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Best Home Equity Loan Lenders

  • AmeriSave Mortgage
    4.7(6,336)
  • Achieve Loans
    4.4(152)
  • Network Capital
    4.9(1,170)
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By: Lee Huffman
+3 more
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By: Miranda Weiss
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Edited by: Jana Lynch
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Edited by: Cassidy McCants

Best Home Equity Loan Lenders

After analyzing recent verified reviews, maximum borrowable amount, normal time to close, lowest advertised rate and other factors, we picked AmeriSave Mortgage as the best home equity loan lender in 2026. Achieve Loans stands out for offering lower rates, and Network Capital makes it possible to get funds quickly.

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Our picks for best home equity loan lenders

  1. Best overall: AmeriSave Mortgage
  2. Best for low rates: Achieve Loans
  3. Best for fast closing: Network Capital
  4. Best for customer service: Lower

To make our top picks, the ConsumerAffairs Research Team vetted popular home equity loan lenders reviewed by more than 8,000 people. Read our full methodology to learn more about how we compared different lenders and chose our top picks.

Our picks may be Authorized Partners that compensate us, but this does not affect our recommendations or evaluations. Our publishing policy ensures that the journalistic content and user reviews on ConsumerAffairs remain independent of commercial influences.

Compare the top home equity loan lenders

*As of publishing
Best overall

AmeriSave Mortgage

AmeriSave Mortgage
4.7
6,336 reviews
Maximum borrowable amount
$500,000
Normal time to close
60 days
Maximum LTV ratio
90%
Lowest advertised rate
7%
View Rates Read Reviews

We chose AmeriSave Mortgage as the best overall home equity loan lender because of its easy application process, competitive rates, excellent customer service and wide availability. Reviewers praise the smooth process and knowledgeable, attentive agents.

AmeriSave is an all-around solid mortgage and loan experience from start to finish. It offers a wide range of loan products in addition to home equity loans, including HELOCs.

“The individual that called me from AmeriSave was very direct, got paperwork through very efficiently, responded to my emails quickly, and sent me a text message so I knew they were there to go look for them. It was a painless process on my side, and that was what I needed.”
Jacque Kansas City, MO
“I took out a home equity loan. The process was online for the most part, and then someone came out and reviewed or surveyed the house. The process took a week and it went smoothly. I'm happy with my experience.”
Matthew Houston, TX
“After considering my options, I decided to go with AmeriSave Mortgage for a home equity loan consolidation. The entire loan process was smooth, thanks to Dave, my contact at the company. He was exceptionally responsive, answering every query promptly and doing everything possible to get my approval.”
Michael Danielson, CT
Pros
  • Easy to get started
  • Custom rate quotes in minutes
  • Loan officers available to answer questions via chat
  • Relatively fast closing timelines
Cons
  • Relatively high fees
  • Some funding delays
  • Occasional communication issues
4x Award Winner
Selected for having one of the highest satisfaction rates for Best Loan Process, Best Experience with Staff, Best Value for Price and Best Customer Service
Best for low rates

Achieve Loans

Achieve Loans
4.4
152 reviews
Maximum borrowable amount
$300,000
Normal time to close
10 to 14 days
Maximum LTV ratio
80%
Lowest advertised rate
6.24%
Read Reviews
Disclosures

Homeowners often choose Achieve Loans for a home equity loan because it can offer lower, fixed interest rates — especially for borrowers whose credit scores are in the 600s.

Unlike many traditional banks that require higher credit scores to qualify for competitive rates, Achieve looks more closely at your available home equity. This lender is also a good option for consolidating high-interest credit card debt into one predictable monthly payment.

“My family and I were given an incredible deal when applying for a home equity loan. In under a week, I was approved and funded. All my creditors were paid off with 48 hours after funding. I never heard of a process this quick and efficient.”
Jonathan Aberdeen, NJ
“I needed a home equity loan in order to buy my husband out of the equity. I went with Achieve and their process was very quick and efficient. … Achieve gave me the ability to finalize my divorce and move on.”
Julia Grand Prairie, TX
“Being able to manage the application online at my convenience was a massive plus, as I could save and pick it up later. It also utilized language that was easy to understand, which was important to me.”
Barbara Bartlett, TX
Pros
  • Good for debt consolidation
  • Easy to get started
  • Helpful staff
  • Competitive interest rates
Cons
  • Some communication issues
  • Origination and underwriting fees
  • Not available in all states
Best for fast closing

Network Capital

Network Capital
4.9
1,170 reviews
Maximum borrowable amount
$500,000
Normal time to close
14 to 21 days
Maximum LTV ratio
80%
Lowest advertised rate
6.75%
Read Reviews

One of the biggest benefits of Network Capital is its quick turnaround time. In many cases, the process is done within just a few weeks. This makes Network Capital a great choice for borrowers who need access to funds quickly (or who just don’t want to drag the process out).

While traditional banks can take 30 to 60 days to close a home equity loan, Network Capital can close in as little as 14 business days in some cases. This is thanks to its digital “upfront underwriting” model, which streamlines verifying documentation.

“I needed to take some equity on my home and Network Capital was willing to talk and I was willing to listen. They did a great job. The process took about 30 to 45 days and I was satisfied with that time frame.”
Russell Glendale, AZ
“The thing I really liked about them is that because we have so much equity in our house, they didn't have to do an appraisal.”
Cheri Fountain Valley, CA
“He answered all of our questions. Michael was so helpful thru the entire process and we were able to refinance our home and pay off our other debts with the equity in our home.”
Henry Waldorf, MD
Pros
  • Efficient process
  • Helpful representatives
  • Posts daily rates on its website
Cons
  • Not available nationwide
  • Some communication issues
Best for customer service

Lower

Lower
4.4
290 reviews
Maximum borrowable amount
$500,000
Normal time to close
60 days
Maximum LTV ratio
90%
Lowest advertised rate
6.5%
Read Reviews

Lower reviewers are generally satisfied with the loan process, rates and overall customer service.

This lender also has transparent fees. Rates and key details are readily accessible. When you combine all this with a simple application process, it’s easy to see why reviewers rate Lower so highly.

“I wanted the equity out of my house and I signed the papers with Lower. The process was easy and everything was fine, but I didn't like the interest rate.”
Judith Rock Island, TN
“We did a refi and pulling out equity with Lower. We had one dedicated person, Sam, and it was a lot of emailing, calling, and texting. He was always right on it and there was no delay in either responding or asking me a question.”
Shauna Somerset, NJ
“My house appreciated a lot, so I had a lot of equity. So, she did a good job analyzing it, had a deal to propose in a couple of days, and I agreed to it. So, it was quick.”
Gary Marietta, OH
Pros
  • Easy application process
  • Rates and fees available online
  • Speedy process and fast closing
  • Prequalify without a hard credit check
Cons
  • Some issues with loan transfers
  • Not licensed in all states

Home Equity Loans Buyers Guide

Jump into our guides and start learning

In this guide

Top Picks

See who reviewers like

AmeriSave Mortgage logo
Achieve Loans logo
Network Capital logo
See our top picks

Home prices have skyrocketed over the past few years, which has more homeowners considering accessing their home equity. Whether it's to finance home improvements, consolidate debt, pay for college or fund something else, a home equity loan can be a good option for a relatively low-interest-rate loan.

Before submitting your application, compare the best home equity loan lenders, understand the pros and cons of this type of loan and learn about alternative financing options.

Key insights

Home equity loans provide a lump sum of cash with a fixed interest rate. These are unlike HELOCs, which offer a revolving line of credit with a variable rate.

Jump to insight

Your home is used as collateral for a home equity loan. This means you risk losing your home to foreclosure if you can't make your payments.

Jump to insight

Several factors influence your home equity loan rate. These include your credit score, debt-to-income ratio, loan amount, loan term, your home's loan-to-value (LTV) ratio and current market conditions.

Jump to insight

You must meet certain requirements to qualify. Lenders will consider your credit score, ability to repay (based on income and debt) and your combined LTV ratio.

Jump to insight

What is a home equity loan?

A home equity loan is a secondary mortgage product that taps into your home's equity, which is the difference between the home's value and the mortgage balance. For example, if your home is worth $400,000 and you owe $320,000, you have $80,000 of equity in your home.

This product is ideal for homeowners whose home values have appreciated but who don't want to refinance their existing mortgage to pull cash out of their homes.

Home equity loan vs. HELOC
A home equity loan and home equity line of credit (HELOC) both help a homeowner access home equity. However, they operate very differently. Here are some of the most common differences.
  • Lump sum versus line of credit: While a home equity loan provides a one-time lump sum of cash, a HELOC provides a defined credit limit. A homeowner can borrow and repay their HELOC numerous times throughout the draw period (typically five to 10 years).
  • Monthly payment amount: A home equity loan has a fixed payment amount that is a combination of principal and interest. HELOCs have interest-only payments during the draw period. Once the repayment period starts, you make principal and interest payments (often over 20 years).
  • Interest rate: Most home equity loans lock in a fixed interest rate. HELOCs usually have a variable interest rate that can go up or down over time. In both cases, the borrower's credit profile and chosen lender can affect the rate.
  • Interest charges: With a home equity loan, borrowers start accruing interest on the full balance immediately, whether they're using the money or not. With a HELOC, you only pay interest on the money you draw from your credit limit. If you have a zero balance, there are no interest charges.
  • Maximum LTV ratio: Some lenders have different maximum LTV ratios for home equity loans versus HELOCs. This difference could affect how much of your equity you can access.

How does a home equity loan work?

Home equity loan funds are disbursed in a lump sum. For the duration of the loan, you'll make monthly payments according to a predetermined repayment schedule. In most cases, a home equity loan has a fixed interest rate.

Depending on the lender, you may be able to access some or all of your home equity with a home equity loan. Each lender has a maximum LTV ratio that defines how much a borrower may receive. If a lender has a 90% combined LTV cap, the combined balance of their primary mortgage and home equity loan cannot exceed 90% of the home's value. For a home worth $400,000, the combined maximum is $360,000.

Home equity loan rates

Home equity loan rates are typically fixed, meaning the interest rate you get when you take out the loan stays the same throughout the entire repayment period. This differs from a home equity line of credit (HELOC), which usually has a variable interest rate that can fluctuate over time.

Several factors influence the interest rate you'll receive on a home equity loan. It's important to shop around and compare rates from different lenders to find the best deal for your situation. Keep in mind that even though the interest rate is fixed, the total cost of the loan will depend on the loan amount, term and any associated fees.

How to get a home equity loan

A big part of the borrowing process is simply finding the right lender. From there, a loan officer will guide you.

  1. Compare the best home equity loan lenders to find loan options with the most attractive rates and terms. Once you've found your lender, apply for your loan in person, over the phone or online. Application details vary by lender, but in general, lenders request your personal information, property address and details, how much you want to borrow and your desired repayment term.
  2. The loan officer will request documentation to support your application. These documents may include your most recent paycheck stubs, tax returns, property tax bills, insurance policy and (if applicable) homeowners association statements.
  3. Depending on your home's value, your equity and the loan amount, the lender may require an appraisal. The appraisal is performed by an independent appraiser and determines your home's value based on its features and recent sales of comparable homes in your local area. Homeowners can get an early estimate of their home's value through websites or apps like Zillow and Redfin or by speaking with a local real estate agent.
  4. Once the lender completes its underwriting process, it will make a decision on your application. If approved, you'll receive a lump-sum distribution to your bank account or in a cashier's check. You'll start receiving monthly statements with loan details, including your minimum monthly payment and due date.

Pros and cons of home equity loans

Using a home equity loan to pay off debt can be a viable option for some, but it's crucial to weigh the potential benefits against the significant risks. It can offer lower, fixed interest rates and consolidate multiple debts into a single monthly payment. However, this convenience comes at a cost.

Your home serves as collateral for the loan, putting it at risk of foreclosure if you can't keep up with repayments. Additionally, qualifying for a home equity loan requires good credit and substantial equity in your home.

Before tapping into your home equity, carefully assess your financial situation, consider your risk tolerance, and explore alternative debt repayment strategies. If you're struggling with high-interest debt, consider seeking advice from a financial advisor to find the best solution for your needs.

Pros

  • Can consolidate debt with a fixed interest rate and a fixed monthly payment
  • A set repayment term lets you know when you can become debt-free
  • Potential to save money on interest
  • Potential to pay down debt faster

Cons

  • Home is at risk of foreclosure if you default
  • May not solve debt problem if you don't address spending habits
  • Good credit is required for best rates
  • Considerable home equity is required

Home equity loan requirements

To get approved for a home equity loan, you must meet certain requirements:

  • Credit score: Lenders may require that borrowers have a minimum credit score to qualify for a home equity loan.
  • Ability to repay: Lenders review income and debt obligations to determine if you can reasonably add the loan payment to your monthly expenses. The lower your debt-to-income (DTI) ratio, the higher your chances of approval.
  • Combined LTV ratio: The combined balance of your primary mortgage and your home equity loan cannot exceed a certain percentage of your home's value. Most lenders allow a maximum combined LTV ratio of 80% to 90%.

Additionally, your lender may charge fees for your loan. Some lenders waive these fees, so keep that in mind when you're comparing loan options. Some of the most common lender fees include:

  • Application fees
  • Origination fees
  • Credit report fees
  • Home appraisal fees
  • Document fees
  • Title search fees

Some lenders offer discounts on your interest rate if you set up automatic monthly payments. Also, lenders may offer relationship-based pricing to lower your interest rate or fees.

Alternatives to home equity loans

While a home equity loan is a good choice for many homeowners, it isn't the best fit for everyone. If a homeowner wants to use their equity, they can also take out a HELOC, a cash-out refinance loan or a reverse mortgage (if they’re older). Plus, there are other options available that don’t use your home as collateral.

  • Cash-out refinance: Instead of adding a second mortgage, many borrowers refinance their existing mortgage and pull cash out. While this increases the balance you owe on your primary mortgage, you may be able to lower your interest rate, saving you money in the long run. Depending on the loan amount and your income, you can also adjust the term of the loan to meet your needs.
  • Home equity investment (HEI): HEIs allow you to get cash upfront based on your home’s future value. The company providing the cash will then have a stake in your property’s appreciation. The balance will be paid off when the agreement ends, typically after 10 to 30 years, either by selling your house, getting a refinance loan or buying out the investor. This equity product can help homeowners with a high DTI ratio secure cash with no monthly payments, though the balance must eventually be repaid in a lump sum. You’ll also give up a significant portion of your home’s appreciation — an issue that has led the Consumer Financial Protection Bureau to warn that HEIs can be costly, complex and could potentially force homeowners to sell their homes to repay the contracts.
  • HELOC: A home equity line of credit is a line of credit homeowners can use repeatedly. You'll receive a maximum credit limit based on your home's value, the maximum LTV ratio, your loan request and other factors. You can withdraw funds up to your credit limit, and as you pay down the balance, you can make additional withdrawals — much like using a credit card. Monthly payments for HELOCs are interest-only during the draw period, which is often five to 10 years.
  • Reverse mortgage: A reverse mortgage is a loan product for older homeowners who want to withdraw cash from their home but don't want a monthly payment. To qualify for a reverse mortgage, homeowners typically have to be at least 62 years old and have significant equity in their homes. While there are no monthly payments, interest continues to accrue, and the lender must be repaid once the homeowner moves out of the home or dies.
  • Zero-APR credit card offers: For a smaller loan amount, a credit card with a 0% introductory APR may be a good choice. This is an unsecured line of credit, so your home is not at risk — and some of the best zero-APR credit cards offer no-interest financing for almost two years. However, if you don’t pay off the balance before the introductory period expires, the unpaid balance reverts to the standard interest rate, which is typically much higher than a mortgage rate.

FAQ

What is equity in a home?

The equity you have in your home is the difference between the home's value and the mortgage balance you owe.

How do you get a home equity loan?

Apply for a home equity loan through a bank, credit union or other mortgage lender. In most cases, you can apply online, over the phone or by walking into a branch.

What can I use a home equity loan for?

There are few limits on what you can use a home equity loan for. Many homeowners use home equity loans to make home repairs or improvements, consolidate high-interest debt, pay for college, buy a second home or invest in stocks or rental properties.

How does a home equity loan affect your credit score?

When you apply for a home equity loan, your credit score may be impacted in several ways. The credit inquiry and new account may lower your score temporarily, but your score may improve with on-time payments and your credit mix of accounts.

Methodology

To make our choices for the top home equity loan lenders, we collected 10 individual data points and analyzed over 8,000 customer reviews and overall ratings from ConsumerAffairs readers submitted between 2023 and 2026. We then used this data to examine the factors that have the most impact on borrowers.

Customer feedback
Because customer feedback is a critical indicator when evaluating companies, it was an important factor in selecting our top picks. We conducted sentence-by-sentence sentiment analysis to measure borrowers’ satisfaction with each lender on:

  • Staff
  • Loan process
  • Customer service
  • Rates
  • Transparency
  • Punctuality and speed

Home equity loan offerings
We also evaluated each lender on:

  • Maximum borrowable amounts: We examined maximum available borrowing amounts and noted which lenders offer the most funds.
  • Normal time to close: We reviewed how quickly borrowers could receive their funds and gave greater consideration to lenders with faster funding times.
  • Maximum LTV ratio: We gave higher consideration to lenders that allow a higher LTV ratio.
  • Lowest advertised rate: We compared lenders’ rates and scored companies higher for having lower borrowing costs.

Not sure how to choose?

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