Best home equity loan lenders for December 2024

Of all the home equity lenders we surveyed, Third Federal Savings and Loan is the only one that offers a personalized rate tool with an instant quote without you having to submit your contact information. The bank also ranks high for customer satisfaction, offering multiple contact options.

Those seeking competitive rates, superlative customer service, and the option of either an online experience or in-person interaction.

• You could qualify for either a rate match or a $1,000 check if you find a lower rate from a competitor.
• Can choose between fixed-rate or adjustable-rate terms on a home equity loan.
• No origination, application or prepayment fees.

• The bank’s home equity loans are only available in 26 states and Washington D.C.
• Requires you to set up direct withdrawal from your bank account.
• If you’re within their banking footprint in Ohio and Florida, you’ll have to use a Third Federal account to make monthly payments.

BMO scored a 10 out of 10 for affordability due to its below-average rates and introductory rate offers. The bank also doesn’t charge application fees and offers no to low closing costs.

Those with strong credit scores, who hate fees and love low rates.

• No application fees and low to no closing costs.
• Many in-person branches.
• Offers a 0.5 percent interest rate discount for setting up autopay from a qualifying BMO account.

• Doesn't have branches in every state where it offers home equity loans.
• Requires a 700 minimum credit score.
• Could charge a fee to recoup closing costs if you terminate the loan early.

Discover offers fixed rates HELOCs starting at 6.53% APR for first-lien and 7.85% APR for second-lien.

Those who want the lowest rate, who need a sizable amount of equity, and who don’t mind a largely digital lender.

• Doesn’t charge application, appraisal or origination fees.
• Allows a combined loan-to-value (CLTV) of up to 90 percent.

• No branches — not ideal if you want an in-person experience.
• Might require expense reimbursement (with a $500 maximum) if you pay off the loan within the first three years.
• The minimum loan amount is $35,000 — too high for some borrowers.

U.S. Bank offers home equity loans throughout the entire country — our top-scoring lender to do so.

Those who live in areas not widely serviced by home equity loan lenders; those who hate upfront fees and closing costs.

• Available in all 50 states.
• Covers all closing costs for borrowers.
• Offers discounts for setting up automatic payments and to its banking customers.

• Mixed reports on customer service.
• Only shows one promotional rate based on specific standards.

TD Bank has over 1,100 branches located up and down the Eastern seaboard of the U.S. Many branches offer extended hours and are open on weekends. On top of that, TD Bank receives high marks for customer satisfaction, making it a bank that’s held in high regard by its customers.

Those with strong credit scores, those on the East Coast and those who like in-person service.

• Customers who set up autopay from a TD Bank checking or savings account receive a 0.25% rate discount.
• Numerous in-person branches.

• Home equity products are only available in select states.
• Charges a $99 origination fee.
• Poor user reviews for customer service and online banking services.

Regions Bank has over 1,300 branches in the South and Midwest. It currently offers an APR as low as 6.75 percent.

Those who live in the South or Midwest; those with high credit scores seeking low rates and fees.

• Regions pays all closing costs.
• Many in-person branches.
• Highly competitive rates.

• Must close loans in person.
• Doesn’t list credit score requirements or loan rates on its site.
• Only available in 15 states.

Rockland Trust has several branches in the Massachusetts-area that offer a wide variety of commercial and retail banking access. Along with their business practices, Rockland Trust stays connected to the community through a variety of community support programs.

Bay State borrowers who seek a sizable home equity loan. 

• No annual fees or closing costs.
• Many in-person branches.
• Highly competitive rates.

• Doesn’t list credit score requirements on its site.
• Only available in 15 states.
• Their minimum loan amount is $25,000 — too high for some borrowers.

Connexus only offers home equity loans with five, 10 or 15-year terms. Each of these loan terms comes with competitively low APRs — ranging between 7.14 – 9.24% (as of Aug. 6, 2024). Along with that, the credit union allows you to borrow up to 90% of your equity, compared to the conventional 80 – 85%.

Those who want a small loan, or one they can repay quickly; those with fair credit.

• You can borrow up to 90 percent of your home’s equity.
• You can apply entirely online or with a representative over the phone.
• You can borrow as little as $5,000.

• You have to be a credit union member.
• Only available in 14 states, with branches restricted to Illinois, Minnesota and Wisconsin.
• Charges closing costs.