The best home equity loans offer competitive interest rates, flexible loan terms, fast funding, and easy-to-use tech for loan repayments. Below, we’ve rounded up the best lenders for home equity loans, including online marketplaces, online lenders, and traditional banks and credit unions.
Reviews of the top home equity loans
We considered interest rates, loan amounts, funding speed, credit score requirements, and more to find the best home equity loans. Read more about our picks below.
LendingTree
Why a LendingTree home equity loan is one of the best
LendingTree stands out as a top choice for home equity loans due to its extensive network of lenders, which allows borrowers to receive multiple loan offers by filling out a single application.
Borrowers can choose from various loan amounts, from $10,000 to $2 million, and various repayment terms that suit their financial needs. Whether looking for a HELOC with a draw period or a traditional home equity loan for a lump sum, LendingTree provides options to meet diverse financial goals and circumstances.
- Compare multiple lenders with one form
- No costs
- No impact on your credit for checking offers
- Only includes offers from its partners
| Rates (APR) | Vary by lender |
| Loan amounts | $10,000 – $2 million |
| Repayment terms | Vary by lender |
Eligibility requirements
LendingTree itself doesn’t have any set eligibility requirements. However, it says most lenders require a minimum credit score of 620, a debt-to-income ratio below 43%, and a loan-to-value ratio (LTV) below 95%.
Spring EQ
Why a Spring EQ home equity loan is one of the best
Spring EQ offers home equity loans and HELOCs—and you can apply for both using the same application.
Repayment terms extend to 30 years, and the lender accepts a 95% LTV for borrowers with a 700 or better credit score. This allows you to borrow up to $500,000 against your equity, making Spring EQ one of the best places for home equity loans.
Spring EQ doesn’t list its home equity loan or HELOC rates on its website, so you’ll need to start a prequalification application to see your estimated rates. You must have a minimum 640 credit score and debt-to-income ratio (DTI) under 50% to get approved.
- Access up to 95% of your home’s equity
- Check your eligibility for both a home equity loan and HELOC
- Limited information available outside of its online application
- Funds take 21 business days, on average
| Rates (APR) | Starting at 9.50% |
| Loan amounts | $25,000 – $500,000 |
| Repayment terms | 5 – 30 years |
Eligibility requirements
Spring EQ doesn’t provide much eligibility information on its website, but we’ve confirmed that applicants need a minimum credit score of 640, and the property can be owner-occupied or a secondary home.
SoFi
Why a SoFi home equity loan is one of the best
SoFi appeals to borrowers who want a clean, modern home equity loan experience without needing to step into a branch. The entire process is handled online, which makes it a natural fit for people who already use SoFi or simply prefer managing big financial decisions from home.
That said, it isn’t a hands-off experience. You’re assigned a dedicated mortgage loan officer who can walk you through the process and answer questions as they come up, which helps balance the digital setup with real human support.
One thing to be aware of is that SoFi partners with Spring EQ to originate its home equity loans, so the loan itself isn’t serviced directly by SoFi. In practice, this doesn’t tend to be an issue for most borrowers, but it’s something loyal SoFi customers may want to note.
SoFi allows homeowners to borrow up to $350,000, or about 85% of their home’s value, and earns generally strong customer reviews. Credit requirements are fairly standard for a national lender, with most borrowers needing a score around 680 or higher. Rates are competitive, starting around 6.99%.
- Smooth online application with clear, straightforward steps
- Dedicated loan officer available throughout the process
- Available in all 50 states
- Higher borrowing limits than many lenders
- Positive customer feedback
- Loans are originated through Spring EQ rather than directly by SoFi
- Credit score requirements are higher than some debt-focused lenders
| Rates (APR) | Starting at 6.99% |
| Loan amounts | Up to $350,000 |
| Repayment terms | 5 – 30 years |
Eligibility requirements
To qualify for a home equity loan with SoFi, borrowers generally need:
- A primary residence that meets property eligibility guidelines
- A credit score of around 680 or higher
- Sufficient home equity, with LTV typically capped around 85%
- A manageable debt-to-income ratio, usually under 50%
- Verifiable income and employment
New American Funding
Why a New American Funding home equity loan is one of the best
New American Funding is a straightforward option for borrowers who prioritize availability. It offers home equity loans in all 50 states, Washington, D.C., and Puerto Rico, giving it one of the widest geographic footprints among national lenders. That makes it a practical choice if you’re having trouble finding a lender that operates where you live.
Beyond its reach, New American Funding doesn’t try to reinvent the home equity loan. The product follows a more traditional structure, with standard repayment terms and eligibility requirements that are generally easier to meet than those of some larger banks. Fees are something to keep in mind, though—origination, annual, and closing costs can add up, typically ranging from 2% to 5% of the loan amount.
- Available in all 50 states, D.C., and Puerto Rico
- Lower minimum credit score than many national lenders
- Conventional home equity loan structure
- Rates are not disclosed upfront
- Fees can be on the higher side
| Rates (APR) | Not disclosed |
| Loan amounts | $20,000 – $400,000 |
| Repayment terms | 10 – 20 years |
Eligibility requirements
New American Funding typically looks for:
- A minimum credit score of 620
- Maximum loan-to-value ratio of about 85%
- A debt-to-income ratio generally below 50%
Rocket Mortgage
Why a Rocket Mortgage home equity loan is one of the best
Rocket Mortgage is well known for its strong customer satisfaction and polished borrowing experience. As the largest mortgage lender in the U.S., it specializes almost entirely in home loans and home equity products, and that focus shows in its consistently positive customer reviews.
Borrowers are assigned a loan officer and can complete the initial application in about 10 minutes, with funding often taking around 20 days.
The platform itself is easy to navigate and backed by a formal mortgage review, where Rocket walks borrowers through their options before moving forward.
That said, Rocket isn’t the most transparent lender upfront. Rates and fees aren’t disclosed online, and the minimum loan amount is higher than many competitors, which means you’ll need enough equity to qualify. For borrowers who value a smooth process and strong service over rate-shopping flexibility, Rocket Mortgage can still be a solid option.
- Available in all 50 states and Washington, D.C.
- Excellent customer reviews and long-standing reputation
- Dedicated loan officer and guided mortgage review
- Fast application and relatively quick funding timeline
- Clean, easy-to-use digital platform
- Rates and fees not disclosed upfront
- Higher minimum loan amount than many lenders
| Rates (APR) | Not disclosed |
| Loan amounts | $45,000 – $500,000 |
| Repayment terms | 10 or 20 years |
Eligibility requirements
Rocket Mortgage home equity loan applicants generally need:
- A debt-to-income ratio typically at or below 45%
- Stable, verifiable income with full documentation
- Enough equity to support a minimum loan amount of $45,000
- A credit score around 680 or higher
- LTV limits based on credit score:
- Around 80% with a 680 score
- Up to 85% with a 700 score
- Up to 90% with a 740 score
Home equity loan or HELOC?
Home equity loans and HELOCs are very similar and both let you borrow against your home’s equity. The main difference is how you access the money. A home equity loan gives you a lump sum with fixed payments, while a HELOC lets you draw from a credit line over time, often with a variable rate. For a closer look at the differences, see our HELOC vs. home equity loan guide and our list of the best HELOCs.
What bank has the best home equity loan?
Among traditional banks, U.S. Bank is the strongest option we evaluated. It offers a wide range of loan amounts, long repayment terms, and a 0.50% autopay discount for existing customers, which can meaningfully reduce borrowing costs.
For eligible borrowers, Navy Federal Credit Union also stands out. It allows members to borrow up to 100% of their home’s equity with no closing costs, making it one of the most generous bank-style options available. However, eligibility is limited to military members, veterans, and their families.
Outside of these options, most large banks don’t currently offer the same level of flexibility, speed, or transparency as online lenders. As a result, many of the best home equity loans overall come from non-bank lenders and online marketplaces, rather than traditional banks.
Are online home equity loans better than in-person?
If you already have a mortgage with a specific bank or credit union, you may find it more convenient to get a home equity loan through that same financial institution, but that isn’t required. You can also consider other banks and credit unions.
You might prefer the customer service of a traditional bank with brick-and-mortar locations over an online-only lender. This even allows you to visit in person if you have questions about your loan.
Often, the best home equity loans are available through online lenders. Because these lenders have low overhead from no physical branch locations, they can usually offer more competitive (that is, lower) interest rates and fewer (or lower) fees.
Online lenders can also often fund home equity loans faster and may have easier-to-use mobile apps and online platforms for loan repayment. The application process online is typically quick and easy, too.
Using an online marketplace for home equity loans—our favorite is LendingTree—can allow you to compare multiple banks, credit unions, and online lenders all in one place.
How to get the best home equity loan rates
Home equity loan rates depend on a few core factors lenders use to measure risk:
- Credit score: Higher scores typically qualify for lower rates.
- LTV: The more equity you have, the better your rate is likely to be.
- DTI: Lenders prefer borrowers with manageable monthly debt payments.
- Income and job stability: Consistent income can help you qualify for better terms.
- Market conditions: Broader interest rate trends affect what lenders can offer.
Some lenders also offer rate discounts for autopay, especially if payments come from an existing bank account.
Before applying, it helps to run the numbers. Use our home equity loan calculator to estimate your monthly payment and see how different rates and loan amounts affect your costs. For a deeper breakdown of how rates work, see our home equity loan rates guide.
How to apply for a home equity loan
Getting a home equity loan requires a little time and effort; getting the best home equity loan requires a little more time and effort, particularly in the research phase. Here are the steps to get a home equity loan:
- Review your finances: Before applying for any home equity loans, do your homework to understand the eligibility requirements. Find out your credit score, your current mortgage balance, and your DTI. You can also estimate your home’s value using online tools. This will give you an idea of whether you’re in a good position to take out a home equity loan—and at a competitive rate—or should spend more time improving your finances before taking on new debt.
- Compare lenders: Use our list of the best home equity loans to find the best lenders for your needs. Narrow down your list to a handful of lenders and prequalify (with no impact on your credit score) at each of them.
- Choose the right lender: Review the resulting prequalified loan offers, and choose the one that works for you—whether that’s the lowest interest rate, the lowest monthly payment, or the ideal loan repayment term.
- Apply: Your chosen lender will have a more comprehensive application process for you to complete. You must agree to a credit check and provide proof of property ownership and income.
- Get an appraisal: As part of the process, the lender will require you to get an appraisal to determine your home’s current market value.
- Sign the agreement: With the appraised value, the lender will finalize the loan details, including the borrowing amount and rate. Sign the contract, and wait for the cash to hit your bank account.
- Form a repayment plan: Enroll in autopay or set calendar reminders to ensure you never miss a monthly payment. Like missed mortgage payments, missed home equity loan payments could eventually result in foreclosure on your home.
How to choose the best home equity loan for you
The best home equity loan really comes down to what you value most. If predictable payments matter to you, look for a fixed-rate loan with terms that fit comfortably into your monthly budget. If keeping costs low is the priority, compare rates, fees, and any discounts lenders offer for things like autopay or existing relationships.
It also helps to think about how much flexibility you need. Some lenders are very straightforward, while others offer more guidance, faster funding, or easier digital tools. Pay attention to eligibility requirements too, especially credit score minimums and loan-to-value limits, since those can quickly narrow your options.
At the end of the day, the right loan should feel manageable, transparent, and aligned with how you plan to use the money. Taking a few extra minutes to compare offers can make a meaningful difference over the life of the loan.
How we chose the best companies for home equity loans
Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 39 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.
These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.
Higher star ratings are ultimately awarded to companies that create an excellent borrower experience. This includes offering online eligibility checks, cost transparency, competitive interest rates with no fees, flexible repayment plans, and unique benefits that support borrowers throughout repayment.
List of home equity companies we evaluated
- Achieve
- Alliant Credit Union
- AmeriSave
- Aven
- Bank of America
- FourLeaf FCU
- BMO Harris Bank
- Central Pacific Bank
- Citizens Bank
- Connexus
- Discover
- Flagstar Bank
- Guaranteed Rate
- Hitch
- Keybank
- LendingTree
- loanDepot
- Lower
- M&T Bank
- Navy Federal Credit Union
- New American Funding
- PenFed
- PNC
- Prosper
- Randolph-Brooks FCU
- Regions Bank
- RenoFi
- Rocket Mortgage
- SECU
- SoFi
- Spring EQ
- Third Federal
- Trovy
- Truist
- TD Bank
- Upstart
- U.S. Bank
- Utah Community Credit Union
- Valley National Bank
About our contributors
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Written by Catherine CollinsCatherine Collins is a personal finance writer and author with more than 10 years of experience writing for top personal finance publications. As a mother to boy/girl twins, she is passionate about helping women and children learn about money and entrepreneurship. Cat is also the co-host of the Five Year You podcast.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Erin Kinkade, CFP®Erin Kinkade, CFP®, ChFC®, works as a financial planner at AAFMAA Wealth Management & Trust. Erin prepares comprehensive financial plans for military veterans and their families.