We picked Citizens Bank Mortgage for its lightning-quick HELOC closing time—as few as seven days with account activation occurring five business days after closing—on top of not charging an application fee or closing costs.

Loan terms
Citizens offers HELOCs with loan amounts starting at $17,500; however, you must have a credit line of more than $200,000 to get the lowest annual percentage rate (APR) available. The draw period is for 10 years, and the repayment period is 15 years. There are no fees, and some discounts are available, including for Citizens checking account customers. A $50 annual fee is waived during the first year of financing.

Available in select states
Citizens’ HELOCs are available only in Connecticut, Delaware, Florida, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia and Washington, D.C.

How to apply
Borrowers can apply online, in person or by phone. Customer support by phone is available from Monday to Friday, 7 a.m. to 10 p.m. ET, and Saturday to Sunday 9 a.m. to 6 p.m. ET.