Bankrate’s List of the Best Home Equity Loan Banks
If you’re looking to take out a home equity loan, it’s important to shop around for the best rates and terms. Bankrate’s curated list of the best home equity loan banks will help you find a lender that meets your needs and budget.
Home equity loans and HELOCs are a great way to free up cash for debt consolidation, home renovation or other expenses. They typically come with low interest rates and flexible terms, but it’s important to compare lenders before you commit.
BMO Harris Bank
BMO Harris Bank offers a variety of home equity loan products. They include HELOCs (home equity lines of credit), home equity loans and cash-out refinance loans.
The lender has a streamlined online application and offers comprehensive product information. They also have a home equity loan calculator that allows you to input your income and debt, home equity and credit score to estimate your monthly payment.
While the company has a few drawbacks, including a relatively high CFPB complaint count and some negative reviews on Trustpilot, it offers a good range of home equity options for borrowers. It also has a solid customer-favorite mobile app that lets you pay bills, view your balance and deposit checks.
It also gives you fee-free access to non-BMO ATMs and will refund up to $25 a month in fees from other banks or ATM operators per statement cycle. That could save you a lot of money in fees that might otherwise add up over time.
If you’re looking to borrow against your home equity, you should look for a lender that offers a wide variety of terms and rates. This will help you avoid paying too much interest and get the best loan for your needs.
There are many different home equity loan options at BMO Harris Bank, ranging from fixed-rate loans to ARMs. They also offer jumbo and construction loans, as well as a variety of mortgage programs for those who have limited income or credit scores.
The bank also offers an affordable housing grant program for low- and moderate-income homebuyers, as well as a cross-border mortgage program that allows Canadians to purchase or refinance U.S. homes.
As one of the largest banks in North America, BMO Harris Bank has over 500 branches scattered across eight states, with a particular focus on the Midwest. Customers can bank online, in a branch or via a network of 40,000 ATMs.
The bank also offers a wide variety of checking and savings accounts. They’re primarily designed for young savers, with modest minimums and fee waivers for those under 25. It also has a high-ranking mobile app that lets you check your account balance, pay bills and even withdraw money from some BMO Harris ATMs without using a debit card.
KeyBank
KeyBank has been around for 190 years and has more than $140 billion in customer deposits. That gives the company a lot of lending resources and enables it to offer a variety of home equity loan products.
A home equity loan or HELOC is a type of credit that lets you borrow against the value of your home. These loans are popular because they have lower interest rates and repayment terms than other types of debt. However, be sure to carefully consider the fees and charges involved with a home equity loan or HELOC before making your final decision.
While many banks have stopped offering home equity loans in recent years, there are still a few lenders out there that provide these options. One of them is KeyBank, which has a good reputation among borrowers.
The company’s website offers a wealth of information about home equity loans and HELOCs. It also allows borrowers to apply for them online or at any of their branches.
Applicants can also contact KeyBank’s dedicated home equity loan experts. They can answer all of their questions and guide them through the process.
In addition to its traditional home equity loan products, KeyBank also provides a home buyer credit to support eligible owner-occupied home purchases in the communities where it operates. It also offers a low-interest rate mortgage program through the State of New York Mortgage Agency (SONYMA), as well as several other programs and grants.
KeyBank’s home equity loan and HELOC offerings include a 0.25% rate discount for customers who have a current KeyBank checking or savings account. In addition, you can choose to lock in an interest rate when drawing on the line of credit, which can help you manage your payments.
You can use your home equity for a variety of reasons, including debt consolidation, renovations or to make an investment in your property. You can also use the money to pay off high-interest credit cards or other debts, such as student loans and auto debt.
The KeyBank website says its home equity loan application can be completed in as little as 10 minutes. It requires borrowers to provide basic identity, income, debt and asset information. They also need to describe the property they want to use as collateral.
Spring EQ
Spring EQ is a home equity lender that offers fixed-rate loans and HELOCs. It also has a refinance option for homeowners who want to use their home’s equity for debt consolidation or home improvements. The company focuses on technology to make the loan process easier and faster.
The interest rate on a home equity loan depends on your credit score, the amount you borrow and the length of your term. In general, borrowers with better credit scores and lower debt-to-income ratios can qualify for more favorable rates.
You can get a home equity loan with Spring EQ if you own a property that is at least worth at least 25 percent of the total amount you need to borrow, and you live in one of the states the company operates in. The bank does not currently offer retail loans in Alaska, Hawaii, Idaho, Massachusetts, Missouri, New York, North Dakota, South Dakota or West Virginia.
To apply for a home equity loan, you’ll need to submit an application, a copy of your current mortgage statement and a letter of reference from a previous mortgage lender. You’ll also need to provide evidence of your income and assets, as well as proof of insurance on your property.
Once you’ve submitted your application, a Spring EQ loan officer will contact you to discuss the terms of your loan and answer any questions you may have. They’re available seven days a week.
You can use a Spring EQ HELOC to access up to 90% of your home’s equity or $500,000, according to the lender. It’s a good choice for homeowners who don’t mind waiting a few weeks to receive their funds, and it’s also suitable for borrowers with excellent credit who want a larger line of credit than they can get from a traditional mortgage.
To qualify for a home equity loan with Spring EQ, you’ll need a credit score of at least 700. You’ll also need to meet a number of other criteria, including a 45% debt-to-income ratio and a 95% loan-to-value ratio for home equity loans, or a 65% DTI for HELOCs. If you’re self-employed, the lender requires a higher debt-to-income ratio and a credit score of 680 or more.
Navy Federal Credit Union is a full-service credit union that provides members with many banking options, including home equity loans. It also offers checking and savings accounts, mortgages and credit cards.
In addition, it has a robust online tool called HomeSquad that allows members to complete the mortgage application process and track their loan status. It also features a free loan calculator and other tools that help borrowers understand their loan costs.
It is also an authorized VA lender, which means that it has low rates compared with most private banks. This can save borrowers thousands of dollars over the course of their loan, and it has no mortgage insurance fees.
NFCU offers several types of mortgages, including a variety of fixed- and adjustable-rate loans with terms ranging from five to 30 years. They also offer jumbo loans for homebuyers who need larger sums of money to purchase a new home or refinance an existing loan.
The lender’s rates are competitive, and it has a good reputation for customer service. It also offers mortgage refinancing, and it participates in the Home Affordable Refinance Program (HARP), which allows borrowers to refinance their mortgages even if they are underwater on their homes.
Like most lenders, NFCU considers your creditworthiness and credit history before approving a home equity loan. It will calculate your loan-to-value ratio, debt-to-income ratio and other factors to determine your eligibility.
Another advantage of NFCU is its mobile app, which provides an easy-to-use interface for managing your finances. You can view balances and transactions, make payments and receive reminders about upcoming bills.
Unlike most banks, Navy Federal Credit Union is a member-owned financial cooperative. Its membership includes current and former military members, their families and certain federal employees, retirees and contractors.
In addition to its home equity loan products, NFCU offers mortgages, home improvement loans and debt consolidation options. Its mortgage loan approval process is quick and easy. Its website includes detailed information about each type of loan and allows you to prequalify for a loan based on your credit score and other factors.
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