Best of
Best Home Equity Lenders of 2019
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These mortgage lenders are among the standouts in 2019 for home equity loans, lines of credit and cash-out refinancing.
Navy Federal
4.5
NerdWallet ratingNational / Regional
National
Max LTV
100% (military)
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.
at loanDepot
4.5
NerdWallet ratingat loanDepot
National / Regional
National
Max LTV
90%
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.
National / Regional
National
Max LTV
89%
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.
National / Regional
National
Min. Down Payment
3%
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.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
National / Regional
National
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.
Min. Credit Score
620
National / Regional
National
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.
Summary of Best Home Equity Lenders of 2019
| Lender | Best For | National/Regional | Max LTV | Learn More |
|---|---|---|---|---|
Navy Federal NerdWallet rating | home equity loans | National | 100% (military) | |
loanDepot NerdWallet rating at loanDepot | home equity loans | National | 90% | at loanDepot |
 Flagstar | home equity lines of credit | National | 89% | Read review |
 Citibank Mortgage | home equity lines of credit | National | N/A | Read review |
Rocket Mortgage at Rocket Mortgage | cash-out refinancing | National | N/A | at Rocket Mortgage |
 Bank of America | cash-out refinancing | National | N/A | Read review |
| Lender | Best For | National/Regional | Max LTV | Learn More |
|---|---|---|---|---|
Navy Federal NerdWallet rating | home equity loans | National | 100% (military) | |
loanDepot NerdWallet rating at loanDepot | home equity loans | National | 90% | at loanDepot |
Flagstar | home equity lines of credit | National | 89% | Read review |
Citibank Mortgage | home equity lines of credit | National | N/A | Read review |
Rocket Mortgage at Rocket Mortgage | cash-out refinancing | National | N/A | at Rocket Mortgage |
Bank of America | cash-out refinancing | National | N/A | Read review |
More from NerdWallet
Last updated on July 2, 2019
Methodology
To recap our selections...
NerdWallet's Best Home Equity Lenders of 2019
- : Best for home equity loans
- : Best for home equity loans
- Flagstar: Best for home equity lines of credit
- Citibank Mortgage: Best for home equity lines of credit
- Rocket Mortgage: Best for cash-out refinancing
- Bank of America: Best for cash-out refinancing
