A HELOC allows you to borrow money based on your home’s equity. Just like with any loan, you have to apply and be approved. The good thing about Rate is that it has a lightning-fast online application process, and the company boasts its ability to get you money ASAP. Interest rates start at 6.9% annual percentage rate (APR) and can go up to 16.45% APR.
“Their HELOC solution is unique for its fixed interest certainty and the ease and speed of online application,” says Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise.
- Approval in as little as five days
- Fixed interest rates
- Online application process takes five to 10 minutes
- Available in all 50 states and Washington, D.C.
- Hundreds of branches across the country
- Maximum loan is only $400,000
- Draw period is only two to five years
- A 620 credit score is generally needed for every loan type
Rate, formerly Guaranteed Rate, is known for its fast approval process and offers a range of loans, including HELOCs.
Formerly known as Guaranteed Rate, Rate was founded in 2000 by Victor Ciardelli. Its headquarters is in Chicago, Illinois, with over 400 local branches in most states. However, even if there isn’t a physical location in a particular state, Rate is licensed in all 50 states and Washington, D.C.
Homeowners and potential homebuyers turn to the company for quick loan approvals, including in the home equity line of credit (HELOC) space. Depending on your financial situation and what you’re looking for, Rate could be a top HELOC lender for you. Here’s everything you need to know about a Guaranteed Rate HELOC.
Guaranteed Rate HELOC Options
Dubbed Guaranteed Rate Affinity, this arm of the company offers HELOCs with a fixed rate. This is a major plus, as fixed-rate HELOCs offer predictability. It means you’ll be paying the same amount of interest each month. A variable-rate HELOC, on the other hand, means that the amount will fluctuate each month – sometimes higher, sometimes lower. A fixed rate allows you to plan out your finances and there won’t be any surprises.
Who is a HELOC from Guaranteed Rate Best For?
There are pros and cons to getting a HELOC from any lender. For Rate specifically, it’s done completely online, which works for tech-savvy people. However, if you’re looking for the absolute best APR out there, Rate tends to have a slightly higher percentage, so it might be smart to look elsewhere. Another consideration is that Rate requires a minimum 620 credit score for most loans.
Morgado says Rate is best for high-equity property owners and those using it for home improvements or consolidating high-cost loans. “Borrowers who are good for their creditors and like the ease of online experience and the security of fixed payments will find this best,” he says.
How to Apply for a HELOC from Guaranteed Rate
To start, visit Rate’s HELOC page, and click “Find My Rate.” You’ll be prompted to detail your property info, sale status, income info, personal info, contact info and login info. Rate says that applying takes five minutes, and you could have funding in as little as five days.
The Bottom Line
Using a Guaranteed Rate HELOC has two major pros: The application process and approval are quick. However, APR starts at 6.9%, slightly higher than average. But if you aim to get money quickly and efficiently, turn to Rate for your needs.
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Caitlyn Fitzpatrick, the author of this piece, has been an editor and writer since 2014. Her work can be found in various publications, including U.S. News & World Report, Business Insider, Reader’s Digest, Today’s Parent and more. Fitzpatrick has covered other HELOC stories for Benzinga, such as deciding if a HELOC for debt consolidation is right for you. For this story, we spoke with Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise, who talked about Rate’s HELOC offerings.
FAQ
What is a good rate on a HELOC right now?
“Current market levels for the year 2025 suggest the optimum available HELOC is about 6.6% APR,” says Morgado. “This is good considering recent cuts and accelerating economic forecasts, where the majority will find their best terms somewhere around the very close range of 6.7% and 6.5%.” Rate’s APR starts at 6.9%, so it’s a bit above what the average is expected to be this year.
Does Guaranteed Rate do HELOCs?
Yes. In fact, the company boasts that its online application takes only five to 10 minutes to complete, and you’ll be approved (or not) in just five to 10 days.
How much would a $50,000 HELOC cost per month?
Let’s say you have a $50,000 HELOC with a 6.6% APR. During the draw period – which is typically 10 years, but Rate has it for two to five years – you’ll have an interest-only repayment. That interest-only monthly payment will be around $275, Morgado details. “If arranged over the fixed term for the interest and the capital, payments will typically be around $320, dependent upon the lender terms and repayment schedule,” he says.
Sources
- Alexei Morgado, a licensed real estate agent and CEO and founder at Lexawise, a real estate exam prep company
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About Caitlyn Fitzpatrick
Caitlyn Fitzpatrick has been a professional writer and editor since 2014 and entered the commerce journalism world in 2017. She’s passionate about helping readers make smart buying decisions by using data insights and interviewing experts. Most recently, Fitzpatrick was the Senior Shopping Editor at Trusted Media Brands, where she led affiliate content on Reader’s Digest. In addition to Benzinga, Fitzpatrick’s work can be found in a range of publications, including U.S. News & World Report’s 360 Reviews, Today’s Parent, Betches, WhatToWatch.com, PS (formerly Popsugar), and more.