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HELOC vs home equity loan

By HawkLend Editorial · Updated May 13, 2026 · 8 min read
CE
HawkLend Editorial Team
Independent rate analysis · reviewed by senior editor

How we picked

Both let you borrow against your home equity at lower rates than unsecured loans. HELOC: revolving line, variable rate, draw as needed (like a credit card). Home equity loan: lump sum, fixed rate, predictable payment (like a mortgage). Below: the lenders leading each category in 2026.

1

Figure HELOC

Best HELOC for speed

  • 5-day funding
  • Fully online application
  • Fixed-rate draws available
  • Some states excluded
7.95% APR See My Rate
2

Bank of America HELOC

Best traditional HELOC

  • No application or closing fees
  • Preferred Rewards rate discount
  • Online rate quote
  • Slower closing (4-6 weeks)
8.50% APR See My Rate
3

Discover Home Equity Loan

Best fixed-rate equity loan

  • No closing costs
  • 10-30 yr terms
  • Fixed monthly payment
  • Min $35K, max $300K
7.99% APR See My Rate
4

Spring EQ

Best for unique situations

  • Investment property HELOCs
  • Self-employed friendly
  • High LTV options
  • Higher rates
  • Limited state availability
8.25% APR See My Rate
5

RenoFi

Best for renovation loans

  • Loans based on after-reno value
  • Up to $500K
  • Network of local lenders
  • Project plans required
8.49% APR See My Rate

Bottom line

The right pick depends on your credit profile, timing, and how much you're borrowing. Run a soft-pull comparison through HawkLend to see which of these providers will actually approve you and at what rate — takes about two minutes, no impact to your credit.

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