Hello there! Are you looking for the best HELOC lenders? In this article, we will outline some of the best HELCO lenders this year. In the meantime, HELOC, also known as the Home Equity Line of Credit, is a type of loan that enables homeowners to acquire and obtain their equity without having to sell their homes for borrowed cash.
While there are a lot of HELOC lenders available online, a lot of people experience difficulties when it comes to choosing or comparing the rates of these home equity lines of credit companies. No need to worry; we have some of the best HELOC lenders for you.
Whether you would like to increase your home’s value, fund renovations, consolidate high-interest debt, or send your child to college, these home equity lines of credit have got you covered. Therefore, you do not have to worry about financing your needs. Besides, I have put together a list of the best lenders to keep reading.
What Can I Use a HELOC For?
There are a lot of things that you can use a home equity line of credit for. Some of them include:
- Loan consolidation.
- Retirement expenses.
- college tuition and wedding bills.
- Home repairs and improvements
- Property investment.
- Sudden financial difficulties
- Purchasing new equipment for a new business
So, if you are ever doing any of the following mentioned above, you can find or use the best HELOC lenders to cover such events.
Best HELOC lenders
By the end of this blog post, you will be able to discover the best HELOC lenders and find out which one has the best services and can meet your needs. Now, let us dive into it:
- Flagstar Bank.
- Alliant Credit Union.
- Fifth Third Bank
- PenFed Credit Union
- Old National.
- Bank of America.
- BMO U.S.
- Citizens Bank.
One of the highly recommended HELOC lenders is Flagstar Bank, with a review rating of 4.5. The minimum credit score to be qualified for their services is 680. In addition, Flagstar Bank does not charge closing costs, and borrowers can access up to $1,000,000 in loan amounts. But you need to be eligible.
Alliant Credit Union
One of the best HELOC lenders is Alliant Credit Union. They offer lower-than-average interest rates, and as a borrower, you can enjoy up to 80% of your home equity. However, the only sad thing is that you cannot use or access Alliant Credit Union services in all states, and you need a credit score of 620 to qualify.
Fifth Third Bank
Another bank on the list of the best HELOC lenders is Fifth Third Bank. Furthermore, they are known to be the best HELOC lender with a HELOC Rewards credit card. Besides, there are various ways you can access HELOC funds at Fifth Third Bank, and there are no closing costs.
Connexus is perfect if you are searching for a HELOC lender with a low introductory rate. What’s more, this provider has a lot of good reviews online from customers. However, the minimum credit score at Connexus is 640, and their APR begins at 8.74%. Additionally, you can apply online and enjoy a loan term of 30 years.
PenFed Credit Union
With the PenFed Credit Union program, you do not have to worry about closing costs when you get a HELOC. Besides, this is the best credit union HELOC lender you can ever find. With a minimum credit score of 680 and being able to meet their requirements, you will be able to borrow from PenFed Credit Union with ease.
Old National is one of the best HELOC lenders and is well-known for its multiple advantages. What’s more, they also provide low introductory interest rates to borrowers before they move to the higher standard rate. But this depends on the applicant’s qualifications, and you can waive the annual fee as well.
If you are sick of a long application process and would like to use a HELOC lender with the fastest application process, Truist is there for you. What’s more, this home equity line of credit lender has a lot of good reviews online from old and new customers who have used and experienced their services. Borrowers can also complete the process online.
Bank of America
Bank of America is the best big bank HELOC lender with good reviews online. They also have fixed-rate HELOCs available for borrowers to check out. What’s more, you do not have to worry about closing costs or application fees when you use Bank of America.
BMO U.S. is the perfect HELOC lender when it comes to fast closing. What’s more, their APRs begin at 7.745, and applicants need to have a credit score of 650 and above to be qualified for the home equity line of credit service offered by BMO U.S. Additionally, BMO U.S. offers low-interest rates to borrowers.
Citizens Bank is one of the best HELOC lenders. Furthermore, they are quite famous for their customer discounts and line of credit of up to $400,000. However, after the first year of using their services, an annual fee of $50 will be charged to borrowers.
Now that you have found out about some of the HELOC lenders, you must not just use their services immediately. In other words, you have to compare their rates and services to find out if they will work perfectly for you or not. This is one of the most helpful tips when choosing a home equity line of credit lender.