Best Home Equity Loan Lenders of 2020

Why we like it

Pros

• Equity borrowing available from $15,000 to $750,000 (up to $1 million for properties in California), depending on credit history, property's equity and monthly debts.

• With a variable-rate HELOC, up to three fixed-rate options can be locked.

• Originates loans in all 50 states with loan officers physically present in 28 states.

Cons

• No personalized mortgage rates available online.

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

Why we like it

Pros

• Discounts may be available for Citibank customers or those who elect to pay closing costs.

• Lower introductory rates may be available.

• Offers both home equity loans and home equity lines of credit.

Cons

• Early closure fee if you close HELOC account within 36 months of opening it.

• Must be a premium account holder to avoid annual fee.

• Not available in Alaska.

Why we like it

Pros

• A full slate of loan offerings.

• Offers a no-down-payment loan with shorter repayment terms that helps accelerate home equity accumulation.

• Serves all 50 states plus the District of Columbia.

• A web app provides a number of customer conveniences.

Cons

• Doesn’t offer construction loans at this time.

Why we like it

Pros

• Offers both home equity line of credit and home equity loan options.

• Up to three loans of at least $5,000 each from credit line can be converted to a fixed-rate option.

• Flexible payment options during credit line draw period: interest only or 1.5% of outstanding balance.

Cons

• There is a $50 fee to set up fixed options for portions of the credit line.

• You may have to pay closing costs if you pay off the credit line within 36 months of origination.

Why we like it

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

Pros

• Well-qualified homeowners can borrow up to 90% of their home's equity.

• Home equity loan terms from 60 to 240 months.

Cons

• Borrower pays closing costs that range from $175 to $2,000.

• Home equity products are not available to residents of Maryland, Texas, Hawaii and Alaska.

Why we like it

Pros

• Home equity loan amounts start at $1,000.

• HELOCs allow two fixed-rate lock options at one time.

• Maximum LTV is 84.9% but may be lower for borrowers in certain geographical areas.

Cons

• Automatic deductions from a PNC account required to enjoy advertised rates on some equity products.

• Offers mortgage loans nationwide, but has branches for in-person service in only about two dozen states.

Why we like it

Pros

• Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

• Offers a complete suite of online mortgage application tools and loan tracking.

• Sample rates and fees are easy to find on the website.

Cons

• Customized rates aren't available online without starting an application.

• Branches are limited mostly to the Southeast.

Why we like it

Pros

• PenFed pays most closing costs.

• Available for owner and non-owner occupied homes.

• Borrowers can switch from a variable to fixed interest rate on all or some of the credit line.

Cons

• Has a $99 annual fee, but that fee may be waved in certain circumstances.

Why we like it

Pros

• Offers a completely online application process.

• Provides customized rate quotes online.

Cons

• No FHA, VA or USDA refinance products.

• Available only in a dozen states.

Why we like it

Pros

• Offers the ability to securely upload and digitally sign loan documents.

• Displays detailed sample rates for many of its refinance loan products.

Cons

• Charges some fees, such as a lender fee which includes an application fee.