Home Equity Loan Providers
A home equity loan is a debt-consolidation option that allows you to take out funds against the value of your home. Several banks, credit unions and online lenders offer these loans.
To qualify, you’ll need a good credit score and sufficient equity in your home. Lenders also look at your income, debt-to-income ratio and other factors when approving home equity loans.
Credit Union of Southern California
A home equity loan is a type of credit that lets you borrow against the equity that you’ve built up in your home. These loans typically have fixed interest rates and repayment periods between five and 30 years. They’re a good option for funding large purchases, tackling home renovations or dealing with unexpected expenses.
CU SoCal offers two options for tapping into your home’s value: a lump sum loan or a revolving line of credit (HELOC). HELOCs are more flexible than lump-sum loans, offering the benefit of accessing funds whenever you need them and paying only on what you actually use.
To qualify for a home equity loan, you’ll need a certain amount of equity in your home and a credit score. Generally, you’ll need at least 620. Some lenders accept lower scores than this, but you may have to meet additional requirements, including a higher income or greater amount of equity.
In addition to home equity loans, CU SoCal also offers mortgages and refinancing. Whether you’re looking to buy your first home or are planning to refinance your current mortgage, you can trust the credit union’s expertise to help you make your dreams come true.
The best home equity loan companies offer a variety of repayment terms and low interest rates. They’ll review your eligibility, income and credit score to determine the best rate for you.
While a home equity loan can be a great way to fund a large purchase, it’s important to understand the pros and cons before you apply. Besides, it’s worth shopping around to see what lenders are offering.
Unlike banks, credit unions are not-for-profit organizations that are owned by their members. They are able to offer competitive rates and fees because they’re not profit-driven.
They also have more flexible credit criteria than banks, and they offer home equity products like a home equity line of credit (HELOC). You’ll need a credit score of at least 620 to qualify for a HELOC or loan, but some credit unions accept scores as low as 500.
Logix offers both home equity loans and HELOCs, and they also have a variety of other products, including checking and savings accounts, credit cards, auto and student loans, and more. You can apply for a home equity loan or HELOC online or by visiting your local branch.
Discover
When you’re looking for home equity loans, Discover offers a variety of options. You can choose from 10-, 15- or 20-year terms and loan amounts from $35,000 to $300,000.
This lender doesn’t charge any application, origination or appraisal fees. And there’s no cash required at closing, either. However, if you pay off your loan within three years, you might have to reimburse Discover for some of these expenses (with a $500 maximum).
You can also refinance your existing mortgage with a home equity loan from Discover, and you can use the funds for any purpose. The company’s rates are competitive, especially for borrowers who have good credit.
Another benefit of using Discover is that you can apply for a loan online or over the phone. They have a dedicated banker who can answer your questions and help you through the process. They also have eClosing features that allow you to review, sign and submit documents online.
To qualify for a home equity loan from Discover, you need to have sufficient equity in your home and reasonable debt-to-income ratio. Their minimum credit score is 620, and they require verifiable employment and income.
Homeowners should compare rates and programs from multiple lenders to find the best one for their needs. The best option is a fixed-rate loan, because the APR won’t go up as the economy or financial markets change.
Getting approved for a Discover home equity loan isn’t difficult, and the lender’s website provides an easy-to-use checklist of documentation you’ll need to provide. The company also has a home equity calculator that helps you estimate how much you can borrow.
This lender offers home equity loans with fixed interest rates from $35,000 to $300,000. You can borrow a maximum of 90% of your property’s value, which is more than many other lenders offer.
KeyBank
KeyBank is one of the largest financial institutions in the world, and it offers a full range of banking services. It is headquartered in Cleveland and operates a network of more than 900 full-service branches across 15 states. It is a major player in both retail and business banking, and it has more than 40,000 ATMs worldwide.
If you’re looking for a home equity loan, KeyBank has several options that can help you borrow money against your property. Its HELOCs start at $10,000 and have terms as long as 30 years.
These loans are secured by real estate, which makes them less risky for lenders. They also come with lower interest rates than many other types of debt, and they are a great way to build credit if you have poor credit.
Those who live in 15 states can get a home equity loan or line of credit with KeyBank. These loans can be used to pay off existing debt, make home improvements, or finance a large purchase.
A monthly fee applies, but the bank can waive this charge if you maintain a daily ledger balance of at least $5,000 or set up a recurring direct deposit from another account with KeyBank. The account also allows you to access a number of free KeyBank services, including online banking and mobile payments.
The Key Advantage Checking(r) is an interest-bearing checking account that also allows you to receive discounts on other KeyBank services, such as mortgages and auto loans. This account also gives you a bonus in the form of relationship rewards points.
This account is for loyal KeyBank customers who keep multiple accounts with the bank and prefer a single entity to handle all of their banking needs. It’s also a good choice for those who want to avoid a monthly service fee and earn higher APYs.
The Key Select Money Market Savings(r) is a tiered-APY savings account with competitive rates for customers who have balances up to $25,000. It has a minimum deposit of $5,000 and a $20 monthly fee, but the rate can be waived by maintaining a $25,000 balance or opening a qualified KeyBank checking account.
Spring EQ
Spring EQ is a mortgage lender that offers a range of home equity loan products and services. Its technology-based approach can streamline the borrowing process and help you get your money in as little as 11 days. The Philadelphia-based company was founded in 2016 by Jerry Schiano and is among the fastest growing lenders in the industry.
Homeowners often need access to capital that is tied to their homes to pay off debt, make home improvements, or purchase a second property. They may also use the funds for any number of other reasons, such as emergency expenses or creating extra stability.
As a result, many people choose to borrow against their home equity in order to obtain more cash without affecting their first mortgage rates. Home equity loans and HELOCs are an excellent way to fund these types of projects, and Spring EQ is one of the best home equity loan providers for those looking to secure a large amount of cash with flexible terms.
In addition to a fast online application process, Spring EQ also offers a dedicated support team. This can be a huge benefit for those who aren’t confident in their online application skills or don’t know where to begin.
The application process begins with answering a few questions about your home, which will let Spring EQ determine the amount of home equity you have available. Next, you’ll need to decide how much you want to borrow. If you’ve already got a home appraisal from the last 12 months, Spring EQ will use it to calculate your home equity and determine how much they can lend you.
You’ll need to provide your name, address, and date of birth. You can also answer a few questions about your income and employment status to find out whether you qualify for a home equity loan or line of credit.
You can then complete the application process and select your preferred loan amount, interest rate, and repayment term. If you’re approved, Spring EQ will provide you with an estimate of what you can expect to pay on your home equity loan or line of credit. Once you receive your home equity loan or line of credit, you can then move forward with the loan application and closing process.
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