Best Home Equity Loan Lenders in 2026: 7 Ranked by Rates, LTV, and Approval Speed
The best home equity loan lenders in 2026: Discover leads for lowest rate (7.24% APR, no fees), Figure leads for speed (5 business days), Spring EQ leads for high LTV (up to 95%). Compare 7 top lenders by rate, CLTV limit, funding timeline, and credit requirements.
The best home equity loan lender in 2026 is Figure for speed — funding in as few as 5 business days with rates from 7.35% APR. For lowest rates, Discover Home Loans is the leader at 7.24% APR with no origination fees. Spring EQ is best for high LTV borrowers (up to 95% combined LTV). The right lender depends on how quickly you need funds, your credit score, and how much equity you want to tap.
Last updated: April 28, 2026. Reviewed quarterly.
How We Ranked These Home Equity Loan Lenders
We evaluated 18 lenders against 5 criteria weighted by borrower impact:
| Criteria | Weight | What We Measured |
|---|---|---|
| Interest rates | 35% | Starting APR and rate range for qualified borrowers |
| LTV limits | 20% | Maximum combined loan-to-value ratio allowed |
| Fees | 20% | Origination fees, appraisal costs, closing costs |
| Funding speed | 15% | Average days from application to funding |
| Credit requirements | 10% | Minimum credit score for approval |
Home equity loan vs. HELOC: A home equity loan gives you a fixed lump sum at a fixed rate. A HELOC is a revolving credit line with a variable rate. If you need a specific amount for a defined project, a home equity loan is typically the better structure — predictable monthly payments, no draw period risk.
The 7 Best Home Equity Loan Lenders in 2026
1. Figure — Best for Fast Funding
Figure offers home equity loans from 7.35% APR with funding in as few as 5 business days — the fastest in the category. It operates fully online with a digital appraisal process, eliminating the scheduling delays of traditional appraisals. Loan amounts from $15,000 to $400,000, up to 95% CLTV.
Pros:
- Fastest funding in category — 5 business days average
- Digital appraisal eliminates scheduling delays
- Up to 95% CLTV — among the highest available
- No in-person requirements — 100% online process
Cons:
- Origination fee: 0%–4.99% of loan amount
- Rate increases slightly if you opt out of autopay
- Not available in all states (check current availability)
Who This Is Best For: Homeowners who need funds quickly — for a time-sensitive renovation, debt payoff, or opportunity — and are comfortable with a fully digital process.
2. Discover Home Loans — Best for Low Rates and No Fees
Discover offers home equity loans from 7.24% APR with zero origination fees, zero appraisal fees, and zero closing costs for most borrowers. Loan amounts from $35,000 to $300,000 with terms of 10–30 years. Minimum 620 credit score required.
Pros:
- Among the lowest rates in the category starting at 7.24% APR
- No origination fee, appraisal fee, or closing costs
- 30-year loan terms available — lowest monthly payment option
- Established brand with strong customer service ratings
Cons:
- Minimum loan amount of $35,000 — not ideal for small projects
- Funding timeline of 4–6 weeks — not the fastest
- Maximum 89.99% CLTV — lower than Figure or Spring EQ
Who This Is Best For: Borrowers who qualify for top rates and want to minimize fees — particularly those planning large projects with 4–6 week timelines.
3. Spring EQ — Best for High LTV Borrowing
Spring EQ allows combined LTV up to 95% and serves borrowers with credit scores as low as 620. Rates start at 7.65% APR with loan amounts from $25,000 to $500,000 — the highest maximum loan amount of any lender in this review.
Pros:
- Up to 95% CLTV — ideal for borrowers with limited equity
- Highest maximum loan amount ($500,000)
- Accepts credit scores from 620
- Available in 38 states
Cons:
- Higher starting rate (7.65% APR) than Discover or Figure
- Origination fees vary by state (0%–5%)
- Not available in all states
Who This Is Best For: Homeowners who have built some equity but need to borrow close to their home's full value, or those needing very large loan amounts.
4. U.S. Bank — Best for Existing Customers
U.S. Bank offers home equity loans from 7.45% APR with a 0.5% rate discount for existing U.S. Bank customers. Loan amounts from $15,000 to $750,000 with maximum 80% CLTV. Funding typically in 3–6 weeks with in-person and online application options.
Pros:
- 0.5% rate discount for existing U.S. Bank checking or savings customers
- Highest maximum loan amount ($750,000) for qualifying borrowers
- Strong branch presence for in-person support
- Established lender with predictable underwriting
Cons:
- Maximum 80% CLTV — more conservative than online lenders
- Rate discount requires existing customer relationship
- Funding speed is slower than online-only lenders
Who This Is Best For: Existing U.S. Bank customers who want a discount and the option of in-person support for a large loan.
5. Third Federal Savings & Loan — Best Rate Guarantee
Third Federal offers home equity loans from 7.29% APR with a best-rate guarantee — if you find a lower rate within 90 days, they will match it and pay you $1,000. No closing costs on standard programs. Available in 26 states with strong customer satisfaction scores.
Pros:
- Best-rate guarantee — match competitors or they pay $1,000
- No closing costs on standard products
- Strong customer service track record
- Competitive starting rate (7.29% APR)
Cons:
- Only available in 26 states — limited geographic coverage
- Maximum 80% CLTV
- Minimum 680 credit score — stricter than some competitors
Who This Is Best For: Creditworthy borrowers (680+ FICO) in supported states who want rate confidence and strong customer service.
6. BMO Harris Bank — Best for Flexible Terms
BMO Harris offers home equity loans from 7.49% APR with loan terms from 5 to 20 years — flexible enough to optimize either monthly payment or total interest paid. No application fee, no annual fee. Available in 48 states with minimum $25,000 loan amount.
Pros:
- Wide term range (5–20 years) for payment flexibility
- No application fee or annual fee
- Available in 48 states — broadest geographic coverage
- Rate lock available at application
Cons:
- Maximum 85% CLTV
- Funding timeline of 4–8 weeks
- Online application experience less polished than fintech lenders
Who This Is Best For: Borrowers who want term flexibility and broad availability, particularly those who want to choose a short term to minimize total interest cost.
7. TD Bank — Best for Northeast Borrowers
TD Bank offers home equity loans from 7.99% APR with same-day approvals in many cases and strong branch presence across the Northeast US. Loan amounts from $10,000 to $500,000 with maximum 89.9% CLTV and minimum $10,000 loan — the lowest minimum in this review.
Pros:
- Lowest minimum loan amount ($10,000) — good for smaller projects
- Same-day approval decisions in many cases
- Strong branch presence in Northeast (ME through FL)
- Up to 89.9% CLTV
Cons:
- Higher starting rate (7.99% APR)
- Limited to states with TD Bank branch presence
- Full funding still takes 2–4 weeks despite fast approvals
Who This Is Best For: Northeast homeowners who want a small loan ($10,000–$50,000), prefer in-person banking, and want fast approval decisions.
Home Equity Loan Lender Comparison Table
| Lender | Starting APR | Max CLTV | Min Loan | Funding Speed | Min Credit Score |
|---|---|---|---|---|---|
| Figure | 7.35% | 95% | $15,000 | 5 business days | 640 |
| Discover | 7.24% | 89.99% | $35,000 | 4–6 weeks | 620 |
| Spring EQ | 7.65% | 95% | $25,000 | 2–4 weeks | 620 |
| U.S. Bank | 7.45% | 80% | $15,000 | 3–6 weeks | 660 |
| Third Federal | 7.29% | 80% | $10,000 | 4–6 weeks | 680 |
| BMO Harris | 7.49% | 85% | $25,000 | 4–8 weeks | 660 |
| TD Bank | 7.99% | 89.9% | $10,000 | 2–4 weeks | 660 |
Methodology
Rate data sourced from each lender's published APR ranges as of April 2026. CLTV limits and credit score requirements verified against lender disclosures and program guidelines. Funding speed data sourced from lender-published timelines and verified against independent borrower reviews on Bankrate and LendingTree. RateRoots is not compensated by any lender listed and does not originate loans.
Frequently Asked Questions
What is the best home equity loan rate in 2026?
Discover Home Loans offers the lowest starting APR at 7.24% with no closing costs for qualified borrowers (620+ credit score, under 89.99% CLTV). Figure offers a close second at 7.35% with the advantage of 5-business-day funding.
What is the difference between a home equity loan and a HELOC?
A home equity loan is a fixed-rate lump sum — you borrow once and repay in fixed monthly installments. A HELOC is a revolving credit line with a variable rate, similar to a credit card secured by your home. Home equity loans are better for defined one-time expenses; HELOCs work better for ongoing or uncertain costs.
How much equity do I need to get a home equity loan?
Most lenders require at least 15–20% equity remaining after the loan (80–85% CLTV). Figure and Spring EQ allow up to 95% CLTV, meaning you can have as little as 5% equity remaining after borrowing.
What credit score do I need for a home equity loan?
Most lenders require a minimum 620–660 FICO score. Third Federal requires 680+. Higher scores (720+) qualify for the best rates — typically 0.5–1.5% lower than the advertised starting APR.
What are typical closing costs for a home equity loan?
Traditional lenders charge 2%–5% of the loan amount in closing costs. Discover and Third Federal waive most closing costs. Figure charges 0%–4.99% origination fee. Factor total cost — not just rate — when comparing offers.
How long does it take to get a home equity loan?
Range: 5 business days (Figure, fully digital) to 6–8 weeks (traditional bank lenders). The main delay factor is appraisal — digital appraisals (Figure, Discover) dramatically accelerate the timeline.
Can I get a home equity loan with bad credit?
620 is the typical floor for most lenders. Sub-620 borrowers have limited options in the home equity space. If your credit score is below 620, improving it before applying will meaningfully lower your rate — a 620 vs. 740 score difference can affect rates by 1–2%.
Is a home equity loan tax-deductible?
Interest may be deductible if the loan proceeds are used to buy, build, or substantially improve the property securing the loan (IRS Publication 936). Interest on home equity loans used for other purposes (debt consolidation, vacations) is generally not deductible. Consult a CPA.
Disclaimer: Interest rates and loan terms change frequently. Verify current rates directly with each lender before applying. This content does not constitute financial advice. RateRoots does not originate loans or receive compensation from lenders listed.
Author: RateRoots Editorial Team | Last reviewed: April 28, 2026 | Next review: July 2026