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 18% APR with no closing costs. Rates range from 8.8% to 12.55% APR for U.S. Bank customers with credit scores of 730 or higher. When you factor in discounts, rates can be as low as 3.25% APR.
Lines start at $15,000 and go up to $350,000, 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 as high as $500. U.S Bank also charges an annual fee of $90 after the first year.
Minimum credit score | 660 |
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