Best Mortgage Lender for Home Equity Lines of Credit
How we picked the lenders to evaluate:
NerdWallet reviewed the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share). We focused on lenders that offered the following loans: purchase, refinance, jumbo, FHA, VA and/or HELOCs. In addition, we reviewed online lenders and small but growing lenders. We also considered lenders with significant online search volume and those that specialize in serving various audiences across the country. Some of the providers are NerdWallet partners, but this did not influence our selection of the winner.
How we chose the winner:
We started by pooling all of our reviewed lenders that offer home equity lines of credit (25%). The winner(s) must have low origination fees (25%), offer discounts to existing customers (25%) and cannot charge prepayment penalties (25%). In the result of a tie, the winner(s) will be up to two lenders that offer the highest number of home equity products, which can include home equity loans and lines of credit.
How we verified our data:
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 2019 HMDA data for origination fee and share-of-product data.