Best HELOC Lenders 2026: We Compared 12 Lenders, Here Are the 5 With Sub-7% APRs
Bankrate's national HELOC average is 7.09% APR (April 22, 2026) — the lowest in three years. Five lenders beat that average for borrowers with 700+ FICO and 20%+ equity. Here's how to pick the right one for your situation.
Quick Answer
- Best overall: Figure — from 6.20% APR, $0 closing, funds in five days, accepts 620+ FICO
- Best credit-union pricing: Bethpage FCU — from 6.99% APR, $20K–$250K, 5–7 day funding
- Best digital experience: SoFi — new 2026 HELOC, up to 90% LTV / $500K, all 50 states
- Best for thinner files: Spring EQ — 680+ FICO accepted, $15K–$500K, fixed-rate option
- Best for large credit lines: New American Funding — up to ~$750K HELOC / $3M fixed home equity loan, NerdWallet 4.8/5
Updated April 30, 2026. What changed in April: Bankrate's national HELOC average dropped to 7.09% (lowest in three years). SoFi expanded its 2026 HELOC to all 50 states with a fully digital end-to-end experience, replacing the prior partner-routed product.
HELOC Lender Comparison
Verified against each lender's published rate disclosures and NerdWallet/Bankrate reviews as of late April 2026.
| Lender | Best for | Starting APR | Loan size | Min FICO | Time to fund |
|---|---|---|---|---|---|
| Figure | Overall + speed | 6.20% | $15K–$400K | 620 | ~5 days |
| Bethpage FCU | Credit-union pricing | 6.99% | $20K–$250K | 680 | 5–7 days |
| SoFi | Digital experience | From 7.49% | Up to $500K (90% LTV) | 680 | 7–14 days |
| Spring EQ | Thinner credit files | From 7.99% | $15K–$500K | 680 | 10–14 days |
| New American Funding | Largest credit lines | From 5.25%* | Up to $3M (HEL) | 620 | 14–21 days |
*New American Funding's 5.25% starting rate is published on their fixed home equity loan; HELOC rates run higher. All five lenders advertise APRs below Bankrate's 7.09% national average for top-tier borrowers; your actual rate depends on credit, LTV, and draw amount.
HELOC vs HEI: which one fits your situation?
A HELOC is debt with monthly payments. A home equity investment (HEI) is a lump-sum cash advance against future home value with no monthly payments. Pick by what you actually need.
- You have 700+ FICO and steady W-2 incomeFigure HELOCLowest verified APR + fastest funding for prime borrowers.
- You belong to a credit union and want the best rateBethpage FCU HELOCCredit-union pricing typically beats banks by 25–75 bps.
- You bank with SoFi alreadySoFi HELOCUp to 90% LTV, fully digital, single login with your other SoFi accounts.
- You can't qualify for a HELOC (low credit, self-employed)Home equity investment (HEI)Hometap, Point, Splitero, Unison, Unlock — no minimum FICO, qualified on equity. No monthly payments.
- You want fixed monthly payments and a lump sumHome equity loan (not a HELOC)New American Funding tops out at $3M on a fixed HEL; rate is locked at origination.
- You only need a small amount and want flexibilitySpring EQ or your existing bank's HELOC$15K minimum is the lowest among the five; revolving line you only pay on what you draw.
Run your numbers first
Use our HELOC payment calculator to estimate the monthly cost of any of the lenders above at your specific draw amount and rate.
Open HELOC payment calculator →Figure
From 6.20% APR · 620+ FICO · $15K–$400K · $0 closing costs (origination fee 0–4.99% applies) · funds in as little as five business days.
Why we picked it
Figure beats every other digital HELOC lender we reviewed on the combination of starting APR (6.20%), credit minimum (620), and speed (five days end-to-end). The catch is that Figure's HELOC works more like a closed-end home equity loan: you draw the full amount at origination at a fixed rate. That works against you if you want a true revolving line — but works for you if you want rate certainty in a market where the Fed could reverse course.
Best for
- Borrowers with 620–719 FICO who get rejected elsewhere
- Anyone who needs cash in < 7 business days
- Homeowners using funds for debt consolidation or one-time renovations
Watch-outs
- Origination fee runs 0–4.99% of the draw — a $100K line at the top of the band costs $4,990 upfront, materially changing the effective APR.
- Not a true revolving HELOC — once you pay it down, redrawing requires a new application.
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Five-minute pre-qual, 620+ FICO accepted, no impact on credit score until you accept terms.
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Bethpage Federal Credit Union
From 6.99% APR · 680+ FICO · $20K–$250K · 5–7 day funding · membership open to anyone via a $5 share account.
Why we picked it
Bethpage is one of the few credit unions with national HELOC availability and competitive digital onboarding. Membership is open to anyone in the U.S. via a $5 minimum share account — you do not need to live in New York. Its starting APR sits 10 bps below Bankrate's national average, and the closing-cost package is consistently lower than bank competitors.
Best for
Borrowers with 700+ FICO who want lower fees than a bank but don't want to deal with a digital-only lender. Renovation draws of $50K–$150K are the sweet spot.
Watch-outs
The $250K cap is lower than Figure, SoFi, or NAF — not a fit if you want a $400K+ line. Application is faster than a brick-and-mortar bank but slower than Figure.
SoFi
From 7.49% APR · 680+ FICO · up to 90% LTV / $500K · all 50 states · single login alongside your other SoFi accounts.
Why we picked it
SoFi launched its in-house HELOC product in 2026 (replacing a prior partner-routed offering) and rolled it out across all 50 states. The 90% LTV cap is the highest among the five lenders we reviewed, which matters for borrowers who've only owned a home for a few years and don't have 30%+ equity. If you already use SoFi for banking, investing, or student loan refinancing, having your HELOC on the same dashboard is a real ergonomic win.
Best for
Existing SoFi members. People who want a true revolving line with draw flexibility (Figure does not offer this; SoFi does). Homeowners with less than 25% equity who need higher LTV.
Watch-outs
Starting rate is 100+ bps above Figure. SoFi will pull a hard credit inquiry as part of underwriting (after pre-qual).
Spring EQ
From 7.99% APR · 680+ FICO · $15K–$500K · fixed-rate HELOC option · 10-year draw / 20-year repay.
Spring EQ specializes in second-lien products and accepts a broader credit profile than most competitors. Their fixed-rate HELOC option (rare in this category) gives you predictable monthly payments without committing to a closed-end home equity loan. The trade-off is a starting APR closer to the national average — you pay slightly more than Figure or Bethpage but get flexibility on the underwriting side.
Best for: Self-employed borrowers, recent FICO dings, or anyone who values rate-lock flexibility.
New American Funding
From 5.25% APR (fixed home equity loan) · 620+ FICO · up to $3M fixed HEL / ~$750K HELOC · NerdWallet 4.8/5.
NAF is the right answer when you need a credit line that the digital lenders can't support. The 5.25% starting APR is published on their fixed home equity loan (a separate product from a HELOC) and is contingent on top-tier credit and LTV. Their HELOC product runs higher — closer to 7.5%–9% — but the structural advantage is loan size and a real human loan officer for complicated situations (jumbo, mixed-use, second home).
Best for: $400K+ credit lines, jumbo home equity, or situations where you want a loan officer to walk you through paperwork.
Methodology
We started with the 12 highest-volume HELOC lenders that publish consumer-facing rate disclosures: Figure, Bethpage FCU, SoFi, Spring EQ, New American Funding, Bank of America, U.S. Bank, TD Bank, Discover (closed July 2025 post-Capital One acquisition — excluded), Rocket Mortgage, Truist, and PenFed. We compared each against the following criteria as of late April 2026:
- Starting APR vs national average. Bankrate's national HELOC average was 7.09% as of April 22, 2026. Lenders had to advertise a starting APR below that.
- Credit minimum. 620 floor or below earned bonus consideration; 700+ requirements were penalized.
- Loan size. Both ends of the range mattered — $15K–$25K minimums let small renovations qualify, $400K+ ceilings cover larger draws.
- Time to fund. Five-day digital lenders scored higher than 21–30 day traditional banks for borrowers needing cash quickly.
- Fee structure. $0 closing costs only matters if the origination fee isn't hiding the cost — we flagged Figure's 0–4.99% origination explicitly.
- NerdWallet, Bankrate, and Money rating consensus. We required at least one independent 4-star+ rating to make the shortlist.
Discover Home Loans was excluded from consideration because Capital One closed the unit in July 2025 (per Banking Dive). Bank of America, U.S. Bank, and Rocket Mortgage made the long list but did not crack sub-7% on their published starting APRs at the time of review.
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Best overall — fastest digital HELOC
From 6.20% APR, $0 closing, 5-day funding, 620+ FICO.
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Best digital experience — up to 90% LTV
New 2026 SoFi HELOC. Up to $500K, all 50 states, one dashboard with your other SoFi accounts.
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