U.S. Bank
When you apply for a HELOC with U.S. Bank, it considers your full credit history, not just your credit score. This makes it a good choice for people building or rebuilding credit. It also has a relatively low maximum rate of 13.1% APR with no closing costs. And, when you factor in discounts, rates can be as low as 8.95% APR.
Lines start at $15,000 and go up to $750,000, sometimes higher. There's a 10-year draw period, during which you're able to select a minimum monthly payment of 1% to 2% of the outstanding balance, or make interest-only payments. You don't have to pay closing costs, but if you close the line within the first 30 months, you'll pay an early closure fee of 1% of the loan value, up to $500. U.S Bank also charges an annual fee of $90 after the first year.
Min. Credit Score | 660 |
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Fixed Rate Option | Yes |
Annual Fee | $75 |
APR | 8.95% to 13.10% |