Best Home Equity Lines Of Credit Of December 2024

Top HELOC lenders with competitive rates & flexible terms

✓ Wide range of loan amounts to fit your home equity needs

✓ Variable interest rates and flexible repayment periods

✓ Quick and easy online application

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Our Ratings:

The rating system for the best HELOC lenders consists of a combination of the following 3 components:

Interest Rates

We evaluate the competitiveness of variable APRs, introductory rates, and rate caps to ensure you get the most cost-effective HELOC for your needs.

Loan Amount & Terms

Our assessment covers maximum credit limits, loan-to-value ratios, length of draw and repayment periods, and flexibility in payment options to suit various financial situations.

Lender Reputation

We consider customer satisfaction ratings, transparency in fee structures, quality of customer service, and the lender's history of fair lending practices in the HELOC market.

How We Picked These HELOC Lenders

Competitive Variable Rates and Intro Offers: We prioritized lenders offering the most attractive variable interest rates and Annual Percentage Rates (APRs) for HELOCs. Special attention was given to those with standout introductory rates, which could save you thousands in interest during the initial period of your credit line.
Flexible Draw and Repayment Terms: Our top picks include lenders with generous draw periods and adaptable repayment options. We looked for features like long draw periods (up to 10 years or more), interest-only payment options during the draw period, and the ability to convert some or all of your balance to a fixed rate for more predictable payments.
Low or No Closing Costs: We favored lenders that minimize upfront expenses. Many of our selected lenders offer HELOCs with reduced or waived closing costs, potentially saving you thousands of dollars at origination.
High Loan-to-Value Ratios: Access more of your home's equity with our chosen lenders. We selected institutions offering higher combined loan-to-value ratios (CLTVs), allowing you to borrow larger amounts and maximize your home's value for your financial needs.
Fast Online Application and Approval: Time is money, so we prioritized lenders with streamlined digital processes. Our top picks offer quick online applications, with some providing instant decisions and the ability to close on your HELOC in as little as two weeks, getting funds in your hands faster.