Which lenders offer a fixed-rate lock on a HELOC?

As of April 2026, US Bank, Wells Fargo, PNC, and TD Bank offer fixed-rate lock options on their HELOCs. Figure, Aven, Chase, Discover, SoFi, Better, and Rocket Mortgage do not offer this feature. See /converting-heloc-to-hel for details.

LENDER SHOOTOUT · LAST VERIFIED APRIL 2026

Affiliate disclosure: this page contains affiliate links. We may earn a commission if you apply through a link here. This does not affect our ratings.

HELOC and HEL Lender Shootout: Figure, Aven, Better, SoFi, Discover, US Bank, Chase, Rocket (April 2026)

Q: Does Figure HELOC have no closing costs?

Figure does not charge lender fees (origination fee, appraisal fee, or annual fee in most cases), but some third-party fees may apply (recording fees, state taxes). Their effective closing cost is typically $0-$500 vs 2-5% for traditional HELs.

Eight lenders, one big table. Real cap numbers, real fees, real conversion features. Rates change; this was last updated April 2026. Always verify directly with the lender before applying.

Full Comparison Matrix

Lender	Type	APR Range	Draw Period	Lifetime Cap	Fixed Lock	Annual Fee	Closing Cost	Min Score	Max CLTV	Speed	Best For
Figure	HELOC	8.75-15.99%	5 years	25.00%	No	$0	~$0	640+	85%	5 days	Fastest digital close
Aven	HELOC credit card	7.99-15.49%	30 years	See docs	No	$0	$0	640+	89.99%	7-10 days	Card-style flexibility
Better	HELOC + HEL	8.50-14.99%	10 years	18.00%	No	$0	~$500	680+	80%	21-30 days	Better ecosystem users
SoFi	HEL only	7.65-11.49%	N/A	N/A fixed	N/A	$0	$0	680+	80%	30-45 days	Lump-sum fixed rate
Discover	HEL only	7.99-11.99%	N/A	N/A fixed	N/A	$0	$0	620+	90%	30-45 days	Fixed rate, low credit bar
US Bank	HELOC + HEL	8.95-13.50%	10 years	18.00%	Yes (up to 3)	$0-$90	$0-$750	680+	80%	30-45 days	Conversion feature users
Chase	HELOC + HEL	9.25-13.75%	10 years	18.00%	No	$50	$0-$500	680+	80%	30-45 days	Existing Chase customers
Rocket Mortgage	HELOC + HEL	8.75-13.99%	10 years	18.00%	No	$0	$0-$1,000	680+	85%	30-45 days	Brand-name comfort

Rates, fees, and terms sourced from public lender pages. Last verified April 2026. Verify with lender before applying.

Lender Profiles

Figure

Pros: Fastest funding (5 days), full digital process, no appraisal fee, no annual fee

Cons: Draw period only 5 years (shorter than most), no FRLO, higher margin for lower credit

Best for: Rate-agnostic borrowers who need fast access and value digital simplicity over rate optimisation.

Aven

Pros: HELOC in credit-card form factor (Visa), no annual fee, no closing costs, 30-year draw

Cons: Novel product with limited lender history, not available in all states, rate higher for low FICO

Best for: Borrowers who want spending flexibility of a credit card with home-equity rates.

US Bank

Pros: Fixed-Rate Lock Option available (up to 3 concurrent locks), branch + digital, competitive margin

Cons: Slower than digital-first lenders, relationship pricing advantages for existing customers only

Best for: Borrowers who want the conversion feature to hedge against rising rates.

Discover Home Loans

Pros: HEL specialist: no closing costs, competitive fixed rates, credit scores from 620

Cons: HEL only (no HELOC), so no revolving access or conversion feature

Best for: Borrowers wanting lump-sum fixed-rate access with low or no closing costs and a lower credit bar.

SoFi

Pros: HEL only, competitive fixed rates, no fees, member benefits ecosystem

Cons: HEL only (no HELOC), limited cash-out options vs HELOC flexibility

Best for: Existing SoFi members needing a lump-sum fixed-rate product with member rate discounts.

Chase

Pros: Relationship pricing for existing Chase customers (checking/savings balance discounts), trusted brand

Cons: No FRLO, $50 annual fee, competitive only for Chase relationship customers

Best for: Existing Chase Prime customers who qualify for relationship rate discounts.

Methodology and Conflict-of-Interest Disclosure

Rates and features sourced directly from each lender's public pricing page or product disclosure document, accessed April 2026. We did not personally test loan applications or verify rates for specific credit profiles.

This page contains affiliate links to several of the lenders listed. We may earn a commission if you submit an application through one of those links. This does not affect our ratings or recommendations. We included lenders we do not have affiliate relationships with (Discover, SoFi) because they are relevant to the comparison.

Get at least three quotes before applying. Rate differences between lenders can vary by 50-150bp for the same credit profile. A lower rate on a $100,000 HELOC at 1% saves $1,000/year.

FAQ

Which HELOC lender has the fastest funding?+

Figure is known for funding in as few as 5 business days, using an automated online process. Traditional bank HELOCs typically take 30-45 days.

Which lenders offer a fixed-rate lock?+

As of April 2026: US Bank, Wells Fargo, PNC, and TD Bank. Figure, Aven, Chase, Discover, SoFi, Better, and Rocket do not offer this feature.

Does Figure HELOC have no closing costs?+

Figure does not charge lender fees (origination, appraisal, annual fee in most cases), but some third-party fees (recording, state taxes) may apply. Effective closing cost is typically $0-$500.

Should I get multiple quotes?+

Yes. Rate differences between lenders can be 50-150bp for the same credit profile. On a $100k HELOC, 1% rate difference = $1,000/year.

Related: Home · Rate Math · Convert to Fixed · Reset Mechanics · Credit Impact