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Depending on your financial situation, a home equity line of credit (HELOC) could be the best way to close any outstanding medical bills, pay off student debt or renovate your house.

HELOCs allow you to borrow against the value of your home and tend to have lower APRs than credit cards or personal loans. With a HELOC, you’ll be able to take out cash over some time, rather than one lump sum. You’ll also usually have a longer period to pay it back — most HELOC lenders give borrowers 20 to 30 years to finish paying off their loan.

To help you choose the best option, CNBC Select reviewed the eight best HELOC lenders. To create this list, we considered dozens of lenders’ customer service, ease of applications, perks, affordability and details about their HELOC options. (See our methodology for more information on how we chose the best HELOC lenders.)

Compare offers to find the best mortgage lenders

Who’s this for? PNC is for those seeking low rates, flexible qualification requirements and great customer service. There is a low $100 minimum draw and a maximum of $1 million. You can also switch between a variable rate and a fixed rate after withdrawing your funds — a feature that many lenders don’t offer.

Standout benefits: PNC stands out for its rate transparency and relatively large maximum. Existing PNC customers with a checking account are eligible for a 0.25% rate discount.

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Who’s this for? TD Bank is best for those with a high-value home looking to get a HELOC over $1 million. Its $6 million maximum draw is among the largest out there. But it’s also a great choice for those looking to take out a smaller loan—it does not have a minimum, a rarity among lenders.

Standout benefits: TD Bank has a large draw and a high max LTV (89.99%) for many borrowers. It has one of the largest draw ranges, meaning it is an option for most homebuyers, regardless of how much you plan to take out.

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Who’s this for? Navy Federal is an excellent choice if you’re a veteran looking for a HELOC with a longer-than-average draw period. While lenders typically have a 10-year draw period, Navy Federal offers a 20-year draw period, allowing you to pull cash out for your home renovation or other expenses for longer.

Standout benefits: Navy Federal has a 95% LTV. Unlike many lenders, it does not charge customers fees at closing or an annual fee.

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Who’s this for? CMG Financial is the best if you need cash out of your HELOC as soon as possible. With the bank’s 5-day HELOC program, borrowers can access their funds quickly, much shorter than the average three to six weeks typically required to close.

Standout benefits: Its five-day program allows customers to get their cash in less than a week, and an in-person appraisal is not required for every loan. It also has a relatively high loan-to-value ratio maximum of 90%.

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Who’s this for? Fairway Independent Mortgage Corporation is best for people who plan to open a HELOC of less than $400,000 and value customer satisfaction above all else. Fairway ranked No. 1 in mortgage origination satisfaction study by JD Power in 2023, and it boasts a wide range of borrower benefits.

Standout benefits: Fairway says it will provide funding in as little as five days. It also offers services like remote online notarization in most states and promises you can complete your application virtually, without leaving your house.

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Who’s this for? Flagstar is the best option for those with an existing checking account with the company. It offers a 0.25% rate discount if its checking account holders set up automatic payments from their accounts.

Standout benefits: Flagstar waives fees for anyone who keeps the HELOC account open for 36 months or more. It has a high maximum draw, borrowers can open a credit line of up to $1 million.

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Who’s this for? Bank of America is a great option if you want to deal with your lender in person. As one of the biggest banks in the U.S., it has 3,800 retail locations throughout the country — more than any other lender on this list. It’s a great option for those looking to take out a line of under $1,000,000 or score a discounted intro APR.

Standout benefits: Bank of America has thousands of retail locations nationwide and an introductory rate for variable APRs over 2% lower than its typical APR as of this article’s writing.

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Who’s this for? Third Federal is a great option if you’re living in one of the 25 states it’s available and want to avoid fees.

Standout benefits: Third Federal does not have closing fees or prepayment fees. It also has no minimum draw, meaning you can take out as little as you want. It says its interest rates are typically 0.50% lower than other lenders.

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PNC caters to a variety of needs with a wide range of conventional, government-backed, community loans, professional loans and HELOC loans. It stands out in terms of customer satisfaction with an A+ rating from the Better Business Bureau (BBB). PNC has over 2,300 retail branches nationwide.

Minimum credit score for a HELOC

620

Maximum LTV for a HELOC

80% to 90%

Maximum draw

$1,000,000

Minimum draw

$100

Draw period

10 years

Repayment period

20 years

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TD Bank is one of the biggest banks in the country, with over 1,100 branches across the East Coast. It offers conventional mortgages, jumbo loans, construction loans, government-backed loans, professional loans, and HELOC loans. It also offers low down-payment mortgage options, including Fannie Mae’s HomeReady mortgage and TD Bank’s proprietary Right Step Mortgage, both of which allow borrowers to put as little as 3% down. It received an A+ rating from the BBB.

Minimum credit score for a HELOC

660

Maximum LTV for a HELOC

89.99% up to lines up to 500,000, 80% for lines above 500,000 and 70% for homes with a value of over $2.5 million.

Maximum draw

$6 million

Minimum draw

No minimum

Draw period

10 years

Repayment period

20 years

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Navy Federal Credit Union — the largest credit union in the country by asset size— provides conventional mortgages, government-backed loans, Military Choice loans and Homebuyer Choice loans. It is the largest VA loan provider in the country and it offers a slew of loan options for veterans, active servicemembers and their families.

Minimum credit score for a HELOC

Not disclosed

Maximum LTV for a HELOC

95%

Maximum draw

$500,000

Minimum draw

$10,000

Draw period

20 year

Repayment period

20 years

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CMG Financial provides conventional mortgages, government-backed mortgages, refinancing loans, renovation loans, jumbo loans, reverse mortgages, and HELOCs. Its HomeFundIt feature allows family and friends to donate to borrowers’ down payments through its website. The bank’s Community ONE Grant helps qualified homebuyers buy a home with 1% down by providing 2% in funding up to $6,000.

Minimum credit score for a HELOC

620

Maximum LTV for a HELOC

90% LTV in most cases

Annual Fee

$50-$150 per year.

Maximum draw

$400,000

Minimum draw

$20,000

Draw period

Varies for conventional, but 10 years is typical.

Repayment period

10 to 30 years

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Fairway Independent Mortgage Corporation is an online-only mortgage lender that offers conventional loans, federally insured loans, interest-only loans, and specialized loans. It also has a robust down payment assistance program. It was ranked No. 1 in the 2023 mortgage origination satisfaction study by JD Power.

Minimum credit score

620 (getting confirmation)

Maximum LTV for HELOC

Getting confirmation

Maximum draw

$400,000 (getting confirmation on this)

Minimum draw

No minimum (Getting confirmation on this)

Draw period

Unclear from website (Getting confirmation on this)

Repayment period

Unclear from website (Getting confirmation on this)

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Flagstar provides various loans to meet borrower needs, including conventional mortgages, government-backed mortgages, refinancing, HELOC, and Community Reinvestment Act mortgages. First-time homebuyers can get up to $15,000 towards a down payment and closing cost with the Flagstar Gift Program and receive a $10,000 grant with its PowerUp program. It also has several low down payment options, including FHA, USDA, HomeReady, and Home Possible loans, as well as Destination Home Mortgage, which allows borrowers to put as little as 0% down.

Minimum credit score

700

Maximum rate for HELOC

21%

Maximum LTV for HELOC

85%

Maximum draw

$1 million

Minimum draw

$10,000

Draw period

10 year

Repayment period

20 year

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Bank of America is one of the largest banks in the country, with 4,600 retail locations. It offers Conventional loans, government-backed loans, and specialized loans geared toward economic groups and professions. It also offers first-time homebuyer grants and online education.

Minimum credit score

620

Maximum LTV for HELOC

85%

Maximum draw

$1,000,000

Minimum draw

No minimum

Draw period

Can vary up to 10 years

Repayment period

Usually 20 years

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Third Federal has an A+ rating from the BBB and offers a variety of mortgages including conventional loans, jumbo loans, refinancing and HELOCs. It has a lowest rate guarantee and will provide a rate reduction or $1,000 if a borrower finds a mortgage with a lower rate. It offers low closing costs options and has no closing fees for HELOC loans.

Minimum credit score

Not disclosed

Maximum LTV for HELOC

80%

Maximum draw

$300,000

Minimum draw

$10,000

Draw period

10 years

Repayment period

20 years

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best bad credit mortgages.

To determine which HELOC lenders are the best, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs. When narrowing down and ranking the best HELOC loans, we focused on the following features: 

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan. 
• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender can cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property.  
• Closing timeline: The lenders on our list can offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender. 
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does charge such fees.  
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan. 
• No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early.  
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches.  
• Customer support: Every mortgage lender on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances. 
• Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount.  

To determine best HELOC lenders, CNBC Select also considered specific terms for HELOC loans, including maximum APR, maximum and minimum draw amounts, draw period length and repayment period. 

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools. 

Note that the rates and fee structures advertised for mortgages are subject to fluctuation in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

If you’re shopping for a mortgage with bad credit or want to make a small down payment, consider a Federal Housing Administration (FHA) loan.

Created during the Great Depression to help low-income and moderate-income Americans buy homes, these government-backed mortgages accept borrowers with credit scores as low as 580 with 3.5% down. Borrowers who put 10% down can score an FHA loan with a credit score as low as 500.

Many lenders offer FHA loan options, so CNBC Select rounded up seven of the best lenders to help you find the best one. We compared dozens of lenders based on their customer service, ease of applications, perks and affordability, among other factors. (See our methodology for more information on how we created this list.)

Compare offers to find the best mortgage lenders

Who’s this for? Chase Bank is the best choice if being in person with your lender is your top priority. With 5,300 branches nationwide, it has more brick-and-mortar locations than any other bank. It also stands out among brick-and-mortar banks for its excellent service record: JD Power ranked Chase third in its Mortgage Servicer Satisfaction study in 2023, the highest among banks with large retail footprints.

Standout benefits: Chase provides eligible borrowers in select areas of the U.S. grants of up to $7,500 to put towards closing costs or down payments. Chase also provides rate discounts for existing banking customers and guarantees you’ll close on time or you’ll get $5,000.

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Who’s this for? Pennymac is ideal if you’re looking to get an FHA loan at a low rate. Nearly a third of Pennymac’s overall loan volume is compromised by FHA loans and it’s the top FHA lender by volume, according to the industry ranking standard, the Scotsman Guide. Pennymac also allows borrowers to lock their rate in for up to 90 days from when they apply at no extra cost and offers lenders credits so borrowers can buy down their rate for a year.

Standout benefits: With Pennymac’s pre-approval program BuyerReady Certification, borrowers can get $1,000 towards closing costs. Pennymac also has an easy-to-use website with guides to help house hunters understand their options. If you use Pennymac’s Home Connect network to find your real estate agent, you can receive up to $9,500 for closing.

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Who’s this for? Rocket Mortgage is a great option if you prioritize customer service above all else. It has an A+ rating with the Better Business Bureau (BBB) and was named No. 1 in client satisfaction in mortgage servicing by JD Power in 2023 for the ninth year. Rocket Mortgage has excellent rate transparency, a wide variety of loans and numerous perks that set it apart.

Standout benefits: With the Rocket Homes℠ Discount, you can get up to $10,000 towards closing costs if you go through Rocket Homes to buy your house. If you’re looking for low down payment options other than an FHA loan, Rocket Mortgage’s ONE+ mortgage allows qualified borrowers to put 1% down; Rocket will then provide 2% in the form of a grant to push the down payment up to 3%.

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Who’s this for? FHA loan borrowers are typically required to put 3.5% down, but with Guild Mortgage, you can put 0% down with an FHA loan thanks to Guild’s Zero Down program. Guild will fund up to 5% of an FHA borrower’s down payment by financing a second mortgage for the borrower to meet the FHA requirement. Borrowers with a 620 credit score or higher who make 160% of the area median income or below are eligible for the program, according to Guild.

Standout benefits: Guild provides a rate-lock program for conventional, FHA and VA loans that allows you to look your rate in for 120 days at no extra cost, as long as the house is in contract for 90 days. If you are looking for other options for a low credit score, Guild has several that require a 540 credit score and some that don’t require a credit score at all.

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Who’s this for? We suggest CrossCountry Mortgage if you’re looking to close fast. Its FastTrack Credit Approval program allows people to close on their loan in as little as 10 days, which CrossCountry says makes its borrowers more competitive buyers in the housing market.

Standout benefits: Beyond its FastTrack Credit Approval option, CrossCountry Mortgage says it closes most loans within 21 days, much faster than the average closing time. It provides up to $4,000 in down payment assistance for first-time homebuyers.

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Who’s this for? Fairway Independent Mortgage Corporation dedicates a portion of its business to making housing affordable through down payment assistance programs. Fairway’s mobile app and website are easy to use and allow easy upload of your application and other documents. In addition, Fairway has 700 retail locations throughout the country.

Standout benefits: Fairway Community Access™ is a grant program offering up to $7,000 to qualifying borrowers in 21 metro areas, including New York, DC, Houston and Miami.

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Who’s this for? Guaranteed Rate allows borrowers to conduct the entire process — from application to closing — from home. Not only does Guaranteed Rate offer loans in all 50 states and Washington D.C. online, but it also has brick-and-mortar locations in most states.

Standout benefits: Borrowers can get their closing documents notarized via video with the FlashClose program. Its website and mobile app are both easy to use and Guaranteed Rate says borrowers can apply in an hour.

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Chase Bank is one of the biggest banks in the U.S. and has more brick-and-mortar locations than any other bank in the country. It consistently receives high rankings in customer satisfaction surveys and offers a variety of loans to help borrowers make homeownership a reality. It offers an easy-to-use website with educational resources and a portal to manage your mortgage payments.

Minimum credit score

620

Types of mortgage loans offered

Conventional loans, FHA loans, VA loans, DreaMaker℠ loans and Jumbo loans

Down payment minimum

3% if moving forward with a DreaMaker℠ loan; 3.5% if moving forward with an FHA loan.

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Pennymac is one of the largest FHA loan providers in the country: the government-backed loans made up over a quarter of its business in 2023. In addition, it provides conventional loans, VA loans and jumbo loans. This lender originates mortgages in all 50 states.

Minimum credit score

620 for conventional and VA loans, 580 for FHA loans

Types of mortgage loans offered

Conventional, FHA loans, VA loans, Jumbo loans

Down payment minimum

3.5% with FHA loan

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Rocket Mortgage  — the largest home loan provider in the country — has various loan options available — especially for those looking to make a small down payment. It accepts borrowers with credit scores as low as 580 and provides many educational resources on its easy-to-use website. Rocket has consistently scored above average on customer satisfaction surveys.

Minimum credit score

Typically, a 620 credit score is required, but applicants with a 580 will be considered as long as other eligibility criteria are met.

Types of mortgage loans offered

Conventional loans, FHA loans, VA loans and jumbo loans

Down payment minimum

3.5% if moving forward with an FHA loan

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Guild Mortgage boasts an A+ accreditation from the BBB and provides many loan types for borrowers with much lower credit than lenders usually require. In some cases, a credit score is not even needed. Guild also provides several low down payment options.

Minimum credit score

Some loans require a 620 credit score, some require a 540 credit score or no credit score at all.

Types of mortgage loans offered

Conventional loans, construction loans, FHA loans, VA loans, USDA loans and Jumbo loans

Down payment minimum

0% if moving forward with a USDA loan; 0% if moving forward with an Arrive Home™ or Zero Down mortgage (a 3% to 5% down payment is financed through a second mortgage with these options) ; 1% on conventional loans for some qualifying borrowers

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CrossCountry Mortgage offers a wide variety of loans and says it can give its borrowers a leg up in the home-buying process through its FastTrack Credit Approval, which allows borrowers to close on a loan in as little as 10 days. CrossCountry ranked among the top in customer satisfaction surveys and received an A+ accreditation from the BBB.

Minimum credit score

620 for conventional loans, 500 to 580 for some government-insured loans

Types of mortgage loans offered

Conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, manufactured home loans

Down payment minimum

3%

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Guaranteed Rate provides a fully online mortgage process from application to closing nationwide. It also has retail locations throughout most states in the U.S. It offers conventional, FHA loans, VA loans and many specialized loans, such as a physician loan and a Foreign National loan. It is rated A+ by the BBB.

Minimum credit score

620 for conventional, 580 for FHA loans

Types of mortgage loans offered

Conventional, FHA loan, VA loan, home equity line of credit, jumbo loan, interest-only mortgage, Non-QM loan, Foreign National loan, Bank Statement loan, Physician loan, reverse mortgage

Down payment minimum

3.5% with FHA loan

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best FHA loan lenders.

To determine which FHA mortgage lenders are the best, CNBC Select analyzed dozens of U.S. mortgages offered by online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs. When narrowing down and ranking the best mortgages, we focused on the following features: 

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan. 
• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender can cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property.  
• Closing timeline: The lenders on our list can offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender. 
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does charge such fees.  
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan. 
• No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early.  
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches.  
• Customer support: Every mortgage lender on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances. 
• Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount.  

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick closing timeline, lower interest rates and flexible terms. To determine best FHA loans, CNBC Select also considered how much of each bank’s business is dedicated to FHA loans by volume using the most recent federal data.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools. 

Note that the rates and fee structures advertised for mortgages are subject to fluctuate per the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.