See how to qualify for the best home equity loan and access your home’s equity for home improvements or major purchases.
One of the benefits of home ownership is building equity. Your home equity is how much your property is worth compared with how much you owe on any mortgage for it. Your home’s equity can be a valuable asset that you could borrow against with a home equity loan.
Home equity loans can cover large expenses such as home repairs, home improvements and college tuition, or help you purchase a second home or consolidate high-interest debt. In those scenarios, a home equity loan may be a good solution, but there are also risks involved. Before you take out a home equity loan, understand how they work, what they cost, how to get one and how to find the best lender for your needs.
The Best Home Equity Lenders of 2019
U.S. News evaluated leading home equity lenders based on product availability, customer satisfaction ratings and loan terms. As each consumer’s needs are unique, U.S. News recommends top home equity lenders to meet different needs, such as lenders that could be a good choice for consumers with fair credit, or offer top-notch customer service.
Alliant Credit Union: Best Home Equity Lender for Up to 50% DTI
Discover: Best Home Equity Lender With No Lender Fees
Bank of America: Top Lender for Customer Service
loanDepot: Best Home Equity Lender for Fair Credit
Be more informed about mortgages, read all posts.