Best Home Equity Lenders of 2019

Why we like it

Ideal for military families. Navy Federal offers multiple home equity loan and line of credit options and will pay “most closing costs” on new equity loan applications.

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

Ideal for borrowers that want the convenience of an online experience. LoanDepot is one of the few non-bank lenders to offer a home equity product.

Pros

• Most of the process is handled by phone, but LoanDepot also has 180 affiliated retail locations nationwide.

• Well-rated for low customer complaint volume.

• Online portal allows application document management and e-signature.

Cons

• Technology has lagged but upgrades are underway.

• Does not offer home equity lines of credit.

Why we like it

Ideal for current Flagstar customers. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.

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

Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.

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

Ideal for refi borrowers with little time. Rocket Mortgage brings smartphone app convenience to the refinance process. And online income and asset verification speeds the process.

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

Ideal for borrowers who like options. Bank of America offers multiple refinance loans, including FHA, VA and cash-out.

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.