6 Best Home Equity Lenders of 2020

Why we like it

Pros

• Home equity loans available with 5, 10, 15 and 20-year terms.

• Rate discount for members who set up automatic payments.

• Borrow up to 100% of the property value for HELs.

• Borrow up to 95% of the property value for HELOCs.

• Closing cost credits available.

Cons

• Membership reserved for those in the armed forces, the Department of Defense, veterans and their families.

• Some home equity loan products not available in Texas.

Why we like it

Pros

• Offers a wide variety of purchase and refinance mortgages, home equity loans and HELOCs.

• Online planning tool helps borrowers find affordable mortgage payment amounts.

• Home equity loan amounts start at $1,000.

• HELOCs allow two fixed-rate lock options at one time.

Cons

• Automatic deductions from a PNC account required to enjoy advertised rates on some equity products.

• Offers mortgage loans nationwide, but has branches for in-person service in only about two dozen states.

Why we like it

Pros

• Multiple draw methods.

• Line amounts from $10,000 to $1,000,000.

• No prepayment penalty on home equity loans.

Cons

• Below average customer satisfaction, according to J.D. Power.

• Branch locations in only about half of U.S. states.

Why we like it

Pros

• Low down payment options.

• Discounts for Citibank customers.

• Looks at alternative credit data like rent history and child support payments.

• Available in all 50 states.

Cons

• Charges a mortgage application fee.

• Did not disclose origination fees, which may vary.

• Can't complete loan online.

Why we like it

Pros

• Offers conventional and government-backed refinance mortgages.

• Customized loan recommendations based on refinance goals.

• Automatically fills in your application with public information.

• Helpful mortgage bankers are just a click away.

Cons

• Doesn’t consider alternative-credit info for refinances.

• No in-person customer service available.

• Must create an account to see personalized refinance rates.

Why we like it

Pros

• Offers refinance mortgages with fixed and adjustable rates.

• Apply for a refinance loan online, in-person or over the phone.

• Customized refinance rates available without providing personal info.

• Fee discounts for Preferred Rewards customers.

Cons

• Online complaints indicate inconsistent communication.

• Time to process and close a refinance may be slower than other lenders.