Best HELOC Lenders of 2026 (Our Honest Picks)

Most "best HELOC lenders" lists are paid advertisements disguised as journalism. The lender that pays the most affiliate fees gets ranked #1.

We're doing this differently. Here's what real homeowners are saying about these lenders—good and bad.

Quick Comparison

Rates as of February 2026. Your rate depends on credit, equity, and location.

How We Chose These Lenders

No affiliate rankings here. We evaluated lenders based on:

1. Real user feedback - What are people actually saying on Reddit, Trustpilot, and BBB?
2. Rate transparency - Do they publish rates or hide them?
3. Process speed - How long from application to funding?
4. Flexibility - Minimum draws, prepayment penalties, access options
5. Fine print - What fees or restrictions aren't obvious?

Best for Fast Approval: Figure

Why they made the list: Figure pioneered the online HELOC. Their process is genuinely fast—most approers close within a week.

What users say:

• "Applied Saturday, funded Wednesday" — Reddit user
• "The easiest loan I've ever gotten" — Trustpilot review
• Process is almost entirely online

Watch out for:

• Maximum amounts tend to be lower than banks
• Some users report aggressive upselling
• Rates aren't the absolute lowest

Best for: People who need money fast and value convenience over haggling for the best rate.

---

Best Rates We've Seen: Achieve Loans

Why they made the list: Achieve consistently shows up in "best rate" discussions. Multiple Reddit users report rates in the 6-7% range.

What users say:

• "6.24% with 780 credit" — Reddit user (verified)
• Fast pre-approval process
• Good communication throughout

Watch out for:

• Newer company (less track record)
• Not available in all states
• Some complaints about appraisal delays

Best for: Strong credit borrowers who want to shop rates aggressively.

---

Best for Large Amounts: US Bank / Major Banks

Why they made the list: When you need $200K+, the big banks often have higher limits and more flexible underwriting for large amounts.

What users say:

• More traditional underwriting (predictable)
• Relationship discounts if you bank with them
• Can handle complex situations

Watch out for:

• Slow. Really slow. Expect 30+ days.
• Branch visit may be required
• Less flexible on requirements

Best for: Large equity amounts, borrowers who prefer established institutions, or those with existing banking relationships.

---

Best for Low Rates: Credit Unions (Bethpage, PenFed, Navy Federal)

Why they made the list: Credit unions are member-owned, not profit-driven. That usually means lower rates and fewer fees.

What users say:

• Consistently 0.5-1% lower than banks
• More willing to waive fees
• Better customer service

Watch out for:

• Membership requirements (though usually easy)
• Slower tech/online experience
• May not be available in your area

Best for: Anyone who qualifies for membership and doesn't need instant approval.

Credit Union Options:

• Bethpage FCU - Open to anyone (donate to charity to join)
• PenFed - Military and wide eligibility
• Navy Federal - Military only, excellent rates
• Local CUs - Check your state's credit unions

---

Best for Bad Credit: Spring EQ / Specialty Lenders

Why they made the list: Most lenders want 680+ credit. Spring EQ and similar specialty lenders work with scores as low as 620.

What users say:

• "Got approved with 635 score when others declined"
• More flexible on DTI as well
• Willing to look at full picture

Watch out for:

• Higher rates (expect 3-5% above prime lenders)
• Higher fees
• Smaller CLTV limits

Best for: Homeowners with credit challenges who have significant equity.

---

What to Compare When Shopping

Don't just compare rates. Here's your actual checklist:

1. APR, Not Just Rate

The APR includes fees. A 7% rate with $2,000 in fees might be worse than 7.5% with no fees.

2. Margin Over Prime

Your rate = Prime + Margin. A 1% margin is better than 2% margin, even if current rates look similar.

3. Rate Caps

What's the maximum your rate can ever reach? Some HELOCs cap at 18%, others at 24%. This matters.

4. Draw Period Length

Standard is 10 years. Some offer 5, some 15. Shorter = less flexibility.

5. Minimum Draw Requirements

Some lenders require $10K-$25K minimum draw at closing. If you don't need that much, this could be a dealbreaker.

6. Closing Costs

Range from $0 to $3,000+. Ask for the Loan Estimate to see everything.

7. Prepayment Penalties

Some charge $300-$500 if you close in the first 2-3 years. Know before you sign.

---

Where Does HonestCasa Fit?

We're not a lender—we're a marketplace that shows you real offers from multiple lenders in minutes.

Why that matters:

• See multiple offers without multiple applications
• Compare APR, fees, and terms side-by-side
• No affiliate influence on what you see
• 7-day average to funding (once you pick a lender)

Think of us as the Kayak for HELOCs. You see the options; you choose what's best for you.

---

FAQ

Which HELOC lender has the lowest rates?

Credit unions typically offer the lowest rates. Bethpage FCU, PenFed, and Navy Federal consistently show rates 0.5-1% below banks. However, you need to qualify for membership.

What's the fastest HELOC lender?

Figure leads on speed with most approvals in 5-7 days. Some online lenders like Achieve are similarly quick. Traditional banks typically take 21-30+ days.

Can I get a HELOC with bad credit?

Yes. Lenders like Spring EQ work with scores as low as 620. Expect higher rates (9-18%) and stricter equity requirements (more home equity needed to offset credit risk).

Should I go with a bank or credit union for a HELOC?

Credit unions usually offer lower rates and better service. Banks offer convenience and may give relationship discounts. If you qualify for a credit union with good HELOC terms, start there.

How many lenders should I compare?

At least 3-5. Use the 14-day rate shopping window—all hard inquiries for the same loan type within 14 days count as one inquiry for your credit score.

---

Ready to Compare Your Options?

Skip the research. HonestCasa shows you real HELOC offers from multiple lenders in minutes—no commitment, no impact on your credit score until you apply.

[See Your HELOC Options →]

---

Last updated: February 2026. Rates and availability change frequently. Always verify current terms directly with lenders.