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Compare Top Home Equity Loan Lenders

Home Equity Loan Rates: Compare Top Lenders in February 2026

Offers current as of February 11, 2026 5:25 AM EST

14 ResultsShowing rates for: Good (720-739)
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14 Results for: Good (720-739).
FourLeaf Federal Credit Union

NMLS#449104

Min. credit score

670

Min. credit score

670

Min. loan amount

$10,000

Max. loan amount

$1,000,000

Max LTV

85%

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The Nerdy headline

FourLeaf's HELOC features no origination or annual fee and solid customer support, but be prepared for a slower closing.

HELOCs

NerdWallet rating

5.0

What we like
  • Sample HELOC rates are posted online.
  • Generous introductory rate, below the prime rate.
  • Offers a fixed-rate option.
What we don't like
  • HELOCs are not available for second homes.
  • Slower average time to close than many lenders surveyed by NerdWallet.
Achieve

NMLS#1810501

Min. credit score

600

Min. credit score

600

Min. loan amount

$15,000

Max. loan amount

$300,000

Max LTV

85%

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The Nerdy headline

Achieve's HELOC has flexible terms and an unusual fixed rate, but the draw period is shorter than other lenders'.

HELOCs

NerdWallet rating

4.0

What we like
  • Sample HELOC rates are posted online.
  • Fixed interest rates make payments predictable.
  • Faster average time to close than many lenders surveyed by NerdWallet.
What we don't like
  • You must withdraw the full loan amount at closing.
  • Five year draw period is shorter than typical.
  • HELOCs are not available for second homes.
Figure

NMLS#1717824

Min. credit score

600

Min. credit score

600

Min. loan amount

$15,000

Max. loan amount

$750,000

Max LTV

85%

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The Nerdy headline

Online lender Figure is one of the top HELOC lenders in the nation by loan volume. The main appeal is its fast closing, but you’ll need to draw 100% of the line amount at closing and only have five years to keep borrowing.

HELOCs

NerdWallet rating

4.0

What we like
  • Faster average time to close than many lenders surveyed by NerdWallet.
  • A rate discount is available to some borrowers.
  • No annual fee.
What we don't like
  • You must withdraw the full loan amount at closing.
  • Does not post sample HELOC rates online.
New American Funding

NMLS#6606

Min. credit score

620

Min. credit score

620

Min. loan amount

$25,000

Max. loan amount

$750,000

Max LTV

90%

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The Nerdy headline

New American Funding’s home equity loans feature flexible terms, relatively speedy closings and high borrowing limits, but lack rate transparency.

Home equity loans

NerdWallet rating

5.0

What we like
  • Offers a higher than typical borrowing limit.
  • Flexible term options.
  • Faster average time to close than many lenders surveyed by NerdWallet.
What we don't like
  • Appraisal required.
  • Does not post sample home equity loan rates online.
Rocket Mortgage, LLC

NMLS#3030

Min. credit score

680

Min. credit score

680

Min. loan amount

$45,000

Max. loan amount

$350,000

Max LTV

90%

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The Nerdy headline

Rocket Mortgage’s home equity loans offer high borrowing limits and solid access to customer support, but lack rate transparency and longer, flexible term options.

Home equity loans

NerdWallet rating

3.5

What we like
  • Offers a higher than typical borrowing limit.
  • Home equity loans are available for second homes.
  • Easy access to customer support.
What we don't like
  • Limited term options.
  • Appraisal required.
  • Does not post sample home equity loan rates online.
Trovy

NMLS#2676733

Min. credit score

640

Min. credit score

640

Min. loan amount

N/A

Max. loan amount

$100,000

Max LTV

85%

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The Nerdy headline

Trovy’s HELOC offers a fast, fully online loan process and a rare cash back feature. Draw and repayment terms are especially generous, but it does not post sample HELOC rates online.

NerdWallet rating

4.5

What we like
  • Offers a fixed-rate option.
  • No annual fee.
  • You can open the line without withdrawing funds.
What we don't like
  • Does not post sample HELOC rates online.
  • Smaller HELOC lender, by loan volume.
Rate

NMLS#2611

Min. credit score

680

Min. credit score

680

Min. loan amount

N/A

Max. loan amount

$400,000

Max LTV

90%

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The Nerdy headline

Rate’s home equity loans feature high borrowing limits and flexible long-term options, but lack transparent rate information. Be aware that the loan will come from a third-party partner.

Home equity loans

NerdWallet rating

4.5

What we like
  • Offers a higher than typical borrowing limit.
  • Flexible term options, including terms of 30+ years.
  • Home equity loans are available for second homes.
What we don't like
  • Does not post sample home equity loan rates online.
  • Slower average time to close than many lenders surveyed by NerdWallet.
  • Originates home equity loans with a third-party partner.
Spring EQ

NMLS#1464945

Min. credit score

640

Min. credit score

640

Min. loan amount

$25,000

Max. loan amount

$500,000

Max LTV

95%

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The Nerdy headline

Good for: Flexible loan terms

Home equity loans

NerdWallet rating

4.5

What we like
  • Terms range from 5 to 30 years.
  • Available for investment properties or second homes.
  • Closing can take as little as 20 days.
What we don't like
  • Doesn’t publish home equity loan rates online.
  • Charges closing costs, but as a flat fee.

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About these rates: The lenders whose rates appear on this table are NerdWallet's advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

Home Equity Loans: A Complete Overview

A home equity loan is a type of second mortgage that lets you borrow against your home's value. It's a fixed-rate loan that you repay over an agreed-upon period. See national and regional lenders that offer home equity loans.

Taylor Getler
Bella Angelos
+1
Taylor Getler
+2
Written by 

Taylor Getler

,  Co-Written by 

Bella Angelos

,  Edited by 

Chris Jennings

Written by 

Taylor Getler

 and 
2 others
Last updated 01/28/2026

What is a home equity loan?

A home equity loan is a second mortgage that allows you to borrow cash from your home’s equity, which is the difference between the home’s value and the remaining mortgage balance. Most lenders allow a combined loan-to-value ratio of up to 85%, meaning you usually need to retain at least 15% equity in your home. However, some lenders may allow higher amounts.
You’ll receive the cash as a lump sum, to be paid back at a fixed interest rate.
Video thumbnail
» MORE: Getting a home equity loan: what it is and how it works

Today’s home equity loan rates

Current rate trends

Most home equity loan rates are influenced by a base rate called the “prime rate,” as well as the federal funds rate set by the Federal Reserve. The prime rate represents one of the lowest rates that lenders will offer to their most attractive borrowers.
When the Fed votes to raise the federal funds rate, you can expect that the prime rate will go up as well, and home equity loan rates will follow. When the Fed votes to lower the federal funds rate, borrowers who are shopping for a home equity loan can expect that rates will drop soon.
The last Federal Reserve meeting ended on Jan. 28, 2026, when central bankers voted to leave the federal funds rate unchanged. The next meeting is March 17-18, 2026.
Current prime rate — last changed Dec. 2025
Prime rate last week
Prime rate in the past year — low
Prime rate in the past year — high
Projected median prime rate for 2026
6.75%
6.75%
6.75%
7.5%
6.4%
We calculated a projected median prime rate by adding three percentage points (300 basis points) to the median federal funds rate forecasted by Federal Reserve board members and Federal Reserve bank presidents in the most recent Summary of Economic Projections. This summary is updated four times a year.

How to get the best home equity loan rate

Lenders will calculate your interest rate based on the current prime rate, along with factors such as your credit score, income, debts and how much you want to borrow.
Your credit score is a major factor influencing your mortgage interest rate. While the minimum credit score accepted by many lenders is 620, You're more likely to be approved for a home equity loan with a credit score of 680 or higher. The lowest rates tend to go to borrowers with credit scores in the mid-700s or higher.
Lenders also consider your debt-to-income ratio — the percentage of your monthly gross income that goes towards paying debts — when determining your rate offer. Typically, lenders like to see a DTI of 43% or less.
Some lenders will offer a discount on a home equity loan's interest rate if you have another account with the bank.
» MORE: Requirements for a home equity loan

How to choose a home equity loan lender

You’ll want to shop around multiple home equity loan lenders to find the best offer. In addition to looking for the lowest rate, some other factors you may consider include:
  • Borrowing limits: Some lenders have minimum or maximum borrowing limits. Focus on the lenders that will allow you to borrow what you need, and no more.
  • Terms: Review the term options offered by your potential lenders and consider what works best for you. Shorter terms usually mean higher monthly payments, but less interest paid overall. Longer terms typically have lower monthly payments but cost more in interest over time.
  • Fees: Compare lender fees, as they can sometimes offset the benefit of a lower interest rate.
  • Qualification requirements: Some lenders will post their loan requirements, such as minimum credit scores and limits on existing debt. The stronger your application is relative to these requirements, the lower the rate you’re likely to be offered. 
» MORE: Our picks for best home equity loan lenders

How to calculate your home equity loan payments

In addition to your interest rate and the amount that you borrow, the terms of your loan will affect your payments. For example, a 15-year loan will have higher monthly payments than if you had gotten a 30-year loan, though you’ll pay less overall because you’re making fewer payments.

How to apply for a home equity loan

Before you apply for a home equity loan, you’re going to need to gather documentation such as:
  • Current and previous addresses
  • Current and previous employer information
  • Your Social Security number
  • A government-issued ID
  • Your most recent pay stubs and two years of W2s or tax returns
It’s best to apply with multiple lenders so you can compare rate offers. NerdWallet’s roundup of the top home equity loan lenders can help you narrow your selection.
» MORE: How to get a home equity loan that’s best for you

Best reasons to get a home equity loan

The money you receive from tapping your equity is yours to use as you see fit. However, since the loan is secured by your home and you risk losing it if you cannot pay, it’s wise to prioritize expenses that will add to the value of the home and help further grow your equity. Many borrowers use their home equity loan to execute a renovation project, or to repair some part of the home.
When you use a home equity loan to buy, build or substantially improve a home, the interest may also be tax-deductible. This is a unique benefit of home equity loans and HELOCs; if you were to finance the same project with, say, a home improvement loan, it’s unlikely that you would be eligible for a tax deduction.

Pros and cons of home equity loans

Pros
  • Typically offer lower interest rates compared to personal loans.
  • Fixed interest rates provide predictable, consistent monthly payments, unlike variable-rate HELOCs.
  • The interest paid may be tax-deductible.
Cons
  • Interest rates are higher than those for primary mortgages.
  • Less flexibility compared to a line of credit.
  • You risk losing your home to foreclosure if you can’t keep up with payments.

Alternatives to home equity loans

There are other ways to access equity without selling your home.

HELOCs

A home equity line of credit, or HELOC, is a variable-rate credit line, similar to a credit card. You may borrow against your equity, up to a limit. When you repay all or some of it, you may borrow again, up to the credit limit. You only pay interest on the amount you borrow.
Usually, the initial interest rates on HELOCs are lower than for home equity loans. But HELOCs often have variable rates, which may rise or fall periodically, while home equity loans have fixed rates. If you want to take advantage of the flexibility of a HELOC but prefer the predictable payments of a home equity loan, you could consider going with a lender that offers a fixed-rate HELOC.

Cash-out refinances

A cash-out refinance replaces your current home loan with a new mortgage for more than you owe, and you take the difference in cash. See the pros and cons of a home equity loan versus a cash-out refinance.

Personal loans

Personal loans typically have higher rates than home equity loans, because they aren’t backed by an asset. They’re also less risky, since home equity loans carry the danger of losing your home to foreclosure if you can’t make required payments. See the pros and cons of a home equity loan versus a personal loan.
» MORE: Getting a HELOC vs a home equity loan

NerdWallet’s home equity loan lender reviews

If you’re considering a home equity loan, NerdWallet’s reviews are a good place to start your search.

Frequently asked questions

  • Are home equity loan rates higher than mortgage rates?

    Interest rates on home equity loans are usually higher than interest rates on primary mortgages because they carry more risk for the lender.
    If you end up in foreclosure, the home will be sold and the primary mortgage will be paid off first from the proceeds of the sale. The home equity lender will be paid only if there's money left over after the primary mortgage has been paid in full. There's a risk that the home equity lender won't be repaid in full, and a higher interest rate compensates for that risk.

  • How much does it cost to get a home equity loan?

    Like a first mortgage, home equity loans often come with closing costs. These are typically between 2% and 5% of the total loan amount, and includes factors like the origination fee, appraisal fee and credit report fee, among others. However, some lenders don’t charge closing costs at all.

  • How long does it take to get a home equity loan?

    While it can take minutes to fill out an application, it can take a few weeks, or longer, to actually receive the cash from your home equity loan.