Compare Home Equity Loans
How we Compare Home Equity Loans
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
- Online Quotes
- Online Application
- Financial Guide
- HELOC Draw Period
Home Equity Loans with the Best Services:
|Home Equity Mortgage Calculator|
|HELOC Draw Period||5 to 10 Years||10 Years||10 Years|
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.
|Fixed Rate Loans|
|Home Equity Lines of Credits (HELOC)|
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.
|Age||at least 18 years old||Varies||at least 18 years old||at least 18 years old|
|Credit Score (Minimum)||580||Varies||500|
|Primary Home Owner|
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:
|Member of US Department of Housing and Urban Developme|
|Member of FDIC|
|Insured by FHA|
|Approved by Equal Housing Lender|
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
|Origination Fee||Yes||Varies||Yes||1% of the total mortgage loan|
|Maintenance Cost||$0||$0||Not Stated||Not Stated|
|Variable Rate APR||4.11%||4.8%||Not Stated||3.25%|
|Fixed Rate APR||Not Stated||5.95%||Not Stated||Not Stated|
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
Full Home Equity Loans Comparison
|Services||Loans||Qualifications||Accreditation||Loan Details||Customer Support|
|LendingTree Home Equity Loans||9.6||10.0||9.7||9.0||9.5||10.0|
|SoFi Cash Out Refinance||10.0||8.0||9.0||10.0||10.0||10.0|
|loanDepot Home Equity Loans||9.5||9.5||9.7||9.0||9.5||9.6|
|J.G. Wentworth Cash Out Refinance||9.0||9.0||9.0||10.0||9.25||10.0|
|Rate Marketplace Home Equity Loans||10.0||9.0||10.0||8.0||9.0||9.0|
|Rocket Mortgage Home Equity||9.0||8.0||9.0||8.0||10.0||10.0|
|Quicken Loans Home Equity||9.0||9.5||9.0||8.0||8.5||10.0|
|RefinanceCalculator Home Equity||9.0||8.5||9.0||8.0||9.2||10.0|
|AmeriValue Home Equity||9.0||8.5||9.0||9.0||9.0||8.8|
|Nationwide Home Equity Loans||8.0||10.0||10.0||10.0||7.0||8.0|