Rate: 2026 Home Equity Review

How Bankrate scored Rate 

Affordability: 5 stars

Rate scores a perfect 5 out of 5 for affordability due to its competitive rates.

• APR: While Rate doesn’t have an introductory APR, it does indicate a range of rates – both basic interest rate and APR – on its website. Advertised APRs on its website include a 0.25% discount for setting up autopay. Its rates do skew lower than national averages
• Fees: All Rate home equity products include a 1.99% origination fee. However, you may be charged an origination fee of up to 4.99% in exchange for a lower rate.
• Rate discounts: Borrowers may qualify for a 0.25 percentage-point rate discount by enrolling in autopay.

Availability: 4.7 stars 

Rate receives a 4.7 out of 5 for availability because its fixed-rate HELOC is available in most states and its credit score minimum is low.

• Loan products: Rate offers a fixed-rate HELOC in most states, plus a traditional variable-rate HELOC for borrowers in California. This lender also provides a closed-end second mortgage, similar to a home equity loan.
• Footprint: Rate’s fixed-rate HELOCs are available in all states except Delaware, Kentucky, Maryland, New York, and West Virginia.
• Loan minimum: Rate’s HELOC loan minimum is $25,000, a pretty typical sum. The amount you can borrow will depend on your eligibility qualifications, including how much equity you have in your home. Rate’s maximum combined loan-to-value ratio (CLTV) is 85%.
• Credit score: Rate’s minimum credit score requirement for HELOCs is 640, which is low-average by home equity lending standards.
• Debt-to-income (DTI) ratio: According to Rate, borrowers need a DTI ratio of 50% or less to qualify for a HELOC.
• Draw requirement: For fixed-rate HELOCs, Rate requires that the full credit line amount be drawn at the time of origination – which to some might defeat the point of a revolving credit line. 

Borrower experience: 4.7 stars

Rate scores a strong 4.7 out of 5 for borrower experience, pulled down mainly because borrowers must enter their contact information to receive a personalized rate.

• Rate transparency: The website only displays Rate’s “lowest rate available.” To see the rates you might qualify for, Rate will perform a soft credit pull that won’t impact your credit score.
• Convenience: You can apply for HELOC in five minutes and get your money in as few as five days. 
• Customer service: You can contact Rate by email, phone, through the app, and in person at one of its nearly 400 branches. 
• Fixed-rate options: Rate’s primary HELOC product comes with a fixed rate. Different fixed rates might apply to additional draws. The borrower has no say in locking in a rate. Rate also offers a fixed-rate home equity loan, which it calls a "closed-end second mortgage."

Rate’s reputation 

Rate gets an A+ rating with the Better Business Bureau and has been accredited since 2009. Trustpilot customers gave Rate a “poor” rating, but only a few dozen reviews are posted there.

• Methodology

  To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.