Home equity lines of credit are somewhat similar to both traditional loans and credit cards. Borrowers have a longer repayment period and lower interest rates as they would with a traditional bank loan. However, a HELOC is set up as a maximum approval amount, and the borrower can use as much or as little of that amount as he or she wishes. HELOCs are typically used for making a few home improvements or even conducting large renovation projects. These are some of the lenders offering the best home equity lines of credit for 2017.

PNC Bank

This lender received decent ratings online for its customer service and flexible range of banking products. Also, customers rated it highly for interest rates, which start at 3.99 percent for someone with good or excellent credit. For $30,000, the average monthly interest is $99. Although customers also liked the bank’s looser approval criteria, many felt that the application process was longer and came with some unnecessary expenses.

BB&T Bank

The Branch Banking and Trust Company was rated highly for its low interest rates, which start at 3.99 percent for qualified borrowers. Many customers liked the bank’s mobile platform and online banking features, and the bank was also rated highly for charging lower-than-average fees. For a $30,000 HELOC, the average monthly interest is $99. Some customers rated the bank poorly for responding to and resolving issues slowly.

Alliant Credit Union

This not-for-profit financial organization offers qualified borrowers a HELOC starting at 4 percent. For an amount totaling $30,000, the average monthly interest cost is $106. Alliant’s rates are about average, and its fees are about average. Many customers liked the bank’s mobile features but were not very pleased with the main customer service call center.

US Bank

For borrowers who have good credit, US Bank offers HELOC interest rates starting at about 4.24 percent. The average monthly interest is $106 for $30,000. Several customers complained that loan agents in certain bank branches did not clearly explain the fees included in the HELOC. Customer service for existing HELOC borrowers was rated highly. Many people liked that this popular bank has locations everywhere, which makes it more accessible. However, the main disadvantage is that there are lower interest rates available from other lenders.

TD Bank

TD has a long history of being a strong and reputable provider of financial products. People who have already invested with the company may find lower interest rates than they would with other lenders. For those who have good credit, the starting interest rate for a HELOC is 5 percent. The average monthly interest for borrowing a total of $30,000 is $125. It is known for higher fees in comparison with other lenders. However, customers rate it highly for convenience and ease of access. In-person customer service was rated average or below average.

USAA

This lender offers HELOCs to the military community. Interest rates start at about 5.05 percent for those who have good credit. For a total of $30,000, the average monthly interest cost is $126. Military customers rated the bank highly overall for transparency. USAA is known for providing a clear and upfront explanation of terms, fees, penalties and repayment structures. The fees are about average. Although most people gave the lender a good rating for customer service, some customers have had bad experiences with allegedly dishonest agents and being redirected to other departments multiple times during one call.

Citizens Bank

For borrowers who have good credit, HELOC interest rates with this bank start at about 5.74 percent. Interest costs an average of $143 per month for $30,000. Most of the bank’s notorious bad reviews are about checking accounts. However, the HELOC product received decent ratings for transparency and customer service. Some people complained that the fees were too high or unexpected. Also, several people said that the bank was strict about enforcing penalty fees even when there were extenuating circumstances or accidents leading to them.

Some lenders extend the best home equity lines of credit with interest rates as low as 3.99 percent to people with excellent credit. Those who have good credit can expect ranges between 4.2 percent and above 5 percent, and people with fair credit should expect rates well over 5 percent. However, rates should not be the only deciding factor. Always consider the fees during the process such as appraisal fees and other costs. Also, understand the terms fully, and keep in mind that the home can be lost completely if payments are not made. The FDIC recommends knowing the risks ahead of time and determining if they can be overcome before searching for home equity lines of credit.