Explore the top five lenders offering home equity loans and lines of credit, featuring diverse options, competitive rates, and accessible terms. Get insights into each provider’s offerings, eligibility criteria, and benefits to make informed borrowing choices and maximize your home’s equity potential.

Leading Providers of Home Equity Financing Options

A home equity loan enables homeowners to borrow a one-time sum secured by the accumulated value of their property. Typically, lenders offer up to 85% of the home’s equity, with repayment periods spanning from 5 to 30 years and fixed interest rates. Let’s review the top lenders offering home equity products and their features.

PenFed Credit Union
Celebrating over 80 years of service, PenFed welcomes members nationwide without military restrictions. Joining is simple—just open a savings account with a $5 minimum. They provide a variety of loan options like VA loans, jumbo, fixed-rate mortgages, refinancing, and home equity loans. A credit score of at least 700 is recommended.

Residents across all states can access their loan products, including VA mortgages, jumbo loans, conventional fixed-rate loans, refinancing, and HELOCs. Applicants ideally have a credit score above 700.

Bank of America
Offering diverse loan types such as conventional, FHA, jumbo, VA, and HELOC, Bank of America provides borrowing options up to $2.5 million. Existing Merrill Lynch and Bank of America clients may enjoy lower origination fees.

Discover Home Loans
Recognized for transparent fees, Discover offers fixed interest rates typically ranging from 3.99% to 8.99% for first-lien loans, with second lien rates around 11.99%. A strong credit profile and substantial home equity are key for qualification.

Regions Bank
By enrolling in automatic payments, borrowers can access home equity loans starting at a 3% APR with fixed rates and no closing costs. Loan durations include 7, 10, 15, or 20 years. A promotional HELOC rate of 0.99% applies for the first six months, after which rates vary from 3.75% to 10.75%.

PNC Bank
PNC offers services nationwide, providing a broad range of mortgage options including FHA, ARM, HELOC, fixed-rate, jumbo, VA, and specialized programs for medical professionals. PNC currently serves over eight million customers.

Disclaimer:

The information provided is based on research and expert insights. Loan terms and conditions can differ among lenders and may change over time. We recommend consulting a financial advisor before making borrowing decisions, as details may vary or become outdated.