What is a home equity line of credit?

A home equity line of credit, or HELOC, is a revolving credit line that’s secured by the equity you’ve built in your home. The HELOC can be used as needed during your draw period, which is the timeframe between opening it, up until your repayment begins. You only pay interest on what you borrow from your HELOC.

Requirements to get a HELOC

To qualify for a HELOC, you’ll need a FICO score of 660 or higher. U.S. Bank also looks at factors including:

  • The amount of equity you have in your home
  • Your credit score and history
  • Your debt-to-income (DTI) ratio
  • Your income history

Want to learn more about credit scores? You can monitor your VantageScore® credit score from TransUnion® for free1 via the U.S. Bank Mobile App or online banking. (This score is for educational purposes and isn’t used by U.S. Bank to make credit decisions.)

Find HELOC rates2 by location.

The rate shown is the current national average. Enter your location details for rates in your area.

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Home equity line of credit rate

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Rates range from 8.95% APR to 13.10% APR and are subject to change at any time. Lowest rate assumes a credit limit of $50,000 or more, loan to value (LTV) of 60%, FICO score of 730 or higher and a U.S. Bank personal checking account.

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We’re sorry.

U.S. Bank currently doesn’t offer home equity products in your location. An alternative option, cash-out refinance, is available in all 50 states.

If you’re interested in this or other financing options, please call us at 855-815-8894.

Take the next step: See if you prequalify.

Prequalification helps you see how much you might be able to borrow, without affecting your credit score.

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Benefits of a HELOC

Fixed-rate option3

You have the option to lock in a fixed interest rate for up to 20 years on some or all the money you borrow during your draw period. It’s a simple way to add predictability to your monthly budget.

Flexibility

With HELOCs you can borrow funds over time as needed. They also offer flexible repayment options, including interest-only payments for those who qualify.

Low cost

Because HELOCs are secured, they typically have lower rates than personal loans or credit cards. In addition, there are no application fees or closing costs2 and the interest may be tax deductible.4

Convenient access

You can draw on your HELOC by using convenience checks, transferring money to your U.S. Bank checking account or by visiting a branch or ATM. You can also use your Visa® Access Card5 anywhere Visa® is accepted.

Popular uses for HELOCs

Home improvements

Whether you’re looking to remodel your kitchen or build an outdoor living area, a HELOC can be a great option.

Debt consolidation

You may be able to save money by using a HELOC to consolidate higher-cost debt, such as credit cards and student loans.

Major purchases

If you’re planning on funding major expenses, such as college tuition, a HELOC may be a good option. Its flexible availability of funds and low interest rates make it a smart choice for financing.

How to get a home equity line of credit

The process for getting a HELOC is simple.

1: Complete a basic application.

You can do this online, by calling 800-642-3547 or by visiting a U.S. Bank branch.

2: Submit any requested documentation.

You can easily upload documents using our secure online home equity application portal. (Requested documents may include paystubs, tax returns and W-2s, among other items.)

3: Close on your HELOC.

You’ll do this at a local U.S. Bank branch. You can also lock in a fixed rate at this time.

Explore more home equity and home improvement tools.

Calculate your potential home equity payment.

Use our rate and payment calculator to get an estimate of what your home equity monthly payment may be.

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Estimate your home improvement project cost.

Answer a few quick questions about your project to get an estimate of the cost and your potential return on investment.

Get an estimate

Get answers to frequently asked questions about home equity lines of credit (HELOC).

A HELOC is a flexible financing option that allows you to borrow as needed, up to your approved credit line. As you make payments to the outstanding principal balance, your available credit increases. Interest is paid during the repayment period only for what you’ve drawn from your HELOC that’s still outstanding.

Interest on a HELOC may be tax deductible.4 Consult your tax advisor regarding tax deductibility.

See all home equity FAQ

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

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  1. Free credit score access, Alerts and Score Simulator through TransUnion’s CreditView™ Dashboard are available to U.S. Bank online and mobile banking customers only. Alerts require a TransUnion database match. It is possible that some enrolled members may not qualify for alert functionality. The free VantageScore® credit score from TransUnion® is for educational purposes only and is not used by U.S. Bank to make credit decisions.

  2. Home Equity Line of Credit: The Annual Percentage Rate (APR) is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal. As of November 6, 2023, the variable rate for Home Equity Lines of Credit ranged from 8.95% APR to 13.10% APR. Rates may vary due to a change in the Prime Rate, a credit limit below $50,000, a loan-to-value (LTV) above 60% and/or a credit score less than 730. A U.S. Bank personal checking account is required to receive the lowest rate, but is not required for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal checking account. The rate will never exceed 18% APR, or applicable state law, or below 3.25% APR. Choosing an interest-only repayment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Repayment options may vary based on credit qualifications. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Credit line may be reduced or additional extensions of credit limited if certain circumstances occur.

    An early closure fee of 1% of the original line amount, maximum $500, will apply if the line is paid off and closed within the first 30 months. Property insurance is required. Other restrictions may apply. An annual fee of up to $75 may apply after the first year and is waived or discounted with an existing U.S. Bank Platinum Checking Package or with enrollment in our Smart Rewards Program. Annual fees are assessed based on the tier in our Smart Rewards Program on your HELOC anniversary date. Please refer to your Smart Rewards terms and conditions for more information on tier assignment.

  3. Home Equity Line of Credit – Fixed Rate Option: A maximum of three active Fixed Rate Options are permitted on a Home Equity Line of Credit. Property insurance is required. Other restrictions may apply.

  4. U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

  5. For HELOC accounts secured by property located in Connecticut, any advance made using a Visa® Access Card for purchases must be at least $1,000, and any advance using a Visa® Access Card for cash advances at an ATM is limited to a single withdrawal of $1,000 per day.

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The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.