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The home equity loan also known as the second mortgage helps the homeowners to borrow the loan against the value of the home. Home equity can be used for multiple reasons to renovate your home, consolidate high debt, and much more. The detailed list of the best home equity loan lenders of 2024 provides you with loans with greater convenience and flexibility. The best second mortgage lenders will let you gain access to the loan at a specific and fixed interest rate and pay it back after a set period that ranges from 5-30 years.

 So, if you have equity in your house you can easily use it to cover expenses such as renovating the home, refurbishments, or more depending upon the choice of the users. It is important to choose the best home equity loan lenders who have a long-term payoff. As each person has unique financial needs and different goals to fulfill therefore it is important to choose a lender that suits well with your demands. With the rising interest rates by the Federal Reserve and overall high inflation due to microeconomic conditions it is important to make sure that you have enough payment to pay off.

As in some of the home equity loans you use the home as collateral therefore if you are unable to pay the loan then the lender could foreclose on the property. Here are the top picks for the best home equity loan lenders of 2024.

Best Home Equity Loan Lenders of 2024 – Quick Overview

  • PNC Bank – Best overall home equity loan lender
  • Rocket Mortgage – Great for higher customer satisfaction on home equity loans
  • Bank of America – Best home equity loan lender with mortgage rate lower than the national average
  • LoanDepot – Best home loan lender with minimal closing time
  • Network Capital – Best home loan lenderwith high borrowing limit

Summary table for the Best Home Equity Loan Lenders of 2024

LenderMinimum Credit ScoreMax LTVMain Benefits
PNC Bank62080%Competitive rates, variety of loan terms, flexible repayment options, online prequalification available
Rocket Mortgage62080%Fast and easy online application, competitive rates, no closing costs for online applications, extensive educational resources
Bank of America68080%Large network of branches for in-person assistance, streamlined application process, Preferred Rewards program discounts
LoanDepot62085%High LTV ratio, competitive rates, excellent customer service, no hidden fees
Network Capital62075%Flexible credit qualifications, fast application process, no origination fees, dedicated loan specialist

PNC Bank

PNC Bank

 Pre-approval time – 20-30 minutes

 Mortgage rates- Lower than the national average

 Days to close – 45 days average closing time

 Being the top pick for the best home equity loan lenders from PNC Bank there is no minimum withdrawal amount. Depending upon the value of your home you can borrow up to 89.9% of the value of your home. But in some areas, the percentage is restricted to 80-85 %. Also, for HELOC, this lender will provide you with the option of converting the variable rate into a fixed rate with a total fee of $100. It is important to note that the same fees are applicable on converting the fixed rate into a variable one at an onset draw period.  If you initially obtain the credit then you don’t have to pay this fee.

 The interest charges on the HELOC are variable and you can easily convert it into fixed repayment with term conditions ranging from  5-30 years. The withdrawal period of the loan is 10 years whereas repayment terms are for a longer duration. The APR for home equity loan  would not exceed 24 percent with a lower limit of 2.25%.Although it is the Best second mortgage lender it do charge a HELOC annual fee which is $50.

 Credit requirements of the no #1 and best home equity loan lenders

 For home equity loan , the borrower should have a credit score of 620 or more.

 Pros and Cons of PNC Bank

 Online and in-person home lending services are available to the users Does not provide USDA loans
Fast preapproval time to the users 
Several discount programs are available to users 
Provides extensive digital support to existing customers 

Rocket Mortgage

Rocket Mortgage

Pre-approval time – Several Days

 Mortgage rates- Slightly above the national average

Days to close – 3045 days average closing time

Rocket Mortgage is one of the credible lender that provide loans to get access to the untapped equity in vacation and investment properties. Without risking the primary residence you can easily avail cash on your investment, vacation, and other properties. Being the best second mortgage lender it lets you borrow up to 90% of the equity you have built in your home. No other mortgage lender will provide you this much amount depending upon the property and the amount is 10% greater than Chase and 5% more than Bank of America.

 The good aspect of the lender is that if the real estate market takes a turndown then it won’t impact your primary residence. For the ease of the users to pay back the loan amount one of the best home equity loan lenders usually comes with fixed interest rate. The fixed interest rate means that yo have to make consistent payments throughout the lifespan of the loan .

Credit requirements of the no #2 and best home equity loan lenders

 The credit score requirement for the home equity loan should be greater than the FICO score 680

Pros and Cons of Rocket Mortgage

 Offers the home equity loan for a second residence Does not provide home equity loan rates online
 Can easily borrow 90% of the home equity 
 Home equity often comes with a fixed rate so the payment remains consistent 
 No fees are charged on the early repayment of the loan 

Bank of America

Bank of America Mortgage

Pre-approval time – Takes 10 days to receive

 Mortgage rates- Lower than the national average

Days to close – 3045 days average closing time

 Bank of America is one of the biggest mortgage lender that offers plethora of mortgage and refinancing options to its users . . With more than 5,000 branches all across the U.S it provides assistance to a large user base. Being in the list of the best home equity loan lenders for 2024 it provides with draw period of 10 years while the repayment terms are for 20 years. Apart from the in- branch assistance the lender provides an online experience with easy rate lock opportunities with the assistance of the online lending officer .

 The good aspect of the best second mortgage lender is that you can easily receive discount if you enroll in multiple programs with Bank of America. For instance, if you already have a deposit account in Bank of America you can easily avail 0.25% discount on the HELOC application. Moreover Bank of America offers lower than average mortgage rates for the convenience of the borrower to refurb or renovate their home with ease.

Credit requirements of the no #3 and best home equity loan lenders

 Bank of America requires a minimum credit score of 620 to become eligible for the home equity loan .

Pros and Cons of Bank of America

 Several mortgage discounts are available to the users Charges high rate for the fixed interest rate loans
 The lender considers alternative data for the loan lending process If you are not a Bank of America client then you are not eligible for the discount
Offers the option to convert variable home equity loan to fixed rate 
No annual fees are charged for the home equity loan by Bank of America 



Pre-approval time – 15 minutes

 Mortgage rates-   1-3 points above or below the national average

Days to close – 20 days average closing time

LoanDepot is regarded as the third largest mortgage lender in the America. It provides high-quality mortgage products for the utmost satisfaction of the customers. The home equity loan is available in 37 locations all across the U.S. Being a viable choice in the list of the best home equity loan lenders for 2024 it offers online quotes and the loan is funded to the borrower in 2 weeks. This is one the fastest lenders who make the loan available to the borrowers is a few weeks. The process of lending money for home equity loan is efficient and smooth for the users.

LoanDepot does not charge appraisal fee as the lender use the automated valuation model to determine the worth of your home. While the lender charges an origination fee to the users that is upto 5% of the total loan amount. It is also regarded as the best second mortgage lender with repayment term of 30 years with 3-year withdrawal period and an interest-only 10-year payment period. Furthermore the lender requires at least $100 payment during the interest period.

Credit requirements of the no #4 and best home equity loan lenders

 For the home equity loan, LoanDepot requires the borrower to have a credit score of 620.

Pros and Cons of LoanDepot

Fast and efficient loan approval time that takes only 15 minutes The origination fees are greater than most of the best home equity loan lenders of 2024
 Credit requirements are moderate for the home equity loans The loan closing time can take longer than the other Best second mortgage lenders  
 The LoanDepot refinancing fee is waived for the existing customers 
 The customer who use Mellow SmartLoan can cut the closing time to almost 17 days 

Network Capital

Network Capital

Pre-approval time – Within 24 hours

 Mortgage rates- 1-3 points above or below the national average

Days to close – 15 days average closing time

Network Capital provides a range of mortgage products that are geared towards the borrowers who are looking for all-cash offers and quick closing time for the loan . Although the mortgage is fit choice for all the self-employed buyers but it can be opted in a variety of circumstances. With fast closing time among the best home equity loan lenders of 2024 you can easy fill out the online application with the mortgage advisor assistance.

The criteria for the loaning schemes is not stringent and you only require to meet the traditional lending criteria and even non-QM loan from Network Capital can also be considered for this . The funds that you receive from the second mortgage can be easily utilized to meet the expenses for home renovations , debt consolidation and much more.

Credit requirements of the no #5 and best home equity loan lenders

 The minimum credit score you are required to get a home equity loan is almost 620

Pros and Cons of Network Capital

 Provides an extensive selection of the loan products that include government-backed loans as well Does not provide mortgage in all the U.S States
Provides same as cash loans that allows borrowers to get the cash offers The website of one of the best home equity loan lenders does not provide customized mortgage rates
Closing time is less than 15 days which is fast as compared to the other lenders 

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