Where can you go to find the best home equity loans? Homeowners know that one benefit of owning their residence is the potential to tap into the equity built up in their homes should the need arise. When borrowing money in this way, your home is used as collateral to secure the loan, resulting in lower interest rates and saving you money. This financial opportunity can be accessed most commonly through home equity loans and home equity lines of credit (HELOCs.)
Best Option
Founded in 1,845 as Pittsburgh Trust and Savings Co., PNC offers multiple types of loans for homeowners, including a unique Choice HELOC. They have more than 2,300 branches in 28 states plus Washington, DC.
High loan amounts via three funding options
Homeowners seeking funds for home improvement, debt consolidation, or a large purchase can find three options at PNC: home equity loans up to $250,000, home equity lines of credit (HELOCs) up to $1 million, and cash-out refinance mortgages up to $5 million. A helpful product comparison chart on the PNC website will guide you to the best options for your needs.
Tool allows you to see rate and adjust loan amount
Interested in one of these options? Call to speak to a PNC sales representative or apply online. This application will ask for "basic information" such as loan amount, property address and type, and existing loans on that property. Then you're quickly given some options including a monthly payment amount and APR for variable or fixed options (with term lengths). You can choose to edit the amount once you see the payments and rates, giving you a chance to adjust terms to suit your budget. Obviously, these are just estimates, but it gives a starting point to see what to expect at PNC.
Unique HELOC option
If you like options, the PNC Choice HELOC is "one line of credit, two rate options." To help you get the best rate, this lending option has variable and fixed rate options throughout the draw period. All loans start at the variable rate, but you can "choose the stability of a fixed rate and monthly payment." To establish a fixed rate, you'll pay a $100 fee. Then, each time you lock or unlock the rate during the draw period, you pay that same fee. We like the unique opportunity this HELOC offers homeowners to control the amount of interest they're paying. If there's a huge drop, it might just be worth locking in.
Checking out all of the terms and conditions
The PNC website offers articles and online calculators to help you figure out how much you're eligible to borrow, as well as providing a simple way to compare loan options and receive home renovation estimates. Here's what our research turned up:
Reputation as best HELOC lender
PNC is not accredited by the BBB, but they have an "A+" rating. There are 1,600 complaints over the past three years, but this isn't a concern given the size of this financial institution. With $558.8 billion in assets as of Sept. 30, 2025, Bankrate lists them as the seventh largest consumer bank in the country. In 2025, Nerdwallet named PNC "Best HELOC Lender" and labeled them "Best for Variety of Term Options" in 2026, and Money listed them with their "Best Home Equity Lenders" category.
Top option for HELOCs
PNC provides options homeowners want and need, even offering a unique Choice HELOC to allow control over the interest rate. Their high loan amounts and excellent reputation place them as the top lender to consider when looking for a home equity loan.
Great
Founded in 1863, US Bank is an established financial institution in the United States, listed on the Fortune 500 at number 105. Named one of the 2025 World's Most Ethical Companies, the company continues to support homeowners more than 160 years after their opening by providing for their home equity borrowing needs.
All three options found here
US Bank offers three types of loans to provide funds for homeowners: home equity loans, home equity lines of credit (HELOCs), and cash-out refinance mortgages. A fixed-rate HELOC is also an option here, keeping the same interest rate for 20 years on some or all of the borrowed money in a draw period. They'll lend a minimum of $25,000 or up to $750,000 ($1 million for California properties). You can see if you prequalify online by completing their application. We loved their phone call option because it gave us a chance to learn the estimated interest rate, monthly payment amount, and any closing costs without completing the full loan application. You can call them or fill out a form to request a phone call with one of their home equity experts.
Easy to get more info
Preview rates for each type of loan at US Bank easily by clicking "learn more." While it's just an estimate, it can give you an idea of what to expect. Entering your state and county on the HELOC page will show your local rates, compared to the current national average. If you want to get an idea of how much a payment will be, they offer a payment calculator. With minimal information, you can get a ballpark figure and adjust it based on term lengths of your choice. It's a great way to compare their HELOC to their home equity loan.
Requirements, fees, and other fine print
To qualify for a home equity loan at US Bank, the property must be in one of 26 states that is home to their more than 2000 branches. You'll also need to have good credit (FICO of 660 or higher) and fall within their loan-to-value guidelines. Take a look at what we found in our research:
Reputation is solid
Long established as a financial powerhouse in the United States, US Bank is accredited by the BBB and has received a stellar "A+" rating, a slight improvement since we last reviewed them. Though they had several hundred complaints against them closed in the past year, that number is comparatively low to the approximately 15 million clients they serve through all of their banking and investment services. With more than $671.2 billion in domestic assets, US Bank (also known as U. S. Bancorp), is ranked as the fifth largest bank in the country according to Bankrate. While there are complaints across online platforms about their service, the relatively low number makes us confident that we can recommend their service.
Excellent option to consider
US Bank ranks high in our list due to a combination of their transparency, reputation, and availability of products, but they fall short due to limited locations. If your property is located in one of the 26 states where they're located, they're an excellent option for a home equity loan.
Very Good
Figure says they offer the "#1 non-bank home equity line of credit" in the country, funding more than $22 billion in loans. Started in 2018 by Mike Cagney and Jane Ou, the company offers digital home equity lines of credit. Cagney is also known for being co-founder of SoFi, another lender on our list.
Only HELOCs offered
Homeowners in most of the country looking for funding can get a home equity line of credit (HELOC) at Figure. Though they also mention cash-out refinance loans, they're really just HELOCs. Boasting 100% online applications with no in-person approvals required, they say you can get approved quickly and funded within 5 days for some loans. Removing the manual processes and using AI to enhance their lending speed, Figure seeks to make the customer experience even better than before.
Apply in just 5 minutes and see a rate
Applications take just 5 minutes, but you're not able to get any rate information without completing one. Clicking on their "check your rate" is truly an application, though it's with a soft credit pull. After completing the app, you'll see your rate instantly. While we wish we could see a rate prior to this step, we love the quick approval process offered by Figure.
Something different about their HELOCs
A major difference in the Figure HELOC is that, like a traditional home equity loan, you'll get the full amount of the loan upfront. Then you're also given the ability to draw on the line again if desired, up to 100%. Also, even if your property isn't the typical sole or joint ownership, Figure can do HELOCs for those properties held in a revocable trust or by an LLC.
Things to know from the fine print
These HELOCs aren't offered in New York and Hawaii. If you seek a loan under $400,000, Figure won't require you to wait for an in-person appraisal, instead doing an AVM (a computer algorithm which estimates property value). Lines of credit from $15,000 up to $750,000 are available for those with good credit, though in AK and TX, minimum loan amounts differ. We like that there's no prepayment penalty. HELOCs come with a fixed or variable rate, but their variable rate HELOC isn't offered in MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, or SC. An origination fee of up to 4.99% of the initial draw may be charged. Since that initial draw is for the entire amount, you don't want to borrow more than you plan to use. Other fees included in the terms and conditions mentioned an AVM (or appraisal on high loan amounts) for value, manual notarization if needed, and recording fees and taxes.
Reputation is solid with customers and industry experts
Figure was named by Money as a Best Home Equity Lender, and they earned Best Overall HELOC for best online experience from Investopedia. They've been accredited by the BBB and have an impressive "A+" rating with less than 100 complaints in the past 3 years, many due to not fully reading the terms of the loans or the inflexibility of the company, which follows an automated process. Adding to their good reputation are more than 4,000 5-star reviews. Trustpilot reviewers have rated the company with an average of 4.8 out of 5 stars from 4,500 reviews. People were pleased with the easy process and quick funding. One reviewer said, "If you're looking for a streamlined, efficient way to access home equity without the usual headaches, Figure delivers," adding that by the time another lender returned his call, he'd already funded with Figure. LendEDU named Figure as the best overall HELOC lender due to their fast funding, online experience, and higher loan limits.
Great for fast approval and quick funding
Figure is making a name for themselves with their speedy funding of large loans. They're not able to provide every possible home equity product and won't give you an online estimate rate before you complete their online app, but their entirely digital experience pleases customers and results in a spot near the top of our list of home equity loan providers.
Very Good
Based in Detroit, online-only Rocket Mortgage says they're America's largest lender, having closed more than 7.5 million mortgages since their start in 1985. One of the first in the industry to offer eClosings, they focus on finding solutions for their clients with education, expert advice, and AI-powered chat for loans in all 50 states plus DC.
Just home equity loans and cash-out refinances, no HELOCs
With cash-out refinances and home equity loans, Rocket Mortgage has two of the main options homeowners seek to get funds from their property. They don't do home equity lines of credit. Here's what you can expect:
No online rate estimates given
A quick questionnaire will ask for your property info as well as a credit score estimate before telling you that your "custom offer is on its way." Rocket Mortgage won't give any estimates online, opting instead to call you to review options. If you'd prefer, you can call them, but you won't get far window shopping here. If you'd like just a general rate, just click on "review today's rates" where they show each type of loan as an example with a current interest rate, but you're not able to put in your preferred loan amounts to calculate it for yourself.
Terms, conditions, and caveats
Self-employed borrowers will be able to start a loan application with Rocket Mortgage, but they won't be able to do everything online, per their FAQs. Instead, they'll be connected to a home loan expert during the process.
High customer satisfaction here
The Rocket Mortgage reputation for customer satisfaction is backed up by JD Power. Surveys revealed that in the last two decades, Rocket Mortgage won more awards than any other mortgage servicer. In 2021, the company changed their name from Quicken Loans, and they merged with Mr. Cooper Group in 2025. An accredited business with the BBB, Rocket Mortgage has earned an impressive "A+" rating with fewer than 1,000 complaints in the past year, which isn't much in comparison to the volume of loans they service. In fact, the more than 40,000 reviewers on Trustpilot consider their company to be excellent, rating them 4.5 out of 5 stars. Negative reviewers complain about communication issues, customer service complaints, slow home equity loan process, and hidden fees. But the 33,000 5-star reviewers rave about knowledgeable and professional loan officers and team members, a streamlined and simple application process, and fast and easy closings. One even mentioned a "quick, easy, and pain-free process to acquire funding from my home's equity."
Excellent choice for loans in all states
Rocket Mortgage stands out as an online-only option offered in all 50 states. Their home equity loan and cash-out refinance are solid options with tens of thousands of 5-star reviewers. Despite not providing access to online rate estimates, this established company is an excellent choice for home equity loan products.
Good
An online-only bank started in 2011, SoFi began as a way to connect recent Stanford business school grads with alumni in the community. They began to offer mortgages three years later. Now with more than 13 million members, they became a national bank in 2022 and offer multiple options for accessing your home equity.
Lots of options here
SoFi offers homeowners home equity lines of credit (HELOCs), home equity loans, or cash-out refinances. For the HELOCs, SoFi funds some of their HELOCs while serving as a broker to Spring Eq for the others. They allow up to $500,000 or 90% of the home's equity (or 95% on Spring Eq brokered lines). SoFi will give you up to $750,000 or 85% of the equity on home equity loans. Borrowers can typically get up to 80% of the equity of their home in a cash-out refinance.
Asks for social security number to access rates
To get a loan, SoFi has you answer a few online questions and then they'll pair you with one of their loan officers to determine the right product for your needs. Beginning with your name, email address, and setting up a password, you're taken to a place where you're shown all of their different products. Click on mortgage and home equity loan to see your options. Choose cash-out refi or HELOC then give the property address, current mortgage info plus desired loan amount, credit score range, and then your birthdate and phone number to allow them to pull a soft credit check and access rates. Multiple times it says "won't impact your credit score" as it mentions you give permission for SoFi to pull your credit then asks for your social security number. While we appreciate the assurances, we're not sure how to feel about giving out our social security number before we see interest rates or decide to apply for the loan...
Not as many details offered
SoFi members can get a discount on home loans originated by SoFi Bank, but not on loans brokered by them. For more information about the member benefits, you can look in your account, as they're not fully listed on the website, just mentioned. We found that to be the case for other details for the following loan options as well:
Reputation is still solid
With a solid "A+" rating from the BBB, SoFi is unaccredited by them and has 600 complaints over the past year. But, given that they have more than 13 million members, we're not concerned about that number. Nearly 11,000 reviewers on Trustpilot have given them 4 out of 5 stars, with Zillow reviews at 4.87 out of 5 stars. People call them "trustworthy" with excellent, fast, and efficient customer service, though some recent reviewers are frustrated with loan approval times and not getting what they needed from SoFi. The pleased reviews greatly outweigh the negatives, with over 8,500 5-star reviews on Trustpilot. Also, they were named "Best for Repayment Options" on HELOCs by NerdWallet, which works in their favor.
Just above average overall
On one hand, we love that SoFi has a myriad of options to look at and their reviews are excellent. On the other hand, we wish they'd show us the rates without asking for a social security number and give more details about those home equity loan products. All considered, SoFi ends up as just an above average choice for us.
Average
Since 2024, New York-based Trovy has offered a 100% online process to get a credit card based on home equity within four days of application. They call it a "flexible, affordable, and modern borrowing solution for homeowners."
HELOC in the convenience of a credit card
Boasting that they provide home equity lines of credit (HELOC) with the flexibility of a credit card, Trovy offers a lower interest rate than a personal loan or credit card. The entire process can be completed in just days. This HELOC permits homeowners to lock in all or part of the balance (over $100) to a fixed rate while keeping a variable rate - ranging between 5% and 18% - for additional borrowing.
No rates shown before applying
Saying it's quick and easy to apply, Trovy will give homeowners an offer in under two minutes with no credit impact. Their fully automated underwriting system will calculate your offer based on income, home equity, credit, and debt obligations. You can borrow between $10,000 and $100,000. Since they use an AVM to get values (a computer algorithm to estimate property value), no in-person appraisal is required. You can't get an estimate without completing their quick process, but since it doesn't require a hard pull, it might be worth completing the brief application if this type of HELOC sounds interesting to you.
No fees from Trovy to open
Unlike some specialty HELOCs, Trovy says there is zero upfront draw required.
They don't charge account opening fees, but borrowers must pay mortgage recording taxes (if applicable in their state), plus recording fees and mobile notary fees. While they say there aren't any draw fees on card purchases, they will charge them for balance transfers and cash advances (up to 3.99%). So, depending on what you plan to use this for, it could be a very low-cost option to borrow on the equity in your home. Earn up to 3% cash back on purchases, and you don't pay interest if you pay off the balance. Not only will you receive a credit card to access the funds, but you can also request an ACH transfer to your bank account. Home values for eligible properties must be $75,000 or higher.
Still expanding newcomer
Not everyone in the United States will be able to get a HELOC with Trovy. Still a relative newcomer to the lending industry, this HELOC is only currently available in 26 states (AL, AZ, CA, CO, FL, IA, ID, IL, IN, KS, MI, MN, MS, NC, NE, NJ, NM, OH, OK, OR, PA, TN, UT, VA, WA, and WI), though they are expanding and have a waitlist you can join for when they're in your state. Also if you're looking for a refinance with a simple and faster approval process plus redraw capability, their "1loan" may be something to consider when it becomes available. Currently noted on their website, potential borrowers can "join the waitlist" for this home equity loan, which will provide access for self-employed or non-traditional borrowers who may have trouble qualifying for a traditional refinance. It has flexible access with the capability of multiple draws on the loan, like a cross between a home equity loan and a HELOC, with the Trovy card like their HELOC uses while still including ACH transfers and having ATM access. Financing can be within 15 days. Their streamlined process removes the mounds of paperwork to help homeowners refinance quickly. These loans will fund up to $2 million, greatly increasing your borrowing power.
But who are they?
This all sounds great, but the main problem we encountered is that Trovy isn't very transparent about who they are. Their about page doesn't provide any history or company information, just saying they are "building the financial home base for homeowners." Across the internet, there's not much to be found regarding Trovy, except that they are a "fintech" company, meaning they use technology to deliver financial services to customers. Finally on Rocket Reach, we learned that the co-founder and CEO of Trovy Technologies is T.J. Milani, who was previously with Figure, another completely digital lender on our list.
Reputation yet to be proven
Since they're still new to the industry, the BBB has rated this accredited business with an "A-" grade. They have no complaints against them. The fewer than 100 reviews on Trustpilot give the company 4.8 out of 5 stars. One happy borrower commented, "This is the fastest and easiest way to gain access to a large chunk of dough I've ever encountered." LendEDU called the Trovy card "best for fast funding" and "best for no minimum draw." Their Linkedin profile says the company was founded "to give homeowners better financial tools", and so far it sounds like it's succeeding, but it's still a little too soon to tell.
May need time to prove themselves
Trovy has something unique going for them with their HELOC in a credit card loan. But the lower loan amounts keep this yet untested company from being much higher than an average option for a home equity loan provider. We recommend looking at the higher-ranked lending services on our list first, then circling back to Trovy if you don't find what you need there.
Fair
LendingTree exists to connect homeowners searching for a loan with companies who lend money all over the United States. Their "shopping" experience offers you multiple loan possibilities to consider, in keeping with their slogan: "When banks compete, you win." The lenders who advertise through LendingTree pay for that service, which acts as a marketplace to easily compare multiple available options at once.
Marketplace for home equity loans and HELOCs
This online marketplace is the largest in the country for loans for personal and business loans, mortgages, credit cards, and insurance. LendingTree will help you compare rates for home equity and home equity lines of credit (HELOCs) from more than 300 top-rated lenders. While they help you find rates, you'll still have to apply through the bank or financial institution offering the loan. Their service streamlines your search, but you'll still have to research the lender you choose.
Prequalify and get up to 5 offers
Home equity loan rates are offered at LendingTree after you enter some basic information about your home type, its value, other loans on the home, amount of loan requested, credit score, birthdate, financial history, property address, name, email address, and phone number. They also ask for your social security number, saying it will not impact your credit score and that it's optional. But, when we put in a request without it, we could not get a match because they couldn't "verify" our identity. (So, if you want to try it out, you may have to give some personal information. If you're uncomfortable with that, you may have to look elsewhere, though LendingTree is a legit company who offers a secure website.) After you finish this process to prequalify, they'll show you loan offers from up to 5 lenders, typically within minutes. According to their website, LendingTree's lenders will call you to compete for your business. Choose a lender and complete that bank's detailed application with a hard credit pull and get approved.
Loan calculator plus helpful information
A free tool on the LendingTree website is their home equity and HELOC calculator. Just enter the current appraised value of the home, amount owed, and credit score. It's possible to look for home equity loans in amounts as low as $10,000 here, and they don't have a maximum listed (just $200,000+). They note that you're typically able to borrow no more than 85% of your home's value, which includes any other debt you owe on the property. In addition, after you go through their process, LendingTree says they provide support by monitoring your credit (a free benefit), sharing budgeting insights, and giving savings recommendations through their LendingTree Spring program. There's a lot of explanatory information on their website to help potential borrowers fully understand the process.
Refer you to a lender
You'll need to have a minimum credit score of 620 to get any quotes from LendingTree for home equity loans. The home equity page shows general loan amounts with APRs that you might qualify to receive and the estimated monthly payment. Some lenders they work with are Rocket Mortgage, Navy Federal Credit Union, TD Bank, BMO, and Spring EQ (some of which you'll find reviewed separately here). Remember, they make money from the companies who choose to list with them, so you're only going to be offered loans from certain financial groups, not every single one that may have options for you. But, it's a great way to narrow down your search if you find it overwhelming to look for a home loan.
Warnings about non-stop sales calls
The BBB has accredited LendingTree while giving them an impressive "A+" rating, and they've had fewer than 200 complaints over the past 3 years. But users are unhappy with the "immediate" and nonstop "telephone harassment" to sell them home loans. Some rant that they've received more than 20 calls a day. It's probably best to avoid utilizing this type of marketplace to learn about financing options if you don't want sales calls... On Trustpilot, the company has more than 16,000 reviews giving them 4.5 out of 5 stars. Pleased customers say the process was "quick, easy, and painless" with "friendly, and great communication." With more than 13,000 5-star reviews of their marketplace, we trust that LendingTree is a great option for comparing multiple loan rates in one place - if you can get past the spammy calls.
Could be helpful
LendingTree is not a provider of home equity loans or related products. Instead, as a marketplace, they connect homeowners with lenders. If you just want to shop around, it may be a great option, but the complaints of incessant sales calls significantly bring LendingTree down in our rankings as an option when seeking a home equity loan.
Fair
For more than 23 years, AmeriSave has financed $130 billion in loans and served 730,000+ clients. The Georgia-based lender is an online-only provider working with customers in 49 states plus DC (not New York).
Offers three options but doesn't give much info
AmeriSave makes refinancing to get cash out simple and personalized. They offer home equity loans, home equity lines of credit (HELOCs), and cash-out refinance mortgages. However, it was difficult to find much information about them or their products on their own website (as you'll see when you read on). According to some online mortgage reviewers, while they provide flexibility for borrowers with low credit, they don't provide rates online, making AmeriSave difficult to compare when doing your preliminary rate shopping online.
Requires verification to get rates
To learn rates, you can fill out the "apply now" form at AmeriSave's website. Indicate how much you need, the purpose of the loan, credit score, and if you own a home to get "pre-approved." Once you input the property address, their system will check to see if you own the property by asking your name and having you enter the text verification code. If you're not willing to do that step, you can call them to speak to a loan expert and get estimated rates.
Not very transparent about the details of products
When you click to learn about each type of home equity loan at AmeriSave, they'll encourage you to try their new AI calculator. Again, if you haven't verified your name and address, they will prompt you to do that in order to use the calculator. The details for their service are hard to find on their website, including their history as a lender, loan conditions, and fees. It was impossible to learn much worthwhile information, making us wonder why AmeriSave isn't more transparent about the basics of their products. But, here's what we can tell you:
Reputation questions to consider
One of two lenders named "Best for High Borrowing Limit" by NerdWallet, AmeriSave has built a mostly solid online reputation. Reviewers at Trustpilot are overwhelmingly pleased with AmeriSave, giving the lender 4.6 out of 5 stars across more than 18,000 ratings. In fact, nearly 13,000 of those are from 5-star reviews that rave about the smooth process, helpful representatives, "nice and professional" staff who were patient with explanations. On the other hand, a negative reviewer calls his experience the "biggest regret of the past decade" due to a funding error at closing. AmeriSave is accredited by the BBB and has earned a solid "A+" rating with a few hundred complaints over the past 3 years. Here's where there's cause for concern: many complaints have to do with a $500 "lock and shop fee" that is part of the online mortgage application to secure an interest rate. This fee is apparently non-refundable and has some people pretty upset. We didn't come across it on our online browsing, likely as a result of the lack of transparency regarding fees for the various loan types (and maybe it's not part of their home equity loans, just mortgages?).
Check out other options first
AmeriSave has an overall great reputation, but they aren't very upfront about all of the details regarding their loans. It's harder to get rates from them, and complaints to the BBB bring them down on our listing, leading us to recommend checking out other lenders first for home equity loan options.
Subpar
loanDepot has financed over $275 billion since their start in 2010. This non-bank lender is based in California and offers fast closings.
"Digital-first" HELOCs
A home equity line of credit (HELOC) is what loanDepot offers borrowers seeking cash from their homes. Line amounts range from $35,000 to $250,000. They're also available for refinancing to consolidate debt. The company's focus on "digital-first" means it's easier, faster, and less stressful to refinance your home with them (in theory, anyway...).
Future refis are free
Saying they "want to be your lender for life," they take care of your needs now and reward you for returning to them for your future refinancing needs. After your first finance with loanDepot, they'll give you a lifetime waiver of fees. Lender fees will be waived, plus they'll reimburse appraisal fees. That's a great loyalty benefit.
No rates, just a strange experience
Promising a no obligation quote, loanDepot says their quote process won't impact your credit score and you may be able to fund the loan within 3 weeks. But, you won't find any rates on their website. If you fill out the form to get cash out, which asks for your personal contact information and property address, you will be frustrated to find that you're met with a stock "thank you" page instead of rates. Plus, it has grammatical errors, which can be frustrating: "Thank you for filling the form. One of our expert will contact you soon!" Then we realized there are two different web addresses for this company. This was for loanDepot America. Going to loanDepot (the link that is connected to the BBB listing) took us to a slightly more detailed page, but we were still unable to get information to help us make any sort of decision. Other places on the website make you think you may be able to get some information, but instead require you to enter your phone number to be contacted.
Large or full draw on HELOC at closing
HELOCs at loanDepot have no third-party fees, but they will have an origination fee up to 5% of the credit line amount. At closing, a minimum draw of 75% or 100% of the line will be taken, with lines less than $50,000 requiring the full amount. Their mortgage refinance option isn't marketed as "cash-out" and no details are offered to explain conditions of these home loans.
Too much information still needed
Unfortunately, there was a lot of information lacking on loanDepot's website. We couldn't verify the basic credit scores required, learn where they're licensed, or get very far towards a quick quote without being asked to wait for them to contact us.
Reputation is mixed
One of two lenders named "Best for High Borrowing Limit" by NerdWallet, the BBB has accredited loanDepot and rated them "A+" with less than 400 complaints over the past 3 years. Complaints about constant sales calls were the most prevalent and recent issue. On Zillow, they have been rated 4.92 stars out of 5 from over 9,300 reviewers. Specific loan officers were named for their helpful navigation and customer service. Likewise, on Trustpilot, the company has received great reviews with 4.2 out of 5 stars from 4,500 reviewers. Most mention positive experiences with their loan officers, though some say they received harassing phone calls from "pushy" agents with "sleazy" tactics. Also, there are concerns about the various lawsuits in recent years. The company has faced or is dealing with multiple class-action lawsuits for reasons such as steering borrowers to higher-priced mortgages, cybersecurity breaches, and misleading investors.
Look at other options
Offering HELOCs for accessing your home's equity, loanDepot has a product that might be worth checking out. But their lack of transparency about their company, misleading offer of online interest rates, and recent hits to their reputation has us suggesting you look elsewhere for a home equity loan.
Poor
As the "first-ever home equity sharing option," Unison has spent more than 20 years connecting 17,000 homeowners with their investors. They exist to provide options for homeowners seeking to access the equity in their homes in a non-traditional way.
Share some "appreciation" with them instead of interest
Not your typical home equity loan, Unison frames their products as "co-investments" to make a partnership. They say on their video, "Remember, it's not a loan - it's cash, your cash to use as you wish, pure and simple." Feeling their new way of doing business is less "punishing" than the old way, they've helped thousands of people "unlock their future by unlocking cash from their home." You basically sell some of the future appreciation of your home to access equity for remodeling or other reasons. This agreement allows homeowners to "enjoy the wealth" today by sharing future growth of their property's value.
Check to see if your situation is a good fit for their program
Intrigued yet? Enter your home's address, value, first mortgage balance, type of home, and estimated credit score, name, email address, and phone number. Then Unison will offer a free quote for how much cash you can get. They say this won't impact your credit. After their offer, you fill out an application or work with one of their specialists to see if you're a good fit for their program. Once an appraisal is completed, you decide how much cash you want and get the funds "as quickly as possible." One complaint said it took months for them, so this may not be a fast solution for those who need cash quickly.
Who is investing in your home?
Since loan terms are for 30 years, the investors at Unison must be patient. According to their FAQs, their funding comes primarily from institutional investors including pension funds and university endowments. Unison's home equity sharing agreements are for those who are planning to stay in their homes for at least 5 years and not refinance. Plus, you are required to maintain your property's good condition if you enter into an agreement with Unison, ensuring you won't take their money and run your home into the ground.
How these programs differ
Two products offered by Unison are the equity sharing agreement and the equity sharing home loan. These "solutions" allow for low or no monthly payments, allowing homeowners to retain 100% ownership of their homes:
Not available everywhere
If you're interested in this type of financial agreement, Unison's range is limited. For their equity sharing agreements, they work with properties in 25 states: AZ, CA, CO, DE, FL, IN, KS, KY, MI, MN, MO, NE, NV, NJ, NM, NY, OH, OR, PA, RI, SC, TN, UT, VA, and WI, plus DC. If you're looking at the equity sharing home loan, that's only offered in 12 states: AZ, CA, CO, FL, MD, NE, NV, NJ, NC, OR, PA, and UT. They're still expanding, so you can ask to be contacted when your state is available.
Great reviews...
Unison is accredited by the BBB and has an excellent "A+" rating. Also called Unison Home Ownership Investors, Unison Mortgage Corporation, and Real Estate Equity Exchange, Inc., they have had just 20 complaints over the past 3 years. Some complaints are regarding processes when it comes time to sell or refinance the property. On Trustpilot, they're rated 4.4 out of 5 stars from over 200 reviews. Many reviewers rave about positive experiences, company transparency, and professionalism. The few negative ones warn that they were unable to get the money and wasted their time, or don't give detailed reviews so we know what they didn't like about the company.
...but not from everyone
On Consumer Affairs, there are more negative reviews, though they're a couple of years old, but they warn against the difficulty getting out of the agreement or refinancing your home, calling them "predatory lenders" and "parasites." One said she wished she had instead sought a personal loan or traditional home equity loan. The Mortgage Reports explains that Unison is "one of the most established and recognizable companies" in this sector of lending, calling them "one of the most trusted providers." It seems that those who entered into the agreements and were dissatisfied may not have fully grasped what they were doing and would have benefited from a traditional loan instead.
Not for most people
Unison's unique products allow you to avoid taking on extra debt while accessing the equity in your home. But the inflexibility of the program isn't a good fit for most homeowners, and their products are in limited areas, putting them at the bottom of our options for home equity loan providers.
Continued from above...
Homeowners know that one benefit of owning their residence is the potential to tap into the equity built up in their homes should the need arise. When borrowing money in this way, your home is used as collateral to secure the loan, resulting in lower interest rates and saving you money. This financial opportunity can be accessed most commonly through home equity loans and home equity lines of credit (HELOCs.)
There is typically a marked difference between home equity loans and HELOCs. Usually, a home equity loan is paid out as a lump sum with a fixed interest rate. As a result, predictable monthly payments make this a more stable option for borrowers to take care of one-time expenses such as debt consolidation or a specific large purchase.
On the other hand, HELOCs can be paid out over time based on the equity in your home. These revolving lines of credit usually have variable interest rates and flexible withdrawal options, making it convenient to help with ongoing or unpredictable expenses. They can be used for working on home improvements or unexpected medical bills. As the borrower takes out what is needed, interest is only paid on the amount in use. Some lenders have products that change these standard elements, such as offering a fixed rate option on their HELOC, utilizing a credit card-type line, providing a full draw on a HELOC at opening, and other variables.
In addition to the home equity loan and the HELOC, some lenders offer a cash-out refinance. This replaces an existing mortgage and gives the borrower a lump sum of cash that is borrowed over the balance of the mortgage being paid off. One con of this option is that it can result in sacrificing a lower interest rate on your home, plus it restarts your timeline for having your home paid off.
Lenders today may offer one, two, or all three of these options - or possibly another method of accessing your home's equity. Each type of loan has its pros and cons, so carefully consider your current situation in conjunction with additional debt you're considering taking on.
While your current lender may be able to offer you a home equity product, we suggest instead checking out the many options you can find only online. The rise of online lending can result in a much lower interest rate or unique products for borrowing that traditional financial institutions can't touch.
As interest rates fluctuate regularly, your decision should be made based on what works best for your financial situation and needs. Look for a great interest rate but also consider factors such as equity, current mortgage terms, and credit score. Some lenders will be more open than others with their rates, so you'll have to look at other criteria to see how they measure up:
No matter the state of the economy, home equity loans are out there to help you reach your personal financial goals. At Top Consumer Reviews, we've carefully examined and ranked the best of the available options to provide loans with terms you can afford and service you can trust.
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