Wednesday, May 18th
2022 Home Equity Loan Reviews
US Bank
US Bank has been in business for nearly a century. If you like the peace of mind that comes from borrowing from a well-established financial institution, this lender is a great choice for your home equity loan. The Better Business Bureau gives US Bank their highest rating and accreditation.
Both Home Equity Loans And HELOCS
US Bank offers both home equity loans and HELOCs. Those work very differently in terms of interest rates and structure, so make sure you're clicking on the option for home equity loans when you get started. If you're not sure which one you need, scroll down to where it says, "Find the right approach for you" and then the "Get a recommendation" button.
Rate Transparency
We really appreciate US Bank's transparency with rates and terms. Right on their Home Equity Loans main page, they display what interest rates you can expect and under which circumstances. For example, at the time of our review, we qualified for their lowest rate on a 10-year home equity loan of $50,000 to $250,000. This assumed a loan-to-value of 70% or less and a FICO score of 730+. Of course, your home equity loan terms will depend on your LTV, credit score, and other factors.
Save Money By Opening An Account
US Bank gives its lowest rates to customers who make their monthly payments from a checking or savings account held at their institution. It might be worth it to open an account with US Bank for the savings on your interest, but being an account-holder isn't a requirement to be approved for a home equity loan.
No Closing Cost Option
You can also get a no-closing-cost option here. However, you'll have to agree to certain terms: a prepayment penalty of 1% of the original loan amount (maximum $500) if the loan is repaid within the first 3 years, or an origination fee of 1% (also with a maximum of $500). The latter option will increase your APR.
Fill Out The Online Form And Wait
To find out what US Bank can offer you, you'll need to fill out their online inquiry form with your name, address, phone number, ZIP code, desired loan amount, and whether you are currently a US Bank customer. From there, you'll be contacted by a representative. That doesn't quite offer the convenience of some online lenders, who let you complete the entire process online.
Excellent Choice
On the other hand, the rates offered by US Bank were extremely competitive, and we appreciated being able to see the fees and terms spelled out so clearly - even if our specific loan offer might vary. Although we'd like to see more options for completing more of the process online, US Bank is still an excellent choice for a home equity loan at a great rate from a trustworthy lender.
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Where Can You Go to Find the Best Home Equity Loans?
With interest rates at historic lows, it's a fantastic time to borrow money: to pay off credit card debt, invest in your child's education, make home improvements, or splurge on that big-ticket item you've always wanted.
There are two ways to take out a home equity loan: as a cash-out refinance of your current mortgage or as a standalone second loan. Depending on your circumstances - how much equity you have in your home, the terms of your current mortgage, credit score, and so on - you may find that one approach works better than the other.
Home Equity Loan FAQ
Continued from above...
Shopping around for the best rates on your home equity loan is a wise idea - don't just go to your current lender and assume they'll give you the lowest interest rate or best terms! It's worth your time to consider multiple lenders; even a difference of a few tenths of a percent can save you thousands of dollars in the long run, and some companies will reduce their fees or eliminate them completely just to earn your business.
Fortunately, the internet makes it effortless to compare your options with just a few clicks of the mouse. Many lenders provide their rates upfront, so you'll know if they're worth considering before you even begin an application; others may do a "soft pull" on your credit history, so that they can offer personalized rates based on your specific situation. Plus, some lending platforms give you the ability to compare offers from multiple banks with a single online form, saving you time while connecting you with the best rates on the market.
As you decide which provider to use for your home equity loan, there are several factors that can guide your choice:
- Transparency. How easy is it to see the current interest rates for home equity loans? Does the company disclose all of the fees involved with applying for a loan? Can you access this information without a soft credit check?
- Ease of Use. Do you have to jump through a lot of hoops to get rates tailored to your needs and credit history? How complicated is the application? Can you complete the entire process online, or will you have to speak with a representative?
- Reputation. What do other clients have to say about their experience with the lender? Does the company have a favorable rating with the Better Business Bureau?
TopConsumerReviews.com has reviewed and ranked the top options for home equity loans available today. We hope this information helps you get the money you need to pay down debt, start your home improvement project, or invest in a new business - the possibilities are limitless!
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