Best of

Best Home Equity Lenders of 2019

NerdWalletJuly 2, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

These mortgage lenders are among the standouts in 2019 for home equity loans, lines of credit and cash-out refinancing.

Navy Federal

Navy Federal

4.5

NerdWallet rating 
National / 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.
loanDepot

at loanDepot

4.5

NerdWallet rating 

at 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.
Read full review
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.
Read full review
Rocket Mortgage

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.
Read full review
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.
Read full review

Summary of Best Home Equity Lenders of 2019

LenderBest ForNational/RegionalMax LTVLearn More
Navy Federal

Navy Federal

NerdWallet rating 

home equity loans

National

100% (military)

loanDepot

loanDepot

NerdWallet rating 

at loanDepot

home equity loans

National

90%

at loanDepot

Flagstar

Flagstar

home equity lines of credit

National

89%

Read review
Citibank Mortgage

Citibank Mortgage

home equity lines of credit

National

N/ARead review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

cash-out refinancing

National

N/A

at Rocket Mortgage

Bank of America

Bank of America

cash-out refinancing

National

N/ARead review
LenderBest ForNational/RegionalMax LTVLearn More
Navy Federal

Navy Federal

NerdWallet rating 

home equity loans

National

100% (military)

loanDepot

loanDepot

NerdWallet rating 

at loanDepot

home equity loans

National

90%

at loanDepot

Flagstar

Flagstar

home equity lines of credit

National

89%

Read review
Citibank Mortgage

Citibank Mortgage

home equity lines of credit

National

N/ARead review
Rocket Mortgage

Rocket Mortgage

at Rocket Mortgage

cash-out refinancing

National

N/A

at Rocket Mortgage

Bank of America

Bank of America

cash-out refinancing

National

N/ARead review

Last updated on July 2, 2019

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 2019