Best overall
- Maximum borrowable amount
- $500,000
- Normal time to close
- 3 weeks
- Maximum LTV ratio
- 90%
- Lowest advertised rate
- 6%
Best Home Equity Loan Lenders in 2026
AmeriSave Mortgage is our top pick overall
- Best overall
AmeriSave Mortgage4.6(6,433) - Low rates
Achieve Loans4.6(195) - Fast closing
Lower4.8(297)
By:
Miranda Weiss
+2 more
Edited by:
Kathryn Parkman
Fact-checked by:
Jon Bortin
Best Home Equity Loan Lenders in 2026
After analyzing recent verified reviews, maximum borrowable amount, average time to close, lowest advertised rate and other factors, we picked AmeriSave Mortgage as the best home equity loan lender in 2026. Achieve Loans stands out for offering lower rates, and Lower makes it possible to get funds quickly.
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- Our recommendations are based on what reviewers say.
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Our picks for best home equity loan lenders
- Best overall: AmeriSave Mortgage
- Best for low rates: Achieve Loans
- Best for fast closing: Lower
- Best for customer service: Rocket Mortgage
To make our top picks, the ConsumerAffairs Research Team vetted popular home equity loan lenders reviewed by more than 8,000 people. Read our full methodology to learn more about how we compared different lenders and chose our top picks.
Our picks may be Authorized Partners that compensate us, but this does not affect our recommendations or evaluations. Our publishing policy ensures that the journalistic content and user reviews on ConsumerAffairs remain independent of commercial influences.
Compare the top home equity loan lenders
| Company | Customer rating | Our pick for | Maximum borrowable amount | Lowest advertised APR* | Maximum LTV ratio | Typical time to close | |
|---|---|---|---|---|---|---|---|
 AmeriSave Mortgage | View Rates | 4.6
6,433 reviews
6,433 reviews
| Best overall | $500,000 | 6% | 90% | 3 weeks |
 Achieve Loans | Learn More | 4.6
195 reviews
195 reviews
| Low rates | $700,000 | 5.5% | 90% | 1.5 weeks |
 Lower | Learn More | 4.8
297 reviews
297 reviews
| Fast closing | $500,000 | 6.8% | 90% | 3 weeks |
 Rocket Mortgage | View Rates | 3.8
3,345 reviews
3,345 reviews
| Customer service | $500,000 | 6% | 90% | 5 weeks |
*As of publishing
Best for low rates
- Maximum borrowable amount
- $700,000
- Normal time to close
- 1.5 weeks
- Maximum LTV ratio
- 90%
- Lowest advertised rate
- 5.5%
Disclosures
Partner Disclosures
Home Equity loans are available through our affiliate Achieve Loans (NMLS ID #1810501). Equal Housing Opportunity. Offers may vary and all loan requests are subject to eligibility requirements, application review, loan amount, loan term, income verification, and lender approval. Product terms are subject to change at any time. Offers are a line of credit. Loans are not available to residents of all states and available loan terms/fees may vary by state where offered. Line amounts are between $15,000 and $300,000 and are assigned based on product type, debt-to-income ratio and combined loan-to-value ratio. Minimum 600 credit score applies for debt consolidation requests, minimum 700 applies for cash out requests. Other terms, conditions and restrictions apply. Fixed rate APRs range from 6.74% - 14.75% and are assigned based on underwriting requirements and offer APRs assume automatic payment enrollment which may provide a discount (autopay enrollment is not a condition of loan approval). Example: average HELOC is $57,150 with an APR of 12.75% and estimated monthly payment of $852 for a 10-year loan. 10,15, 20 and 30-year terms available (20 and 30 year terms only available for cash out requests). All terms have a 5-year draw period with the remaining term being a no draw period. Payments are fully amortized during each period and determined on the outstanding principal balance each month. Closing fees range from $750 to $6,685, depending on line amount and state law requirements and typically include origination (3.5% of line amount) and underwriting ($725) fees if allowed by law. Property must be owner-occupied and combined loan-to-value ratio may not exceed 80% for debt consolidation and 85% for cash out requests, including the new loan request. Property insurance is required and flood insurance may be required if the subject property is located in a flood zone. You must pledge your home as collateral. Contact Achieve Loans for further details.
Best for fast closing
Lower
4.8
297 reviews
- Maximum borrowable amount
- $500,000
- Normal time to close
- 3 weeks
- Maximum LTV ratio
- 90%
- Lowest advertised rate
- 6.8%
Best for customer service
- Maximum borrowable amount
- $500,000
- Normal time to close
- 5 weeks
- Maximum LTV ratio
- 90%
- Lowest advertised rate
- 6%
Home Equity Loans Buyers Guide
Jump into our guides and start learning
In this guide
Contents
After several years of strong home-price growth, many homeowners have built substantial equity they may be able to borrow against. Whether it’s to finance home improvements, consolidate debt, pay for college or fund something else, a home equity loan can be a good option for a relatively low-interest-rate loan.
Before submitting your application, compare the best home equity loan lenders, understand the pros and cons of this type of loan and learn about alternative financing options.
Key insights
Home equity loans provide a lump sum of cash with a fixed interest rate. These are unlike HELOCs, which offer a revolving line of credit with a variable rate.
Jump to insightYour home is used as collateral for a home equity loan. This means you risk losing your home to foreclosure if you can't make your payments.
Jump to insightSeveral factors influence your home equity loan rate. These include your credit score, debt-to-income ratio, loan amount, loan term, your home's loan-to-value (LTV) ratio and current market conditions.
Jump to insightYou must meet certain requirements to qualify. Lenders will consider your credit score, ability to repay (based on income and debt) and your combined LTV ratio.
Jump to insightWhat is a home equity loan?
A home equity loan is a loan secured by your home’s equity and is often taken out as a second mortgage.
For example, if your home is worth $400,000 and you owe $320,000, you have $80,000 of equity in your home.
This product is ideal for homeowners whose home values have appreciated but who don't want to refinance their existing mortgage to pull cash out of their homes.
Home equity loan vs. HELOC
A home equity loan and home equity line of credit (HELOC) both help a homeowner access home equity. However, they operate very differently. Here are some of the most common differences.
- Lump sum versus line of credit: While a home equity loan provides a one-time lump sum of cash, a HELOC provides a defined credit limit. A homeowner can borrow and repay their HELOC numerous times throughout the draw period (typically five to 10 years).
- Monthly payment amount: A home equity loan has a fixed payment amount that is a combination of principal and interest. HELOCs have interest-only payments during the draw period. Once the repayment period starts, you make principal and interest payments (often over 20 years).
- Interest rate: Most home equity loans lock in a fixed interest rate. HELOCs usually have a variable interest rate that can go up or down over time. In both cases, the borrower's credit profile and chosen lender can affect the rate.
- Interest charges: With a home equity loan, borrowers start accruing interest on the full balance immediately, whether they're using the money or not. With a HELOC, you only pay interest on the money you draw from your credit limit. If you have a zero balance, there are no interest charges.
- Maximum LTV ratio: Some lenders have different maximum LTV ratios for home equity loans versus HELOCs. This difference could affect how much of your equity you can access.
How does a home equity loan work?
Home equity loan funds are disbursed in a lump sum. For the duration of the loan, you'll make monthly payments according to a predetermined repayment schedule. In most cases, a home equity loan has a fixed interest rate.
Depending on the lender, you may be able to access some or all of your home equity with a home equity loan. Each lender has a maximum LTV ratio that defines how much a borrower may receive. If a lender has a 90% combined LTV cap, the combined balance of their primary mortgage and home equity loan cannot exceed 90% of the home's value. For a home worth $400,000, the combined maximum is $360,000.
Home equity loan rates
Home equity loan rates are typically fixed, meaning the interest rate you get when you take out the loan stays the same throughout the entire repayment period. This differs from a home equity line of credit (HELOC), which usually has a variable interest rate that can fluctuate over time.
Several factors influence the interest rate you'll receive on a home equity loan. It's important to shop around and compare rates from different lenders to find the best deal for your situation. Keep in mind that even though the interest rate is fixed, the total cost of the loan will depend on the loan amount, term and any associated fees.
How to get a home equity loan
A big part of the borrowing process is simply finding the right lender. From there, a loan officer will guide you. After approval, you’ll review and sign closing documents. In most cases involving your primary residence, you have three business days to cancel the loan before the transaction becomes final.
- Compare the best home equity loan lenders to find loan options with the most attractive rates and terms. Once you've found your lender, apply for your loan in person, over the phone or online. Application details vary by lender, but in general, lenders request your personal information, property address and details, how much you want to borrow and your desired repayment term.
- The loan officer will request documentation to support your application. These documents may include your most recent paycheck stubs, tax returns, property tax bills, insurance policy and (if applicable) homeowners association statements.
- Depending on your home's value, your equity and the loan amount, the lender may require an appraisal. The appraisal is performed by an independent appraiser and determines your home's value based on its features and recent sales of comparable homes in your local area. Homeowners can get an early estimate of their home's value through websites or apps like Zillow and Redfin or by speaking with a local real estate agent.
- Once the lender completes its underwriting process, it will make a decision on your application. If approved, you'll receive a lump-sum distribution to your bank account or in a cashier's check. You'll start receiving monthly statements with loan details, including your minimum monthly payment and due date.
Pros and cons of home equity loans
Using a home equity loan to pay off debt can be a viable option for some, but it's crucial to weigh the potential benefits against the significant risks. It can offer lower, fixed interest rates and consolidate multiple debts into a single monthly payment. However, this convenience comes at a cost.
Your home serves as collateral for the loan, putting it at risk of foreclosure if you can't keep up with repayments. Additionally, qualifying for a home equity loan requires good credit and substantial equity in your home.
Before tapping into your home equity, carefully assess your financial situation, consider your risk tolerance, and explore alternative debt repayment strategies. If you're struggling with high-interest debt, consider seeking advice from a financial advisor to find the best solution for your needs.
Pros
- Can consolidate debt with a fixed interest rate and a fixed monthly payment
- A set repayment term lets you know when you can become debt-free
- Potential to save money on interest
- Potential to pay down debt faster
Cons
- Home is at risk of foreclosure if you default
- May not solve debt problem if you don't address spending habits
- Good credit is required for best rates
- Considerable home equity is required
Home equity loan requirements
To get approved for a home equity loan, you must meet certain requirements:
- Credit score: Lenders may require that borrowers have a minimum credit score to qualify for a home equity loan.
- Ability to repay: Lenders review income and debt obligations to determine if you can reasonably add the loan payment to your monthly expenses. The lower your debt-to-income (DTI) ratio, the higher your chances of approval.
- Combined LTV ratio: The combined balance of your primary mortgage and your home equity loan cannot exceed a certain percentage of your home's value. Most lenders allow a maximum combined LTV ratio of 80% to 90%.
Additionally, your lender may charge fees for your loan. Some lenders waive these fees, so keep that in mind when you're comparing loan options. Some of the most common lender fees include:
- Application fees
- Origination fees
- Credit report fees
- Home appraisal fees
- Document fees
- Title search fees
Some lenders offer discounts on your interest rate if you set up automatic monthly payments. Also, lenders may offer relationship-based pricing to lower your interest rate or fees.
Alternatives to home equity loans
While a home equity loan is a good choice for many homeowners, it isn't the best fit for everyone. If a homeowner wants to use their equity, they can also take out a HELOC, a cash-out refinance loan or a reverse mortgage (if they’re older). Plus, there are other options available that don’t use your home as collateral.
- Cash-out refinance: Instead of adding a second mortgage, many borrowers refinance their existing mortgage and pull cash out. Depending on your existing mortgage rate and current market rates, a cash-out refinance could raise or lower your interest rate. It also replaces your entire existing mortgage, so compare the total cost carefully.
- Home equity investment (HEI): An HEI gives you cash upfront in exchange for a future payment tied to your home’s value. These agreements usually don’t require monthly payments, but they can be costly if your home gains value. You typically repay the balance when you sell or refinance or the agreement ends.
- HELOC: A home equity line of credit is a line of credit homeowners can use repeatedly. You'll receive a maximum credit limit based on your home's value, the maximum LTV ratio, your loan request and other factors. You can withdraw funds up to your credit limit, and as you pay down the balance, you can make additional withdrawals — much like using a credit card. During the draw period, some HELOCs allow interest-only payments, though repayment terms vary by lender.
- Reverse mortgage: A reverse mortgage is a loan product for older homeowners who want to withdraw cash from their home but don't want a monthly payment. To qualify for a reverse mortgage, homeowners typically have to be at least 62 years old and have significant equity in their homes. While there are no monthly payments, interest continues to accrue, and the lender must be repaid once the homeowner moves out of the home or dies.
- Zero-APR credit card offers: For a smaller loan amount, a credit card with a 0% introductory APR may be a good choice. This is an unsecured line of credit, so your home is not at risk — and some of the best zero-APR credit cards offer no-interest financing for almost two years. However, if you don’t pay off the balance before the introductory period expires, the unpaid balance reverts to the standard interest rate, which is typically much higher than a mortgage rate.
FAQ
What is equity in a home?
The equity you have in your home is the difference between the home's value and the mortgage balance you owe.
How do you get a home equity loan?
Apply for a home equity loan through a bank, credit union or other mortgage lender. In most cases, you can apply online, over the phone or by walking into a branch.
What can I use a home equity loan for?
There are few limits on what you can use a home equity loan for. Many homeowners use home equity loans to make home repairs or improvements, consolidate high-interest debt, pay for college, buy a second home or invest in stocks or rental properties.
How does a home equity loan affect your credit score?
When you apply for a home equity loan, your credit score may be impacted in several ways. The credit inquiry and new account may lower your score temporarily, but your score may improve with on-time payments and your credit mix of accounts.
Methodology: How we found the best home equity lenders
The ConsumerAffairs Research Team compared home equity lenders using verified customer reviews and key loan features.
We analyzed reviews submitted between Aug. 1, 2023, and July 31, 2026, looking at customer satisfaction with:
- Staff
- Loan process
- Customer service
- Rates
- Transparency
- Speed and punctuality
We also compared lender features, including maximum borrowing limits, typical closing times, maximum loan-to-value (LTV) ratios and advertised rates. Recent review volume and company response rates were also factored into our scores.
Each lender received a score from zero to 10 for each metric, with top performers receiving the highest scores. We then applied different weights based on each award. For example, “Best for fast closing” puts more emphasis on closing speed, while “Best for low rates” gives more weight to advertised rates and customer satisfaction with rates.
Guide sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from reputable publications to inform their work. Specific sources for this guide include:
- Consumer Financial Protection Bureau, “What is a home equity loan?” Accessed Aug. 17, 2026.
- Federal Trade Commission, Consumer Advice, “Home Equity Loans and Home Equity Lines of Credit.” Accessed Aug. 17, 2026.
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Read reviews of home equity loan companies
| Company | Customer rating | About | Learn More |
|---|---|---|---|
|
Rocket Mortgage
| 3.8
3,345 reviews
| Online lender with multiple mortgage and refinancing options. 24/7 online services and Learning Center. No in-person assistance. Works with credit scores as low as 580. Available in every state and Washington, D.C. | View Rates |
Quicken Loans
| 4.9
164 reviews
| Conventional, FHA, VA and jumbo loans. Refinancing options available to lower payments, change terms or take cash out. Minimum credit score requirement: 580 to 620. Available nationwide. | View Rates |
New American Funding
| 1.4
867 reviews
| Offers mortgage and reverse mortgage loans. Seller and servicer of Fannie Mae, Freddie Mac and Ginnie Mae loans. Available in 49 states, with physical branches in 32 states. First-time borrowers need a 640 minimum credit score. | Read Reviews |
|
AmeriSave Mortgage
| 4.6
6,433 reviews
| Provides custom quotes with no obligation to purchase or refinance. Offers conventional, FHA, VA and USDA loans. No origination fees. Minimum credit score requirement of 600 to 620. Available in 49 states. | View Rates |
|
Lower
| 4.8
297 reviews
| Fintech mortgage lender. Online application, including document upload. Lists rates on website. Not available in all states. Covers refinancing fees after initial loan. No hard credit check until you’re ready to buy. | Read Reviews |
Network Capital
| 4.8
1,170 reviews
| Offers conventional, FHA and VA home purchase and refinance loans with fixed and variable rates. Publishes rates online. Online application process. No lender fees for qualifying borrowers. Available in 43 states. | Read Reviews |
|
Achieve Loans
| 4.6
195 reviews
| Offers home equity line of credit for debt consolidation. Up to $300,000 line of credit with fixed interest rate. Five-year draw period. 10-, 15-, 20- or 30-year term. Simple application process. No prepayment penalty. | Read Reviews |
BOK Financial Mortgage
| 3.8
1,719 reviews
| Offers a wide array of conventional mortgages and government-backed FHA, VA and USDA loans. Home equity and refinancing options available. Shares current rates daily. Online application process. | Read Reviews |
Unlock
| 2.8
70 reviews
| Financial technology company offering up to $500,000 in home equity agreement. No interest and no monthly payments. Minimum FICO score of 500. Available in 26 states. Apply online and complete the process in as little as 30 days. | Read Reviews |
Discover Home Loans
| 1.7
40 reviews
| Offers home equity and mortgage refinance loans. Fixed APRs start at 5.99% for first liens and 6.99% for second liens at time of publishing. No cash due at closing. Apply online or over the phone. | Read Reviews |
Navy Federal Credit Union
| 1.5
958 reviews
| Not-for-profit credit union serving military, veterans and their families. Offers savings and checking accounts, credit cards and loans. Low fees. Competitive interest rates. Large ATM network across the U.S. and Canada. | Get Started |
Bank of America Mortgage
| 1.5
2,936 reviews
| Online and in-store loan services. Offers fixed-rate, adjustable-rate and jumbo loans. Pre-qualification and preapproval services available. Refinancing and home equity lines of credit available. | Read Reviews |
Regions Mortgage
| 1.3
85 reviews
| Mortgage provider with fixed-rate and variable-rate mortgage and refinancing loan options in the South and Midwest. Online application. Doesn’t post info about rates and fees. Owns and sells properties. Buyer reward program. | Read Reviews |
Aven
| 1.3
19 reviews
| Offers access to home equity lines of credit. Low interest fees. Funds available quickly. Direct cash or credit card. No application or appraisal fees. Availability and funding limited by state. Minimum 640 credit score. | Read Reviews |
Mr. Cooper
| 1.2
10,986 reviews
| Online-based mortgage lender. Offers home loans for purchases and refinances. Provides a mobile app and multiple online homebuying tools. No in-person assistance. Available in every state and Washington, D.C. | Read Reviews |
Lakeview Loan Servicing
| 1.0
102 reviews
| Loan servicer. Processes payments, manages escrow and provides customer service. Assists with purchasing and refinancing. Offers a complimentary mortgage review. Support is available Monday through Friday. | Read Reviews |
LendingTree
| 1.1
1,583 reviews
| Online marketplace for secured and unsecured loans. Free to compare rates and quotes from lenders for mortgages, car loans, personal loans and more. Minimum credit score requirements vary. Available nationwide. | Read Reviews |
PNC Mortgage
| 1.0
347 reviews
| National mortgage lender with branches in 28 states and Washington, D.C. Offers conventional and government-backed purchase and refinance loans. HELOC allows you to lock in fixed rate during draw period. Check rates online. | Read Reviews |
First Internet Bank
| 1.2
429 reviews
| Online-based full-service bank. Offers a variety of loan types, including conventional, jumbo, FHA, VA, construction and home equity loans. Also offers HELOCs. Available nationwide. No physical branches. | Read Reviews |
US Bank Mortgages
| 1.0
12 reviews
| Offers home purchase loans and refinancing. Conventional fixed-rate and adjustable-rate loans. Government-backed loans, including FHA, VA and USDA. New construction and home equity loans. Posts sample rates online. | Read Reviews |
Freedom Mortgage
| 1.0
364 reviews
| Offers home loans for purchase or refinance. Conventional, FHA, VA and USDA loans available. Licensed nationwide, including in Puerto Rico and the U.S. Virgin Islands. Rate and closing guarantees. | Read Reviews |
Truist Mortgage
| 1.0
463 reviews
| Offers conventional and government-backed products in all states except Alaska, Arizona and Hawaii. Publishes purchase and refinance rates online. Get preapproved and apply online. Local loan officers in select states. | Read Reviews |
Citi Mortgage
| 1.0
1,035 reviews
| Offers conventional, FHA, VA and jumbo loans. HomeRun Mortgage features low down payment and flexible credit requirements. Rate-and-term and cash-out refinancing. Rates online. Current Citi customers may receive special pricing. | Read Reviews |
Navy Federal Credit Union Mortgage
| 1.0
25 reviews
| Offers conventional and VA loans to members. Membership limited to people with military experience or those close to them (or existing members). Provides home equity loans and HELOCs. No PMI. Rate-lock program. | Read Reviews |
Fifth Third Bank Mortgages
| 1.0
36 reviews
| Offers conventional, FHA, USDA, VA and jumbo loan programs for home purchases, refinancing options, home equity loans and HELOCs. Available in 30 states, with physical presence in 11. Loan specialist assists at each step. | Read Reviews |
Royal United Mortgage
| 1.0
19 reviews
| Offers home purchase, refinance and HELOC loans in 34 states. Dedicated loan advisor helps you at each step of the process. Processes loans in-house in two to three weeks. VA loans available. | Read Reviews |
Bell Bank Mortgage
| No reviews | Offers home purchase loans, refinancing, home equity loans and HELOCs. Conventional loans and government-backed loans, including FHA, VA and USDA loans. New-construction loans. Loan officers in 11 states. | |
BMO Home Equity Loans (Formerly Named BMO Harris Bank Home Equity Loans)
| No reviews | BMO offers home equity loans and HELOCs up to $150,000. Available in all states. Online application for most states. In-person branches in select states. Repayment terms between five and 30 years. | |
Fifth Third Bank Home Equity
| No reviews | Home equity lender. Loan, line of credit and refinancing options. Borrow up to $500,000. Fixed-rate lock available. Competitive rates on HELOCs. Home equity loan rates not disclosed. Not available in all states. | |
Hometap
| No reviews | Offers home equity investments with no monthly payments. Provides funds up to 25% of your home’s value with a $600,000 maximum. Requirements include 25% home equity, homeowners insurance and a minimum FICO score of 575. | |
Northpointe Bank
| No reviews | Offers home purchase loans, refinancing, home equity loans and HELOCs. Conventional fixed-rate and adjustable-rate loans, including jumbo loans. Government-backed loans, including VA and FHA. Zero-down options. | |
Spring EQ
| No reviews | Retail and wholesale lender specializing in home equity loans. Second mortgage lending. Up to $500,000 loans. Allows borrowers to tap equity up to 95% LTV. Digital only. No in-person applications. | |
Upstart Mortgage
| No reviews | HELOC lender. Borrow between $26,000 and $150,000, depending on your current home equity level. No hidden fees. Up to 4.99% origination fee. Appraisal not required. Not available in all states. Fast online application. | |
USAlliance Financial Mortgage
| No reviews | Conforming conventional fixed- and adjustable-rate purchase loans. Jumbo loans available. Refinance loans, home equity loans and HELOCs. Pre-qualification available. Fast-track program helps qualified borrowers close in 25 days. |
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