How our ridiculously fast HELOC compares:
A home equity line of credit from Rate comes with a reliable, fixed rate so your payments are always the same. There are other key benefits to choosing Rate as your HELOC lender, including:
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More options.
More advantages.
- 100% digital application.
- Apply in 5 minutes, get your money in as fast as 5 days.
- Low monthly payments when you choose up to a 30-year term.
- Rates 2/3 lower than most credit cards7.
- HELOCs are even easier via the Rate App.
HELOC FAQs
A home equity line of credit converts your home equity into funds you can spend on just about anything.
An open line of credit like this can be preferable to lump-sum loans in some scenarios. For instance, it can help if you want to renovate your home but aren’t sure how much the work will cost to complete.
The maximum available to you for withdrawal is determined by the amount of equity you have in your home.
If you decide to apply for a HELOC, keep in mind that you will use your home as collateral and open a second mortgage on your property. That means you’ll need to make two mortgage payments each month — one for your original mortgage and one for your home equity line of credit.
Your loan amount will largely be based on your home equity. In some cases, Rate may approve a HELOC with a combined loan-to-value (CLTV) ratio as high as 85%.
Loan amounts range from a minimum of $20,000 to a maximum of $400,000.8 Loan amounts may vary state by state. Your maximum loan amount may be lower than $400,000 and will depend on your home value and equity at the time of application. We determine home value and equity through independent data sources and automated valuation models.
When reviewing HELOC applications, Rate’s underwriting team evaluates a few key factors
- Credit score: 640 minimum
- Debt-to-income ratio: 50% maximum
- Combined loan-to-value ratio: 85% maximum
- Property types: single-family houses, townhomes and condos are all eligible
Once your line of credit is open, you’re free to spend that money in a variety of ways. Some of the most common uses for a HELOC include:
- Consolidating high-interest debt like credit cards
- Covering major expenses like home renovations
- Paying for recurring costs like college tuition
Applying for a HELOC with Rate is fast and easy. Our 100% digital application process can be completed within 10 minutes. If approved, you can expect to receive your funds as soon as five days from loan approval.
Head over to our digital application to get started on your HELOC loan today.
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*During Rate's Digital HELOC process, the borrower and/or Rate may need to communicate or facilitate the origination and closing of the borrower’s HELOC using non-digital methods, including but not limited to telephone or letter. There may be instances, due to borrower preference, applicable law, or other reasons, in which HELOC closing must occur in person. Additionally, Rate makes no representations and cannot guarantee that borrower’s HELOC will be serviced by a servicer that maintains an entirely digital process.
**Approval may be granted in five minutes but may be subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and may need to order a desktop appraisal to confirm the value of your property.
***Source: Curinos Home Equity and Retail First Mortgage Originations Consortiums
4Our loan amounts range from a minimum of $25,000 to a maximum of $400,000. For properties located in AK, the minimum loan amount is $25,001. Your maximum loan amount may be lower than $400,000 and will ultimately depend on your home value and equity at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.
For Rate Home Equity Line, our APRs can be as low as 6.95% for the most creditworthy applicants and will be higher for other applicants, depending on credit profile and subject to applicable law. For example, for a borrower with a CLTV of 50% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Rate Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 6.95%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3.99% origination fee would have an APR of 7.25% and a total loan amount of $51,995. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Advertised rates and terms are current as of 5/14/2025 and are subject to change without notice. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a discount of 0.25% for enrolling in autopay.
For more information about HELOCs, click here.
Rate's HELOC is a fixed-rate open-end product using your home as collateral. Not available in all states. Go to rate.com/HELOC for information including important property and borrower requirements and restrictions which impact rate and max available loan amount. Subject to approval.
Subject to verification of income and employment. Assumes closing the loan with remote online notary. Several factors including county restrictions and requirements regarding online closings or ability to determine condition of property may increase funding timeline.