The best in home equity

You deserve the best in home equity
From credit score requirements and APRs to repayment terms and fast funding, there are many factors to consider when choosing a home equity loan or HELOC lender. Bankrate is here to help. We rigorously and objectively evaluated over 35 home equity lenders to find the best across several categories. The following winners provide the best value for their particular category and can help you take advantage of your home’s equity on your terms.
Here are the winners of the 2023 Bankrate Awards for Best Home Equity Lenders.
How we picked these lenders
- Bankrate gave the most weight to low APRs and best overall scores.
- We used factors such as fastest funding, minimum credit scores and long repayment terms.
- We evaluated overall availability, affordability and borrower experience.
Best for borrowers with fair credit

Discover
- No fees or upfront closing costs
- Up to 90 percent combined LTV ratio
- Competitive APRs
Best for borrowers with good credit

Flagstar Bank
- HELOCs and loans up to $1 million
- No closing costs
- No prepayment penalties
Best for borrowers with excellent credit

BMO Harris Bank
- No application fees
- Low or no closing costs
- Fixed-rate HELOC option
Best for home improvement

Connexus Credit Union
- Up to 90 percent combined LTV ratio
- Fully-online application process
- Dedicated loan officer for personalized service
Best for debt consolidation

Figure
- Approvals in minutes
- Funding in five days
- Up to 30-year repayment terms
Best online lender

Spring EQ
- Streamlined online platform
- Instant loan qualification
- Funding in as little as 11 days
Best from a bank

Citizens
- Two HELOC options
- No application fee or closing costs
- Large network of 1,200 branches
Best innovative home equity product

Guaranteed Rate
- Apply easily online with bank verification
- Rapid funding times
- Experienced mortgage player