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

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

LENDER SHOOTOUT · LAST VERIFIED JUNE 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, US Bank, Chase, Rocket (June 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.

Seven lenders, one big table. Real cap numbers, real fees, real conversion features. Rates change; this was last updated June 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	7.49-14.99%	30 years	18.00%	No	$0	$0	640+	89%	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 + HELOC	HEL 6.99%+ / HELOC 6.37%+	N/A	N/A fixed	N/A	$0	$0 HEL / $1,495+ HELOC	680+	90%	30-45 days	Lump-sum fixed rate
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 June 2026. Verify with lender before applying.

SoFi note: the SoFi row's fixed-rate fields (no draw period, no rate cap) describe its lump-sum home equity loan. SoFi also launched a fully digital HELOC in April 2026 (from 6.37% initial variable APR, up to 90% CLTV / $500,000, a short 3-year draw, and a non-waivable $1,495 origination fee plus $1,500-$3,200 in third-party closing costs). Some SoFi HELOCs are brokered through partner Spring EQ, in which case the SoFi member rate discount does not apply.

Note: Discover Home Loans previously appeared in this comparison but has exited home equity lending. Following Capital One's May 2025 acquisition of Discover, the business stopped accepting new home equity loan and mortgage refinance applications in July 2025, and ceased servicing existing home loans on 2 February 2026 (accounts transferred to a new servicer). New Discover home equity loans are not available in 2026. SoFi, Figure, and credit unions are the closest fixed-rate HEL alternatives.

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.

SoFi

Pros: Fixed-rate HEL from 6.99% with member discounts; added a fully digital HELOC in April 2026 (from 6.37% initial APR)

Cons: HELOC has a short 3-year draw and a non-waivable $1,495 origination fee plus $1,500-$3,200 third-party closing costs; HEL is lump-sum only

Best for: Existing SoFi members needing a lump-sum fixed-rate HEL, or borrowers wanting an all-digital HELOC who accept the origination fee.

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 June 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 (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 June 2026: US Bank, Wells Fargo, PNC, and TD Bank. Figure, Aven, Chase, 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