Best of

Best Home Equity Loan Lenders of 2019

NerdWalletApril 3, 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.

If you're interested in a home equity loan, we'll help you choose the best home equity loan lender. Our top picks of 2019 have an efficient application process, explain loan options clearly and tailor their services to your needs.

Summary of Best Home Equity Loan Lenders of 2019

LenderBest ForNational/RegionalMax LTVLearn More
US Bank

US Bank

At U.S. Bank

home equity loans

National

90%

At U.S. Bank

PenFed

PenFed

home equity loans

National

90%

Read review
Citibank Mortgage

Citibank Mortgage

home equity loans

National

70-80%

Read review
Navy Federal

Navy Federal

home equity loans

National

100% (military)

Read review
BB&T

BB&T

home equity loans

Regional

80%

Read review
loanDepot

loanDepot

NerdWallet rating 

at loanDepot

home equity loans

National

90%

at loanDepot

Flagstar

Flagstar

home equity loans

National

89%

Read review
Connexus

Connexus

home equity loans

National

90% (HEL)

Read review
PNC

PNC

home equity line of credit

National

90%

Read review
SunTrust

SunTrust

home equity line of credit

National

89.9%

Read review
Reali Loans

Reali Loans

at Reali Loans

cash-out refinance

Regional

N/A

at Reali Loans

Guaranteed Rate

Guaranteed Rate

cash-out refinance

National

N/A

Read review
LenderBest ForNational/RegionalMax LTVLearn More
US Bank

US Bank

At U.S. Bank

home equity loans

National

90%

At U.S. Bank

PenFed

PenFed

home equity loans

National

90%

Read review
Citibank Mortgage

Citibank Mortgage

home equity loans

National

70-80%

Read review
Navy Federal

Navy Federal

home equity loans

National

100% (military)

Read review
BB&T

BB&T

home equity loans

Regional

80%

Read review
loanDepot

loanDepot

NerdWallet rating 

at loanDepot

home equity loans

National

90%

at loanDepot

Flagstar

Flagstar

home equity loans

National

89%

Read review
Connexus

Connexus

home equity loans

National

90% (HEL)

Read review
PNC

PNC

home equity line of credit

National

90%

Read review
SunTrust

SunTrust

home equity line of credit

National

89.9%

Read review
Reali Loans

Reali Loans

at Reali Loans

cash-out refinance

Regional

N/A

at Reali Loans

Guaranteed Rate

Guaranteed Rate

cash-out refinance

National

N/A

Read review

Our picks for

home equity loans

Logo

At U.S. Bank

US Bank

Logo
National / Regional 
National 

Max LTV 
90% 

At U.S. Bank


Why we like it

Ideal for borrowers who want low fees. No closing costs and annual fee is waived for HELOC borrowers with an eligible checking account

Rating and Review

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.

  • Mortgage options include a "piggyback" or 80/10/10 loan.

  • Alternative credit sources can be used In some cases.

  • No closing costs with a cash-out refinance.

Cons

  • Limited opportunities for face-to-face banking with offices in only 28 of 50 states.

  • Average score in J.D. Power 2017 consumer satisfaction survey (US Bank has 3 stars out of 5).

  • Online capabilities are currently limited.

Read Full Review
National / Regional 
National 

Max LTV 
90% 


Why we like it

Ideal for military or government-employee borrowers. PenFed offers a variety of options to tap into home equity.

Rating and Review

Pros

  • A variety of home equity options, including an interest-only HELOC.

  • A 5/5 HELOC allows you to lock in a low rate for five years.

Cons

  • Membership required, but it's easier to obtain these days than in years past.

  • Branch offices are in limited locations, following a major military base footprint.

Read Full Review

Citibank Mortgage

Logo
National / Regional 
National 

Max LTV 
70-80% 


Why we like it

Ideal for those who prefer an online experience. Rate discounts available if you sign up for Citibank Auto Deduct and link your HELOC to a premier Citi banking account.

Rating and Review

Pros

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

  • Lower introductory rates may be available.

  • Multiple ways to access HELOC funds.

  • No application or closing cost fees.

Cons

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

  • Must be a premium account holder for best rates.

  • HELOCs require an initial draw of at least $25,000

  • Not available in Alaska.

Read Full Review

Navy Federal

Logo
National / Regional 
National 

Max LTV 
100% (military) 


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.

Rating and Review

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
National / Regional 
Regional 

Max LTV 
80% 


Why we like it

Ideal for borrowers who want flexibility. Offers two payment options and the ability to convert all or part of the HELOC balance into a fixed-rate option.

Rating and Review

Pros

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

  • Discount introductory interest rate when taking an initial draw of $15,000 or more.

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

Cons

  • Discount introductory rate expires after one year.

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

Read Full Review
Logo

at loanDepot

loanDepot

4.0

NerdWallet rating 
Logo
National / Regional 
National 

Max LTV 
90% 

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.

Rating and Review

4.0

NerdWallet rating 

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.

Flagstar

Logo
National / Regional 
National 

Max LTV 
89% 


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.

Rating and Review

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

Connexus

Logo
National / Regional 
National 

Max LTV 
90% (HEL) 


Why we like it

Ideal for Connexus members who want multiple home equity loan and HELOC options.

Rating and Review

Pros

  • Flexible payment options during HELOC draw period: interest-only or interest plus principal.

  • No annual fee on HELOC.

  • Home equity loan terms from 60 to 240 months.

Cons

  • Borrower pays closing costs that range from $250 to $2,000.

  • Branch locations in only four states.

Read Full Review

Our picks for

home equity line of credit

Home equity lines of credit, or HELOCs, offer the convenience of drawing on your home's equity only as you need it.

National / Regional 
National 

Max LTV 
90% 


Why we like it

Ideal for equity borrowers looking for flexibility on loan terms. PNC HELOCs have locked fixed-rate terms of 5 to 30 years.

Rating and Review

Pros

  • Offers a wide variety of purchase and refinance mortgages, home equity loans and HELOCs.

  • Online planning tool helps borrowers find affordable mortgage payment amounts.

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

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

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.

Read Full Review

SunTrust

Logo
National / Regional 
National 

Max LTV 
89.9% 


Why we like it

Ideal for homeowners who want flexibility. SunTrust offers a variable-rate HELOC where borrowers can convert all or part of the HELOC balance into a fixed-rate option.

Rating and Review

Pros

  • Discount introductory interest rate for initial advances of $25,000 or more.

  • Up to five loans of at least $5,000 each can be converted to a fixed-rate, fixed-term option.

  • Multiple ways to access funds: checks, online, mobile or at a branch.

  • Annual fee waived for Signature Advantage or Premier Banking clients.

Cons

  • Borrower pays closing costs of $100 to $2,000 if account is closed within three years.

  • $65 annual fee.

  • No interest-only payment option during draw and repayment periods.

Read Full Review

Our picks for

cash-out refinance

A cash-out refi can be a solid alternative to home equity lines of credit, and you’ll often find it offered with a lower, fixed interest rate.

Logo

at Reali Loans

Reali Loans

Logo
Min. Credit Score 
620 

National / Regional 
Regional 

at Reali Loans


Why we like it

Ideal for refinance customers in the states it serves. Reali Loans doesn’t charge upfront origination or broker fees on refinance loans, which close in around 36 days.

Rating and Review

Pros

  • No upfront origination or broker fees.

  • A shorter, more transparent refinance process.

  • Online platform lets you track your refinance every step of the way.

Cons

  • No FHA, VA or USDA refinance products.

  • Account required to see personalized refinance rates.

Read Full Review

Guaranteed Rate

Logo
Min. Credit Score 
620 

National / Regional 
National 


Why we like it

Ideal for homeowners who are looking to refinance into conventional, FHA or VA mortgages. Guaranteed Rate works with almost anyone with a good credit score and stable income.

Rating and Review

Pros

  • Apply and be approved for a refinance entirely online.

  • Suggests refinance loan products based on your financial goals.

  • No personal information required for customized refinance rate quotes.

Cons

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

Read Full Review

Last updated on April 3, 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 Loan Lenders of 2019