Best HELOC Lenders in Seattle, WA (2026)

Seattle homeowners enjoy some of the largest equity cushions in the country. The median home value in the Seattle metro exceeds $750,000, and even in neighborhoods outside the city core, home values have roughly doubled since 2015. That equity is a powerful financial resource — and a HELOC is one of the most flexible ways to access it.

But Seattle's premium home values also mean higher loan amounts, tighter underwriting scrutiny, and more variation in lender appetite. This guide compares the best HELOC lenders for Seattle-area homeowners in 2026, covering local credit unions, regional banks, national lenders, and digital platforms.

Current HELOC Rates in Seattle (February 2026)

HELOC rates in Seattle track the prime rate (8.50% as of February 2026) with lender margins ranging from prime minus 1.50% to prime plus 1.00%.

Washington State has no additional HELOC-specific regulations beyond federal requirements, but lenders operating in King County must navigate Seattle's high property tax environment and occasional tight appraisal conditions.

Top HELOC Lenders in Seattle

1. BECU (Boeing Employees Credit Union) ⭐ Best Overall

BECU is Washington's largest credit union and one of the best HELOC lenders in the Pacific Northwest. Membership is open to anyone who lives, works, or worships in Washington State.

• Rates: As low as 7.00% APR for members with excellent credit (prime minus 1.50%)
• Draw period: 10 years
• Repayment period: 15 years
• Max CLTV: 90%
• Credit line: Up to $500,000
• Closing costs: Minimal (typically $300–$700); lender pays most fees
• Annual fee: None
• Best for: Anyone eligible for BECU membership — rates are hard to beat

BECU's scale means it can absorb more risk in competitive borrower situations, often approving deals that smaller institutions won't touch.

2. Washington Federal (WaFd Bank) ⭐ Best Regional Bank

WaFd is a Pacific Northwest institution with strong residential lending expertise and competitive HELOC products.

• Rates: 7.75% – 8.75% APR
• Draw period: 10 years
• Repayment period: 20 years
• Max CLTV: 85%
• Minimum loan: $25,000
• Best for: Borrowers who want regional bank service with experienced Seattle-market underwriting

3. HomeStreet Bank ⭐ Best for Jumbo Lines

For Seattle homeowners with $500,000+ in equity who need large credit lines, HomeStreet offers flexible terms and local underwriting that understands the unique Seattle luxury market.

• Rates: 8.00% – 9.00% APR
• Max credit line: $1,000,000+
• Draw period: 10 years
• Max CLTV: 80% for jumbo lines
• Best for: Affluent Seattle homeowners in Capitol Hill, Laurelhurst, Medina, or Mercer Island needing lines above $500,000

4. Chase ⭐ Best National Bank

Chase has substantial branch presence in the Seattle area and competitive HELOC products for existing banking customers.

• Rates: 8.14% – 9.50% APR
• Relationship discount: 0.25% rate reduction for Chase Private Client or existing mortgage customers
• Draw period: 10 years
• Max CLTV: 80% standard; up to 85% for select customers
• Annual fee: $50 (waived with auto-pay for some products)
• Best for: Chase banking customers who want relationship pricing and branch access

5. Verity Credit Union ⭐ Best for Competitive Margins

Verity is a smaller Seattle-area credit union that competes aggressively on HELOC margins to attract and retain members.

• Rates: Prime minus 0.75% to prime minus 1.00% for qualifying members
• No closing costs: Lender absorbs most fees
• Draw period: 10 years
• Max CLTV: 90%
• Best for: Seattle homeowners who want to comparison shop and potentially negotiate their margin down

6. Figure ⭐ Best for Speed

Seattle's tech-forward culture aligns well with Figure's fully digital HELOC process. If you're in a time crunch — funding a renovation before a contractor leaves, or consolidating debt — Figure's 5-business-day closing is unmatched.

• Rates: 7.25% – 10.99% APR
• Max CLTV: 95% on primary residences
• Draw structure: Full draw at closing with redraw ability
• Origination fee: 0% – 4.99%
• Best for: Tech-comfortable borrowers who prioritize speed and convenience

7. Bank of America ⭐ Best for Preferred Rewards Members

BofA's Preferred Rewards program delivers meaningful HELOC discounts (up to 0.625% off the margin) for clients with substantial assets at the bank.

• Rates: 7.99% – 9.25% APR before Preferred Rewards discount
• Discount: Up to 0.625% for Preferred Rewards Platinum Honors tier
• Draw period: 10 years
• Max CLTV: 85%
• No closing costs: BofA typically covers title, appraisal, and origination fees
• Best for: Existing BofA clients with $100,000+ in combined assets

Seattle-Specific Considerations

High Home Values = High Credit Lines (and Closer Scrutiny)

Seattle's premium home values are a double-edged sword for HELOC borrowers. The upside: your equity is enormous. The downside: lenders pay closer attention to appraisals on high-value properties, and jumbo HELOC lines (above $500,000) face more conservative underwriting.

A $800,000 Seattle home with a $400,000 mortgage could theoretically support a $320,000 HELOC at 90% CLTV — but some lenders cap individual HELOC lines at $250,000 or $500,000.

Seattle's Condo Market

Seattle has a significant condo market — South Lake Union, Belltown, Capitol Hill. Condo HELOCs require the HOA to meet lender guidelines (sufficient reserves, low delinquency rates, not too much commercial space). Get HOA documentation ready early.

Property Taxes

King County property taxes are among the highest in the state. Lenders factor these into your [DTI calculation](/blog/dti-ratio-explained). High taxes can push some Seattle borrowers just over the DTI limit — be prepared to show strong income.

Seattle vs. Surrounding Markets

Lenders who know the Seattle market understand that Bellevue, Redmond, and Kirkland often command premiums over their Zillow estimates. Local lenders may be more willing to use favorable comparable sales than national algorithms.

Qualifying for a Seattle HELOC

Minimum requirements (most lenders):

• Credit score: 680 (740+ for best rates)
• CLTV: ≤90% (≤80% for best margins)
• DTI: ≤43%
• Documentation: Two years of tax returns, recent pay stubs, mortgage statement

Seattle reality check: Because home values are high, your HELOC credit line will likely be substantial. Lenders pay close attention to how you plan to use the funds and whether your income genuinely supports the payment.

HELOC vs. Cash-Out Refi in Seattle

Most Seattle homeowners locked in mortgages at 3%–4% in 2020–2021. Giving up those rates for a [cash-out refinance](/blog/cash-out-refinance-guide) at today's 7.00% rates doesn't make financial sense for most borrowers. A HELOC lets you access equity without touching your first mortgage.

Read more: HELOC vs. Cash-Out Refinance 2026

Getting the Best HELOC Rate in Seattle: 5 Steps

1. Know your exact equity. Pull your current mortgage balance and get an updated home value estimate. In volatile Seattle markets, recent comparable sales matter.
2. Optimize your credit score. Even moving from 700 to 740 can save 0.25%–0.50% on your margin.
3. Apply to at least one credit union. BECU or Verity will likely beat every national bank you talk to.
4. Compare origination fees. A 1% lower rate with a $3,000 origination fee may cost more than a slightly higher rate with no fees, depending on how long you carry the balance.
5. Ask about fixed-rate conversion options. Some lenders let you convert draws to fixed rates — useful if you think rates will rise further.

Common Mistakes Seattle HELOC Borrowers Make

• Assuming their bank will have the best rate: It almost never does. Shop credit unions first.
• Ignoring the repayment period: A 10-year draw followed by a 15-year repayment can create payment shock. Model what your payment becomes at the end of the draw period.
• Overborrowing on Seattle real estate: HELOCs are secured by your home. Borrow only what you can repay even if Seattle home values soften.
• Not locking the rate on large draws: If you're drawing $200,000+ for a renovation, ask about fixed-rate lock options.

Frequently Asked Questions

Can I get a HELOC on my Seattle investment property? Yes. Expect rates 1%–2% higher than primary residence rates, maximum CLTV around 70%–75%, and stricter documentation requirements. See [[HELOC on Investment Property](/blog/heloc-for-investment-property)](/blog/heloc-on-investment-property-guide).

What's the minimum credit score for a HELOC in Seattle? Most lenders require 680. For prime rates at BECU or Verity, aim for 740+. See: [[HELOC Credit Score](/blog/heloc-credit-score-requirements-2026) Requirements 2026](/blog/heloc-credit-score-requirements-2026).

How long does HELOC approval take in Seattle? BECU and other credit unions typically take 3–5 weeks. Online lenders like Figure can close in under 2 weeks.

Related Articles

• HELOC Rates in Seattle, WA (2026)
• Washington HELOC Guide
• HELOC vs. Cash-Out Refinance 2026
• [[[Best HELOC Rates](/blog/heloc-rate-negotiation-guide) 2026](/blog/best-heloc-rates-2026)](/blog/best-heloc-rates-2026)
• HELOC on Investment Property
• HELOC Credit Score Requirements 2026
• [[How Much HELOC Can I Borrow](/blog/how-much-heloc-can-i-borrow)?](/blog/how-much-heloc-can-i-borrow)