Best 4 Financial Institutions for Home Equity Loans in 2018

A home equity loan allows homeowners to fund various big expenses like home repairs, education, or medical costs by borrowing against their property’s equity. The amount borrowed is secured by the homeowner’s ownership stake, and loan specifics, including rates and duration, depend on the lender and borrower eligibility. Here are the top four lenders for home equity loans in 2018:

LendingTree
Known for reliability, LendingTree offers both home equity loans and lines of credit. Their user-friendly online platform simplifies the application process—just enter basic details to receive competitive offers.

Approval is quick, and funds can be disbursed within days if eligibility criteria are met.

U.S. Bank
U.S. Bank provides home equity loan rates starting at 4.89% APR for a 10-year term and 5.34% APR for a 15-year term. Eligibility requirements apply, but they are among the most trusted banking options in the country.

Citibank
Citibank offers a fixed rate of 7.09% APR for a 30-year loan and 6.59% APR for ten-year options, making it a competitive choice for long-term borrowing.

If a line of credit suits your needs better, Citibank provides that option as well.

Citizens Bank
Citizens Bank is well-regarded for home equity loans and lines of credit. They have strict qualifying criteria but offer flexible APRs and terms. Loan amounts range from $10,000 to $400,000, with various repayment periods to choose from.

The application process typically takes from a few days to several months. After completing necessary paperwork, borrowers receive a loan amount based on a percentage of their home’s equity. Since this loan is secured against your property, it’s often considered a second mortgage, which can be taken only when your primary mortgage is paid off.