

  • Fees: No application fees, no annual fees, and no closing costs.

  • Customer Experience: SoFi is known for its customer-centric approach, offering online support and easy-to-use tools for managing your HELOC.

For tech-savvy homeowners who value simplicity and low fees, SoFi is an excellent choice.

Conclusion

Choosing the best HELOC lender depends on your specific needs and financial situation. If low fees and exceptional customer service are your top priorities, Discover and U.S. Bank are great choices. For those who value flexibility and access to online tools, Citi and Chase are solid options. Wells Fargo and Bank of America offer stability and comprehensive financial services. Finally, SoFi stands out for its low rates and modern, digital-first approach.

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