6 Best Home Equity Lenders of 2020

These mortgage lenders are among the standouts in 2020 for home equity loans, lines of credit and cash-out refinancing.

Summary of Best Home Equity Lenders of 2020

Lender	Best For	National/Regional	Max LTV	Learn More
Navy Federal NerdWallet rating Read review	home equity loans	National	100% (military)	Read review
loanDepot NerdWallet rating Learn more at loanDepot	home equity loans	National	90%	Learn more at loanDepot
Flagstar NerdWallet rating Read review	home equity lines of credit	National	89%	Read review
Citibank NerdWallet rating Read review	home equity lines of credit	National	N/A	Read review
Rocket Mortgage NerdWallet rating Learn more at Rocket Mortgage	cash-out refinancing	National	N/A	Learn more at Rocket Mortgage
Bank of America NerdWallet rating Read review	cash-out refinancing	National	N/A	Read review

Lender	Best For	National/Regional	Max LTV	Learn More
Navy Federal NerdWallet rating Read review	home equity loans	National	100% (military)	Read review
loanDepot NerdWallet rating Learn more at loanDepot	home equity loans	National	90%	Learn more at loanDepot
Flagstar NerdWallet rating Read review	home equity lines of credit	National	89%	Read review
Citibank NerdWallet rating Read review	home equity lines of credit	National	N/A	Read review
Rocket Mortgage NerdWallet rating Learn more at Rocket Mortgage	cash-out refinancing	National	N/A	Learn more at Rocket Mortgage
Bank of America NerdWallet rating Read review	cash-out refinancing	National	N/A	Read review

Read review

Navy Federal: NMLS#399807

4.5

NerdWallet rating

National / Regional

National

Max LTV

100% (military)

Read review

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.

Read Full Review

Learn more

at loanDepot

loanDepot: NMLS#174457

4.0

NerdWallet rating

National / Regional

National

Max LTV

90%

Learn more

at loanDepot

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.

Read review

Flagstar: NMLS#417490

4.5

NerdWallet rating

National / Regional

National

Max LTV

89%

Read review

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.

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Read review

Citibank: NMLS#412915

4.0

NerdWallet rating

National / Regional

National

Min. Down Payment

3%

Read review

Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank, a large-scale mortgage 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.

Read Full Review

Learn more

at Rocket Mortgage

Rocket Mortgage: NMLS#3030

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Learn more

at Rocket Mortgage

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.

Read Full Review

Read review

Bank of America: NMLS#399802

4.5

NerdWallet rating

Min. Credit Score

620

National / Regional

National

Read review

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.

Read Full Review

More from NerdWallet

Last updated on January 2, 2020

Methodology

NerdWallet's selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Home Equity Lenders of 2020

Navy Federal: Best for home equity loans
loanDepot
: Best for home equity loans
Flagstar: Best for home equity lines of credit
Citibank: Best for home equity lines of credit
Rocket Mortgage: Best for cash-out refinancing
Bank of America: Best for cash-out refinancing

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