Best HELOC Lenders in Portland, OR (2026)

Portland homeowners are sitting on record equity. The median home value in the Portland metro hovers near $520,000, and even after the post-pandemic cooldown, most owners who bought before 2022 are carrying six-figure equity cushions. That means a well-structured HELOC can unlock $80,000, $120,000, or more — at rates far below what credit cards or personal loans charge.

The challenge is choosing the right lender. Portland's financial ecosystem is unusually rich: the city hosts one of the strongest credit union networks in the country, several community banks, and every major national lender. Rates, fees, draw limits, and customer service vary dramatically. This guide breaks down your best options for 2026.

[How HELOC Rates Work](/blog/heloc-interest-rates-explained) in Portland

HELOC rates in Portland are variable, tied to the Wall Street Journal prime rate (8.50% as of February 2026) plus a margin. Your margin depends on your credit score, combined loan-to-value (CLTV) ratio, and the lender's risk appetite.

Typical Portland HELOC rate ranges (February 2026):

The Oregon Division of Financial Regulation requires lenders to provide clear APR disclosures, so you can compare apples-to-apples more easily than in some other states.

Top HELOC Lenders in Portland

1. OnPoint Community Credit Union ⭐ Best Overall

OnPoint is Portland's largest locally-owned financial institution, with over 500,000 members and branches throughout the metro. For HELOCs, it's the benchmark.

• Rates: Prime minus 0.50% to prime minus 1.25% for qualifying members (as low as 7.25% APR)
• Draw period: 10 years
• Repayment period: 15 years
• Max CLTV: 90% (up to 95% for certain programs)
• Credit line: Up to $500,000
• Closing costs: Typically $0–$300; no annual fee for most accounts
• Best for: Portland homeowners with 700+ credit and established OnPoint membership

OnPoint's local underwriting means they understand Portland neighborhoods — from Eastside bungalows to West Hills properties — better than any national algorithm.

2. Unitus Community Credit Union ⭐ Best Rates

Unitus consistently posts some of the lowest HELOC margins in the Portland metro. Its member-owned model lets it pass savings directly to borrowers.

• Rates: Introductory fixed rate available for first 12 months, then prime minus 1.00%
• Draw period: 10 years
• Max CLTV: 85%
• Minimum credit score: 680
• Closing costs: Low (typically under $500)
• Best for: Rate-sensitive borrowers willing to open membership (easy for most Oregonians)

3. Advantis Credit Union ⭐ Best for Large Lines

For borrowers with significant equity who need larger credit limits, Advantis stands out with flexible underwriting and competitive margins.

• Rates: Variable, starting near prime minus 0.75%
• Draw period: 10 years
• Max CLTV: 90%
• Credit line: Up to $400,000
• No [prepayment penalty](/blog/dscr-loan-prepayment-penalty)
• Best for: High-equity Portland homeowners tapping $150,000+

4. Umpqua Bank ⭐ Best Community Bank

Umpqua (now part of Columbia Banking System) has deep Pacific Northwest roots and solid HELOC products with personal service.

• Rates: 7.75% – 9.00% APR
• Draw period: 10 years
• Max CLTV: 85%
• Unique feature: Relationship pricing discounts for existing bank customers
• Best for: Current Umpqua/Columbia customers and self-employed borrowers who benefit from human underwriting

5. U.S. Bank ⭐ Best National Bank

Among the big national lenders, U.S. Bank consistently offers competitive Portland HELOC rates and has a strong branch presence in Oregon.

• Rates: 7.95% – 9.25% APR
• Introductory rate: Available (rate lock options on portions of draws)
• Draw period: 10 years
• Max CLTV: 80% standard, up to 90% for preferred clients
• Annual fee: $75 (waived with auto-pay in some cases)
• Best for: Borrowers who want a major bank with local branches and phone support

6. Figure ⭐ Best Online Lender

For Portland homeowners who want speed above all else, Figure's fully digital HELOC platform stands out. Closings often happen in 5 business days — faster than any traditional lender.

• Rates: 7.25% – 10.99% APR (rate depends heavily on credit and LTV)
• Draw structure: Unique — full draw at closing with redraw feature
• Max CLTV: 95% for primary residences
• Closing costs: 0% – 4.99% origination fee
• Best for: Borrowers who need funds quickly or can't take time off for in-person closings

Important: Figure's product works differently from traditional HELOCs (it's a hybrid). Read the terms carefully.

7. Third Federal Savings ⭐ Best Fixed-Rate Option

Third Federal offers a low fixed-rate HELOC that appeals to borrowers who want rate certainty. It operates nationally, including Oregon.

• Rates: Fixed at approximately 7.49% APR (promotional; verify current offering)
• No closing costs
• No annual fee
• Best for: Risk-averse borrowers who want predictability over the maximum savings of a variable rate at prime minus

What Portland Homeowners Need to Qualify

Oregon lenders follow standard [HELOC underwriting](/blog/heloc-application-mistakes), but Portland's high home values create some useful flexibility:

Typical requirements:

• Credit score: 680 minimum (740+ for best rates)
• CLTV: 80%–90% maximum
• DTI: Generally 43% or below
• Home equity: At least 10%–20% remaining after the HELOC

Portland-specific note: With the median home at ~$520,000, a homeowner with a $260,000 remaining mortgage can access up to $206,000 at 90% CLTV. That's a meaningful credit line for most renovation or investment goals.

Oregon has no state-specific HELOC restrictions beyond federal law, though lenders are required to provide a 3-day right of rescission on primary residence HELOCs.

Portland HELOC Fees to Watch

Before signing, compare these fees across lenders:

• Origination/closing costs: $0–$1,500 (credit unions often lowest)
• Annual fee: $0–$100
• Minimum draw: Some lenders require $10,000+ initial draw
• Prepayment/early closure fee: Some lenders charge $300–$500 if you close within 2–3 years
• Inactivity fee: Rare, but check for accounts with no draws in 12 months

How Portland's Market Affects Your HELOC

Portland's housing market cooled from its 2022 peak but has stabilized. Key factors affecting your HELOC:

Home values: Neighborhoods like Sellwood-Moreland, Mississippi Ave corridor, and Lake Oswego command premiums, while outer East Portland and Gresham offer more modest values. Your appraised value directly impacts your credit limit.

Appraisals: Lenders typically order an automated valuation model (AVM) for HELOCs under $250,000 and a full appraisal for larger lines. Portland's diverse neighborhood values make human appraisals more accurate in some submarkets.

Oregon property taxes: Measure 5 caps keep property taxes relatively low, which improves DTI calculations for Portland borrowers compared to California or New York homeowners.

Steps to Get the Best HELOC Rate in Portland

1. Check your credit score first. Pull your free report at AnnualCreditReport.com. Dispute any errors — even a 20-point improvement can drop your rate by 0.25%.

2. Get your home value. Use Zillow, Redfin, or get a broker opinion. Then calculate your approximate CLTV: (existing mortgage + desired HELOC) ÷ home value.

3. Compare at least 3 lenders. Credit unions often beat banks on rate; banks often offer more convenience features. Don't skip online lenders.

4. Ask about rate locks. Some Portland lenders (including U.S. Bank) allow you to lock portions of your HELOC at a fixed rate when you draw.

5. Negotiate. If you have excellent credit and low LTV, tell competing lenders you're shopping. Many will improve their margin offer.

6. Read the draw-period terms. Interest-only payments during the draw period feel affordable — but understand what repayment looks like in Year 11.

Portland HELOC vs. [Cash-Out Refinance](/blog/cash-out-refinance-guide)

With 30-year fixed rates near 7.00%–7.25%, cash-out refinancing is painful if you have a sub-4% existing mortgage. A HELOC lets you keep your low first mortgage and access equity separately. For most Portland homeowners with rates below 5%, a HELOC is the smarter move in 2026.

See our full comparison: HELOC vs. Cash-Out Refinance 2026

Frequently Asked Questions

Can I get a HELOC on an investment property in Portland? Yes, but expect higher rates (typically 1%–2% above primary residence rates), lower max CLTV (70%–75%), and stricter requirements. See our [[HELOC on Investment Property](/blog/heloc-for-investment-property) guide](/blog/heloc-on-investment-property-guide).

How long does HELOC approval take in Portland? Credit unions typically take 2–4 weeks. Online lenders like Figure can close in 5–7 days. National banks average 3–5 weeks.

Do I need a Portland-area lender? No. You can use any licensed lender in Oregon. Online lenders are legitimate and often competitive. But local credit unions frequently offer the best rates.

Can I get a HELOC on a condo in Portland? Yes, but warrantable condo requirements apply. Some Portland condo associations have high commercial space ratios that create issues. Check with your lender early. See: HELOC on a Condo.

Related Articles

• HELOC Rates in Portland, OR (2026)
• HELOC vs. Cash-Out Refinance: Which Is Better in 2026?
• [[Best HELOC Rates 2026](/blog/best-heloc-rates-2026)](/blog/best-heloc-rates-2026)
• [HELOC on [Investment Property Guide](/blog/first-rental-property-guide)](/blog/heloc-on-investment-property-guide)
• Oregon HELOC Guide
• [[HELOC Credit Score](/blog/heloc-credit-score-requirements-2026) Requirements](/blog/heloc-credit-score-requirements-2026)
• How Much HELOC Can I Borrow?