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The Best Home Equity Loans 2022: Reviews and Ratings of Top Companies
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Cleveland, OH
The 6 Best Home Equity Loans 2022 : Choosing the Right Loan for Me
Everyone needs a little help from time to time. If you find yourself low on funds, consider using the equity you have built up in your home to secure more cash. Not all home equity loans are made equal, though, and there are many factors to consider when choosing which one to commit to. Check out this guide to the best home equity loans and lines of credit to help inform your decision, so you end up with the one that is right for you and your situation.
The Best Home Equity Loans 2022: Compare Our Ratings and Reviews
- Discover - Best Overall Home Equity Loan
- Citizens Bank - Best Variety of Repayment Options
- PenFed - Best for Those Using Properties They Do Not Occupy
- Regions Bank - Best Home Equity Loan Repayment Term Options
- Truist - Best for Home Equity Lines of Credit (HELOC)
- U.S. Bank - Best for Those With Good to Excellent Credit
- Quicken Loans - Top Runner-Up
1. Discover - Best Overall Home Equity Loan
Discover Home Equity Loan Pros
- No application or appraisal fees
- No mortgage taxes due at closing
- No upfront cash payment due at closing
- Some states are exempt from early payment penalties
Discover Home Equity Loan Cons
- Depending on your state, you may have to pay a penalty for early repayment
- No discounts noted
With virtually no fees or money due upfront, reasonably low rates and availability to those with even less-than-stellar credit, Discover stands out among the best home equity loans.
APR on Discover Home Equity Loans: 4.7/5
Fixed interest rates for first liens through Discover range from 3.99% to 8.99% and 4.15% to 11.99% for second liens.
Discover Home Equity Line of Credit and Loan Terms: 4.4/5
Discover offers home equity loans from $35,000 to $200,000 with options between 10 and 30 years. If you took out a home equity loan for $60,000 at 8.99% APR over a period of 20 years, for example, your payment each month would come out to $539.45.
Eligibility Requirements for Discover Home Equity Loans: 4.8/5
To qualify for a Discover home equity loan, applicants need a minimum credit score of 620 and adequate equity. To receive more than $150,000, applicants must have a credit score above 700.
Discover home equity loans are available in every state. Because the minimum loan is $35,000, applicants must have comparable equity in their homes or higher to qualify. To determine potential rates and monthly payments through Discover, you can use their monthly payment calculator.
Discover Loan/HELOC Application Process
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