Compare Home Equity Loans

From services and loan types to loan details and customer support, we research everything you need to compare home equity loans and make a decision. Learn how our editors compare the different factors of home equity loans below.
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How we Compare Home Equity Loans

Services - 20%
Loan Types - 15%
Qualifications - 20%
Accreditation - 15%
Loan Details - 20%
Customer Support - 10%

Services

Mortgage calculators, online application and other loan related tools are some of the services and features that helps streamline the loan process and help them make more informed decisions.

  • Home Equity Mortgage Calculator
  • Refinancing
  • Online Quotes
  • Online Application
  • Financial Guide
  • HELOC Draw Period

Home Equity Loans with the Best Services:

LendingTreeSoFiLoan DepotNationwide
Home Equity Mortgage Calculator
Refinancing
Online Quotation
Online Application
Financial Guide
HELOC Draw Period5 to 10 Years10 Years 10 Years

Loan Types

The types of Home Equity Loans may vary from lender to lender. The maximum loanable amount, draw periods and rates (fixed, variable) depend on the type of home equity loan availed. Consider companies with multiple home equity loan options.

  • Fixed Rate Loan is a one-time single lump-sum payment to the mortgagor. The interest rate and payment remain the same during the loan period.   
  • Home Equity Lines of Credit has a variable rate interest. Within the draw period, borrowers can withdraw the certain amount of home equity funds.

Home Equity Loans with the Best Loan Types:

LendingTreeSoFiLoan DepotNationwide
Fixed Rate Loans
Home Equity Lines of Credits (HELOC)

Qualifications

There are certain qualifications you should consider before applying for Home Equity Loans. Just like any type of loan, lenders should take into consideration all of these factors to determine their eligibility. Primary consideration is the borrower’s credit score. Other things to consider includes the amount of equity in their homes for those with mortgage properties.

  • Borrower’s age
  • Home equity – determines the amount available for a home equity loan.  
  • Credit Score - A FICO rating is fundamentally in light of a credit report data regularly sourced from credit agencies. It is usually use to represent the creditworthiness of the borrower.
  • Primary Homeowner- The borrower should be a title owner and own any of the following: single-unit dwelling, family home, manufactured home, townhouse, approved-condominium, or two-to-four unit owner occupied home. 

Home Equity Loans with the Best Qualifications:

LendingTreeSoFiLoan DepotNationwide
Ageat least 18 years oldVariesat least 18 years oldat least 18 years old
Credit Score (Minimum)580Varies500
Primary Home Owner

Accreditation

Home equity loan borrowers should consider the lender’s credibility and accreditations. This provides an added level of security for the borrower during the life of the loan. Check your home equity loan lender for permits and accreditations with these organizations:

  • U.S Department of Housing and Urban Development
  • Federal Housing Administration
  • Equal Housing Opportunity

Home Equity Loans with the Best Accreditation:

LendingTreeSoFiLoan DepotNationwide
Member of US Department of Housing and Urban Developme
Member of FDIC
Insured by FHA
Approved by Equal Housing Lender

Loan Details

Origination fee, maintenance cost, application fee, and closing cost vary according to each lending institution. Rather than just focusing on loan rates, it is important that borrowers take a closer look at other loan-related fees to have a better view of how much a home equity loan is really going to cost them.

  • Origination Fee
  • Loan Rates
  • Closing Cost
  • Maintenance Cost
  • Application Fee
  • Variable Rate APR
  • Fixed Rate APR

Home Equity Loans with the Best Loan Details:

LendingTreeSoFiLoan DepotNationwide
Origination FeeYesVariesYes 1% of the total mortgage loan
Closing CostFreeVariesYes $750
Maintenance Cost$0$0Not StatedNot Stated
Application FeeFreeFreeFree$250-$500
Variable Rate APR4.11%4.8%Not Stated3.25%
Fixed Rate APR Not Stated5.95%Not StatedNot Stated

Customer Support

The true value of your Home Equity Loan services offer does not end with helping you get that loan. This should also include professional customer support for its clients. A number of communication channels should be made available for any customer queries. This can be done over the telephone, email and mobile app. It should also offer online resources, online detailed information about their product, and FAQs for self-help resources.   

  • Mobile App
  • Telephone Support
  • Live Chat
  • Email
  • FAQs     

Home Equity Loans with the Best Customer Support:

Full Home Equity Loans Comparison

ServicesLoan TypesQualificationsAccreditationLoan DetailsCustomer Support
LendingTree Home Equity Loans9.610.09.79.09.510.0
SoFi Cash Out Refinance10.08.09.010.010.010.0
Loan Depot Home Equity Loans9.59.59.79.09.59.6
Rate Marketplace Home Equity Loans10.09.010.08.09.09.0
Rocket Mortgage Home Equity9.08.09.08.010.010.0
Quicken Loans Home Equity9.09.59.08.08.510.0
RefinanceCalculator Home Equity9.08.59.08.09.210.0
AmeriValue Home Equity9.08.59.09.09.08.8
Nationwide Home Equity Loans8.010.010.010.07.08.0
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Latest Reviews

C
Colt
1/2/2017
Really liked it and am very interested

Lau Chok Sheak
Seattle, Washington
11/22/2016
Customer service is good, emails and communications are clear, accurate, and polite. Closing costs are reasonably competitive. The only reason for me not to give 5 stars is that they took awfully long to close on a straightforward refinance, about 2 months. Would recommend to anyone looking to do a loan to use this company.

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