Taylor Getler
Kate Wood
Johanna Arnone
This service is free and will not affect your credit score.
Best for rate shopping
NMLS#330511
90%
680
National
Our take on Better
Online lender Better’s home equity loans offer flexible terms and personalized rate tools, but application or support options are somewhat limited.
Best for military borrowers
NMLS#1907
90%
640
National
Our take on Veterans United
Veterans United’s home equity loans feature high borrowing limits and long-term options, with average closings in two weeks. Be aware that the loan will come from a third-party partner.
Best for flexible term options
NMLS#3029
85%
640
National
Our take on CrossCountry Mortgage
CrossCountry’s home equity loans offer flexible terms, but you won't find rate information online.
Best for fast closing
NMLS#696891
85%
680
National
Our take on SoFi
SoFi’s home equity loans offer flexible term options and fast-than-average closing, but may require an appraisal and aren't available for second homes.
Best for high borrowing limit
NMLS#1168
90%
620
National
Our take on AmeriSave
AmeriSave’s home equity loan offers high borrowing limits and flexible long-term options, but lacks rate transparency.
Best for no appraisal required
NMLS#174457
90%
640
National
Our take on loanDepot
LoanDepot’s home equity loans feature high borrowing limits and no appraisal requirement, but may have slower closing times.
Best for flexible term options
NMLS#3274
90%
680
National
Our take on Guild Mortgage
Guild’s home equity loans feature flexible terms and high borrowing limits, but lack rate transparency, and may have slower closing times.
Best for customer support
NMLS#3030
90%
680
National
Our take on Rocket Mortgage, LLC
Rocket Mortgage’s home equity loans offer high borrowing limits and solid access to customer support, but lack rate transparency.
Best for no closing costs
NMLS#417490
85%
700
National
Our take on Flagstar
Flagstar’s home equity loans may close in three weeks, with no closing costs, but require an appraisal and aren’t available for second homes.
Best for high borrowing limit
NMLS#410421
95%
580
National
Our take on Andrews Federal Credit Union
Andrews Federal Credit Union is on the smaller side, but its home equity loans have high borrowing limits.
Best for high borrowing limit
NMLS#1124061
90%
640
National
Our take on Lower
Lower's home equity loan features high borrowing limits, quick closing and several flexible term options, though online rate information is lacking.
Best for rate shopping
NMLS#402761
80%
660
National
Our take on U.S. Bank
U.S. Bank’s home equity loans offer flexible term options and customizable rates to browse online, but have lower borrowing limits than some lenders.
20+
Lenders reviewed
13
Categories assessed
11,000+
Data points analyzed
 | How can I get the best home equity loan rates? The best interest rates for home equity loans tend to go to borrowers with the highest credit scores and lowest amounts of debt. If you're planning to apply for a home equity loan, my best advice is to get your financial profile in shape first — you can save thousands in interest payments. - Taylor Getler, Lead Writer, Mortgages |
Features of the loan | HELOC | Home equity loan |
|---|---|---|
Loan funding | You can draw funds as needed, up to a certain limit (typically a percentage of your equity). | You receive a lump sum at closing (typically a percentage of your equity). |
Terms | Begins with a draw period (typically 10 years) with interest-only minimum payments. This is followed by a repayment period (often up to 20 years) that requires you to pay back principal and interest. | Repayment periods are often up to 30 years. Minimum payments include both interest and principal. |
Rates | Variable, (though some lenders offer a fixed-rate option) | Fixed |
Borrowing limits | You can typically borrow between 80%-85% of the equity in your home. Some lenders allow for more. Use NerdWallet's HELOC calculator for personalized details. | You can typically borrow between 80%-85% of the equity in your home. Some lenders allow for more. Use NerdWallet’s home equity loan calculator for personalized details. |
Lenders | See top of page. |
