ⓘ Last updated at 06/20/2025
Best Home Equity Loans June 2025
Turn equity into cash, now’s the best time
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Low Variable Rates
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Flexible Credit Access
Quick Online Approval
Low Variable Rates
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Submit a quick application to check your eligibility
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Review terms and access your credit line
Draw Funds
Use what you need, when you need it
What is a HELOC?
A Home Equity Line of Credit (HELOC) lets you borrow against the equity in your home, giving you flexible access to funds when you need them. HELOCs work like a credit card—draw as needed during the draw period, then repay over time. It’s a smart way to fund home improvements, pay down debt, or cover large expenses.
Fast & Flexible With Trusted Experts
Applying for a HELOC through our expert-vetted lenders is quick, secure, and tailored to your needs. Enjoy competitive rates, flexible terms, and the ability to borrow only what you need. Trusted providers ensure your process is transparent and stress-free from start to finish.
Rates Are Still Competitive
Secure a HELOC while rates are still low and tap into your home’s equity with confidence. Whether you're planning renovations or consolidating debt, now is a great time to lock in flexible financing before borrowing costs rise further.
Easy to borrow. Easy to manage.
Sharing knowledge from our experts is what we believe make our customers trust us
- With a HELOC, you can draw funds as needed during the draw period—perfect for home improvements, emergencies, or large expenses. Unlike lump-sum loans, you only pay interest on what you use.
- Backed by the equity in your home, HELOCs are a low-risk borrowing option. Most are offered by top-rated lenders and often come with competitive rates and flexible repayment terms.
- Many HELOCs offer interest-only payments during the initial draw period. This keeps monthly payments low while giving you access to the funds you need.
- Unlike investments tied to the stock market, a HELOC offers stable access to capital. Whether markets rise or fall, your credit line remains available and under your control.
- Manage your HELOC through secure online banking tools. Request funds, track balances, and make payments anytime—without visiting a branch.
- HELOCs are easy to understand, with clear terms and no hidden fees. Whether you're consolidating debt or financing a remodel, the process is streamlined from application to funding.
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"With pickyourbank.com, comparing HELOC options was fast and easy! I found the lowest rate and got pre-approved in minutes. The whole process was smooth and stress-free!"
Laura Mitchell
Austin, Texas
5 Things to Know Before Applying for a HELOC
Exploring a Home Equity Line of Credit? Our expert insights help you make a confident decision when comparing lenders and offers. Here’s what to look out for:
Unlock Your Home’s Borrowing Power
- Interest Rates: HELOCs typically come with variable interest rates. Compare offers carefully, and check the APR (Annual Percentage Rate), which includes fees and reflects the true cost of borrowing.
- Draw & Repayment Terms: Know how long you can borrow (draw period) and when repayment kicks in. Some lenders offer interest-only payments during the draw period, followed by principal plus interest later on.
- Minimum Equity Requirements: Most lenders require you to have at least 15%–20% equity in your home to qualify. Be sure to check eligibility requirements based on your home’s value and current mortgage balance.
- Closing Costs & Fees: Some lenders charge appraisal fees, annual fees, or closing costs. Look for lenders with low or no fees to keep upfront costs manageable.
- Flexibility of Access: HELOCs allow you to borrow only what you need, when you need it. Make sure your lender offers convenient access—online transfers, checks, or cards linked to your credit line.
- Customer Service & Support: Choose a lender known for responsive service and easy communication. Check reviews and ensure they offer help throughout both the draw and repayment periods.
- Credit Score Requirements: Most HELOC lenders require a good credit score (typically 660+). Check minimum score thresholds ahead of time to avoid application delays or denials.
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Pickyourbank.com may earn a commission when a user completes an action using our links, which will however not affect the review but might affect the rankings. The latter is determined on the basis of product market fit and compensation received. The information contained in pickyourbank.com should not be conceived as legal, financial or investment advice nor as an endorsement of any of the products or services referenced in pickyourbank.com. As disclosed in the Terms and Conditions all information on pickyourbank.com is subject to change. pickyourbank.com does not contain an exhaustive list of all lending or insurance partners in each category.
Pickyourbank.com may earn a commission when a user completes an action using our links, which will however not affect the review but might affect the rankings. The latter is determined on the basis of product market fit and compensation received. The information contained in pickyourbank.com should not be conceived as legal, financial or investment advice nor as an endorsement of any of the products or services referenced in pickyourbank.com. As disclosed in the Terms and Conditions all information on pickyourbank.com is subject to change. pickyourbank.com does not contain an exhaustive list of all lending or insurance partners in each category.