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Home equity loans are a great tool for extracting some of your home’s value as cash. No matter how you plan to use the money, with a fixed interest rate, a home equity loan is easier to budget for than variable-rate equity products. Here are the home equity loan lenders with the best options and highest service standards for March 2026.

Why Better home equity loans stand out: Better Mortgage specializes in fast closings and offers large home equity loans, earning our Best Overall honors.

Availability: All 50 states and Washington, D.C.

Borrowing limit: $500,000

Minimum credit score: 780

Better says it can close on home equity loans in only three days, with loan proceeds available as quickly as one week.

Allows home equity loans up to $500,000 with a combined loan-to-value ratio of 90%.

The minimum credit score of 780 is stiff compared to our other top picks.

Better Mortgage estimates borrowers can expect home equity loan closing costs to range from $1,500 to $5,500, and the lender charges a $995 origination fee.

Learn how long it usually takes to get a home equity loan.

Why Navy Federal home equity loans stand out: With a solid reputation for customer service, NFCU is a go-to home equity lender for borrowers with a military connection.

Availability: All 50 states and Washington, D.C.

Line of credit limit: $500,000

Minimum credit score: NFCU did not disclose this information when contacted by Yahoo Finance.

The lender ranks above average for customer satisfaction in the 2025 J.D. Power survey of home loan originators and has the highest score in the J.D. Power survey of mortgage servicers.

NFCU doesn’t charge closing costs on home equity loans, including third-party fees, origination fees, or application fees.

Allows up to a 100% combined loan-to-value ratio, which includes your first mortgage.

Membership is available only to active-duty military, veterans, military civilian and contractor personnel, and their families.

Offers 5-, 10-, 15-, and 20-year home equity loan terms, but not 30-year terms.

Why Fifth Third Bank home equity loans stand out: Fifth Third Bank offers the flexibility of HELs from $10,000 to $500,000 — and, best of all, charges no fees.

Availability: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia

Borrowing limit: $500,000

Minimum credit score: Fifth Third did not disclose this information when contacted by Yahoo Finance.

No application fees, annual charges, or closing costs; a similar benefit as Navy Federal, but you don’t have to be affiliated with the military to get a home equity loan from Fifth Third.

Repayment terms of up to 30 years.

Automatic payments from an eligible Fifth Third Bank checking account earn a quarter-point rate discount.

Cons

Home equity products are only available in select states.

Fifth Third wouldn't reveal a minimum qualifying credit score to Yahoo Finance, but a disclaimer on the lender’s website indicates that home equity loan rates are based on a score of 750.

Why New American Funding home equity loans stand out: New American Funding is a full-service mortgage lender that caters to underserved households by offering a lower credit score hurdle than many competitors.

Availability: All 50 states, Washington, D.C., and Puerto Rico.

Borrowing limit: $600,000

Minimum credit score: 660

Requires a minimum credit score of 660 for home equity loans. That's the lowest FICO score disclosed among our lender finalists, which go as high as 780.

Home equity loans are available up to $600,000.

New American Funding is the nation's largest Latina-owned home loan lender and sponsors Latino Focus, Black Impact, and NAF Pride programs.

NAF's website offers little information about home equity loans. In response to our query, a representative said they have "standard" closing cost fees.

The lender ranks below average in customer satisfaction for mortgage originations, according to J.D. Power. (However, it ranks above average for mortgage servicing.)

Read our complete New American Funding review.

Why Rocket Mortgage home equity loans stand out: Rocket has always led with technology. Now, it's not just about a digital application but a high-tech way to avoid paying for an appraisal on a home equity loan.

Availability: All 50 states and Washington, D.C.

Borrowing limit: $500,000

Minimum credit score: 680

If your property qualifies, Rocket can use a free "automated valuation model" instead of charging you for a home appraisal.

Home equity loans are available from $45,000 to $500,000.

Claims an average closing time of 20 days.

Cons

Rocket says closing costs range from 3% to 6% of the loan amount.

Allowed combined loan-to-value ratio limits are based on your credit score; the higher your score, the higher the CLTV ratio allowed.

Ranks above average in customer satisfaction, according to the 2025 J.D. Power report.

Read our complete Rocket Mortgage review.

A home equity loan is a type of second mortgage that allows you to tap into your home equity. It’s a straightforward way to access the value of your home without refinancing your original mortgage or selling your house. It's an installment loan, where you receive a lump sum of money at closing and repay it monthly over several years.

Like any loan, you'll want to shop for the best interest rate and choose a loan term that results in a monthly payment you can comfortably afford.

Because your house is pledged as security for the loan, interest rates on home equity loans are often lower than those on unsecured debt, such as credit cards or personal loans.

Home equity loans typically have fixed interest rates that remain unchanged throughout the life of the loan.

Interest paid may be tax-deductible.

Payments are relatively affordable because the repayment period can range from five to 30 years.

Many borrowers prefer the lump sum of cash that a home equity loan provides.

Your home is collateral for the loan, so it's at risk of foreclosure if you can't make the payments.

Closing costs can be as high as 6% of the loan amount.

If home values drop, you may end up with no equity. If you owe more than the home is worth, it can be hard to refinance or sell if you need to move.

Home equity loans can end up being long-term debt for short-term expenses.

Is a home equity loan a good idea? Dig deeper into the pros and cons.

A home equity loan is not your only choice when looking to pull out some of the cash locked in the walls of your house. Here are other options for accessing your home equity.

The HELOC is another type of second mortgage, allowing for on-demand access to equity. Structured as a line of credit rather than a home equity loan's lump sum, a HELOC charges interest only on the amount you have withdrawn. You can pay it down, then draw again. Or pay only the interest while drawing from your available line.

The HELOC can serve as emergency cash, a home project-by-project funding machine, or a means to splurge on something and repay it later. (Though you should always be thoughtful when deciding how to spend the funds.)

Home equity loan vs. HELOC — Tapping into your equity when rates are high.

A cash-out refinance works when you want to trade in your old mortgage rather than have two home loans. You refi your loan and receive a chunk of your equity at closing. It's kind of nice when the bank isn't the only one getting paid at a loan signing, right?

Of course, there are arguments for and against a cash-out refinance. It depends on factors such as interest rates, the length of time you plan to stay in the home, and whether you choose to shorten or lengthen the repayment period. And your financial goals.

Home equity loan vs. cash-out refinance — Which should you choose?

Using only your signature and good credit, a personal loan can be an excellent way to get cash when needed — without putting your home at risk as collateral. The interest rate is likely to be higher on a personal loan than on a HEL, but the payback period is often shorter on a personal loan. That means you might pay it off faster than a home equity loan, though the monthly payment could be significantly higher.

And closing costs on a personal loan will potentially be much lower compared to a HEL.

Home equity loan vs. personal loan — Which is best for home improvements?

Tapping this home equity tool will require that you be at least 62 years old. A Home Equity Conversion Mortgage (HECM) is the only reverse mortgage issued by government-approved FHA lenders. With a HECM, you withdraw the equity from your home without making loan payments. You simply maintain the home while paying taxes and homeowners insurance. Meanwhile, fees accumulate but will not exceed the home's value and are recouped when you sell the house, move, or die.

HECM counselors can walk you through the program.

Most home equity loans are issued by financial institutions that hold deposits, such as banks. So your options are extensive. The Yahoo Finance analysis ranks Fifth Third Bank as the best bank for a home equity loan among the providers we considered. However, since Fifth Third serves fewer than a dozen states, you may need to consider banks and credit unions in your area that offer attractive HELOCs. And, of course, the home equity loan lenders we've vetted above all have online applications and services.

Overall, Yahoo Finance rates Better Mortgage as the best choice due to its fast closings and availability of high-dollar home equity loans. You may find a lender with lower fees or a better interest rate, but you won't know until you shop for two or three HEL providers.

Home equity loan rates currently average close to 7.50%, according to the data analytics firm Curinos. Comparing two or more lenders may help you secure an even better interest rate.

If you itemize deductions, the interest you pay on a home equity loan may be deductible. New rules in effect in 2026 remove the previous requirement that loan proceeds were only deductible if used to "buy, build, or substantially improve" the home used as collateral for the HEL. According to the IRS, now interest may be deductible regardless of how you spend the HEL proceeds. However, there are dollar limitations to consider.

Yahoo Finance reviews and scores home equity loan lenders based on: 1) Available products, 2) Fees, 3) CLTV, 4) Closing times, 5) Maximum DTI, 6) Minimum credit scores, 7) Maximum loans, 8) Loan terms, 9) Prepayment penalties, 10) Special features, and 11) Customer satisfaction.

Advertisers or sponsorships do not influence ratings.

Editorial disclosure for mortgages:

The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.

Laura Grace Tarpley edited this article.

The best mortgage lenders offer low interest rates, a range of loan programs, and high customer satisfaction. Choose the best mortgage lender for your needs.

The best HELOC lenders have flexible payment options, allow high CLTV ratios, and more. Read through our top picks to find the best HELOC lender for you.

Better Mortgage combines several lending and home-buying services into a consolidated digital experience. Learn whether Better is the right lender for you.

The best mortgage refinance companies charge low interest rates and fees, and they often have unique perks for customers. Find your best mortgage refinance lender.

The best cash-out refinance lenders have strong online tools, fee discounts, and more. Find the best cash-out refi lender for your type of mortgage loan.

VA loans are great for military personnel, and the top-rated VA mortgage lenders offer low fees and interest rates. Find the best VA loan lender for your family.