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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
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
Expert Support Every Step of The Way
620
Min Credit ScoreMax $3M
Mortgage Amount8-30 years
Repayment termsYes
Soft Credit PullDirect
Lender TypeNone
Underwriting FeeYes
Other Fees$1,200 on average
Origination FeeNone
Prepayment Fee26 Days
Funding Time167283
NMLSMortgage Refinance
$25K-$3M
Mortgage AmountHome Equity
$45K-$350K
Mortgage Amount
Pros & Cons
-
Rate Lock
-
Online application process
-
Good reputation for customer satisfaction
-
Pre-approval available
-
Fees could potentially be high
-
No physical branches available
Mortgage Type
- 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
35+ Years of Industry Expertise
580
Min Credit Score6.475-7.186%
APR. Fixed Rate$25K-$3M
Mortgage Amount8-30 years
Repayment termsYes
Soft Credit PullDirect
Lender TypeNone
Underwriting FeeYes
Other FeesVariable, around $1,200
Origination FeeNone
Prepayment Fee26 Days
Funding Time3030
NMLSMortgage Refinance
Max $3.5M
Mortgage AmountHome Equity
$45K-$350K
Mortgage Amount
Pros & Cons
-
Closing costs rolled into loan automatically
-
Smartphone app
-
Syncs with your bank account for easy application process
-
98% of financial institutions supported for digital asset verification
-
Can’t have face-to-face interaction with loan officer; online only
-
No alternative credit data considered
Mortgage Type
- 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
Approval in 5 Minutes, Funding in 5 Days*
640
Min Credit Score$15K-$2M
Mortgage Amount15-30 years
Repayment termsYes
Soft Credit PullDirect
Lender TypeNone
Underwriting FeeNone
Other Fees3%-4.99%
Origination FeeNone
Prepayment Fee5 Days
Funding Time1717824
NMLSMortgage Refinance
$15K-$2M
Mortgage AmountHome Equity
8.65-16.75%
APR. Fixed Rate$20K-$400K
Mortgage Amount
Pros & Cons
-
Low fixed rates
-
Secured online application and quick funding time
-
An origination fee
Mortgage Type
- 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
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.
Article Topics
Mortgage Loans
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