The listings featured on this site are from companies from which this site receives compensation.
Adv Disclosure
This site is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time. "Terms of Use"
Close
Best Home Equity Loans Jun 2024
Lock in your low rate today
With average rates lower than personal loans, a home equity loan is the best way to access the funds you need. Discover the top-rated mortgage lenders offering home equity loans.
Best Home Equity Loans Jun 2024
With average rates lower than personal loans, a home equity loan is the best way to access the funds you need. Discover the top-rated mortgage lenders offering home equity loans.
Best Mortgage Lenders in Virginia in 2024
Updated June 2024
Quick Approval
Low Rates
100% Online Application
9.7
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
5.0
9.7
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
5.0
  • Award-winning customer service
  • Quick & easy online process
  • Up to 90-day rate lock guarantee
  • Cash-out refinancing
Loan estimate provided in minutes
9.5
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
4.8
9.5
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
4.8
  • Get rates from multiple providers
  • Powerful home equity solutions
  • 100% online experience
  • Connect with lenders for $0
Unlock cash from within your home
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.6
Brand Reputation
Based on Semrush's web analytics
4.7
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.6
Brand Reputation
Based on Semrush's web analytics
4.7
  • Pre-qualify in under 24 hours
  • Reverse mortgage options
  • Easily view live rates
  • No obligation, quote in minutes
Get equity via cash-out or line of credit
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.3
Brand Reputation
Based on Semrush's web analytics
5.0
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.3
Brand Reputation
Based on Semrush's web analytics
5.0
  • Get fixed home equity rates
  • No origination fees
  • Get up to 5 rate options
  • Accepts all credit scores
Large online marketplace of lenders
9.4
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
4.7
9.4
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.7
Brand Reputation
Based on Semrush's web analytics
4.7
  • No monthly payments or interest
  • Quick no obligation quote
  • Minimum 550 credit score
  • Flexible income requirements
Alternative to home equity loans
Best Cash Out Refinance Lenders
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.6
Brand Reputation
Based on Semrush's web analytics
4.7
9.3
Scores are calculated based on:
Consumer Reviews
Sourced from TrustPilot
4.6
Brand Reputation
Based on Semrush's web analytics
4.7
  • No credit score qualification
  • No debt-to-income ratio
  • Non-recourse loan
  • Tax-free money
For homeowners over 62 years old
Home Equity FAQs
Looking to take on a home equity loan but not sure where to begin? You've come to the right place! In addition to our comprehensive reviews of home equity lenders, we've compiled a list of some of the most commonly asked questions when it comes to home equity loans. Be sure you fully understand the ramifications of your home equity loan before completing the process.
What is a Home Equity loan?
A home equity loan is a type of mortgage loan that allows you to borrow an amount of money from a lender while using your built-up home equity as collateral. Home equity loans are typically used to finance major one-off expenses such as home renovation, medical bills, or even college tuition. A home equity loan can also be used to pay off credit card or other debt, as long as the APR from the home equity loan is lower than the other outstanding loan.

Typically, home equity loans are much cheaper than personal loans which are almost always unsecured, meaning there is no collateral at stake, saving a high credit score. The risk with a home equity loan is that if you fail to make payments, the bank or lender can foreclose your home and take possession. If you lack a stable income, a home equity loan is likely not the right choice for you.
What types of Home Equity loans are there?
There are two basic types of home equity loans: the classic fixed-rate fixed-amount home equity loan, and the more flexible home equity line of credit loan, also knowns as a HELOC.

A typical home equity loan is similar to a personal loan in that the loan amount is determined at closing and the APR is a fixed rate over a fixed amount of time. Typically, rates start around 4% and can go up to around 15%, though this can vary greatly from lender to lender. The length of the loan can also vary by lender, but looking at Figure, they offer term lengths of 5, 10, 15, or 30 years.

Alternatively, a HELOC loan is the more flexible option and is similar to a credit card, where you can draw funds as needed and pay them back over time. Typically, there is a draw period of 5 to 10 years during which you can borrow funds up to a pre-determined maximum amount, followed by a repayment period of 10 to 20 years during which draws are no longer allowed. The major advantage of a HELOC loan is that you can draw only what you need and only pay interest on the amount you actually use. On the flip side, the interest rate on a HELOC loan is variable and can change over time. Furthermore, a lender can freeze or cancel your HELOC loan at any time and leave you without the funds you need. While this is an unlikely scenario, it's something to be aware of especially if the money is required by a certain date.
Am I eligible for a Home Equity loan?
To be eligible for a home equity loan, you simply need to have home equity. This means that the value of your home is greater than the amount you currently owe on your mortgage. For example, if your home is valued at $500,000 and you owe $200,000 on your mortgage, you have $300,000 in equity. While this does not necessarily mean you'll be able to borrow $300,000 in a home equity loan, it does make you eligible for a home equity loan with extremely competitive rates.

Other requirements will vary from lender to lender, but all lenders will look at factors such as credit score, debt-to-income ratio, and more. To determine whether or not you are eligible for a home equity loan, simply choose a top-rated lender and fill out the initial application process. Within minutes you will likely know whether or not a home equity loan is available to you.
How do I apply for a Home Equity loan?
Applying for a home equity loan is extremely easy and the initial application should only take about 5 minutes to complete. Typically home equity lenders will want to know basic personal information as well as more detailed information about the property you own, its value, and how much you still owe on your mortgage. Once your initial application is complete, the lending service will likely run a soft credit check before showing you what options and rates are available to you.

Finally, after the credit check is complete, you'll need to fill out a longer, more detailed application with additional financial information. During this stage, the lender will likely try and determine the actual value of your home which may take up to a few days. Once this is done, you are clear to sign your home equity loan, and lenders like Figure will allow you to complete this process anywhere, using their eNotary service. Then, within a few days, the money will appear in your bank account and you can use it for its intended purpose.
Back To Top