Top 5 Lenders for Home Equity Loans
Discover the top five lenders for home equity loans, offering competitive rates, flexible terms, and accessible options nationwide. Find out which provider fits your financial needs best, whether you're seeking low-interest rates, transparent fees, or flexible repayment terms. Remember to consult a professional before applying to ensure the best choice for your financial situation.
Top 5 Lenders for Home Equity Financing
A home equity loan allows homeowners to borrow a lump sum secured against their home’s accumulated equity. Lenders typically lend up to 85% of the home’s equity, with repayment terms ranging from 5 to 30 years and a fixed interest rate. Let’s explore the leading providers of home equity loans and what they offer.
PenFed Credit Union
With over 80 years in operation, PenFed offers open membership with no military requirement. To join, simply open a savings account with a minimum of $5. They serve residents nationwide, providing options like VA loans, jumbo, fixed-rate traditional loans, refinancing, and home equity loans. A minimum credit score of 700 is recommended.
All 50 states residents can access their home loan products. These include VA mortgages, jumbo loans, conventional fixed-rate loans, refinancing, and home equity lines of credit (HELOC). An ideal applicant has a credit score of at least 700.
Bank of America
This institution offers a variety of loan options, including conventional, FHA, jumbo, VA, and HELOC. The maximum loan amount is up to $2.5 million. Existing Merrill Lynch and Bank of America clients can benefit from discounted origination fees.
Discover Home Loans
Known for transparent fee structures, Discover offers fixed interest rates typically between 3.99% and 8.99% for first liens, and around 11.99% for second liens. To qualify, applicants need significant home equity and a strong credit profile.
Regions Bank
By enrolling in autopay, borrowers can secure home equity loans starting at 3% APR with fixed rates and no closing costs. Loan terms include 7, 10, 15, or 20 years. An introductory HELOC rate of 0.99% applies for the first six months, after which rates vary from 3.75% to 10.75%.
PNC Bank
This bank serves residents nationwide, offering a broad suite of mortgage products including FHA, ARM, HELOC, fixed-rate loans, jumbo, VA, and specialized programs for medical professionals. PNC currently serves over eight million customers.
Note:
The content provided is a compilation of research, data, and expert insights. However, loan terms and conditions may differ across institutions and change over time. We advise consulting a financial professional prior to making any borrowing decisions, as information may vary or become outdated.
