Best Home Equity Lenders for Second Homes and Vacation Properties (2026)

The research in brief

Bank of America is the consensus leader for accessing equity in a vacation or second home, named by 5 of 7 platforms (71.4%) at an average listed position of 3.6 and a best position of 2. PenFed Credit Union ties on mentions (5 of 7, 71.4%) with a best position of 1, making it the strongest alternative for borrowers who need an 85% CLTV cap in most states. Figure is the best fit for borrowers who want a digital application and a fixed-rate initial draw, while Navy Federal Credit Union is the standout for military-affiliated members who need the highest published second-home CLTV. The study covered 7 platforms and 30 unique entities, of which 8 qualified by being named by at least two platforms. The principal limitation is that second-home-specific pricing, seasonal-occupancy underwriting, and maximum CLTV are frequently undisclosed even by the lenders that ranked highest, so several rankings rest on partial evidence.

Research Snapshot

• Topic: Best home equity lenders for second homes and vacation properties.
• Target buyer: An owner of a vacation or second home who wants to borrow against equity in that property rather than their primary residence.
• Use case: Accessing equity in a vacation or second home.
• Geography: United States.
• Platforms included (7): ChatGPT, Claude, DeepSeek, Grok, Perplexity, Kimi, Gemini.
• Research date: 2026-09-29.
• Unique entities named: 30.
• Qualifying entities: 8.
• Eligibility rule: An entity qualified only if it was named by at least two of the seven platforms during ranking discovery.
• Ranking unit: Home equity lender.
• Research prompt: A homeowner owns a vacation or second home that they use personally, sometimes seasonally, and wants to borrow against the equity built up in that property specifically. They want to understand which lenders allow this on a non-primary but personal-use residence, how rates and CLTV limits differ from a primary home, and how seasonal occupancy affects underwriting.

Platform mentions count only ranking-discovery mentions. All seven platforms later completed a fit assessment, but that is a separate measure from the mention count used to build the ranking.

The Consensus Ranking

Questions explored

• What are the best home equity lenders for accessing equity in a vacation or second home in 2026?
• Which second home equity lender was named by the most AI platforms, and how many platforms named it?

Bank of America and PenFed Credit Union lead the index on platform mentions, each named by 5 of 7 platforms. Figure, Navy Federal Credit Union, Direct.com, Spring EQ, Connexus Credit Union, and Better Mortgage follow in that order. The table below is the sole authority for rank, mentions, share, average position, and best position.

Which lender fits your situation?

Questions explored

• Which second home equity lender should a buyer choose if they need the highest published CLTV on a vacation property?
• Is Bank of America or PenFed Credit Union better for a second home HELOC when the borrower wants a high CLTV cap?
• Which lender should a buyer in Massachusetts, New Hampshire, or Rhode Island choose for a second home HELOC?

Different buyers need different things from a second-home equity product. The table below maps buyer situations to the ranked entity that the evidence best supports for that situation. It does not change the ranking order.

1. Bank of America

Questions explored

• Is Bank of America worth it for a second home HELOC, and what are its main drawbacks?
• What is Bank of America's maximum CLTV and line amount for a vacation home HELOC?
• Which Bank of America second-home HELOC terms are still undisclosed and must be verified before applying?

Bank of America ranks first because it was named by 5 of 7 platforms, the joint-highest mention count in the study, at an average listed position of 3.6 and a best position of 2. Its fit ratings split across platforms: Claude, Gemini, and Perplexity rated it good, while ChatGPT and Grok rated it mixed and DeepSeek and Kimi rated it uncertain. That split is itself the story — the product is well documented on eligibility and fees, but thinly documented on second-home-specific pricing and underwriting.

The Bank of America fit review consolidates the platform evidence.

Why it ranked here. Bank of America was the only entity named by five platforms that also appeared in the top two positions on more than one platform. It was ranked 2nd by ChatGPT and Perplexity, 3rd by Gemini, 5th by Kimi, and 6th by DeepSeek ^[67]. No platform placed it lower than 6th.

Best suited for. Owners of qualifying vacation or second homes who want a revolving HELOC rather than a fixed lump-sum loan, who value a large-bank application and servicing platform, and whose requested line is no more than $100,000 with substantial equity in the property.

Main strengths for the use case. Bank of America publishes a separate second/vacation-home category in its HELOC calculator, which indicates such collateral may be eligible ^[67]. Its lending disclosure defines a second home as a property occupied by the borrower on a less-than-full-time or seasonal basis, located in a resort or vacation-home area, and generally not producing rental income for more than 120 days per year ^[68]. For second/vacation homes, it states that for lines up to $100,000 it will lend up to 80% of the property's total equity, with a $500,000 maximum line amount ^[67]. It advertises no application fee, annual fee, or closing costs under stated conditions, including no closing costs on lines up to $1,000,000 ^[59]. The structure is a 30-year HELOC with a 10-year draw period followed by a 20-year repayment period, and a Fixed-Rate Loan Option can convert some or all of a balance into fixed-rate borrowing ^[131]. Platform-reported rate discounts include 0.25% for autopay and 0.10% per $10,000 drawn at opening, capped at 1.50% ^[67].

Main limitations. Bank of America does not publicly disclose a complete second-home underwriting policy, exact second-home rate adjustments, or a clear maximum CLTV schedule for lines above $100,000 ^[67]. Rental use may cause the property to be treated as an investment property, and incidental rental income cannot be used to qualify ^[68]. An early-closure fee applies if the HELOC is closed within 36 months; anthropic-reported evidence cites $450 plus recoupment of third-party closing costs the bank advanced ^[197]. The product is a HELOC, and independent review coverage suggests Bank of America is HELOC-focused and may not offer a traditional home equity loan ^[183].

2. PenFed Credit Union

Questions explored

• Is PenFed Credit Union or Bank of America better for a second home HELOC when an 85% CLTV cap matters?
• Is PenFed worth it for a vacation home HELOC, and what are its main drawbacks?
• Which PenFed second-home HELOC terms conflict across sources and must be confirmed directly?

PenFed Credit Union ranks second on the same mention count as Bank of America — 5 of 7 platforms, 71.4% — but a lower average listed position of 4.2. It holds the best single position in the study alongside Figure, Navy Federal, and Direct.com: a 1st-place listing. Its fit ratings are the most polarized in the index, ranging from strong to weak.

The PenFed Credit Union fit review consolidates the platform evidence.

Why it ranked here. PenFed was ranked 1st by DeepSeek, 2nd by Gemini, 4th by Grok, 5th by Claude, and 9th by Kimi ^[228]. The wide spread reflects a genuine evidence conflict about whether second homes are eligible at all.

Best suited for. Owners of eligible, fully livable second homes seeking a revolving line rather than a lump-sum loan; borrowers in states other than Texas who have sufficient equity for an 85% CLTV cap; and borrowers who want to preserve their existing first-mortgage rate instead of refinancing.

Main strengths for the use case. PenFed's published HELOC terms expressly identify second homes as eligible collateral, subject to credit, property, state, and underwriting requirements ^[125]. It states a maximum CLTV of 85% for owner-occupied properties and second homes in states other than Texas, where the stated figure is 80% ^[125]. The published loan range for an owner-occupied property or second home is $25,000 to $500,000, with total indebtedness across all PenFed equity loans and HELOCs capped at $500,000 ^[123]. The structure is a 10-year draw period followed by a 20-year repayment period ^[127]. A fixed-rate advance option is described with a floor of 7.00% and ceiling of 18% for primary residences and second homes ^[124]. Grok-reported evidence states that PenFed explicitly allows HELOCs on second homes with a maximum CLTV of 85% in most states, 80% in Texas and for condos ^[121].

Main limitations. PenFed does not publicly state a universal second-home rate surcharge or borrower-specific margin, and it says rates vary based on owner occupancy, CLTV, and other loan criteria ^[125]. Seasonal-occupancy underwriting is not specified in public materials ^[125]. The property must be fully livable if under construction or renovation, and mobile homes, co-ops, timeshares, properties listed for sale, commercial or commercially used property, undeveloped land, and properties with more than four units are excluded ^[123]. Condominiums carry an 80% maximum CLTV, below the 85% otherwise published ^[123]. Membership with PenFed is required to receive the advertised product ^[128].

Pricing or cost summary. Pricing is variable and individualized. PenFed published an advertised HELOC APR as low as 6.750% during the research period, based on prime plus a margin and subject to monthly change ^[128]. Google-reported evidence cites a minimum floor APR of 6.750% for second homes ^[120].

3. Figure

Questions explored

• Is Figure worth it for a second home HELOC, and what are its main drawbacks?
• Which lender should a buyer choose for a vacation home if they want a fixed-rate initial draw rather than a variable-rate-only HELOC?
• What is Figure's maximum CLTV and loan amount for a second home, and do the sources agree?

Figure ranks third with 4 platform mentions (57.1%) and the best average listed position among the top three at 2.75. It was ranked 1st by Gemini, 2nd by Grok, and 4th by both DeepSeek and Kimi ^[94]. Fit ratings were good on Claude and Gemini, mixed on Perplexity, and uncertain on DeepSeek, Grok, Kimi, and ChatGPT.

The Figure fit review consolidates the platform evidence.

Why it ranked here. Figure combines a high best position with a strong average, and it is the only entity in the index whose product structure — a fixed-rate line fully drawn at origination — was consistently described across platforms.

Best suited for. Owners of qualifying second homes who value a digital application and potentially rapid automated valuation; borrowers who want a fixed-rate initial draw rather than a conventional variable-rate-only HELOC; and borrowers seeking lines from $15,000 to $750,000, subject to property, credit, income, equity, and state restrictions.

Main strengths for the use case. Figure states that APR depends on factors including occupancy status, credit profile, combined loan-to-value ratio, loan term, state, and origination-fee choice, which means the product at least recognizes that property use affects pricing ^[92]. Perplexity-reported evidence states that Figure publicly says the property may be the applicant's primary or secondary residence ^[95]. Google-reported evidence states that Figure explicitly permits HELOCs on secondary residences and investment properties in addition to primary residences ^[94]. Figure describes a digital HELOC process and says it may use automated valuation models, with an appraisal required for loan amounts above $400,000 under stated FAQ conditions ^[92]. Anthropic-reported evidence cites approval in approximately five minutes and funding initiated in as few as five business days ^[209].

Main limitations. Figure's public materials reviewed do not clearly establish that a second home is eligible in every state, do not publish a second-home maximum CLTV, and do not explain seasonal-occupancy underwriting rules ^[92]. The fixed-rate product is an open-end line whose full approved amount, less the origination fee, is drawn at origination, which is a poor match for a borrower wanting an unused standby line ^[92]. Origination fees run up to 4.99% of the initial draw depending on state and credit profile ^[92]. Figure's FAQ states that its mortgage products are not for use for New York mortgage applications or products ^[92]. Anthropic-reported evidence cites a draw period of 2-5 years, shorter than the 5-10 year draw periods of traditional HELOCs ^[141].

Pricing or cost summary. Figure's public FAQ lists initial APRs of 7.25% to 14.70% for the reviewed product range, but rates change frequently, are not available to all applicants or states, and depend partly on occupancy status ^[92]. Anthropic-reported evidence cites an APR range of 6.55% to 15.54% ^[168].

4. Navy Federal Credit Union

Questions explored

• Which second home equity lender offers the highest published CLTV for a vacation property used for personal purposes?
• Is Navy Federal Credit Union worth it for a second home HELOC, and what are its main drawbacks?
• Does Navy Federal offer a fixed-rate home equity loan on a second home, or only a HELOC?

Navy Federal Credit Union ranks fourth with 3 platform mentions (42.9%) but the second-best average listed position in the index at 2.67. It was ranked 1st by ChatGPT, 2nd by Kimi, and 5th by DeepSeek ^[113]. Fit ratings were strong on Gemini, good on DeepSeek and Grok, mixed on Claude and ChatGPT, and uncertain on Kimi and Perplexity.

The Navy Federal Credit Union fit review consolidates the platform evidence.

Why it ranked here. Navy Federal holds the highest best-position among the credit unions in the index and the strongest single claim about second-home leverage: platform-reported evidence cites up to 95% CLTV for second homes used primarily for personal use, versus a 70% cap for investment or rental properties ^[100].

Best suited for. Navy Federal members who want to borrow against an owner-occupied vacation or second home for personal purposes; borrowers who value no stated application or origination fee and Navy Federal-paid closing costs for eligible equity products; and borrowers choosing between a predictable fixed-rate lump-sum loan and a variable-rate revolving HELOC.

Main strengths for the use case. Navy Federal's second-home rules describe an eligible property as a one-unit home used by the owner for part of the year, which may be occasionally rented but where rental income cannot be used to qualify and occupancy cannot be controlled by a management firm ^[113]. Both a Fixed-Rate Equity Loan, with 5-, 10-, 15-, and 20-year repayment terms, and a HELOC with a 20-year draw period are described ^[104]. Navy Federal states it charges no application or origination fee and pays closing costs for eligible HELOC applications, subject to disclosures and exclusions ^[104]. The three-business-day rescission period described for primary residences does not apply when the collateral is an investment property or second home ^[104]. Google-reported evidence cites a 20-year draw period followed by a 20-year repayment phase and no application, origination, annual, or inactivity fees ^[100].

Main limitations. Navy Federal does not publicly specify second-home maximum CLTV limits or second-home rate adjustments, and approval depends on occupancy, property, credit, income, and lien factors ^[113]. Rental income from occasional second-home use cannot be used to qualify ^[113]. HELOCs are not available in Texas ^[104]. Membership is restricted to servicemembers, veterans, retirees, Department of Defense personnel and contractors, and qualifying family or household members, with a $5 minimum balance in a Membership Savings Account ^[117]. Navy Federal estimates 30 to 40 calendar days to close after receiving an application ^[104]. Anthropic-reported evidence warns that members choosing an interest-only HELOC may experience significant monthly payment increases when the line enters the repayment phase ^[106].

Pricing or cost summary. Pricing is individualized. Navy Federal advertises sample fixed-equity and HELOC APRs using primary-residence assumptions, including 750 FICO and 70% maximum HLTV, which do not establish the rate for a second or vacation home ^[105].

5. Direct.com

Questions explored

• Which second home equity lender should a buyer in Massachusetts, New Hampshire, or Rhode Island choose for a HELOC on a vacation property?
• Is Direct.com worth it for a second home HELOC, and what are its main drawbacks?
• What is Direct.com's maximum CLTV and line amount for a second home, and what fees apply?

Direct.com ranks fifth with 3 platform mentions (42.9%) and an average listed position of 3.33. It was ranked 1st by Claude, 3rd by Perplexity, and 6th by Gemini ^[82]. Fit ratings were strong on Grok, good on Claude and Perplexity, mixed on Gemini and ChatGPT, and uncertain on DeepSeek and Kimi.

The Direct.com fit review consolidates the platform evidence.

Why it ranked here. Direct.com is the only entity in the index that publishes a product named specifically for second homes, with a dedicated rate table and terms, which is why one platform placed it first despite its narrow geography.

Best suited for. Owners of eligible second homes in specified Massachusetts counties, New Hampshire, or Rhode Island; borrowers seeking a revolving HELOC rather than a fixed lump-sum home-equity loan; and borrowers needing $20,000-$200,000 and remaining at or below 70% CLTV.

Main strengths for the use case. Direct.com publicly offers a dedicated Home Equity Second Home HELOC, and the displayed disclosures state that the collateral must be a second home and exclude income-producing properties under the shown rate terms ^[82]. It states that second homes and investment properties may be financed up to 70% combined loan-to-value, calculated using the existing first-mortgage balance plus the requested HELOC limit divided by the current property value ^[82]. The published second-home range is $20,000 to $200,000 ^[83]. The HELOC has a 15-year draw period with interest-only payment options followed by a 15-year repayment period ^[82]. A borrower may convert all or part of the HELOC to fixed-rate loans with 5-, 10-, 15-, or 20-year terms, a $5,000 minimum conversion amount, and up to three fixed-rate loans ^[82]. Direct.com states there are no application fees, closing costs, annual fees, origination fees, or recording fees under ordinary circumstances ^[82].

Main limitations. Property eligibility is geographically limited to eight specified Massachusetts counties, all New Hampshire counties, and all Rhode Island counties ^[82]. The $200,000 maximum may be inadequate for major renovations or high-value-property liquidity needs ^[83]. Second-home pricing is less favorable than the advertised primary-residence introductory pricing, and no promotional rate is offered on second homes ^[81]. The product is not clearly suitable for rental-income-dependent or income-producing vacation properties ^[82]. Public materials do not explain seasonal occupancy, short-term rentals, rental-income qualification, or unusual property characteristics in enough detail ^[82]. Closing the line within the first two years triggers a stated $395 early-termination fee ^[82]. Perplexity-reported evidence notes that HELOC closings take place at the Needham, MA branch ^[84].

Pricing or cost summary. The second-home HELOC uses the Wall Street Journal Prime Rate plus a 0.00% margin, with a 5.00% floor and 18.00% ceiling, and the rate can change monthly ^[82]. The displayed rate was 7.00% APR based on Prime as of September 18, 2026 ^[82].

6. Spring EQ

Questions explored

• Is Spring EQ worth it for a second home HELOC, and what are its main drawbacks?
• Which second home equity lender should a buyer choose if they need a second-lien HELOAN or HELOC with a published occupancy matrix?
• What is Spring EQ's maximum CLTV for a second home, and how does it vary by credit score?

Spring EQ ranks sixth with 2 platform mentions (28.6%) and an average listed position of 3.5. It was ranked 3rd by DeepSeek and 4th by Gemini ^[133]. Fit ratings were good on Claude, Gemini, Grok, ChatGPT, and Perplexity, mixed on DeepSeek, and uncertain on Kimi.

The Spring EQ fit review consolidates the platform evidence.

Why it ranked here. Spring EQ is the only entity in the index with a published occupancy matrix that assigns explicit second-home CLTV tiers by credit score, which makes its underwriting more transparent than most of the higher-ranked entities.

Best suited for. Owners of a one-unit vacation or second home with substantial equity and FICO of at least 740; borrowers who want to preserve a low-rate first mortgage by using a second-lien HELOAN or HELOC; and borrowers needing either a fixed-rate lump sum or flexible revolving access to funds.

Main strengths for the use case. Spring EQ's published guidelines recognize second homes as an eligible occupancy type, but exclude second homes greater than one unit and list other exclusions including condotels, timeshares, manufactured homes, leaseholds, mixed-use properties, and certain vacant properties ^[52]. The current published occupancy matrix shows maximum CLTV/HCLTV of 80% for second homes with FICO 740 or higher and 70% for FICO 680-739 ^[50]. Spring EQ limits total financing secured by a second home to $2,000,000 for the combined first and second liens, and the borrower is limited to no more than 10 financed properties across lenders ^[54]. Both fixed-rate HELOANs and adjustable- or fixed-rate HELOCs are offered ^[47]. Google-reported evidence states that for second homes, Spring EQ requires no HOA certification or condo project document reviews and allows properties up to 20 acres, 10 acres maximum in Texas ^[43].

Main limitations. Second homes generally receive lower CLTV limits than primary residences ^[50]. Seasonal occupancy treatment is not clearly detailed publicly ^[47]. Spring EQ materials indicate that converting a second home to a rental property is unacceptable for the described rental-income treatment, and the published DSCR program excludes short-term-rental income ^[3]. Second-lien HELOC availability excludes several states, including Alaska, Hawaii, North Dakota, New York, South Dakota, Tennessee, Texas, and West Virginia under the published wholesale rules ^[53]. HELOCs are subject to customary closing fees and an annual maintenance fee, disclosed as $50 in Missouri, New Jersey, Pennsylvania, and Washington and $99 in other listed states, with stated exemptions or thresholds in Maryland, Virginia, Minnesota, North Carolina, and other state-specific cases ^[49]. Public materials differ on prepayment-penalty availability across programs ^[56].

Pricing or cost summary. Current second-home rates are not publicly stated as a single fixed schedule in the sources reviewed ^[47]. Anthropic-reported evidence cites a 0.75% rate adjustment upward for second homes on wholesale rate sheets ^[1].

7. Connexus Credit Union

Questions explored

• Is Connexus Credit Union worth it for a second home HELOC, and what are its main drawbacks?
• Which second home equity lender should a buyer choose if the vacation property is at least 50 miles from their primary residence?
• What is Connexus Credit Union's maximum CLTV for a second home, and which states are excluded?

Connexus Credit Union ranks seventh with 2 platform mentions (28.6%) and an average listed position of 4.0. It was ranked 3rd by Kimi and 5th by ChatGPT ^[72]. Fit ratings were good on Claude, Gemini, and Perplexity, mixed on Grok and ChatGPT, and uncertain on DeepSeek and Kimi.

The Connexus Credit Union fit review consolidates the platform evidence.

Why it ranked here. Connexus publishes explicit second-home eligibility rules — a distance test and an ownership-duration test — that most higher-ranked entities do not publish at all, which is why it qualified despite a lower mention count.

Best suited for. Owners of a conventional second home that is at least 50 miles from the primary residence; borrowers seeking a revolving line with a long 15-year draw period and 15-year repayment period; and borrowers in eligible states who can tolerate variable-rate risk and possible closing costs.

Main strengths for the use case. Connexus states that its HELOC may be used for an eligible second home if the property has been owned for at least six months and is at least 50 miles from the borrower's primary residence ^[76]. Published eligible types include single-family homes, 2-4-unit condominiums, owner-occupied duplexes, and townhouses, while investment properties are excluded ^[76]. Connexus says qualified applicants may borrow up to 90% of the home's value and requires at least 10% equity, though its advertised rates are based on 80% CLTV or lower ^[76]. The standard HELOC has a 15-year draw period followed by a 15-year repayment period, with a standard payment of 1.5% of the amount borrowed and a $25 minimum, and an interest-only version is also available ^[76]. Connexus states that anyone in the United States may join through a one-time $5 Association donation and a $5 savings-account share deposit ^[74]. It says that in most cases an appraisal is not required ^[76].

Main limitations. Connexus does not publicly disclose a second-home-specific maximum CLTV, rate adjustment, seasonal-occupancy methodology, or detailed vacation-property underwriting rules ^[76]. Investment and rental properties are not eligible ^[76]. The property must generally be at least 50 miles from the primary residence and owned for at least six months ^[76]. Availability excludes Hawaii, Alaska, Maryland, and Texas ^[76]. Variable-rate exposure could materially increase payments ^[76]. Closing costs may range from $175 to $2,000 depending on loan terms and property location, which may be significant relative to a smaller line ^[76]. Anthropic-reported evidence notes that Connexus does not offer a fixed-rate HELOC option ^[203].

Pricing or cost summary. As published September 11, 2026, the standard HELOC has a 4.99% introductory rate through April 1, 2027, then a variable rate shown as 7.51% APR for loans at 80% CLTV or lower ^[76]. Interest-only HELOC pricing is shown separately at 8.01% APR after the introductory period ^[76]. The maximum APR is stated as 15.9% ^[76].

8. Better Mortgage

Questions explored

• Is Better Mortgage worth it for a second home HELOC, and what are its main drawbacks?
• Which second home equity lender should a buyer choose if they want a fully digital HELOC with up to 90% of home equity?
• What is Better Mortgage's minimum initial draw on a second home HELOC, and in which states is it unavailable?

Better Mortgage ranks eighth with 2 platform mentions (28.6%) and the lowest average listed position in the index at 7.0. It was ranked 5th by Gemini and 9th by Perplexity ^[10]. Fit ratings were good on Claude, Gemini, Grok, and Perplexity, mixed on ChatGPT, and uncertain on DeepSeek and Kimi.

The Better Mortgage fit review consolidates the platform evidence.

Why it ranked here. Better Mortgage qualified on two platform mentions but was placed near the bottom of both lists, and its fit evidence is the most internally inconsistent in the index on the two variables that matter most for this use case: maximum CLTV and minimum draw.

Best suited for. Owners seeking a digital HELOC application and revolving access to equity; borrowers with substantial equity, strong credit, and a second home that is personally used rather than controlled by a rental or property-management agreement; and borrowers who want to preserve an existing first-mortgage rate instead of refinancing the entire mortgage.

Main strengths for the use case. Better states that owner-occupied primary residences, second homes, and investment properties may be eligible for a HELOC ^[16]. Perplexity-reported evidence states that Better says its HELOC is available for primary, second, and investment homes and that borrowers can access up to 90% of home equity or HCLTV ^[9]. Google-reported evidence states that Better explicitly permits both its digital HELOC and standard home equity loans to be secured by second homes and vacation properties ^[10]. Better states that its HELOCs have no application fee, annual fee, or withdrawal fee ^[8]. Anthropic-reported evidence cites a digital, fully online application with a decision in 24 hours and funding in as little as seven days, using automated valuation models for properties under $400,000 ^[143].

Main limitations. Better does not publicly disclose a specific seasonal-occupancy underwriting policy for its HELOC ^[16]. It does not publish a specific second-home rate premium or margin ^[8]. Public claims about maximum LTV vary by property category and may not apply to a vacation property ^[13]. Better's HELOC requires a minimum draw of $50,000 or 75% of the credit limit, whichever is greater, at funding ^[5]. Better says the HELOC is available in all states except Texas and Utah ^[6]. Anthropic-reported evidence cites a minimum 680 FICO score for the One Day HELOC ^[214]. Better says it does not currently offer second mortgages, making the HELOC the relevant equity product ^[17].

Pricing or cost summary. Published HELOC pricing is variable and starts at 9% APR, with a maximum shown of 15.55% APR ^[6]. Better advertises a $50,000 to $500,000 line size and access to up to 90% of home equity ^[6]. Grok-reported evidence cites a flat $595 origination fee and a 10-year draw period with 20-year repayment ^[205].

What this study reveals

Questions explored

• What do AI platforms agree and disagree about when recommending second home equity lenders?
• Why do second home equity lender recommendations vary so much between AI platforms?

Three structural patterns emerge from the eight qualifying entities.

First, second-home eligibility is the single most contested fact in the market. For Bank of America, PenFed, Navy Federal, Direct.com, Spring EQ, Connexus, and Better Mortgage, at least one platform concluded that second-home eligibility could not be verified from public sources, even when other platforms described it as documented ^[61]. This is not a disagreement about lender quality; it is a disagreement about whether the lender publishes enough to be evaluated.

Second, the highest-ranked entities are not the most transparent ones. Bank of America and PenFed rank first and second on mentions, yet both leave second-home-specific pricing, seasonal-occupancy underwriting, and larger-line CLTV tiers undisclosed ^[67]. Direct.com, Spring EQ, and Connexus publish more explicit second-home rules — a dedicated product name, an occupancy matrix, and a distance test respectively — but rank fifth, sixth, and seventh because fewer platforms named them ^[82].

Third, the market splits into two product philosophies. Revolving HELOCs dominate the top of the index: Bank of America, PenFed, Direct.com, Connexus, and Better Mortgage all center on a line of credit. Fixed-rate or hybrid structures appear at Figure, Navy Federal, and Spring EQ ^[92]. A buyer who needs payment certainty is choosing from a smaller set than a buyer who wants draw flexibility.

Where the AI Platforms Agreed

Questions explored

• Which second home equity lender facts did all AI platforms agree on?

Agreement was strongest on structural product features rather than eligibility or pricing.

• Bank of America's fee structure. Multiple platforms reported no application fee, no annual fee, and no closing costs under stated conditions, plus a 10-year draw period followed by a 20-year repayment period ^[59].
• Bank of America's second-home line cap. The $500,000 maximum line amount for second/vacation homes was reported consistently ^[67].
• PenFed's 85% CLTV outside Texas. Openai, Perplexity, Grok, and Gemini all reported the 85% figure for second homes in most states, with 80% in Texas ^[125].
• PenFed's loan range. The $25,000 minimum and $500,000 maximum for an owner-occupied property or second home was reported consistently ^[123].
• Navy Federal's membership restriction. All platforms that assessed Navy Federal agreed that membership is limited to military, veteran, Department of Defense, and qualifying family or household categories ^[117].
• Navy Federal's Texas HELOC exclusion. Multiple platforms reported that HELOCs are not available in Texas ^[104].
• Direct.com's 70% CLTV and $20,000-$200,000 range. Openai, Claude, Grok, Perplexity, and Gemini all reported these figures ^[82]. .

Where the AI Platforms Disagreed

Questions explored

• Which second home equity lender claims conflict across AI platforms and need independent verification?

The disagreements cluster around four variables.

Whether second homes are eligible at all. PenFed is the clearest case: Claude rated it weak, citing CNET's statement that the HELOC is only available on primary, owner-occupied homes, while NerdWallet's 2026 review states that PenFed allows HELOCs on second homes ^[189]. Bank of America, Navy Federal, Direct.com, Spring EQ, Connexus, and Better Mortgage each had at least one platform that could not verify second-home eligibility ^[61].

Maximum CLTV for second homes. Figure's second-home CLTV is reported as 70% by Gemini and 80-85% by Claude ^[139]. Spring EQ's is reported as 80% for FICO 740+ and 70% for FICO 680-739 in the current matrix, with a separate policy bulletin showing a reduction from 80% to 70% for the 720-739 range ^[50]. Connexus states both a 90% borrowing ceiling and an 80% CLTV rate basis ^[76]. Better states up to 90% in one article and up to 80% for investment-property HELOCs in another ^[13].

Whether a fixed-rate home equity loan is available on a second home. Anthropic reported that Navy Federal fixed-rate home equity loans are not available for second homes, while Grok reported that both Fixed-Rate Equity Loans and HELOCs are explicitly available for second homes ^[218]. Bank of America's evidence suggests it is HELOC-focused and may not offer a traditional home equity loan ^[183]. .

How to compare your options

Questions explored

• What should a buyer check before choosing a second home equity lender for a vacation property?
• Which second home equity lender should a buyer choose if they need a fixed rate rather than a variable HELOC?

Work through the following decision sequence, using the ranking as a shortlist rather than a verdict.

Step 1: Confirm the property qualifies as a second home, not an investment property. This is the single most common failure point in the evidence. Bank of America defines a second home as a property occupied on a less-than-full-time or seasonal basis, located in a resort or vacation-home area, and generally not producing rental income for more than 120 days per year, with incidental rental income excluded from qualification ^[68]. Navy Federal requires a one-unit home used by the owner for part of the year, may allow occasional rental, but prohibits occupancy controlled by a management firm and excludes rental income from qualification ^[113]. Connexus excludes investment properties entirely ^[76]. Spring EQ excludes second homes greater than one unit and treats conversion to a rental property as unacceptable for its rental-income treatment ^[52].

Step 2: Decide whether you need a revolving line or a fixed-rate lump sum. Bank of America, PenFed, Direct.com, Connexus, and Better Mortgage center on HELOCs ^[67]. Figure offers a fixed-rate initial draw ^[92]. Navy Federal offers both a Fixed-Rate Equity Loan and a HELOC, though the fixed-rate availability for second homes is disputed ^[104]. Spring EQ offers both fixed-rate HELOANs and adjustable- or fixed-rate HELOCs ^[47]. .

Methodology

This index was produced from a single standardized research prompt sent once to each of seven AI platforms on the study date of 2026-09-29. The prompt asked which providers would be recommended for a homeowner who owns a vacation or second home used personally, sometimes seasonally, and wants to borrow against the equity in that property specifically, including how rates and CLTV limits differ from a primary home and how seasonal occupancy affects underwriting.

The seven platforms included were ChatGPT, Claude, DeepSeek, Grok, Perplexity, Kimi, and Gemini. Each platform returned a ranked list of recommended providers plus a fit assessment for each named entity.

The ranking was calculated deterministically from the platform responses. Entities were ordered first by the number of platforms that named them during ranking discovery, then by average listed position across those platforms, then by best listed position. The final ranking table is the sole authority for rank, platform mentions, platform share, average listed position, and best listed position. No value in this article was recalculated or adjusted.

An entity qualified for the index only if it was named by at least two of the seven platforms. Of 30 unique entities named across all platforms, 8 met that threshold.

Platform mentions count only ranking-discovery mentions. All seven platforms later completed a fit assessment for the qualifying entities, but that is a separate measure and is not the basis for the mention counts shown in the ranking table.

Citations are platform-reported evidence, not independently verified facts. Company-owned sources materially outnumber independent sources in several entity bundles, and company claims are not described in this article as independently verified. Where a platform reported a claim without retrieved evidence, it is labeled as platform-reported.

Research limitations

Several limitations apply to every conclusion in this article.

One prompt, one run. The study used one standardized prompt sent once to each included platform. A different prompt wording, a different run, or a different date could produce different recommendations.

AI answers vary. Platform answers can vary by date, wording, location, account state, model, interface, browsing configuration, and the sources retrieved. The recommendations here are a snapshot, not a stable ranking.

Platform-reported research dates differ from the study date. The authoritative run research date is 2026-09-29. Platform-reported dates are provenance metadata and do not independently prove freshness. Deepseek reported 2026-05-17 for Bank of America, 2026-09-29 for PenFed, 2026-06-01 for Figure, 2026-06-11 for Navy Federal, 2026-06-08 for Direct.com, 2026-01-15 for Spring EQ, 2026-06-12 for Connexus, and 2026-01-15 for Better Mortgage. Anthropic reported 2026-01-15 for PenFed and Direct.com. These discrepancies mean some platform assessments may reflect older product terms than others.

Search capability varied. Deepseek ran without search enabled, so its assessments rely on model knowledge rather than retrieved pages. This is visible in its repeated "uncertain" ratings and its inability to verify second-home eligibility for several entities.

Company-owned sources dominate. Company-owned citations materially outnumber independent citations across the entity bundles. Do not treat company claims as independently verified.

Official-site retrieval failed for several entities. PenFed's official site returned an HTTP 403 during retrieval. Direct.com's site was unreachable during DeepSeek's research. Connexus had conflicting official domains and an unresolved identity. Bank of America's official page was retrieved but not verified. Where official retrieval failed, identity and product details rely on search-derived or third-party sources.

URLs were not independently validated. The supplied URLs were collected from platform responses and were not independently validated by the writer stage. .

The consensus assessment

Bank of America is the consensus leader for accessing equity in a vacation or second home, named by 5 of 7 platforms at an average listed position of 3.6. It is the strongest general-purpose choice for a borrower who wants a large-bank HELOC with no advertised application, annual, or closing fees and a second-home line up to $500,000, provided the requested line is no more than $100,000 and the property clearly qualifies as a second home rather than an investment property.

PenFed Credit Union is the strongest alternative for borrowers who need an 85% CLTV cap in most states and want to preserve an existing first-mortgage rate, but its second-home eligibility is the most contested fact in the index and must be confirmed in writing before applying.

For distinct buyer needs, the evidence points elsewhere. Navy Federal Credit Union offers the highest published second-home CLTV for military-affiliated members. Figure is the best fit for a digital application with a fixed-rate initial draw. Direct.com is the only entity with a product named specifically for second homes, but only in a narrow New England footprint. Spring EQ publishes the most explicit second-home occupancy matrix. Connexus publishes the clearest eligibility tests. Better Mortgage offers the highest stated leverage with the most restrictive minimum draw.

The honest conclusion is that no ranked entity publishes a complete second-home underwriting policy covering eligibility, rate premium, seasonal occupancy, and maximum CLTV. Buyers should treat this index as a shortlist and obtain written confirmation of all four variables before committing.

Frequently Asked Questions

Which lender is best for a second home HELOC? Bank of America ranks first in this index, named by 5 of 7 platforms at an average listed position of 3.6. PenFed Credit Union ties on mentions with a best position of 1. The best choice depends on your CLTV needs, membership eligibility, and state.

Can I get a HELOC on a vacation home? Yes, according to the platform evidence, but eligibility rules vary widely. Bank of America publishes a separate second/vacation-home category ^[67]. PenFed's published terms identify second homes as eligible ^[125]. Navy Federal requires a one-unit home used by the owner for part of the year ^[113]. Connexus requires the property to be at least 50 miles from the primary residence and owned for at least six months ^[76].

How much can I borrow against a second home? Published second-home line maximums in this index range from $200,000 at Direct.com to $500,000 at Bank of America, PenFed, Navy Federal, Spring EQ, and Better Mortgage ^[83]. Figure's published range extends to $750,000 for its general product, though the second-home maximum is disputed ^[92].

What CLTV can I get on a second home? Published ceilings range from 70% at Direct.com and Spring EQ's lower credit tier to 85% at PenFed, with a platform-reported 95% at Navy Federal for personal-use second homes ^[82]. Bank of America states 80% for lines up to $100,000 ^[67]. .

Sources used in this study

Company-Owned Sources

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128. Home Equity Line of Credit (HELOC) & Today's Rates | PenFed: https://www.penfed.org/mortgage/heloc
129. HELOC Requirements and Guidelines - PenFed Credit Union: https://www.penfed.org/mortgage/heloc-requirements-and-guidelines
130. Mortgage Rates | PenFed Credit Union: https://www.penfed.org/mortgage/mortgage-rates
131. Generating Liquidity for Taxes: Credit & Securities: https://www.privatebank.bankofamerica.com/articles/generating-liquidity-for-tax-payments.html
132. Home Equity Loan & HELOC Requirements Guide: https://www.quickenloans.com/learn/qualifying-for-a-home-equity-loan-or-heloc
133. Spring EQ Home Equity Products: https://www.springeq.com/
134. Home Equity Loan | Spring EQ: https://www.springeq.com/home-equity-loan/
135. Spring EQ State Availability: https://www.springeq.com/state-availability/
136. Official pricing and terms source: https://www.springeq.com/terms-of-use
137. TD Bank HELOC product page: https://www.td.com/us/en/personal-banking/home-equity-line-of-credit

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186. Heloc Alternatives: https://www.cnbc.com/select/best-heloc-lenders/
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225. Figure Review 2026 - Pros, Cons, & How to Apply: https://www.unitedcapitalsource.com/business-loans/lender-reviews/figure-review/

Other Sources

226. How Much Does Vacation Home Co-Ownership Cost?: https://emberhome.com/blog/how-much-does-vacation-home-co-ownership-cost
227. Better Mortgage review 2026: https://finance.yahoo.com/personal-finance/mortgages/review/better-mortgage-review-163058019.html
228. Web search results as provided: https://refiairbnb.com/ Explore more home equity loan and heloc lenders guidance in the category directory.