The 6 best home equity loans of 2022: Choosing the right loan for me
Everyone needs a little help from time to time. If you’re short on cash, consider using the equity you’ve built up in your home to secure more cash. However, not all home equity loans are created equal, and there are many factors to consider when choosing one. Check out this guide to the best home equity loans and lines of credit to help you make your decision so you end up finding the one that’s right for you and your situation.
The best home equity loans of 2022: compare our ratings and reviews
- Discover – Best home loan overall
- citizen bank – Best selection of repayment options
- PenFed – Best for those using properties they don’t occupy
- regions bank – Best term options for home equity loans
- shop steward – Best for Home Equity Credit Lines (HELOC)
- US bank – Best for those with good to excellent credit
- accelerate credit – First second
1. Discover – Best home loan overall
Discover the home equity professionals
- No application or evaluation fees
- No mortgage taxes are due at closing
- No cash upfront payment due at closing
- Some states are exempt from prepayment penalties
Discover the disadvantages of home equity loans
- Depending on your state, you may have to pay an early repayment penalty
- No discounts noted
With virtually no fees or upfront funds, relatively low interest rates, and availability for those with even less than great credit, Discover stands out among the best home equity loans.
APR on Discover Home Equity Loan: 4.7/5
Fixed interest rates for First Liens through Discover range from 3.99% to 8.99% and 4.15% to 11.99% for Second Liens.
Discover Home Equity Line of Credit and Loan Terms: 4.4/5
Discover offers home equity loans from $35,000 to $200,000 with options ranging from 10 to 30 years. For example, if you took out a $60,000 home equity loan over 20 years at an 8.99% APR, your monthly payment would be $539.45.