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The minimum loan amount is $5,000, but borrowers can access up to 90% of their home’s equity, depending on their credit history and loan-to-value ratio (LTV). Its home equity loans have fixed interest rates, starting at 7.99% and repayment terms of up to 15 years. Why we chose this company: Connexus Credit Union offers the best home equity loan introductory rates, with rates starting as low as 4.50%.Ĭonnexus Credit Union stands out for its low six-month introductory rates, which start at 4.50% for its home equity lines of credit (HELOC)Ĭonnexus offers three different home equity products: home equity loans, HELOCs and interest-only HELOCs. In addition, Discover’s eClosing features let you review, sign and submit closing documents online.Īnnual Percentage Rate (APR) 4.50% - 15.9% Loan Amount From $5,000 Terms 5 to 15 years Approval Time Not disclosed Once you’re ready to submit your application, you’ll be assigned a banker who will help you throughout the process. Only borrowers with a credit score over 700 may qualify for loans over $150,000 and lower rates. To qualify, you should have a credit score of at least 620 and sufficient equity - usually between 10% to 20% - in your home.Īs with most loans, the amount you can borrow will depend on your creditworthiness. With Discover, you can check if you qualify for a home equity loan by providing some basic information before you formally apply. You can borrow between $35,000 and $300,000 and choose a repayment term between 10 and 30 years. It also doesn’t require an upfront cash payment at closing.ĭiscover’s home equity loans have fixed interest rates that range from 5.99% to 10.24% for first liens, and from 7.24% to 13.99% for second liens. Online bank Discover makes our list for its low fees - unlike most banks, it doesn’t charge any application, origination or appraisal fees. Why we chose this company: Discover makes our top home equity loans list because its fees are lower than most competitors’.

Navy Federal Credit Union - Best for Military and VeteransĪnnual Percentage Rate (APR) 5.99%–13.99% Loan amounts $35,000–$300,000 Terms 10 to 30 years Approval time 1–2 weeks.

Citizens Bank - Best for Customer Experience.

Bank - Best for Borrowers with Good Credit

Regions Bank - Best Flexible Repayment Terms.

Connexus Credit Union - Best Introductory Rates.

Our Top Picks for Best Home Equity Loans of 2023 Read on to see which banks are offering the best home equity loan options and some great ways to tap into your home equity. This type of loan typically offers homeowners lower interest rates than most credit cards and can be repaid in fixed monthly payments.

Home equity loans are a popular way to get money for home improvements, education expenses or consolidate debt. Make your home improvements that add value to your home.Rates as low as 3.740% APR (30 year HELOC).