Which lenders charge a HELOC origination fee?

Chase publishes an origination fee of up to 4.99% of the total credit limit, financed into the line. Figure publishes up to 4.99% of the initial draw. Better publishes $0 to $995 plus 0 to 5% in discount points. SoFi publishes a non-waivable $1,495 on its HELOC. Bank of America, U.S. Bank, PNC and Rocket Mortgage publish no origination fee, and Bank of America states it pays all closing fees on lines up to $1,000,000. Because these fees are normally financed rather than billed, they are easy to miss on pages that advertise no closing costs.

Does Rocket Mortgage offer a HELOC?

No. Rocket's own home equity page states that Rocket Mortgage retail does not currently offer HELOCs. It sells a fixed-rate closed-end home equity loan between $45,000 and $500,000 with no origination fee, on tiered requirements of 680 FICO at 80% CLTV, 700 at 85% and 740 at 90%. Wells Fargo also does not offer a HELOC: its own page states it is temporarily suspending new applications, as it has since April 2020. Chase offers a HELOC but states it does not offer home equity loans in any state, and its HELOC is not available in Texas.

LENDER SHOOTOUT · CHECKED SEPTEMBER 2026

Independence note: we take no payment for placement and carry no paid or tracked lender links. Lender names below link only to each lender's own public pages, and nothing here affects how we rank them.

HELOC and HEL Lender Shootout: Bank of America, Chase, US Bank, Figure, Aven, Better, SoFi, Rocket (September 2026)

Eight lenders, one table, every cell quoted from the lender's own disclosure or product page in September 2026. Where a lender does not publish a term, the cell says so. Most of this market does not publish an APR range at all, and a table that shows one for every lender has filled the gaps from somewhere else.

The two columns most comparisons leave out decide the most money: the origination fee, which reaches 4.99% of the line at Chase and Figure and is financed so it never arrives as a bill, and the required initial draw, which forces you to take 85% of the line at Chase and 100% at Figure. A line you cannot leave undrawn is not a standby facility.

Full Comparison Matrix

Lender	Type	APR as published	Draw / Repay	Lifetime Cap	Fixed Lock	Annual Fee	Origination	Required Initial Draw	Min Score	Max CLTV	Best For
Bank of America	HELOC	Not published	10 yr draw / 20 yr repay	24.00% (floor 1.99%)	Yes (up to 3)	$0	$0 up to $1,000,000	None generally required	660+	85%	Fee-free open and hold
Chase	HELOC only	8.37% sample, 18 Sep 2026	3 yr draw / 20 yr amortising	18.00%	Existing lines only	$0-$50, waivable	Up to 4.99% of limit	85% of line at closing	680+	80%	Chase deposit customers
US Bank	HELOC + HEL	6.20-11.10%, 17 Sep 2026	10 yr draw / 20 yr repay	18.00% (floor 3.25%)	Yes (up to 3)	$75, waivable	$0	Not published	660+	Not published	Conversion feature users
Figure	HELOC, fixed or variable	Not published	No separate phases; 5/10/15/30 yr	Not published	No	Not named	Up to 4.99% of initial draw	100% of line at origination	640+	Not published	Fast lump-sum draw
Aven	HELOC credit card	Not published	Not published	Not published	No	$0, or 1.2% of line	$0 on the card	None on the card	Not published	Not published	Card-style flexibility
Better	HELOC + HEL	9.00-14.75%, stamped 11/2023	3 yr draw + 7 yr hold / 20 yr repay	18.00% (floor 4.00%)	No	Not published	$0-$995 plus 0-5% points	75% of limit, min $50,000	680+	90%	Large single draw
SoFi	HEL + HELOC	HEL from 6.99% / HELOC from 6.37%	HELOC 3 yr draw / HEL 5-20 yr	Not published	No	$0	$0 HEL / $1,495 HELOC	Not published	680+	90%	Lump-sum fixed rate
Rocket Mortgage	HEL only, no HELOC	Not published	Lump sum, no draw period	Fixed rate	Not applicable	Not published	$0 origination	Lump sum at closing	680+ at 80% CLTV	90% at 740+ FICO	Fixed-rate lump sum

Every cell is quoted from the lender's own disclosure or product page, accessed September 2026. “Not published” means the lender does not state that term on its own site, and this table does not estimate it. Sources: Bank of America Equity Maximizer initial disclosure statement and home equity page; chase.com HELOC product page, fee schedule and calculator program information; U.S. Bank HELOC page and Program Description; Figure home equity line FAQs; aven.com and its licence listing; Better home equity page and HELOC important terms; SoFi HELOC disclosure; Rocket Mortgage home equity pages.

Two APR figures need their stamps read with them. U.S. Bank's 6.20% to 11.10% range is dated 17 September 2026 on its own page. Chase's 8.37% is a single sample dated 18 September 2026, on a $100,000 line at up to 55% CLTV on an Ohio single-family primary residence for a borrower with excellent credit, not a range. Better publishes 9.00% to 14.75% but stamps it “current as of 11/01/2023”, so it is Better's own figure and nearly three years old. Bank of America, Figure, Aven and Rocket publish no range for these products.

Where availability is restricted: the Chase HELOC is not available in Texas. Better's HELOC is not available in Texas and its home equity loan is not available in Minnesota. Figure's variable-rate line lists MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV and SC as unavailable. Aven publishes no exclusion list but is not licensed in Hawaii, Indiana, Massachusetts, Missouri, Nevada, New York or Utah on its own licence page. Rocket publishes state minimums of $10,000 in Michigan and $61,000 in Iowa against its usual $45,000 floor.

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 $0-$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.

Not in this market, whatever you read elsewhere. Rocket Mortgage is in the table for its home equity loan only: its own page states that Rocket Mortgage retail does not currently offer HELOCs, so a Rocket HELOC rate, draw period or lifetime cap is not a real term. Wells Fargo has no row at all, because its own home equity page states it is temporarily suspending new applications for home equity lines of credit, which it has done since April 2020, and it points borrowers to a cash-out refinance instead. Chase is HELOC only: it states it does not offer home equity loans in any state at this time.

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, Rocket and credit unions are the closest fixed-rate HEL alternatives.

Lender Profiles

Bank of America

Pros: Publishes no application fee, no annual fee and no closing costs on lines up to $1,000,000, no minimum advance requirement, and a fixed-rate conversion option at no fee with up to three locks open at once. The lowest published cost of simply having a line open.

Cons: A $450 early closure fee applies inside 36 months, and its own disclosure says some portion of that may be considered a prepayment penalty. The lifetime cap is 24.00%, the highest here. It publishes no APR range, so you cannot price it before applying.

Best for: Borrowers who want a line to sit undrawn until needed, and who expect to keep it past three years.

Chase

Pros: An 18.00% lifetime cap, an annual fee of $0 to $50 that is waived outright while you hold Chase Premier, Premier Plus or Sapphire Checking or a Private Client relationship, and a published sample rate so you have some price signal before applying.

Cons: Three structural catches. The draw period is 3 years, not the 10 that is standard here. The origination fee runs up to 4.99% of the credit limit. And the line requires a minimum 85% disbursement at closing, so you pay interest on most of it from day one. Not available in Texas, and Chase offers no home equity loan in any state.

Best for: Chase deposit customers who want the money now and qualify for the annual-fee waiver.

US Bank

Pros: The only lender here publishing a current APR range, 6.20% to 11.10% as of 17 September 2026. No application fee or closing costs, a 660 minimum score, and the most generous fixed-rate lock terms: up to three active locks, $2,000 minimum each, no fee to lock or unlock during the draw period.

Cons: A $75 annual fee unless you hold a Platinum Checking Package, and a 1% early closure fee capped at $500 inside 30 months. It publishes no maximum CLTV, so the headline borrowing limit is not knowable in advance.

Best for: Borrowers who want the conversion feature to hedge against rising rates, and who want to see a rate before applying.

Figure

Pros: A genuinely different structure: no separate draw and repayment phases, with terms of 5, 10, 15 or 30 years, and both fixed and variable options. Fast and fully digital. Says in its own FAQ that there are no prepayment fees.

Cons: The full line is 100% drawn at origination, less the origination fee, so this is a lump sum wearing a line of credit's name rather than a facility you can leave unused. Origination runs up to 4.99% of the initial draw, and there is a $180 valuation fee plus $500 to $2,000 appraisal on properties over $400,000. Publishes no APR range, no lifetime cap and no maximum CLTV, and excludes fourteen states plus DC on the variable product.

Best for: Borrowers who want a lump sum quickly and have compared the all-in origination cost against a fixed-rate home equity loan.

Aven

Pros: A HELOC in credit-card form on the Visa network, with no required initial draw and no origination fee on the revolving card, so it is one of the few products here you can genuinely open and leave unused.

Cons: The least transparent lender in this table. It publishes no APR range, no maximum APR, no draw or repayment period, no maximum CLTV and no minimum credit score; the figures on its own site are template placeholders filled in per offer. A 2% fee applies to drawing cash to a bank account, and the advertised $0 annual fee is one of two options, the other being 1.2% of the line size for a lower APR. Accounts are made by Coastal Community Bank, not by Aven.

Best for: Borrowers who want card-style access and will read their own offer documents carefully, because almost nothing binding is published in advance.

Better

Pros: Publishes a full fee schedule and a clear 18.00% cap with a 4.00% floor, states explicitly that you may repay at any time without penalty, and goes to 90% CLTV.

Cons: Its own marketing says zero unnecessary fees while its disclosure lists origination of $0 to $995 plus up to 5% in discount points and up to 3% broker fee. You must draw $50,000 or 75% of the limit, whichever is greater. The only APR range it publishes is stamped November 2023. The site gives three mutually inconsistent draw and repayment structures across its marketing and disclosure pages. HELOC not available in Texas.

Best for: Borrowers taking a large single draw who will price the points and origination into the comparison.

SoFi

Pros: Fixed-rate HEL from 6.99% with member discounts; added a fully digital HELOC in April 2026 (from 6.37% initial APR), up to 90% CLTV.

Cons: HELOC has a short 3-year draw and a non-waivable $1,495 origination fee plus $0-$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.

Rocket Mortgage

Pros: No origination fee on a fixed-rate lump sum, and the clearest published qualification grid of any lender here: 680 FICO to 80% CLTV, 700 to 85%, 740 to 90%, with a DTI ceiling.

Cons: There is no Rocket HELOC. Its own page states that Rocket Mortgage retail does not currently offer HELOCs, so it competes only against the HEL side of this table. It publishes no rate, no term length and no closing costs, and its own pages give three different DTI ceilings for the same product.

Best for: Borrowers who have settled on a fixed-rate lump sum and want no origination fee.

Methodology and Conflict-of-Interest Disclosure

Every figure here comes from the lender's own product page or disclosure document, accessed September 2026. We did not test loan applications or obtain quotes for specific credit profiles. Where a lender does not publish a term we print “not published” rather than substituting a figure from a rate-comparison site, which is why several cells in this table are empty where other comparisons show numbers.

Two consequences of that rule are worth stating. First, marketing pages and disclosure documents on the same lender's site sometimes disagree, and where they do we follow the disclosure and say so. Second, a lender that publishes nothing scores no better and no worse here for it; an empty cell is a fact about disclosure, not about price.

We take no payment for placement and run no paid or tracked affiliate links: every lender in this table is here because it is relevant to the comparison, and each link points to that lender's own public page. If commercial links are ever added, they will be labelled as such and will never change which lenders we include or how we rank them.

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 lenders offer a fixed-rate lock?+

Checked September 2026: Bank of America, PNC, TD Bank and U.S. Bank all publish one. Bank of America, TD Bank and U.S. Bank each cap it at three concurrent locks and charge nothing to lock. PNC charges a $100 transfer fee each way after origination, free at closing, and does not publish a limit on the number of locks. Minimum lock amounts are $2,000 at U.S. Bank and $5,000 at the other three. Figure, Aven, Better and SoFi do not offer it. Chase offers a Fixed-Rate Lock Option on existing accounts, but its current origination disclosure says the line carries a variable rate for the full 30-year term.

Does Figure have no closing costs?+

No, and this is the most common mistake made about Figure. It publishes an origination fee of up to 4.99% of your initial draw, plus a $180 valuation fee, a $500 to $2,000 appraisal on properties over $400,000, recording fees of $0 to $315 and recording taxes. What Figure does say is that it charges no account opening fees, no maintenance fees and no prepayment penalties, and that the origination fee is the only fee it charges. Those are different claims from no closing costs.

Which lenders let me leave the line undrawn?+

Bank of America publishes that no minimum credit advance is generally required, $4,000 in Texas. TD Bank publishes no minimum draw on a $25,000 minimum line. Aven requires none on its revolving card. At the other end, Figure draws 100% of the line at origination, Chase requires a minimum 85% disbursement at closing, and Better requires $50,000 or 75% of the limit, whichever is greater. If the point of the line is standby liquidity, this is the first column to read.

Should I get multiple quotes?+

Yes, and note that only U.S. Bank publishes a current APR range at all, so quotes are the only way to price this market. Rate differences between lenders can be 50-150bp for the same credit profile. On a $100k HELOC, a 1% rate difference is about $1,000/year, and the origination-fee spread here is wider than that in a single year.

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