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Home Equity Loans: Top Brands to Consider

lendstart
Lendstart Updated: September 27, 2023 • 3 min read
Home Equity Illustration

Home equity loans are a powerful financial tool that can open doors to various opportunities, from home improvements to debt consolidation and beyond. Simply put, a home equity loan allows you to borrow against the equity you've built in your home over the years.

It's a loan secured by your property, where your home serves as collateral. Whether you're looking for competitive rates, flexible terms, or exceptional customer service, we've got you covered with a list of trusted lenders ready to help you make the most of your home's equity.

Top Brands List

  • Quicken Loans - No closing costs, fast funding, flexible repayment terms
  • Rocket Mortgage - Same-day funding, low interest rates, no prepayment penalty
  • Figure - No closing costs, fast funding, mobile app

Figure_nmls_L
  • Borrow up to $400k, flexible HELOC terms
  • 100% digital app & online appraisal
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Rocket-Mortgage-logo
  • Convenient, fixed-rate payments
  • Support from qualified Home Loan Experts
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Quicken Loans Logo
  • Powerful home equity solutions
  • Free loan calculators
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Quicken Loans

No closing costs, fast funding, flexible repayment terms

About Quicken Loans: Quicken Loans is one of the largest mortgage lenders in the US and is known for its quick and easy online application process.

  • Online application with a user-friendly interface
  • Flexible loan options and repayment terms
  • Competitive rates and minimal fees
  • Offers both home equity loans and HELOCs

Key features:

No closing costs, fast funding, flexible repayment terms

  • Loan amount: Up to $500,000
  • Funding time: 1-2 weeks
  • Repayment terms: 10-15 years
  • Minimum credit score: 640
  • Maximum DTI: 50%
  • Closing fees: None

Quicken Loans Logo
Quicken Loans

Expert Support Every Step of The Way

620

Min Credit Score

Max $3M

Mortgage Amount

8-30 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Underwriting Fee

Yes

Other Fees

$1,200 on average

Origination Fee

None

Prepayment Fee

26 Days

Funding Time

167283

NMLS

Mortgage Refinance

$25K-$3M

Mortgage Amount

Home Equity

$45K-$350K

Mortgage Amount

Pros & Cons

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  • con-icon Rate Lock
  • con-icon Online application process
  • con-icon Good reputation for customer satisfaction
  • con-icon Pre-approval available
  • con-icon Fees could potentially be high
  • con-icon No physical branches available

Mortgage Type

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  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • FHA
  • USDA
  • VA
  • Jumbo


Rocket Mortgage

Same-day funding, low interest rates, no prepayment penalty

About Rocket Mortgage: Rocket Mortgage is a division of Quicken Loans, providing a fully online mortgage experience with a focus on quick and convenient processes.

  • Entirely online application and approval process
  • Offers both fixed and variable rates for home equity loans
  • Ability to manage your loan entirely through a mobile app
  • Offers various loan options, including HELOCs and cash-out refinancing

Key features:

Same-day funding, low interest rates, no prepayment penalty

  • Loan amount: Up to $975,000
  • Funding time: Same day
  • Repayment terms: 10-30 years
  • Minimum credit score: 620
  • Maximum DTI: 50%
  • Closing fees: Low

580

Min Credit Score

6.475-7.186%

APR. Fixed Rate

$25K-$3M

Mortgage Amount

8-30 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Underwriting Fee

Yes

Other Fees

Variable, around $1,200

Origination Fee

None

Prepayment Fee

26 Days

Funding Time

3030

NMLS

Mortgage Refinance

Max $3.5M

Mortgage Amount

Home Equity

$45K-$350K

Mortgage Amount

Pros & Cons

drop-down-btn
  • con-icon Closing costs rolled into loan automatically
  • con-icon Smartphone app
  • con-icon Syncs with your bank account for easy application process
  • con-icon 98% of financial institutions supported for digital asset verification
  • con-icon Can’t have face-to-face interaction with loan officer; online only
  • con-icon No alternative credit data considered

Mortgage Type

drop-down-btn
  • Mortgage Purchase
  • Mortgage Refinance
  • Fixed
  • Adjustable
  • Home Equity Loan
  • FHA
  • USDA
  • VA
  • Jumbo


Figure

No closing costs, fast funding, mobile app

About Figure: Figure is a financial technology company that offers home equity loans and HELOCs through a fully digital application process.

  • Fully online application and approval process
  • Offers fixed-rate HELOCs with competitive rates
  • Fast funding, as little as 5 days
  • Flexible repayment terms of up to 30 years

Key features:

No closing costs, fast funding, mobile app

  • Loan amount: Up to $350,000
  • Funding time: 1-2 weeks
  • Repayment terms: 10-15 years
  • Minimum credit score: 660
  • Maximum DTI: 50%
  • Closing fees: None

Figure_nmls_L
Figure

Approval in 5 Minutes, Funding in 5 Days

640

Min Credit Score

$15K-$2M

Mortgage Amount

15-30 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Underwriting Fee

None

Other Fees

3%-4.99%

Origination Fee

None

Prepayment Fee

5 Days

Funding Time

1717824

NMLS

Mortgage Refinance

$15K-$2M

Mortgage Amount

Home Equity

7.90-16.10%

APR. Fixed Rate

$15K-$400K

Mortgage Amount

Pros & Cons

drop-down-btn
  • con-icon Low fixed rates
  • con-icon Secured online application and quick funding time
  • con-icon An origination fee

Mortgage Type

drop-down-btn
  • Mortgage Refinance
  • Home Equity Line of Credit
  • Jumbo

Conclusion:

Choosing the right home equity loan provider is a crucial step in maximizing the value of your home's equity. Each of the brands featured above offers unique advantages, whether it's unbeatable rates, stellar customer support, or flexible terms. As you embark on your journey to tap into the potential of your home's equity, remember to carefully assess your financial needs and priorities. By doing so, you can confidently select the brand that aligns best with your goals and embark on a path to financial empowerment and success.

faq-icon

FAQ

How do home equity loans work?

Home equity loans allow homeowners to borrow against the equity in their home. The loan is repaid with interest over a predetermined period, usually 10 to 30 years.

What are the benefits of home equity loans?

Home equity loans offer several benefits, including competitive interest rates, potential tax benefits, and the ability to borrow a large sum of money for various needs.

Can I use a home equity loan to consolidate debt?

Yes, many homeowners use home equity loans to consolidate high-interest debts, such as credit card balances, into a single loan with a lower interest rate.

What is the difference between a home equity loan and a HELOC?

A home equity loan is a lump-sum loan with a fixed interest rate, while a home equity line of credit (HELOC) is a revolving credit line with a variable interest rate.

How do I qualify for a home equity loan?

Lenders typically consider factors such as your credit score, income, debt-to-income ratio, and the amount of equity in your home when determining your eligibility for a home equity loan.

What are the risks of a home equity loan?

The main risk of a home equity loan is that your home is used as collateral, meaning if you fail to make payments, you could lose your home. Additionally, if the value of your home decreases, you could end up owing more than your home is worth.

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