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LendingTree brings together 300+ lenders so you can compare your options, side by side. Because the smartest financial decisions happen when you have real options.
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How much you could save by comparing mortgage offers on LendingTree*

[H2] The smarter way to compare rates
See rates from real lenders in our network.

Mortgages
APR Rates as low as
6.14%

30 Year Fixed
$400,000 Loan
Home Equity
APR Rates as low as
7.19%

$513 Monthly
$100,000 Loan
Personal Loans
APR Rates as low as
6.74%

3 Years
$20,000 Loan
Home Refinance
APR Rates as low as
6.49%

30 Year Fixed
$200,000 Loan

Rates above may change at lender discretion and may not be available at the time of loan commitment or lock-in.

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Tools & ResourcesSee how the numbers stack up, then compare your offers.Personal LoanHome EquityAuto RefiCalculate Payment$202.76/mo.$12,166Principal Amount$10,000.00Total Interest Paid$2,165.84PrincipalInterestA bar chart showing the breakdown of your monthly payment of $202.76 over 6 years. Each bar represents one year and shows how much goes toward principal (the amount you borrowed) and interest (the cost of borrowing). Year 1 (2026): $971.95 principal, $447.40 interest. Year 2 (2027): $1,775.07 principal, $658.10 interest. Year 3 (2028): $1,922.40 principal, $510.76 interest. Year 4 (2029): $2,081.96 principal, $351.21 interest. Year 5 (2030): $2,254.76 principal, $178.40 interest. Year 6 (2031): $993.85 principal, $19.97 interest. Total over the life of the loan: $12,165.84 repaid, consisting of $10,000.00 principal and $2,165.84 interest.Compare Your OffersCalculate HELOCYou could get a Home Equity Loan or HELOC for$26,250Access Your EquityDisclosuresCalculate SavingsMonthly Payment$650VS$664Remaining Months79 mo.VS72 mo.Remaining Interest$6,350VS$2,777See Refinance Offers$202.76/mo.$12,166Principal Amount$10,000.00Total Interest Paid$2,165.84PrincipalInterestA bar chart showing the breakdown of your monthly payment of $202.76 over 6 years. Each bar represents one year and shows how much goes toward principal (the amount you borrowed) and interest (the cost of borrowing). Year 1 (2026): $971.95 principal, $447.40 interest. Year 2 (2027): $1,775.07 principal, $658.10 interest. Year 3 (2028): $1,922.40 principal, $510.76 interest. Year 4 (2029): $2,081.96 principal, $351.21 interest. Year 5 (2030): $2,254.76 principal, $178.40 interest. Year 6 (2031): $993.85 principal, $19.97 interest. Total over the life of the loan: $12,165.84 repaid, consisting of $10,000.00 principal and $2,165.84 interest.Compare Your Offers

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[H1] Best Personal Loans with the Lowest Rates in May 2026
See how much your personal loan could cost in dollars, then compare real loan offers from multiple lenders

[IMG: Lauren Clifford]

Written by
Lauren Clifford

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Edited by
Amanda Push

+ 1 More

Updated Apr 30, 2026

Content was accurate at the time of publication.

How Does LendingTree Get Paid?

LendingTree is compensated by companies whose listings appear on this site. This compensation may impact how and where listings appear (such as the order or which listings are featured). This site does not include all companies or products available.

How Does LendingTree Get Paid?

LendingTree is compensated by companies whose listings appear on this site. This compensation may impact how and where listings appear (such as the order or which listings are featured). This site does not include all companies or products available.

Advertising Disclosures

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Key takeaways

Personal loan APRs range from about 6% to 36%. We’ll show you what those rates mean in real dollars and monthly payments.

You could qualify even with fair or bad credit. The better your credit, the less you’ll likely pay in interest.

SoFi ranks as the best overall personal loan lender right now based on LendingTree’s objective methodology.

Comparing offers from several lenders can help you save thousands on your loan.

[H2]
See how much your loan could cost in real dollars
Use the table below to find the average annual percentage rate (APR) for your credit score based on real LendingTree marketplace data.
Then see how much your loan could cost by plugging the average APR for your credit score into the calculator below.
Credit tierAverage APR
Excellent (800 and above)15.75%
Very good (740-799)17.89%
Good (670-739)23.27%
Fair (580-669)27.79%
Poor (under 580)30.25%
Source: LendingTree user data on personal loan offers for typical loan amounts ($5,000 – $54,999) and repayment terms (36 to 83 months) in the fourth quarter of 2025.
[H3]

Why borrowers apply for personal loans — and how needs vary by loan size and credit score
Debt consolidation is the leading reason borrowers apply for personal loans, accounting for nearly 1 in 3 requests (31.3%), according to a LendingTree analysis of consumer loan inquiries — far ahead of “other” at 19.5%.
Demand drops off from there: 10.6% of requests are for credit card refinancing, with smaller shares citing everyday bills (8.2%) and home improvements (6.6%).
Overall, the data shows personal loans serve a wide range of needs, from debt management to short-term expenses to larger planned purchases.
[H4]
Key findings

Debt consolidation leads by a wide margin. It accounts for 31.3% of requests — well ahead of the next category — with these borrowers requesting $11,829 on average and holding midrange credit scores (602).

Smaller loans skew toward urgent needs. Requests for everyday bills, medical expenses and car repairs are typically under $6,000 and tied to lower average credit scores (571 to 574), suggesting short-term financial gaps.

Larger loans align with planned spending. Homebuying ($18,838) and business ($14,704) have the highest average requested amounts and somewhat higher credit scores, indicating more deliberate use.

Why borrowers apply for personal loans
RankReason for personal loan% of personal loan requestsAvg. requested loan sizeAvg. credit score
1Debt consolidation31.3%$11,829 602
2Other19.5%$5,889 573
3Credit card refinancing10.6%$8,995 602
4Everyday bills8.2%$4,317 574
5Home improvement6.6%$10,769 600
6Major purchase5.3%$10,630 614
7Medical expenses4.6%$5,526 571
8Moving/relocation3.7%$6,292 575
9Car financing3.5%$9,997 585
10Car repair3.1%$3,967 573
11Business1.6%$14,704 580
12Vacation1.2%$5,539 588
13Wedding expenses0.6%$9,336 593
14Homebuying0.3%$18,838 606
15Green loan0.0%$7,187 597
Source: LendingTree analysis of personal loan inquiries on the LendingTree platform from April 2025 through March 2026. Note: Percentages don’t add to 100% due to rounding.
[H4]
Study methodology
This analysis is based on anonymized personal loan inquiries on the LendingTree platform from April 2025 through March 2026. Reasons for loan requests, requested loan amounts and self-reported credit scores were provided by consumers at the time of inquiry. Percentages reflect the share of total requests during the study period.
[H2]
Estimate your monthly loan payment in seconds
Update$202.76/mo.View Personalized Offers$12,165.84Principal Amount$10,000.00Total Interest Paid$2,165.84Show Payment Schedule

[H3]
What loan term should I use?

You don’t need to know your exact loan term (how long you’ll pay off your loan) right away. Play around with the calculator to see how your term affects your monthly payments. Rule of thumb: Choose the shortest loan term with a monthly payment you can afford. Short loan terms mean a cheaper loan overall, but higher monthly payments. Long terms mean more expensive loans overall, but lower monthly payments.

[H2]
Save money and time by comparing real offers
You’d shop around for flights. Why not your loan? LendingTree makes it easy. Instead of applying to just one lender and hoping for a good rate, see multiple lenders compete for your business — so you can choose the best offer.

Tell us what you needTake two minutes to share a few details about yourself and how much you want to borrow. It’s free, simple and secure.

Shop your offersLendingTree users receive 11 personal loan offers on average. Compare yours side by side to find the one that works best for you.

Get your moneyUsers save an average of $1,659 by choosing the offer with the lowest rate. Once you pick a lender and sign your paperwork, you could see money in your account in as little as 24 hours.

See Personalized Rates

[H3]
Why comparing offers matters

Getting multiple offers makes lenders compete for your business, which can help you get a cheaper loan.

You could save thousands. LendingTree users save an average of $1,659 by comparing personal loan offers and choosing the best one. People with fair or good credit could save up to $3,138 by getting six or more offers.

The best time to save is when you apply. Once you take out a loan, you’d need to refinance (get a new loan) to get lower rates and payments down the line.

LendingTree, LLC Trustpilot trust score is 4.5 out of 5 based on 16724 reviews. Link will open in a new tab.TrustpilotIndependent customer ratingExcellent4.5 out of 5
[H2]
Best personal loan companies right now
[H3]
Best personal loan company overall
As of May 2026, SoFi is the best personal loan company according to our methodology (how we evaluate and score lenders). SoFi offers quick funding, optional fees and competitive rates.
LendingTree personal loan experts evaluate and rate lenders using an impartial, proprietary rating system that considers the factors that matter most to you: how easy loans are to qualify for, how much they cost and how easy they are to pay back. We apply the same methodology to every lender to ensure fair comparisons.
Learn more about how we rate personal loan companies.
Best alternatives:

Upgrade (low rates and accessible to people with fair credit)

PenFed (low rates and no fees)

[H3]
Best lenders by situation
Lender recommendations
Best personal loan lendersSoFi, Upgrade, PenFed
No required feesDiscover, LightStream, PenFed, SoFi
Same-day fundingSoFi, LightStream, Rocket Loans
Loans for bad creditUpstart, Prosper
Loans for fair creditBest Egg, LendingClub
[H3]
Top 10 best personal loan companies

Lender

User rating

Best for

APR

[IMG: SoFi logo]

4.23/5

(98)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Overall personal loans

7.74% to 35.49%
(with discounts)

See Results

[IMG: PenFed Credit Union logo]

4.36/5

(14)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Runner-up, overall personal loans

6.09% to 17.99%
(with autopay)

See Results

[IMG: Upgrade logo]

4.82/5

(2,386)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Runner-up, overall personal loans

7.74% to 35.99%
(with discounts)

See Results

[IMG: Best Egg logo]

4.92/5

(2,800)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Lowest rates with collateral

5.99% to 29.99%

See Results

[IMG: Discover logo]

4.86/5

(1,595)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Excellent customer service and no fees

7.99% to 24.99%

See Results

[IMG: LendingClub logo]

4.72/5

(7,757)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Joint loans, fair credit OK

5.96% to 35.99%

See Results

[IMG: LightStream logo]

4.48/5

(364)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Big loans and no fees

6.49% to 24.89%
(with autopay)

See Results

[IMG: Prosper logo]

4.76/5

(3,667)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Better approval odds with peer-to-peer loans

Peer-to-peer loans come from individual investors (people) and are typically easier to get.

8.99% to 35.99%

See Results

[IMG: Rocket Loans logo]

4.58/5

(48)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Same-day funding, fair credit OK

8.01% to 29.99%
(with autopay)

See Results

[IMG: Upstart logo]

4.97/5

(17,850)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Bad or no credit

6.20% to 35.99%

See Results

Lender

[IMG: SoFi logo]

[IMG: PenFed Credit Union logo]

[IMG: Upgrade logo]

[IMG: Best Egg logo]

[IMG: Discover logo]

[IMG: LendingClub logo]

[IMG: LightStream logo]

[IMG: Prosper logo]

[IMG: Rocket Loans logo]

[IMG: Upstart logo]

User rating

4.23/5

(98)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.36/5

(14)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.82/5

(2,386)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.92/5

(2,800)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.86/5

(1,595)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.72/5

(7,757)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.48/5

(364)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.76/5

(3,667)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.58/5

(48)

Ratings and reviews are from real consumers who have used the lending partner’s services.

4.97/5

(17,850)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Best for

Overall personal loans

Runner-up, overall personal loans

Runner-up, overall personal loans

Lowest rates with collateral

Excellent customer service and no fees

Joint loans, fair credit OK

Big loans and no fees

Better approval odds with peer-to-peer loans

Peer-to-peer loans come from individual investors (people) and are typically easier to get.

Same-day funding, fair credit OK

Bad or no credit

APR

7.74% to 35.49%
(with discounts)

6.09% to 17.99%
(with autopay)

7.74% to 35.99%
(with discounts)

5.99% to 29.99%

7.99% to 24.99%

5.96% to 35.99%

6.49% to 24.89%
(with autopay)

8.99% to 35.99%

8.01% to 29.99%
(with autopay)

6.20% to 35.99%

See Results

See Results

See Results

See Results

See Results

See Results

See Results

See Results

See Results

See Results

[IMG: SoFi]
4.2/5 (98)Ratings and reviews are from real consumers who have used the lending partner’s services.See Personalized Results
[H3] Best for: Overall personal loans – SoFi
APR (with discounts)7.74% to 35.49% APR disclaimer Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K.
Information current as of 03/24/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.
Fixed rates from 7.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.

[H1] Home Equity Loan Rates and Lenders in May 2026
Current $50k home equity loan rates are as low as 7.49%.

Rates are calculated based on conditional offers for both home equity loans and home equity lines of credit with 30-year repayment periods presented to consumers nationwide by LendingTree’s network partners in the past 30 days for each loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

See your best rate offers on LendingTree today.

[IMG: Rene Bermudez]

Written by
Rene Bermudez

[IMG: Crissinda Ponder]

Edited by
Crissinda Ponder

+ 1 More

Updated May 01, 2026

Content was accurate at the time of publication.

Single-Family Home

Townhome

Condominium

Multifamily Home

Manufactured Home

How Does LendingTree Get Paid?

LendingTree is compensated by companies whose listings appear on this site. This compensation may impact how and where listings appear (such as the order or which listings are featured). This site does not include all companies or products available.

How Does LendingTree Get Paid?

LendingTree is compensated by companies whose listings appear on this site. This compensation may impact how and where listings appear (such as the order or which listings are featured). This site does not include all companies or products available.

Advertising Disclosures

Loading Disclosures…

[H2]
Current home equity loan rates offered by LendingTree partners
LOAN AMOUNTAPR AS LOW AS

Rates are calculated based on conditional offers for both home equity loans and home equity lines of credit with 30-year repayment periods presented to consumers nationwide by LendingTree’s network partners in the past 30 days for each loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

MONTHLY PAYMENT
$25,0008.17%$162.15
$50,0007.49%$324.30
$100,0007.19%$648.60
$150,0006.99%$985.39

LendingTree, LLC Trustpilot trust score is 4.5 out of 5 based on 16724 reviews. Link will open in a new tab.TrustpilotIndependent customer ratingExcellent4.5 out of 5

On this page

Jump to

On this page

Current home equity loan rates

Home equity loan calculator

Frequently asked questions

Home equity loan rate trends

How is my home equity loan rate determined?

LendingTree picks for best home equity loan lenders

Home equity rates vs. HELOC rates

Best uses for a home equity loan

How we chose our best home equity lenders

LendingTree takeaways: What you should know about home equity loans

Home equity loan rates currently average 6.41%, down from 7.08% compared to this time last year.

Rates are calculated based on conditional offers for home equity loans with a 15-year repayment period presented to consumers nationwide by LendingTree’s network partners in April of the given year for all loan amounts. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Most lenders allow you to borrow up to 85% of your home’s value.

Home equity loan offers on LendingTree averaged $144,429 in the first quarter of 2026.

Based on home equity loan offers on the LendingTree platform from Jan. 1 to March 18, 2026.

If you don’t want the risk of losing your home if you default on payments, a cash-out refinance or personal loan may be a good alternative.

[H2]
Use our home equity calculator to find out how much your loan could be

[H3]
How much does a $50,000 vs. $100,000 home equity loan cost each month?
If you borrow a 20-year $50,000 home equity loan at today’s rates, you’d pay about $394 per month, whereas a $100,000 home equity loan with a 20-year term would cost $788 — twice as much due to the lower average rate for larger loans.
$50,000 home equity loan$100,000 home equity loan
Monthly payment$394$788
Total interest$44,555$89,109
Total loan cost$94,555$189,109
Disclaimer

Payments calculated using an 7.21% interest rate. Rates based on conditional offers for home equity loans for any repayment period presented to consumers nationwide by LendingTree’s network partners in the last month for all loan amounts. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

[H4]
Monthly payment comparison for a $50k vs $100k home equity loan

[H2] Frequently asked questions

[H3]
What are the biggest disadvantages of home equity loans?

Higher second mortgage rates: You’ll pay a higher rate than you would with a HELOC or cash-out refinance.

Tougher guidelines: You may need higher scores and lower debt to qualify than you would with a cash-out refinance.

Reduced equity: You’ll lower your available home equity.

Another monthly payment: You’ll have two house payments to manage each month.

Foreclosure risk: You could lose your home if you default on your payments.

[H3]
How long does it take to get a home equity loan?

It may take two to four weeks to close on a home equity loan. You’ll usually receive your funds following a three-business-day waiting period after your closing.

[H3]
Are home equity loan rates similar to mortgage rates?

Home equity loan rates are often higher than interest rates on traditional mortgages. Usually, the more you borrow, the higher your rate will be. Your credit score and loan term will also have an impact on the rate you’re offered.

[H3]
Can I get a home equity loan with bad credit?

Yes, it’s possible to get a home equity loan with bad credit, but you may not qualify for as much equity as you need or want. Lenders may reduce your maximum LTV ratio and charge you a significantly higher interest rate. If your scores are below 620, consider a government-backed program like an FHA cash-out refinance or VA cash-out refinance.

[H2]
How home equity loan rates are trending on LendingTree and what this means for you
Interest rate vs. APR

An interest rate is the basic cost of borrowing money, while an annual percentage rate (APR) includes the interest rate plus additional fees like origination costs. APR gives you the true total cost of the loan, so it’s always higher than the interest rate alone.

The current average annual percentage rate (APR) for a 30-year, $100,000 home equity loan is 7.19%.

Rates are calculated based on conditional offers for both home equity loans and home equity lines of credit with 30-year repayment periods presented to consumers nationwide by LendingTree’s network partners in the past 30 days for each loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Home equity loan rates are relatively high right now, especially compared to the low rates we saw before the pandemic. Interest rates tend to fall when the Federal Reserve cuts the federal funds rate, which it did most recently on Dec. 10, 2025. Home equity loan rates were trending downward since August of 2025, but have recently started going up — a trend that’ll probably continue in the short-term, according to LendingTree experts.

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LendingTree expert insights: Home equity loan rates will likely keep rising for now due to conflict and economic uncertainty

“The recent downward trend in home equity loan rates has reversed,” states Matt Schulz

Matt is Chief Consumer Finance Analyst at LendingTree and author of “Ask Questions, Save Money, Make More: How To Take Control Of Your Financial Life,” which was published by Countryman Press in March 2024. He has had his work published in Business Insider, CBS MoneyWatch, American Banker, USNews.com and more. Learn more about his full bio.

, LendingTree’s chief consumer finance analyst. “Amid the war in the Middle East and broader economic uncertainty, rates are likely to keep rising in the short term,” he notes. “That’s definitely unwelcome news for borrowers.”Even if rates do rise, a home equity loan may still be a good idea if it can help you consolidate debt, cover an emergency expense or tackle a project that provides long-term value (like home improvements).

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How is my home equity loan rate determined?
[IMG: Purple credit score meter]
Credit score
The higher your credit score, the better your rate will be. Most lenders require a 620 minimum, but some require 660 or 680 for the best rates.
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DTI ratio
Debt-to-income (DTI) ratio shows how much monthly income goes to debt payments. Lenders typically allow a 43% maximum, but lower ratios earn better rates.
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LTV ratio
Loan-to-value (LTV) ratio compares your loan amount to your home’s value. A lower LTV gives you a lower rate. Most lenders cap this at 85%, but some offer high-LTV loans.

Get your free credit score on LendingTree Spring today.
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Our LendingTree expert picks for the best home equity loan lenders
LenderUser ratingsBest for
[IMG: Rocket Mortgage]

3.9/5
(2624)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Low credit scores
Get Rates
[IMG: Navy Federal Credit Union]
User reviews coming soonHigh LTV ratios
Get Rates
[IMG: TD Bank]
User reviews coming soonOnline experience
Get Rates
[IMG: BMO]
User reviews coming soonRate and closing cost discounts
Get Rates
[IMG: Spring Eq]

4.6/5
(729)

Ratings and reviews are from real consumers who have used the lending partner’s services.

Fast closings
Get Rates

[IMG: Rocket Mortgage]
Editor’s ratingExpert review from LendingTree.Read Reviews5.0/5See Personalized Results
[H3] Best for Low credit scores: Rocket Mortgage
Max. LTV ratio:90% Min. loan amount:$45K Min. credit score:680 Avg. loan costs (all loan types):$8,122 Pros & cons Updates rates on its website daily Provides an easy online application Serves all 50 states and the District of Columbia Doesn’t offer home equity lines of credit (HELOCs) Doesn’t operate brick-and-mortar locations Why we chose Rocket Mortgage Rocket Mortgage offers a home equity loan for borrowers with credit scores as low as 680, though you’ll need at least a 760 score to borrow up to a 90% LTV. Rocket also offers the option to combine your first and second mortgage with a cash-out refinance. How to qualify You’ll have the best chance of qualifying for a mortgage with Rocket Mortgage if you have a 73% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 49% of approved borrowers had a debt-to-income (DTI) ratio under 40%. Customer testimonials “The service was prompt and extremely pleasurable. Who works on the weekend or after hours? Our representative. So glad we chose Rocket Mortgage.” — Barbara from Elmont, NY (June 2023) “I did not expect this process to happen so fast, it only took three and a half weeks to close. My Loan officer Kevin was great and walked us through every step.” — Aundreas from Auburn, GA (March 2023) “We had a quick close and Steve’s involvement was critical in hitting the timelines that were necessary, including a last minute issue that he quickly resolved to get us to closing.” — Matt from Alpharetta, GA (May 2023) Read more reviews.

[IMG: Navy Federal Credit Union]
Editor’s ratingExpert review from LendingTree.Read Reviews4.0/5See Personalized Results
[H3] Best for High LTV ratios: Navy Federal Credit Union
Loan terms:5 to 30 years Max. LTV ratio:100% Max. loan amount:$500K Avg. loan costs (all loan types):$3,442 Pros & cons Allows qualified homeowners to borrow up to 100% of their home’s value More likely to approve borrowers with a DTI over 40% than other top lenders Serves all 50 states Only serves military borrowers and their families Doesn’t publish rates on its website Why we chose Navy Federal Credit Union Navy Federal Credit Union is the only lender we reviewed that allows qualified homeowners to borrow up to 100% of their home’s value. Military borrowers may be eligible for extra discounts and a streamlined approval process. Customer support can be contacted online, by phone or even on X (formerly Twitter). The website also provides a step-by-step guide to help you understand the timeline of your home equity loan. How to qualify You’ll have the best chance of qualifying for a mortgage with Navy Federal if you have a 77% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 42% of approved borrowers had a debt-to-income (DTI) ratio below 40%.

[IMG: TD Bank]
Editor’s ratingExpert review from LendingTree.Read Reviews4.0/5See Personalized Results
[H3] Best for Online experience: TD Bank
Loan terms:5 to 30 years Min./max. loan amount:$10K/$500K Rate discounts:0.25% for eligible borrowers Avg. loan costs (all loan types):$2,483 Pros & cons Offers an online rate quote before submitting an application Lower average loan cost for home improvement loans than other top lenders Allows homeowners to borrow against investment properties Doesn’t serve most states Doesn’t disclose fees it charges Why we chose TD Bank TD bank’s website is streamlined and easy to use, with a rate tool that customizes options based on your location. Terms range from five to 30 years and rate information is simple to find. TD Bank offers borrowers a 0.25% interest rate discount for its home equity loan products if you open a TD bank checking or savings account with automatic payment deductions. An added bonus: A TD Bank home equity loan can be secured by an investment property — most home equity lenders only allow you to borrow against your primary residence. How to qualify You’ll have the best chance of qualifying for a mortgage with TD Bank if you have a 62% loan-to-value (LTV) ratio or better, according to nationwide data from 2023. That year, about 50% of approved borrowers had a debt-to-income (DTI) ratio under 40%.

[IMG: BMO]
Editor’s ratingExpert review from LendingTree.Read Reviews4.5/5See Personalized Results
[H3] Best for Rates and closing cost discounts: BMO
Loan terms:5 to 20 years Rate discounts:0.50% for eligible borrowers Avg. loan costs (all loan types):$5,092 Pros & cons Origination fees are competitively low Operates over 1,000 branches Provides an online application Higher interest rates Doesn’t publish rates on its website Why we chose BMO BMO offers the highest discounts on home equity loan rates of any lender we rev