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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Lock Stock/Getty Images September 19, 2022 Rae Hartley Beck is a writer and editor with over eight years of experience in personal finance. Her work has most recently appeared in Bankrate, MoneyWise and Investopedia. Rae specializes in credit card rewards, investing, real estate, home improvement, lending and financial advice for millennials, Gen Z, Gen Alpha and their parents. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our home equity reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, different types of home equity options and more — so you can feel confident when you make decisions as a borrower or homeowner. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The average homeowner is sitting on almost $300,000 in available equity, a record, according to estimates from the second quarter of this year. Many kinds of lenders offer or , and still others have begun offering these products as equity rises. Whatever your financial goals are, here’s where you can get a home equity loan today. What are home equity loans
HELOCs and home equity loans allow you to borrow against the equity in your home. Your equity is the difference between what your home is worth and what you still owe on it. There are two primary products that use your equity as collateral: a HELOC, a type of credit line with a variable interest rate; and a home equity loan, a second mortgage with a fixed rate. Where to get a home equity loan
Traditionally, you could get a HELOC or home equity loan from a bank. While many still offer them, there are several other types of institutions that provide them now, as well. Banks
Banks like , and have home equity offerings. You might especially benefit from going to a bank if you’re already a customer. Some banks such as Citi and Wells Fargo halted their home equity business in the pandemic and have yet to restart, so check before you apply. Credit unions
These are local, national or regional, and driven by members aligned by factors like location or profession. Some bigger examples include and . Mortgage lenders
If you bought your home with mortgage lender like CrossCountry Mortgage or , you might also choose to work with them to find a home equity solution. Companies like Guaranteed Rate and Rocket Mortgage also now support home equity products. Online-only
This includes established operations like and newer players like , which offers HELOCs, cash-out refinances and a crypto mortgage, and , which allows some borrowers access up to $500,000 in equity. How to choose a home equity loan lender
With many more options for a home equity loan beyond the bank, it’s best to compare different types of lenders so you’ll have a sense of which offer the lowest rates and fees and the most convenience or perks. “You should look for a lender who is upfront with you about the entire loan process, especially the requirements needed to get a loan,” says Rob Cook, vice president of Home Loans at Discover, adding “costs and fees are an important consideration for anyone who is looking for a loan.” If you’re getting a home equity loan, know exactly how much you need to borrow; don’t just accept whatever the lender is willing to offer you, which might be more than you requested. Remember: You’re tapping your equity — an asset — and you’ll need to be able to repay the loan or risk losing your home. Many home equity lenders, too, offer attractively low rates but charge higher fees. Make sure you understand your all-in costs before committing to an offer. SHARE: Rae Hartley Beck is a writer and editor with over eight years of experience in personal finance. Her work has most recently appeared in Bankrate, MoneyWise and Investopedia. Rae specializes in credit card rewards, investing, real estate, home improvement, lending and financial advice for millennials, Gen Z, Gen Alpha and their parents. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.