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Best Home Equity Loan Lenders of 2018

Finding the Right Mortgage, Mortgages
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and information we provide are deeply researched, objective and independent. We spent over 400 hours reviewing the top mortgage lenders before selecting the best for our readers.

The best home equity loan lenders have an efficient application process, explain loan options clearly and tailor their services to the varying needs of individual borrowers. NerdWallet has reviewed the leading lenders in the nation, and we’ve found some of the standout home equity lenders in various borrower categories.

Consider your home equity loan needs and then shop the lenders below, confident that they’re among the best.

Best home equity loan lenders

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At U.S. Bank

National/regional

National

Max LTV

90%

Why we like it

Ideal for borrowers who want low fees. US Bank does not require application fees or closing costs on home equity loans. Origination fee is optional.

 

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at PenFed Credit Union

National/regional

National

Max LTV

90%

Why we like it

Ideal for customers seeking more than plain-vanilla services. PenFed offers a traditional home equity loan as well as interest-only HELOCs and lines with rate adjustments every five years.

 

Read review

at NerdWallet

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 HEL to a premier Citi banking account.

 

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at Navy Federal

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.

 

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at BB&T Home Mortgage

National/regional

Regional

Max LTV

80%

Why we like it

Ideal for borrowers seeking low fees. BB&T pays for the appraisal and does not charge prepayment fees.

 

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at loanDepot

National/regional

National

Max LTV

90%

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.

 

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at Flagstar Bank

National/regional

National

Max LTV

89%

Why we like it

Ideal for those that are already a customer of Flagstar. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.

 

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at Connexus

National/regional

National

Max LTV

90%

Why we like it

Ideal for the homeowner who wants flexible repayment terms. Choose a repayment period of five to 20 years, with a fixed interest rate.

 

Best home equity loan lenders for a 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.

 

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at SunTrust

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.

 

Best cash-out refinance lenders

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. Below are two cash-out refinance lenders, but be sure to review our entire list of the best cash-out refinance lenders.

Learn more

at Lenda

Min. credit score

620

National / regional

Regional

Why we like it

Ideal for homeowners in its limited lending geographical footprint who need to refinance their mortgages. Lenda aims for transparency and dollar savings with its online platform.

 

Learn more

at Guaranteed Rate

Min. credit score

620

National / regional

National

Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.

Best home equity loan lenders: summary

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How much home can you afford?

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.