Need to take out a home equity loan? For those that don’t know, home equity is the value of your home on the market minus the remaining mortgage payments. In other words, it’s the amount you put into your home. When you take out a home equity loan, you can take out money against your property, provide you’ve built up enough home equity. Your home need only be worth more than you owe. Best of all, you can take out a home equity loan for any reason as it acts as a line of credit or a lump sum loan. As a secured type of loan, you’ll get much lower interest rates than you did with your first mortgage, plus they are a lot easier to qualify for. Sometimes interest payments may even be tax deductible. The top home equity providers like US Bank, Citi and LendingTree can provide you with home equity loans at the best rates with the best service. Read on to find out more.
Top 3 Providers of Home Equity Loans
- US Bank
- Citi
- LendingTree
US Bank
US Bank is easily one of the most popular and reliable banks, and with good reason. US Bank offers competitive rates and flexible terms that most borrowers will appreciate. Monthly payments are shockingly affordable and there are no surprise fees or up-front costs. Interest rates are fixed at 4.99% APR for 10 years for up to 70% loan-to-value. Can’t pay back in 10 years, don’t worry because US Bank can provide loans as long as 30 years with interest being tax deductible. Loan funds are distributed quickly and securely, available in just four business days. And if you don’t want a lump sum, you can instead establish a home equity line of credit which offers even more flexibility. So act now.
Highlights:
- Allow for 30 years repayment
- Fixed rates as low as 4.99% APR
- Offers home equity line of credit
Citi
Citi offers home equity loans at excellent rates and even home equity lines of credit. With a 10-year term loan you can get a fixed rate of 6.24% APR or 6.75% APR for 30 years. Regularly scheduled payments and interest payments will be charged throughout the term. With the home equity line of credit, you can get even better variable rates at 4.74% APR. Credit lines come with a certain draw period and repayment period with your home as collateral. Applying is easy and takes just minutes of your time. Additionally, you find the nearest Citi branch near you to apply in person or call by phone. Once you apply you can check the status of your application online.
Highlights:
- 4.75% APR variable rates
- Fixed rates as low as 6.24% APR
- Apply online, in-person or by phone
LendingTree
LendingTree offers home equity loans at the best rates, hands down. Whether for a single-family home, condo, town home, multi-family home or mobile home, you can get an exceedingly appealing home equity offer. Home equity loan rates at LendingTree go for as low as 3.24%. Like Citi and US Bank you can get a lump sum or establish a line of credit. If you are 62 or older, you can even opt for a reverse mortgage. Using the home equity calculator from LendingTree, you can calculate the exact loan amount you qualify for. Use your home equity loan to consolidate debt, get quick cash, and make improvement to your home among other things. So if you need money now, act fast to get the best rates before they go up.
Highlights:
- For every type of home
- Rates as low as 3.24% APR
- 62 and over may qualify for reverse mortgage
Conclusion
If you need a home equity loan, now is the perfect time to take one out. Get the most out of your home equity, provided your home is worth more than you owe. Right now, you can get the best interest rates that are also tax-deductible so you have little to lose. Pay off your debt or get money for a cash purchase; whatever you want, a home equity loan can help.