Top 10 HELOC Lenders in 2024

Home Equity Lines of Credit (HELOCs) have become a popular way for homeowners to access the equity in their homes, offering flexibility and potential tax advantages. However, choosing the right lender is crucial. Here’s a list of the top 10 HELOC lenders in 2024, providing an overview of their key features, benefits, and drawbacks to help you make an informed decision.

1. Bank of America
Bank of America is a well-established financial institution known for offering competitive HELOC rates and flexible terms. They provide an online application process that is straightforward and user-friendly. Their variable rates start low, and they offer a rate discount if you set up automatic payments from a Bank of America checking account. However, some customers report that the approval process can be lengthy.

2. Chase
Chase offers a HELOC product with attractive introductory rates. Their customer service is highly rated, and they provide a wide range of financial services under one roof. They also offer a fixed-rate option for a portion of your loan, providing predictability in your payments. One downside is that they require a relatively high credit score for the best rates.

3. Wells Fargo
Wells Fargo is another big name in the banking industry, offering a HELOC with flexible terms. They are known for their strong customer support and offer an online management tool that makes it easy to keep track of your HELOC. Wells Fargo also provides discounts for existing customers. However, they have faced some reputational challenges in recent years, which may concern some borrowers.

4. U.S. Bank
U.S. Bank offers a competitive HELOC with options for both fixed and variable rates. They provide a straightforward online application process and are known for their transparency in terms. They also offer a unique rate lock option, allowing you to lock in a fixed rate on all or a portion of your HELOC. The downside is that their fees can be higher compared to other lenders.

5. Citibank
Citibank provides a HELOC with an easy application process and no closing costs. They offer a variable-rate HELOC with an option to convert to a fixed rate. Citibank also provides rate discounts for setting up automatic payments from a Citibank account. However, their interest rates can be higher than some competitors, especially for borrowers with lower credit scores.

6. PNC Bank
PNC Bank offers a HELOC with flexible terms and competitive rates. They have a strong reputation for customer service and offer a convenient online platform to manage your HELOC. PNC Bank also provides discounts for existing customers and offers a rate lock feature. On the downside, their loan-to-value (LTV) ratios can be less favorable compared to other lenders.

7. TD Bank
TD Bank is known for its personalized customer service and competitive HELOC rates. They offer flexible repayment terms and provide a fixed-rate option. TD Bank also provides a discount for setting up automatic payments. However, their availability is limited to the East Coast, which may not be convenient for all borrowers.

8. SunTrust (now Truist)
SunTrust, now part of Truist, offers a HELOC with competitive rates and flexible terms. They provide an easy application process and have strong customer service ratings. SunTrust also offers discounts for existing customers and a rate lock option. However, their HELOC products may not be available in all states.

9. Fifth Third Bank
Fifth Third Bank offers a HELOC with no closing costs and competitive rates. They provide a user-friendly online platform and strong customer support. Fifth Third Bank also offers a fixed-rate option and a discount for setting up automatic payments. The downside is that they may require a higher minimum draw amount compared to other lenders.

10. Flagstar Bank
Flagstar Bank provides a HELOC with flexible terms and competitive rates. They offer a unique option to convert a portion of your HELOC to a fixed rate. Flagstar Bank is also known for its personalized customer service. However, their fees can be higher than those of some other lenders, and their branch network is limited.

In conclusion, the best HELOC lender for you will depend on your specific needs and financial situation. Consider factors such as interest rates, fees, customer service, and loan terms when making your decision. It's also wise to shop around and compare offers from multiple lenders to ensure you're getting the best deal possible.