Owning HELOC review 2026: Speedy funding times and digital applications

Owning, a Chicago-based home equity line of credit (HELOC) lender is a newer player in the game — the company was founded in 2018 — but its entirely online process is a plus for customers who want to close their loan from their couch.

At CNBC Select, we also love that it offers a fixed-rate HELOC term and can close a deal in as little as five days — much less than the typical time to close for a home equity product. 

But its minimum draw of $25,000 is relatively high, and it requires borrowers to draw the full line-of-credit amount on the first draw. Plus, information on its HELOC rates and fees is hard to find, which makes it difficult for customers to compare affordability when considering Owning during their HELOC lender search. 

Owning HELOC is available in 44 states, excluding Arkansas, Nevada, New York, Rhode Island, Utah and Vermont.  

Owning HELOC terms

• Draw period terms: Five years
• Repayment terms: Three to 30 years 
• Rate structure: Fixed- and adjustable-rate available
• Loan amount: 25,000 to $750,000

Owning HELOC fees

• Origination fee: Not disclosed
• Application fee: Not disclosed

Owning home equity requirements  

In addition to a home appraisal, Owning HELOC requires:

• Credit score: 620
• Max loan-to-value ratio: 85%
• Max debt-to-income ratio: 50%

Owning's top marks from the Better Business Bureau were for its transparency, truthful advertising and responses to consumer complaints. 

To speak with a mortgage specialist, customers can send a message on the site or call 833-346-1397 from 8 a.m. to 6 p.m. Central  Time Monday through Friday. Owning also allows customers to schedule a call. As of this review, they had slots in as soon as two hours.

Here's how Owning stacks up against two major players in the home equity space.

Owning vs. Aven Home Equity

Aven Home Equity and Owning are two fintech mortgage lenders specializing in home equity products. Both promise speedy closing times, are available in most states and offer an easy-to-use, fully online application. 

Both have similar drawbacks: Aven and Owning offer a HELOC with a draw period of five years — half the time of most HELOC draw periods. 

But Aven is a better option for those looking to take out funds for a smaller project or expense. Its minimum draw is $5,000, while Owning's minimum draw is $25,000. Plus, Owning requires borrowers to pull their full line at first draw, while Aven borrowers can pull what they need from the line as needed through a card.  

While Owning will drop the funds directly into your account, Aven charges borrowers a 2.5% fee to access cash. 

Owning vs. Bank of America 

If you're deciding between Owning and Bank of America, the difference likely comes down to preference: If you like the reputation and physical footprint of a traditional banking institution, you're probably going to prefer Bank of America. If your goal is speed and a fully online application, Owning is probably a better fit. 

Beyond that, Bank of America comes out on top in most categories — starting with affordability. 

Bank of America does not charge borrowers closing costs on HELOCs and offers lower-than-average rates, plus the option to receive a rate deduction of up to 1.50% by withdrawing more initially. Borrowers can chop off another 0.25% just by setting up autopay. Owning does not offer any of those options. Plus, since Owning requires borrowers to withdraw the full line on the first draw, it's less flexible for borrowers. 

Bank of America also has a lower minimum and higher maximum than Owning: Borrowers at Bank of America can take out as little as $15,000 and as much as $1 million, while Owning will fund HELOCs of $25,000 to $750,000. 

You can apply for a HELOC with Owning by filling out the application on its website. 

Like with all home equity financing, you'll need to provide personal information, including a photo ID, Social Security number, pay stubs and the most recent W-2s. If you're self-employed, you'll also need two years of personal tax returns.

You'll also need to provide details about the property, including the deed and recent mortgage statements. During the underwriting process, the home will be inspected and appraised.

With a time-to-fund as little as five days and a fully online application, Owning may be a good option for you if you need to withdraw $25,000 or more or if you need to get the funds as soon as possible. It's also a good option for those who are looking for a fixed-rate HELOC. 

But those who want an in-person experience, the lowest rate or the option to withdraw a small amount should look elsewhere. 

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.

At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including average rates, terms, availability, fees, types of loans offered, online experience and customer satisfaction. 

Additionally, we incorporate findings from independent sources, including lender scores from the J.D. Power mortgage origination and servicing surveys and ratings from the Better Business Bureau.

For home equity loans, we review rates, repayment terms, the amount of equity required and the minimum and maximum loan amounts available.

We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratios.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including average rates, terms, availability, fees, types of loans offered, online experience and customer satisfaction. 

Additionally, we incorporate findings from independent sources, including lender scores from the J.D. Power mortgage origination and servicing surveys and ratings from the Better Business Bureau.

For home equity loans, we review rates, repayment terms, the amount of equity required and the minimum and maximum loan amounts available.

We also consider requirements for credit scores, debt-to-income ratios and combined loan-to-value ratios.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.