Best home equity loan rates of July 2024

Old National Bank has more than 250 locations in the Midwestern U.S. and offers several personal banking products, including deposit accounts, credit cards and loans. Its home equity loans are worth considering if you’re looking for a quick loan closing.

Certain lenders take 60 days or more to close new home equity loans, meaning borrowers may wait on loan funds for months. Old National Bank indicates that it can close loans in less than 30 days, making it a convenient option if you need funds quickly.

• Interest rates: Below the national average.
• Discounts and perks: Does not disclose.
• Minimum credit score: Does not disclose.
• Max CLTV ratio accepted: 89%.
• Closing times: Under 30 days.

TD Bank is an established lender providing banking services to nearly 20 million customers in North America. Its home equity loans offer competitive rates, flexible terms and a transparent lending process. All of these features combined make TD Bank our best overall pick for borrowers seeking a home equity loan.

In particular, this lender’s transparency makes it stand out from competitors. While some lenders offer limited details about the lending process, TD Bank isn’t one of them. It provides a wealth of information to help potential borrowers understand its products, timeframes, rates and terms. Borrowers who choose this lender can feel confident they’re making an informed decision.

• Interest rates: Below the national average.
• Discounts and perks: Fixed interest rate and a 0.25% rate discount for autopay.
• Minimum credit score: 660.
• Max CLTV ratio accepted: 89.99%.
• Closing times: 30 to 45 days.

BMO Harris provides banking services to over 12 million customers in North America. It offers a wide selection of banking products, including checking and savings accounts, CDs, credit cards and loans.
BMO Harris’s home equity loans come with flexible terms of 5, 10, 15 or 20 years. Borrowers can benefit from a significant autopay discount of 0.50% when they use a BMO checking account to repay their loan.

• Interest rates: Above the national average.
• Discounts and perks: A rate discount of 0.50% when you use a BMO checking account for autopay.
• Minimum credit score: 700.
• Max CLTV ratio accepted: 89%.
• Closing times: 30 to 45 days.

Fifth Third Bank has over 1,100 banking locations in 11 U.S. states. Fifth Third offers several banking and lending products, including home equity loans with competitive rates and other perks.

While other lenders on our list advertise low closing costs, Fifth Third doesn’t charge any closing costs for its home equity loans.

• Interest rates: Below the national average.
• Discounts and perks: A rate discount of 0.25% when you use an eligible Fifth Third account for autopay.
• Min. credit score requirements: 660.
• Max CLTV ratio accepted: 89%.
• Closing times: 30 to 45 days.

Flagstar is one of the biggest mortgage originators in the U.S. In addition to mortgages, it also offers an array of banking and lending products, including home equity loans.

Flagstar will lend up to $1 million to qualified borrowers. Those with high-value homes and significant equity may appreciate the option to tap into up to $1 million worth of home equity to renovate, consolidate debt or cover another large cost.

• Interest rates: Below the national average.
• Discounts and perks: A rate discount of 0.25% when you use a Flagstar account for autopay.
• Minimum credit score: 680.
• Max CLTV ratio accepted: 89%.
• Closing times: 30 to 45 days.

Discover’s home equity loans — which range from $35,000 to $300,000 — offer competitive fixed rates and repayment terms of 10, 15, 20 or 30 years. While its range of loan amounts, rates and repayment terms can suit many borrowers, this lender’s lack of fees set it apart from competitors.

Borrowers won’t pay anything at the closing table, and Discover doesn’t charge origination, application or appraisal fees either. However, you could be charged fees for late payments or insufficient funds.

• Interest rates: Below national average.
• Discounts and perks: No closing costs and no origination, application or appraisal fees.
• Min. credit score: 660.
• Max CLTV ratio accepted: 90%.
• Closing times: 30 to 55 days.

Connexus Credit Union provides banking products and services to members in 50 states, offering several loan products, including home equity loans. Its credit score requirements are less strict than some competitors.

Connexus’s minimum credit score requirement is just 640. Borrowers concerned their fair credit could be a barrier to loan approval may want to put Connexus on their shortlist.

• Interest rates: Below the national average (with introductory rate).
• Discounts and perks: Does not disclose.
• Min. credit score requirements: 640.
• Max CLTV ratio accepted: 90%.
• Closing times: Under 30 days.

While you’ll need to be an active-duty service member, veteran, or qualifying spouse to become a member at Navy Federal Credit Union, this lender offers certain perks for borrowers. Those seeking a home equity loan can access flexible terms of 5, 10, 15 or 20 years.

Many lenders only let you borrow around 80 to 85% of your total equity, but you can borrow up to 100% of your total equity with Navy Federal if you qualify for membership.

• Interest rates: Below the national average.
• Discounts and perks: Senior military members can access special offers through Navy Federal’s Senior Enlisted Reward Program, including a $250 loyalty card when they get a home equity loan. Membership referral bonuses are also available.
• Minimum credit score: Does not disclose.
• Max CLTV ratio accepted: 100%.
• Closing times: 40 to 55 days.