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Best home equity loan lenders for July 2024

Updated July 18, 2024

Best home equity loan lenders in July 2024

If you’re interested in leveraging your home equity, a home equity loan — also known as a HELoan — may be right for you. Here we’ve put together a list of the top home equity loan lenders to help you narrow down your search.

Lender Bankrate Score Minimum Credit Score Loan Amount Term Lengths
4.5/5 Undisclosed $10,000-$200,000 5-30 years
4.5/5 700 $25,000-$150,000 5-20 years
4.4/5 620 (700 or higher for $150,000 or more) $35,000-$300,000 10-30 years
4.2/5 Undisclosed $15,000-$750,000 (or $1 million in California) Up to 30 years
4.1/5 660 Minimum of $10,000 for home equity loan 5-30 years
3.8/5 Undisclosed $10,000-$250,000 for home equity loans 10-20 years
3.6/5 Undisclosed $25,000-$400,000 for home equity loan 5-20 years
3.5/5 640 Starting at $5,000 5-15 years

Third Federal Savings and Loan: Best home equity loan lender for customer service

Rating: 4.5 stars out of 5
Bankrate Score


 Based out of Cleveland, Third Federal has been in operation since 1938. It offers a variety of financial products and services, like certificates of deposit (CDs), savings accounts, mortgages and home equity loans. It only services 25 states, plus Washington, D.C. However, if you’re located in a state where it operates, you can access a bank that offers competitive rates and receives high marks for customer experience.

BMO: Best home equity loan lender for affordability

Rating: 4.5 stars out of 5
Bankrate Score


BMO has roots that go back as far as 1847. They’re currently the eighth largest U.S. bank by assets, and are headquartered in Chicago. A sizable financial services institution, operating in personal banking, business lending and capital markets, they recently grew even larger with their acquisition of Bank of the West.

Discover: Best home equity loan lender for competitive rates

Rating: 4.4 stars out of 5
Bankrate Score


Discover was founded by Sears as a credit card company in 1985, and has since grown into a full-fledged financial services company. Along with the cash-back credit cards it’s known for, it offers home equity loans, mortgage refinancing, online banking and student loans.

U.S. Bank: Best home equity loan lender for nationwide availability

Rating: 4.2 stars out of 5
Bankrate Score


U.S. Bank (also known as U.S. Bancorp) is one of the largest banking institutions in the United States. Founded in 1863 as the United State National Bank of Portland, it’s now headquartered in Minneapolis, MN. Along with home equity loans, it offers a wide array of personal financial products, as well as business banking and wealth management services.

TD Bank: Best home equity loan lender for East Coast borrowers

Rating: 4.1 stars out of 5
Bankrate Score


TD — which stands for “Toronto Dominion” — is a successor to the Bank of Toronto, which was founded in 1855. Since then, there have been several mergers and acquisitions. TD Bank is currently headquartered in Cherry Hill, NJ, advertising itself as “America’s most convenient bank.”

Regions Bank: Best home equity loan lender for the South/Midwest

Rating: 3.8 stars out of 5
Bankrate Score


Regions Bank was founded in 1971 as First Alabama Bankshares. It provides a range of consumer, commercial, mortgage and wealth management products.

Rockland Trust Bank: Best home equity loan lender for Massachusetts-area borrowers

Rockland Trust Bank logo
Rating: 3.6 stars out of 5
Bankrate Score


Rockland Trust was founded in Rockland, Massachusetts — near Boston — in 1907 with the purpose of promoting business activity in the area. Now the bank remains headquartered in Rockland, with in-person branches and online banking for businesses and individuals.

Connexus Credit Union: Best home equity loan lender for small or short-term loans

Rating: 3.5 stars out of 5
Bankrate Score


Connexus Credit Union was founded in 1935 and is headquartered in Wausau, Wisconsin. Its membership is contingent on where you live, work or if you’re a member of other community groups. You can also become a member by making a donation to the Connexus Association — a nonprofit organization that provides resources to promote financial literacy and education.


The eight lenders featured here rank as “the best” because, among financial institutions offering HE loans, they had the highest Bankrate Scores.

To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

Learn more about our methodology.

How does a home equity loan work?

Also known as a second mortgage or second lien, a home equity loan works by letting you borrow against the equity you have in your home. Typically, they are loans with fixed interest rates and terms range from five to 30 years. You’re given the funds in a lump sum once you close on the loan and you’ll begin repaying the loan right away. Like your mortgage, they’re secured by your home, so failure to pay can result in foreclosure and the loss of your home.

What to consider when choosing a home equity loan lender

When shopping for a home equity loan, there are several factors to consider:

  • Availability: Research not only what lenders are in your area, but what specific products they offer. Many lenders may have a presence in your state, but not offer home equity loans there.
  • Financial requirements: Home equity loans aren’t as standardized as mortgages. For example, some lenders may require you to maintain 25 percent equity, whereas others only require 10 percent. Some may require a credit score of 620 while others require 700.
  • Fees: Fees can vary significantly between lenders. Research what fees a lender charges, like an appraisal fee or origination fees.
  • Rates: Interest rates and APRs can also vary between lenders. Shop multiple lenders to compare the overall costs of the loan.
  • Contact options: Is it important your lender has in-person branch offices nearby? Do they have weekend customer service hours? How is their online banking? It’s good to know how you can contact a lender with an issue before getting a loan from them.
  • Customer reviews: Check out what customers have said about the lender before borrowing from them. Organizations and sites like the Better Business Bureau and TrustPilot may help inform your decision.

How much equity do I typically need to have in my home before I can get a home equity loan?

Usually, you’ll need more than 20 percent equity to get a home equity loan. How much more depends on how much you want to borrow. Most lenders require a combined-loan-to-volume (CLTV) of 80 percent or less, though some lenders may go as high as 90 percent. At 80 percent CLTV, you must maintain at least 20 percent equity in the home. 

For example, say you have a home valued at $400,000. Twenty percent equity in this home is $80,000. If you have $100,000 in equity, subtract $80,000 from it to get how much you can borrow — $20,000.

Home equity lenders reviewed by Bankrate

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure our content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

Bankrate analyzes loans to compare interest rates, fees, accessibility, online tools, repayment terms and funding speed to help readers feel confident in their financial decisions. Our meticulous research done by loan experts identifies both advantages and disadvantages to the best lenders.

When shopping for a home equity loan, look for a competitive interest rate, repayment terms that meet your needs and minimal fees. Loan details presented here are current as of the publication date. Check the lenders’ websites to see if there is more recent information. The top lenders listed below are selected based on factors such as APR, loan amounts, fees, credit requirements and broad availability.