Home equity lender review methodology
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .
To determine a home equity lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology for reviewing home equity lenders.
Bankrate’s experts regularly research, review and rate home equity lenders to help you objectively compare and choose a lender that fits your needs. To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one to five stars — with five the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each home equity lender across three core areas: affordability, availability and borrower experience. Within these areas, we looked at:
- Lowest advertised permanent annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score, among other factors
- Lowest advertised introductory APR based on Bankrate’s sample scenario, when applicable
- Introductory APR time frame, when applicable
- Customer discounts or incentive pricing, when applicable
Why we consider this: These affordability factors differ from lender to lender, so comparing costs is key.
- Approval and closing timelines
- Credit score requirements
- Draw requirements
- Diversity of loan products
- Loan minimums
Why we consider this: These availability factors can make the overall process smoother or more challenging.
- Application progress (e.g., online submittal)
- Availability of customer service support, including online portal
- Auto-payment functionality
- Mobile app rating, when applicable
Why we consider this: These experience factors can help you know what to expect when working with a specific lender.