Best Home Equity Loan Lenders

Finding the Right Mortgage, Mortgages
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NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and info 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. We’ve picked at least two lenders for five 'best of' categories to help you find the lender that best meets your needs.

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 for service members and veterans

Borrowers who serve, or have served, their country in the military are the focus of these national lenders.

penfed-logo-55x270 3.0-stars
  • Offers home equity loans and HELOCs
  • Interest-only lines of credit allow borrowers to make lower monthly payments for a period of time
  • A 5/5 HELOC offers an interest rate that adjusts once every five years
  • PenFed Mortgage review
navy_federal_credit_union_logo-55x270 4.0-stars
  • Offers a 0.25% rate discount with automatic payments on home equity loans
  • Offers a full selection of home equity loans, including HELOCs
  • Navy Federal will pay “most closing costs” on new equity loan applications
  • Navy Federal Credit Union Mortgage review

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.

bbt_home_mortgage 4.0-stars
  • More than 2,200 financial centers, primarily in the Southeast
  • Offers home equity loans and HELOCs
  • HELOC has a no-closing-cost option with variable or fixed-rate interest
  • BB&T review
suntrust mortgage 4.0-stars
  • Offers home equity loans and HELOCs
  • No closing costs, as long as your account is open for at least three years
  • Existing SunTrust clients are eligible for a 0.25% discount on their HELOC interest rate
  • SunTrust mortgage review

Home equity loan lenders with the best online experience

These lenders offer home equity loans and the convenience of an online application process.

loandepotlogo-270x55 4.5-stars
  • One of the few non-bank lenders to offer home equity loans
  • Is rolling out an $80 million technology upgrade
  • Does not offer home equity lines of credit
  • LoanDepot mortgage review
BOA-logo 4.0-stars
  • Bank of America offers online application, document upload and loan status
  • A full selection of home equity loans and HELOCs
  • Existing bank customers might qualify for a reduction in fees
  • Bank of America mortgage review

Best home equity loan lenders for face-to-face service

These national lenders have thousands of locations across the country. Chances are, there’s an office near you.

citimortgage 4.0-stars
  • Offers full line of purchase mortgages, including FHA and VA loans.
  • Has low down payment options that don’t require private mortgage insurance.
  • Available in all 50 states.
  • CitiMortgage review
Chase-logo 3.5-stars
  • No closing costs or application fees, but charges a $50 origination fee and $50 annual fee
  • Offers an option to convert from an adjustable-rate to a fixed-rate on all or a portion of your HELOC balance
  • Chase checking account customers may earn an interest rate discount
  • Chase mortgage review

Best home equity loan lenders for borrowers with bad credit

If you don’t have a credit score, or have a checkered credit history, these lenders might be able to help you tap your home’s equity.

naf logo-270x55 (1) 4.5-stars
  • Caters to minority and low-income borrowers
  • Customer service says New American offers home equity loans and HELOCs, though no information is available online
  • Uses a manual underwriting process that allows greater latitude in considering creditworthiness
  • New American Funding review
churchill mortgage 3.5-stars
  • Offers loans to customers without credit scores, using utility bill and rent payment history, among other factors
  • Doesn’t originate home equity loans or lines of credit but will “broker them out”
  • Advocates a path to “debt-free homeownership”
  • Churchill Mortgage review

Best home equity loan lenders: summary

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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.