BEST OF

6 Best Home Equity Loan Lenders of 2022

If you're interested in a home equity loan, we'll help you choose the best home equity loan lender.

Sep 1, 2022

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NerdWallet has reviewed the leading home equity lenders in the nation and has found some standouts when it comes to the best home equity loans. Consider your home equity loan needs and then shop the lenders below — and if you want to consider other home equity products, read on for more about your options.

Best Home Equity Loan Lenders

NBKC: NMLS#409631

5.0

NerdWallet rating 
NBKC

National / regional

National

Max LTV

90%

Min. credit score

620

Min. credit score

620

Why we like it

NBKC can be a strong choice for borrowers in the Kansas City metro area.

Pros

  • Offers low rates compared with other lenders, according to the latest data.

  • Extends full online capabilities, from application to loan tracking.

  • Displays customized rates, with fee estimates, without requiring contact information.

Cons

  • Equity lines and construction loans are available only in the Kansas City metro area.

  • Doesn’t offer renovation loans.

Read Full Review

US Bank: NMLS#402761

4.5

NerdWallet rating 
US Bank

National / regional

National

Max LTV

80%

Min. credit score

620

Min. credit score

620

Why we like it

US Bank offers convenient online banking for borrowers.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

Read Full Review

Flagstar: NMLS#417490

5.0

NerdWallet rating 
Flagstar

National / regional

National

Max LTV

89%

Min. credit score

680

Min. credit score

680

Why we like it

Flagstar offers one of the highest loan limits among home equity loan lenders researched by NerdWallet.

Pros

  • Offers a wide range of loan types and products, including FHA, VA and USDA.

  • Has a full suite of online conveniences.

  • Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

  • Home equity loans are geographically limited.

Read Full Review

Navy Federal: NMLS#399807

4.5

NerdWallet rating 
Navy Federal

National / regional

National

Min. down payment

0%

Why we like it

Navy Federal offers flexibility to borrowers with a wide range of loan terms.

Pros

  • Offers a wide range of affordable mortgage products, including 0% down payment loans, designed for military members.

  • Offers HELOCs and home equity loans.

  • Offers low rates compared with most lenders, according to the latest federal data.

Cons

  • Website does not provide customized mortgage rates based on credit score or other factors before you apply.

  • Credit union membership is limited to veterans and current military members, their families, and certain federal employees, retirees and contractors.

Read Full Review

San Diego County Credit Union: NMLS#580585

5.0

NerdWallet rating 
San Diego County Credit Union

Min. down payment

5%

National / regional

Regional

Why we like it

San Diego County Credit Union can be a strong choice for California borrowers.

Pros

  • Offers purchase, refinance and jumbo mortgages, plus loans for second homes and home equity products.

  • Provides customized rate and fee quotes without requiring contact information.

Cons

  • SDCCU only serves the California market

Read Full Review

Golden 1 Credit Union: NMLS#669333

4.5

NerdWallet rating 
Golden 1 Credit Union

National / regional

Regional

Max LTV

N/A

Min. credit score

N/A

Min. credit score

N/A

Why we like it

Golden 1 Credit Union offers flexibility to borrowers with a wide range of loan terms.

Pros

  • Offers a variety of purchase and refinance loans, including jumbo mortgages.

  • Has a preferred real estate agent program that can save a borrower money on closing costs.

  • Offers some flexibility on guidelines for loan qualification.

Cons

  • Does not offer VA or USDA loans.

  • Products available only to California residents.

Read Full Review

Which is right for you: A home equity loan, a home equity line of credit or a cash-out refinance?

Home equity loans, HELOCs and cash-out refinances all allow you to turn some of your home equity into cash, to use as you see fit.

Your home is the collateral for all three of these loan types, so it's considered safest to use the cash in a way that will improve your financial position. That's one reason these are often used for value-adding home renovations.

Here are some of the key things to know when you're comparing home equity loans, HELOCs and cash-out refinances.

  • Provides you with a one-time payment that you pay back over time at a fixed rate. You'll pay off this loan in addition to your mortgage, since a home equity loan is technically a second mortgage.

  • Can have a shorter loan term, depending on how much you borrow and how quickly you want to repay the loan.

  • Gives you a line of credit that you borrow against as you need it, rather than requiring you to figure out an exact sum beforehand (though it's still good to have an idea of the approximate total).

  • Has an adjustable interest rate, which means that your interest rate will change over the life of the loan. Some lenders also offer a fixed-rate option.

  • Check out NerdWallet's best HELOC lenders.

  • Replaces your mortgage with a new home loan that's greater than the amount already owed on your existing mortgage. You get the difference between the higher loan amount and the amount owed as a cash payment.

  • Generally has a higher interest rate than a rate-and-term refinance, but a lower rate than home equity loans or HELOCs.

More from NerdWallet

Last updated on September 1, 2022

Methodology

The star ratings on this page reflect each lender's overall star ratings. Read more about how we determine those ratings.

The lenders on this page are chosen using this methodology:

NerdWallet reviewed nearly 60 mortgage lenders, including the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share), lenders with significant online search volume and those that specialize in serving various audiences across the country.

For inclusion in this roundup, lenders must offer home equity loans and achieve at least an overall 4.5-star rating from NerdWallet.

NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2020 HMDA data for origination volume, origination fee, rate spread and share-of-product data.

To recap our selections...

NerdWallet's Best Home Equity Loan Lenders of 2022

Frequently asked questions