Your home is probably your biggest asset, and the equity inside it is one of the cheapest sources of borrowing available. We compared 30+ lenders on rates, fees, LTV limits, and how painless they make the process of turning your equity into cash for renovations, debt consolidation, or whatever life throws at you.
Bethpage FCU
4.8/5 Best Overall HELOCOur top-rated pick for reliability, customer service, and proven results.
Bottom Line
Home equity loan rates run 7.50-13.00% and HELOC rates start around 7.25%. Both are dramatically cheaper than personal loans (8-36%) or credit cards (22%+).
Most lenders let you borrow up to 80-90% of your home's value minus what you still owe. On a $500K home with a $300K mortgage, that is up to $150K in accessible equity.
Home equity loan = lump sum, fixed rate, predictable payment. HELOC = revolving credit line, variable rate, draw what you need when you need it. Pick based on whether your expense is one-time or ongoing.
If you use the money for home improvements, the interest may be tax-deductible up to the IRS limit of $750K in total mortgage debt. That is free money most homeowners forget to claim.
Traditional appraisals cost $300-$600 and take 1-3 weeks. Lenders like Figure skip them entirely using AI valuations, which cuts the timeline from 6 weeks to 5 days.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
Our Top Picks for Home Equity Loans & HELOCs
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1
Bethpage FCU
4.8
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Bethpage FCU
- Funding Speed
- 2-4 weeks
- APR Range
- 7.25-18.00%
- Loan Amounts
- $10K-$1M
Bethpage consistently posts some of the lowest HELOC rates in the country, and you do not need to live on Long Island to join -- membership is open to anyone (free to enroll). No application fee, no annual fee, and no closing costs on HELOCs under $500K. Credit limits run from $10K to $1 million with a 10-year draw period and 20-year repayment. The optional fixed-rate lock is worth noting: convert portions of your variable balance to a fixed rate when you want payment certainty on a specific portion. With $12+ billion in assets and 400K members, Bethpage has the scale to keep rates competitive. The trade-off: best rates require 720+ credit, and if you do not live in New York, everything is handled online.
2
U.S. Bank
4.7
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U.S. Bank
- Funding Speed
- 2-5 weeks
- APR Range
- 7.65-13.00%
- Loan Amounts
- $15K-$750K
U.S. Bank stacks discounts in a way nobody else does. Existing checking customers get 0.50% off their rate. Add autopay for another 0.25%. That is 0.75% off combined, which on a $100K home equity loan saves thousands over the life of the loan. They are the 5th-largest bank in the U.S. with 2,200+ branches, so you can handle things in person if needed. No closing costs on loans up to $200K, terms from 5 to 30 years, and up to 90% CLTV. The minimum loan of $15,000 locks out smaller borrowing needs, but for anything above that, the relationship discounts make U.S. Bank one of the cheapest options if you are already a customer.
3
Figure
4.6
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Figure
- Funding Speed
- 5-10 days
- APR Range
- 7.60-15.20%
- Loan Amounts
- $15K-$400K
Figure exists because the founder of SoFi thought home equity lending was too slow. He was right. Traditional HELOCs take 4-6 weeks. Figure does it in 5 business days using AI property valuations instead of sending an appraiser to your house. The application takes 5 minutes and you get an approval decision in minutes. Their HELOC offers a fixed rate during the initial draw period (up to 5 years), which is unusual and valuable -- most HELOCs start variable from day one. They allow up to 95% CLTV for qualifying borrowers, one of the highest in the market. The origination fee of 0-4.99% is the main cost to watch. For homeowners who need equity access fast without the 6-week appraiser-and-paperwork marathon, Figure is the clear speed winner.
4
Chase
4.6
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Chase
- Funding Speed
- 3-6 weeks
- APR Range
- 7.80-12.50%
- Loan Amounts
- $25K-$500K
Chase pulled out of the HELOC market during the pandemic and came back in 2024 with a revamped product worth considering. As the largest bank in the U.S. ($3.7 trillion in assets), they offer the stability and branch network (4,800+ locations) that no online lender can match. HELOCs up to $500K with a 10-year draw and 20-year repayment. Closing costs and annual fees are waived in most states. Existing Chase mortgage customers get a relationship discount that makes the rate very competitive. The 80% maximum CLTV is more conservative than competitors offering 90-95%, so you need more equity to qualify. But if you already bank with Chase and value having a branch down the street from your house, the relationship pricing makes this hard to beat.
5
Spring EQ
4.5
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Spring EQ
- Funding Speed
- 2-4 weeks
- APR Range
- 8.25-16.50%
- Loan Amounts
- $25K-$500K
Spring EQ lets you borrow up to 95% of your home's value, which is 10-15% more than most traditional lenders allow. On a $500K home with a $350K mortgage, that is the difference between accessing $100K (at 90% CLTV) and $125K (at 95%). They accept credit scores as low as 640 and offer both fixed-rate home equity loans and variable-rate HELOCs from $25K to $500K. Every application gets a dedicated loan officer, which matters when the process hits inevitable snags. The rates are higher than credit unions or big banks -- that is the price of the higher LTV and lower credit requirements. But for homeowners who need to access more equity than traditional lenders will give them, Spring EQ fills a gap nobody else covers.
How to Choose Between a Home Equity Loan and a HELOC
If you know exactly how much you need -- $50K for a kitchen renovation, $30K for debt consolidation -- get a home equity loan. Lump sum, fixed rate, predictable payment, done. If your expenses are unpredictable or ongoing -- phased renovations, tuition over several years, a business line of credit -- a HELOC makes more sense because you only pay interest on what you actually draw.
HELOCs give you a credit line you can tap as needed for 10 years, then repay over 20. The variable rate is the risk: if the Fed raises rates, your payment goes up. Fixed-rate lock features (offered by Bethpage and Chase) let you convert portions to a fixed rate when you want certainty. That is the best of both worlds if you use it strategically.
Compare closing costs carefully. Bethpage and Chase waive them entirely on many products. Others charge 2-5% of the loan amount, which can be $5,000-$15,000 you are paying just for the privilege of borrowing. Also confirm you have enough equity: most lenders need 15-20% remaining in your home after the new loan.
Important Tip
Your home is the collateral. If you cannot make payments, the bank can foreclose. This is not a credit card you can ignore -- it is your house. Only borrow what you actually need, keep an emergency fund to cover 3-6 months of payments, and talk to a tax advisor about deducting the interest if you are using the money for home improvements.
How They Stack Up
| Metric |
Bethpage FCU Top Pick
|
U.S. Bank |
Figure |
Chase |
Spring EQ |
|---|---|---|---|---|---|
| Funding Speed | 2-4 weeks | 2-5 weeks | 5-10 days | 3-6 weeks | 2-4 weeks |
| APR Range | 7.25-18.00% | 7.65-13.00% | 7.60-15.20% | 7.80-12.50% | 8.25-16.50% |
| Loan Amounts | $10K-$1M | $15K-$750K | $15K-$400K | $25K-$500K | $25K-$500K |
| Rating |
4.8
|
4.7
|
4.6
|
4.6
|
4.5
|
Marcus Williams
Senior Lending Analyst
Marcus Williams has over 15 years of experience in the lending industry. A former mortgage underwriter and licensed loan officer, he brings insider knowledge to every review. Marcus holds a finance degree from NYU and is passionate about helping consumers find fair lending products.
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Interest Rates & APR
We compared fixed and variable rates across credit tiers, factoring in autopay discounts and relationship pricing. A lender with a great base rate but no discounts lost to one offering 0.75% off for existing customers.
Fees & Closing Costs
Closing costs on home equity products can run $2,000-$10,000. Lenders that waive them entirely scored dramatically higher than those that charge 2-5% of the loan amount.
LTV Limits & Flexibility
Higher CLTV limits let you access more equity. We evaluated max LTV ratios, loan amounts, term lengths, draw periods, and features like fixed-rate locks that protect against variable rate spikes.
Borrower Experience
The gap between 5-day funding (Figure) and 6-week funding (some traditional banks) is massive. We evaluated application ease, approval speed, appraisal process, and customer service responsiveness.
How We Tested
We compared 30+ home equity lenders on actual rates, fee structures, closing costs, and how fast they can get money in your hands. Here is what mattered most.
Evaluation Weight Distribution
Economic Snapshot
Source: Federal Reserve Economic Data (FRED). Indicators refresh daily.
Authoritative Resources on Loans & Lending
These government and regulatory sources informed our loan evaluations.
SBA — Loan Programs
U.S. Small Business AdministrationOfficial SBA loan programs including 7(a), 504, and microloans for small businesses.
CFPB — Mortgages & Home Loans
Consumer Financial Protection BureauCFPB resources on shopping for mortgages, closing costs, and borrower rights.
Federal Reserve — Survey of Terms of Business Lending
Federal ReserveFed data on commercial bank lending rates, terms, and loan characteristics.
FTC — Vehicle Financing
Federal Trade CommissionFTC guidance on auto loans, leasing, and avoiding dealer financing pitfalls.
Federal Student Aid
U.S. Department of EducationOfficial federal student loan programs, repayment plans, and forgiveness options.
USA.gov — Loans & Credit
USA.govGovernment guide to borrowing, credit scores, and avoiding predatory lending.
Financial News & Regulation
Apr 20, 2026Holding Government Contractors Accountable for Wrongdoing
Jan 21, 2025Argus Information and Advisory Services, a subsidiary of TransUnion, has agreed in writing that it will not seek any government contract with the Consumer Financial Protection Bureau for three years.
Blog | Consumer Financial Protection BureauStrengthening Appraisal Oversight: Progress at the Appraisal Subcommittee
Jan 17, 2025CFPB Deputy Director Zixta Martinez discusses changes at the ASC since she became Chair in 2022, including enhanced state oversight, landmark hearings on appraisal bias, and improved collaboration with The Appraisal Foundation to create a more equitable and accountable appraisal industry.
Blog | Consumer Financial Protection BureauBack from the Dead: Zombie Second Mortgages
Jan 17, 2025Forgotten second mortgages may be coming back to haunt homeowners who haven’t received notices or account statements for years.
Blog | Consumer Financial Protection BureauFederal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
Apr 9, 2026Federal Reserve Board announces termination of enforcement actions with Crédit Agricole S.A. and Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd, and the Goldman Sachs Group, Inc.
FRB: Press Release - All ReleasesHeadlines sourced from government agencies and legal publications. Updated every 12 hours.
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Frequently Asked Questions
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Important Home Equity Loan Disclaimers
- Home equity loan and HELOC rates are subject to change and depend on your creditworthiness, loan-to-value ratio, property type, property location, and loan amount. Rates shown are not guaranteed.
- Your home serves as collateral for a home equity loan or HELOC. Failure to repay may result in foreclosure. Only borrow what you can comfortably repay.
- HELOC rates are typically variable and tied to the Prime Rate, which fluctuates with Federal Reserve actions. Your monthly payment may increase significantly if rates rise during your draw or repayment period.
- An appraisal may be required and can cost $300-$600 depending on your location and property type. Some lenders waive the appraisal fee or use automated valuation models (AVMs) for qualifying properties.
- Zogby is not a lender. We are an independent comparison service that connects homeowners with lending partners. We do not make credit decisions, extend credit, or provide tax advice.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
We make money from some companies on this page. That doesn't change our rankings -- the editorial team scores every product independently, and the business side has no say in what we recommend.