A house is a valuable asset that can be used for many purposes. These include major purchases, debt consolidation, home improvement, and even mortgage consolidation.
A booming housing market is driving up home values, making many Americans’ homes more valuable than ever. CoreLogic, a housing data company, has released a report that shows the average homeowner will have $51,500 worth of home equity by 2021.
Home equity loans and home equity lines of credit (HELOCs) allow you to borrow against your home’s value and then repay the debt over time. You can also get a cash out refinance that replaces your existing mortgage with one of greater value and leaves you with cash payments.
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The Best Lenders to Get Home Equity Loans
- Explore
Although Discover is most well-known for its credit cards, it also offers a complete range of banking and lending products including home equity loans.
Discover does not charge any upfront fees. This includes appraisal fees and mortgage taxes. It is one of the most popular home equity loans. This flexible loan offers flexible repayment options, with repayment terms ranging from 10-30 years to suit your needs. It’s important to remember that Discover may recoup some of the closing fees it waived if your balance is paid off within 36 months. For those with smaller loan amounts, Discover may not be a good option.
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- BMO Harris
BMO Harris has only branches in Arizona and Florida, Illinois, Indiana. Kansas, Minnesota. Missouri, Wisconsin and Kansas. However, it is possible to get a home equity loan in other States. If you reside in one of these states, you can request a rate quote online. Residents of other states will need to call for a rate quotation.
BMO Harris is a top home equity lender because it offers many options for loan amounts and terms, which makes it easy to customize your loan. BMO Harris covers closing costs, so you don’t have to pay anything upfront. However, you may end up paying your closing costs if your balance is paid off and your account is closed within 36 months.
- S. Bank
U.S. Bank was founded in 1863. It is one of the most important national banks in America. To apply for a home equity loan you don’t have to have a U.S. Bank checking account or savings account. However, you will only be able to get the lowest advertised rates if automatic payments are set up from another U.S. Bank bank account. The online application process is simple and easy.
U.S. Bank also offers loans ranging from $15,000 to $750,000 (or $1,000,000 in California), and does not charge closing costs. You will get the best rates if you have a shorter loan term and a loan to value ratio below 70%. This means that you need to have at least 30% equity in your house. To qualify for higher rates, you might also need to have a credit score greater than 730.
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- Connexus Credit Union
Connexus credit union is available in all 50 US states. It has fee-free ATMs, cooperative institutions, and makes transactions simple. You can even manage your account online. Connexus members can open any account, including home equity loans. Connexus is available across all 50 states. However, Connexus does not offer home equity loans in Alaska or Hawaii, Maryland, Texas, and Texas.
Connexus is a top home equity loan company because it allows you to apply online for home loans without the need of an appraisal. The loan terms are not as flexible. They allow for terms up to 30 year, but terms range from 5 to 15 years.
- Regions Bank
Regions Bank offers home equity loans only to properties in states with Regions Bank branches. The property must be in Alabama, Arkansas Florida Georgia, Illinois, Indiana Iowa, Kentucky, Louisiana Mississippi, Missouri North Carolina South Carolina Tennessee or Texas.
Regions Bank does not offer home equity loans. However, Regions Bank can help you if you live in an area that is eligible. You could also benefit from the high loan to value ratio and the option of choosing a term between 7 and 20 years. Autopay discounts are also available at Regions Bank, ranging in price from 0.25% up to 0.50%. Regions Bank will pay the loan closing costs. However, late payment fees may be assessed if payments are not made on time.
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- TD Bank
TD Bank is known for having the longest hours of operation, even on weekends, and providing excellent customer service. TD Bank provides 24/7 customer service via phone in English or Spanish. Additional options include contact support via Facebook Messenger and Twitter DMs (hours may vary). TD Bank offers home equity loans starting at $10,000. This can be attractive for smaller projects. TD Bank also offers a rate discount for autopay from another TD account of 0.25%