Best Five Providers of Home Equity Loans
Discover the top five home equity loan providers known for competitive rates, flexible terms, and nationwide access. These lenders offer diverse options including jumbo, VA, FHA, and refinancing loans, catering to homeowners across the United States. Whether seeking fixed-rate or line of credit options, these institutions provide reliable solutions to leverage your home’s equity efficiently.
Leading Providers of Home Equity Financing
A home equity loan, also known as a second mortgage, allows homeowners to borrow a lump sum based on their home's accumulated equity. Lenders typically permit borrowing up to 85% of this equity. Repayment terms generally span 5 to 30 years with a fixed interest rate. Let’s explore the top lenders offering reliable home equity loan options.
PenFed Credit Union
With over 80 years of experience, PenFed welcomes members from all backgrounds without requiring military affiliation. Membership involves opening a savings account with at least $5. They serve all 50 states and offer various loan options, including VA mortgages, jumbo loans, fixed-rate loans, refinancing, and home equity loans. A minimum credit score of 700 is recommended.
Bank of America
Offering a range of financing solutions such as conventional, FHA, jumbo, VA, and refinancing, Bank of America’s maximum loan amount reaches $2.5 million. Existing Merrill Lynch and Bank of America clients can benefit from discounted origination fees.
Discover Home Loans
Known for transparency, Discover provides fixed interest rates typically between 3.99% and 8.99% for primary liens, and around 11.99% for secondary liens. Applicants should have significant home equity and solid credit scores to qualify.
Regions Bank
Regions Bank offers home equity loans at starting interest rates as low as 3% APR when autopay is enabled. Loans feature fixed rates, no closing costs, and flexible terms of 7 to 20 years. A promotional line of credit is available at just 0.99% for the first six months, afterward ranging between 3.75% and 10.75%.
PNC Bank
Proudly serving all 50 states, PNC caters to over eight million customers with various mortgage options, including FHA, ARM, VA, USDA, jumbo, and refinancing. They also offer specialized programs like medical professional loans and community-based financing.
