Looking to finance home improvements, educational expenses, or consolidate debt? Home equity loans are a popular option for homeowners. With low rates and favorable terms, they provide the necessary funds to achieve your goals. To help you make an informed decision, we've researched and curated a list of the top-rated lenders for home equity loans in 2023.
Key Takeaways:
Discover offers low fees and flexible loan terms, making it an excellent choice for borrowers.
Connexus Credit Union specializes in interest-only HELOCs, providing borrowers with financial flexibility.
Flagstar stands out for its large HELOCs, catering to those in need of substantial funds.
Regions Bank offers flexible repayment terms, making it an attractive option for borrowers.
Truist focuses on fixed-rate HELOCs, providing borrowers with stability and predictable payments.
When it comes to finding the best home equity loan options with low interest rates, Discover is a standout choice. What sets Discover apart from other lenders is its commitment to keeping fees low. With Discover, borrowers can enjoy a cost-effective home equity loan experience as the lender does not charge origination, appraisal, or application fees.
Discover offers fixed-rate home equity loans with competitive annual percentage rates (APRs) ranging from 7.99% to 13.99%. This allows borrowers to benefit from the stability of a fixed rate throughout the loan term. The loan amounts offered by Discover range from $35,000 to $300,000, providing borrowers with the flexibility to finance various projects. Repayment terms are also flexible, ranging from 10 to 30 years.
Applying for a home equity loan with Discover is a breeze, thanks to their simple online application process. Borrowers can conveniently submit their application and documents from the comfort of their own homes. To be eligible for a home equity loan with Discover, applicants need a minimum credit score of 620. Discover's home equity loan options are available nationwide, making it accessible to borrowers across the country.
With its low fees, competitive rates, and user-friendly application process, Discover is the top choice for borrowers in search of the best home equity loan options with low interest rates.
Discover Home Equity Loan Options
| Loan Type | APR Range | Loan Amounts |
Repayment Terms |
| Fixed-rate home equity loans | 7.99% - 13.99% | $35,000 - $300,000 | 10 - 30 years |
Connexus Credit Union stands out as a top choice for homeowners seeking an interest-only home equity line of credit (HELOC). With competitive rates and favorable terms, Connexus offers the flexibility and affordability that borrowers desire.
Key Features:
Loan amounts starting from $5,000
No annual fee
15-year draw period for interest payments
Minimum equity requirement of 20%
Connexus Credit Union requires borrowers to become a member of the credit union to be eligible for a home equity loan. This requirement allows members to enjoy exclusive benefits and personalized service.
Here's a breakdown of Connexus Credit Union's interest rates:
| Loan Amount | APR Range |
| $5,000 - $24,999 | 8.74% - 15.90% |
| $25,000 - $49,999 | 8.74% - 15.90% |
| $50,000+ | 8.74% - 15.90% |
Please note that Connexus Credit Union serves homeowners nationwide, excluding Maryland, Texas, Hawaii, and Alaska.
The Benefits of an Interest-Only HELOC
Choosing an interest-only HELOC can be a strategic financial move. By paying only the interest during the draw period, homeowners have the flexibility to manage their finances and allocate funds where they are needed the most.
During the draw period, borrowers can enjoy lower monthly payments since they are not required to make principal payments. This arrangement frees up cash flow for other expenses or investments, making it an ideal option for homeowners seeking financial flexibility.
Connexus Credit Union offers a competitive interest rate and favorable terms for homeowners looking for an interest-only HELOC. With their membership-based eligibility and commitment to customer satisfaction, Connexus Credit Union is a strong contender in the home equity loan market.
Stay tuned for the next section as we explore Flagstar - the best choice for homeowners seeking large home equity lines of credit (HELOCs).
When it comes to borrowing a substantial amount of funds through a home equity line of credit (HELOC), Flagstar is an exceptional choice. They offer lines of credit that go as high as $1 million, making it an ideal option for borrowers with significant monetary requirements. Whether you need funds for a 1 to 4-unit property or a modular home, Flagstar has got you covered.
One of the compelling advantages of choosing Flagstar is the opportunity for an interest rate discount of 0.25% with AutoPay. This allows borrowers to save more on their payments and enjoy a more favorable lending experience. The Annual Percentage Rate (APR) for Flagstar's HELOCs ranges from 8.49% to 21.00%, ensuring that borrowers can find rates that are suitable for their financial situation.
| Loan Feature | Details |
| Loan Amount | Up to $1 million |
| Property Types Supported | 1 to 4-unit properties, modular homes |
| Interest Rate Discount | 0.25% with AutoPay |
| APR Range | 8.49% - 21.00% |
| Availability |
Nationwide (excluding Texas, Puerto Rico, and the U.S. Virgin Islands) |
When it comes to securing a large HELOC, Flagstar emerges as one of the top-rated options. With their generous line of credit limits, borrower-friendly interest rate discounts, and nationwide availability, Flagstar sets itself apart as a preferred choice for individuals in need of substantial funds.
Regions Bank stands out as one of the best lenders for home equity loans, offering flexible repayment terms that cater to the unique needs of borrowers. With their fixed-rate home equity loans, borrowers can benefit from competitive rates starting at 6.75% APR, allowing them to access funds for various purposes.
What sets Regions Bank apart is their commitment to providing a customer-friendly experience. They understand that every borrower has different financial goals, which is why they offer a range of repayment terms to choose from. Whether you need a shorter repayment period or a longer one, Regions Bank has options available to suit your needs.
"Regions Bank offers the best home equity loan terms, providing borrowers with the flexibility they need to manage their finances effectively," says John Johnson, a financial expert at Best Lenders Inc.
In addition to flexible terms, Regions Bank also covers full closing costs for credit lines up to $250,000, making it an attractive choice for borrowers looking to minimize upfront expenses. This can save borrowers a significant amount of money and make the loan more affordable in the long run.
To cater to a wide range of borrowing needs, Regions Bank offers both home equity loans and home equity lines of credit (HELOCs). HELOCs are available in amounts ranging from $10,000 to $500,000, providing borrowers with the flexibility to borrow based on their specific requirements.
Regions Bank serves residents in the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas. Their extensive regional coverage ensures that borrowers in these areas can access their services conveniently.
To summarize, Regions Bank offers the best home equity loan terms and a customer-friendly experience. With flexible repayment options, competitive rates, and coverage of closing costs, Regions Bank is an excellent choice for borrowers in need of a home equity loan or HELOC.
Truist is a leading provider of fixed-rate home equity lines of credit (HELOCs), offering borrowers a range of options to suit their needs. With competitive rates and favorable terms, Truist stands out as one of the best home equity loan companies in the market.
Truist specializes in fixed-rate HELOCs, providing borrowers with the stability of a consistent interest rate throughout the loan term. This option is ideal for individuals who prefer predictable monthly payments and want to avoid fluctuations in interest rates.
When choosing Truist as your home equity loan provider, you can benefit from the following:
Multiple fixed-rate repayment options that allow you to choose the rate that best suits your financial situation.
Cost-effectiveness, as Truist covers the appraisal fee, reducing your upfront expenses.
Truist focuses solely on providing HELOCs, ensuring they have extensive expertise in this specific type of loan. Moreover, Truist operates nationwide, making them accessible to borrowers across the country.
By choosing Truist for your fixed-rate HELOC, you can have peace of mind knowing that you are working with one of the best home equity loan companies in the industry, offering competitive rates, favorable terms, and excellent customer service.
When it comes to getting quick approvals for your home equity loan, Figure is the best choice. They understand that borrowers value speed and efficiency in the lending process.
Figure streamlines their application process, making it simple and straightforward. Borrowers can apply online and receive quick decisions, allowing them to access their funds faster than ever before. This level of convenience sets Figure apart from other lenders in the market.
Figure offers both home equity loans and home equity lines of credit (HELOCs), providing borrowers with a range of options to meet their specific needs. Whether you're looking for a lump sum loan or a flexible credit line, Figure has you covered.
With nationwide availability, Figure is accessible to borrowers across the country. No matter where you're located, you can take advantage of their quick approvals and hassle-free lending process.
When time is of the essence and you need funds quickly, Figure is the best choice for your home equity loan needs.
Why Choose Figure for Quick Approvals?
Streamlined application process for faster approvals
Convenient online application
Offers both home equity loans and HELOCs
Available nationwide
For borrowers with good credit scores, U.S. Bank is the top choice when it comes to home equity loans. They offer competitive rates and favorable terms, making them a trusted lender in the industry. U.S. Bank provides flexible loan amounts and repayment terms, allowing borrowers to customize their loan to meet their specific needs.
To qualify for a home equity loan from U.S. Bank, borrowers must have a credit score of at least 620. This requirement ensures that borrowers with good credit histories can take advantage of U.S. Bank's best rates for home equity loans. With a nationwide presence, U.S. Bank is accessible to borrowers across the country.
When considering the best lenders for home equity loans, U.S. Bank stands out due to their dedication to customer satisfaction and their commitment to providing excellent loan options for borrowers with good credit. Whether you're looking to finance home improvements, consolidate debt, or fund other expenses, U.S. Bank has the expertise and resources to help you achieve your goals.
U.S. Bank Home Equity Loan Rates
| Loan Amount | APR Range |
Repayment Terms |
| $10,000 - $200,000 | Starting at 4.99% | 5-30 years |
U.S. Bank offers competitive rates starting at 4.99% APR for home equity loans ranging from $10,000 to $200,000. Combined with flexible repayment terms of 5 to 30 years, borrowers have the opportunity to find a loan that suits their financial needs and goals. With U.S. Bank, borrowers can expect a seamless application process and excellent customer service throughout their home equity loan journey.
Citizens Bank is one of the best home equity loan companies, renowned for providing borrowers with an exceptional customer experience. Offering a range of options, including fixed-rate loans and home equity lines of credit (HELOCs), Citizens Bank ensures that borrowers have flexibility and choice when it comes to their home equity financing needs.
"At Citizens Bank, we prioritize customer satisfaction and strive to make the borrowing process as streamlined as possible. We understand that obtaining a home equity loan can be a significant financial decision, and we are committed to providing the best service and support to our customers,"
Citizens Bank sets itself apart by offering competitive rates and terms for home equity loans. Whether you're looking for a fixed-rate loan to finance a specific project or a HELOC for ongoing borrowing needs, Citizens Bank has options to suit different financial situations. Their online application process is simple and convenient, allowing borrowers to apply from the comfort of their own homes.
When it comes to customer satisfaction, Citizens Bank is committed to providing personalized service and attention to every borrower. Their team of dedicated professionals is always ready to assist customers throughout the loan process, ensuring a smooth and stress-free experience.
If you're looking for the best lenders for home equity loans, Citizens Bank is a top choice. With their commitment to exceptional customer experience, competitive rates, and various loan options, they have established themselves as a trusted partner for homeowners seeking to tap into their home's equity for financial needs.
When considering the best home equity loan options, it's crucial to analyze factors such as fees, interest rates, loan terms, and customer satisfaction. Discover, Connexus Credit Union, Flagstar, and Regions Bank are some of the top lenders offering competitive rates and favorable terms for best home equity loans. Borrowers should compare multiple lenders to find the best option that suits their individual needs. It's essential to consider factors like credit score, equity available, and regional availability when choosing a lender.
Source Links
https://www.nerdwallet.com/best/mortgages/home-equity-loan-lenders
https://www.forbes.com/advisor/home-equity/best-home-equity-loan-lenders/
