What programs offer home equity loans?

Home equity loans (often structured as lump-sum traditional loans or revolving Home Equity Lines of Credit, or HELOCs) are offered by a wide variety of financial institutions, including national traditional banks, online lenders, credit unions, and specialized mortgage companies.

Popular programs and top-rated providers categorized by institution type include:

• Traditional National Banks: Large national banks provide robust branch networks, high borrowing limits, and sometimes rate discounts if you link an existing checking or savings account. Top choices include:
  • PNC Bank : Recognized for competitive overall rates, large maximum loan amounts, and flexible repayment terms.
  • Fifth Third Bank : Noted for options with zero closing costs, though availability is geographically limited to select states in the Midwest and South.
  • TD Bank : Offers high borrowing limits and accommodating terms, with relationship discounts for account holders.
  • Regions Bank : Provides competitive home equity loans and HELOCs with minimal closing fee structures in select regions.
• Credit Unions: Credit unions frequently provide lower interest rates and fewer fees than standard commercial banks, though you must qualify for membership. Notable options include:
  • Navy Federal Credit Union : Excellent for military members and their families, allowing high equity borrowing percentages (up to 100% for certain home equity loan products).
  • Pentagon Federal Credit Union (PenFed): Known for large line-of-credit limits (up to $1 million) and great customer service ratings.
  • Connexus Credit Union : Frequently highlighted for low introductory rates and streamlined, low-appraisal or no-appraisal options.
• Online and Specialized Lenders: These providers offer digital-first applications, quick funding times, and specialized underwriting criteria:
  • Discover Home Loans : Well-known for traditional home equity loans with zero closing costs.
  • Spring EQ : Specializes in fast approvals and allowing maximum equity extraction.
  • RenoFi : Tailored specifically for home renovation projects, basing your borrowing limit on your home's future post-renovation value rather than just current equity.

If you'd like to narrow down the best program, let me know:

• What is the intended use of the funds (e.g., home renovations, debt consolidation)?
• Roughly how much equity do you have, and what loan amount are you looking for?

Home equity loans are offered by many types of lenders, including banks, credit unions, mortgage companies, and online lenders. The best program for you depends on your credit score, home equity, loan amount, and whether you want a fixed lump sum or a flexible credit line.

Common programs and lenders that offer home equity loans

Banks

Many large banks offer fixed-rate home equity loans and HELOCs (home equity lines of credit), including:

• Bank of America
• PNC Financial Services
• U.S. Bancorp (U.S. Bank)
• Truist Financial
• Fifth Third Bancorp

Bankrate Bankrate### Credit unions

Credit unions often have competitive rates and lower fees, though you usually need membership eligibility. Examples include:

• Navy Federal Credit Union (military-affiliated membership)
• State Employees' Credit Union (availability depends on eligibility)
• PenFed Credit Union

Lender Census### Online and mortgage lenders

Some online lenders specialize in home equity products:

• Better Mortgage
• Rocket Mortgage
• Flagstar Bank

NerdWallet## Types of home equity programs

• Fixed-rate home equity loan: You receive a lump sum and repay it with a predictable monthly payment. Good for renovations, debt consolidation, or a large one-time expense.
• HELOC: A revolving credit line you can draw from as needed; rates are usually variable. Good for ongoing projects or uncertain expenses.
• Home equity conversion mortgage (reverse mortgage): Generally for homeowners age 62+ who want to access equity without a traditional monthly loan payment, subject to program rules.

Typical requirements

Lenders commonly look at:

• Home equity amount
• Credit score
• Debt-to-income ratio
• Income and employment history
• Loan-to-value (LTV) ratio
• Property type and location

If you are in North Carolina, there are also many regional banks and credit unions offering home equity products, and rates vary by lender and borrower profile.

If you tell me your state, approximate home value, mortgage balance, and how much you want to borrow, I can help narrow down which programs are likely to fit.

Traditional home equity loans, HELOCs (Home Equity Lines of Credit) , and government-backed equity programs are offered by banks, credit unions, online lenders, and federal agencies.

Common Home Equity Programs & Lenders

• Traditional Banks: Large national and regional banks (like Fifth Third Bank ) provide both lump-sum home equity loans with fixed rates and flexible HELOCs with variable rates.
• Credit Unions: Member-owned institutions (like Navy Federal Credit Union ) frequently offer competitive interest rates, lower fees, and high borrowing limits up to 95% of home equity.
• Online Lending Marketplaces: Platforms (like LendingTree ) let you compare personalized quotes, rates, and terms across multiple competing private lenders.
• Government Reverse Mortgages: The U.S. Department of Housing and Urban Development (HUD) offers the Home Equity Conversion Mortgage (HECM), a special FHA-insured program for seniors aged 62 and older to convert home equity into cash.

If you can share what you plan to use the funds for and your estimated credit score , I can help you decide whether a traditional loan, HELOC, or alternative option fits your needs best.

If you're asking about home equity loan programs available to homeowners in Alabama, there are several options. A home equity loan is usually a lump-sum second mortgage with fixed payments, while a HELOC is a revolving line of credit.

Common programs and lenders

• Banks and credit unions: Many offer both fixed home equity loans and HELOCs. For example, fbal.bank offers both.
• Alabama Credit Union: Offers a fixed-rate second mortgage and HELOCs, with its HELOC allowing borrowing up to 90% of home value minus the existing mortgage.
• Large national banks: bankofamerica.com currently offers a HELOC, with its stated minimums including a 660 credit score and at least 15% home equity.
• Local/community banks and credit unions: Current Alabama rate data shows home-equity products from institutions including Lauderdale County Teachers Credit Union, Capital City Bank, Tyndall Federal Credit Union, and others.

What about FHA?

There isn't a standard FHA home equity loan that works like a conventional second-mortgage home equity loan. FHA does have cash-out refinancing, FHA renovation programs, and the HECM reverse mortgage for homeowners age 62+.

If you're 62 or older, the FHA-insured HECM may be particularly relevant; the 2026 maximum claim amount is $1,249,125.

Which program may fit you?

If you tell me your approximate home value, current mortgage balance, credit score, and how much you want to borrow, I can narrow this down to the programs/lenders you’re most likely to qualify for and compare the current Alabama options.

Yes. If you mean programs/lenders that let homeowners borrow against existing home equity, there are several options.

Main home-equity options

• Traditional home equity loan — You receive a lump sum, usually with a fixed rate and fixed monthly payment. It is generally a second mortgage if you already have a mortgage.
• HELOC (Home Equity Line of Credit) — A revolving line secured by your home. You can draw money as needed rather than taking one lump sum. HELOC rates are commonly variable.
• VA cash-out refinance — For eligible veterans/service members, a VA-backed cash-out refinance can let you access home equity, including for debt payoff, education, or improvements.
• FHA programs — FHA's HECM reverse-mortgage program can provide access to equity for eligible older homeowners, while FHA Title I has programs related to property improvements. These aren't the same as a conventional home equity loan.
• State/local programs — Some states, municipalities, and nonprofits have special home-improvement or homeowner lending programs.
• Banks and credit unions — Many offer their own conventional home equity loans and HELOCs, with eligibility, maximum loan-to-value, fees, and rates varying considerably.

As of August 21, 2026, the average U.S. home-equity-loan rate is around 8.12%, although actual offers can be substantially different depending on credit, equity, income, loan amount, and lender.

If you're in Ohio, I can also look up the specific banks and credit unions near you that currently offer home equity loans, and compare their rates, maximum LTV, minimum credit score, and fees.

Home equity financing is widely available through traditional banks, national mortgage lenders, online fintech companies, and credit unions. Instead of a single government-sponsored program, lenders offer a few distinct products depending on how you want to borrow and repay the money.

Types of Home Equity Programs

• Traditional Home Equity Loan (HELOAN): Provides a one-time lump sum of cash upfront with a fixed interest rate and predictable monthly payments over a set term (typically 5 to 30 years). It acts as a second mortgage without altering your original primary mortgage rate.
• Home Equity Line of Credit (HELOC): Functions like a revolving credit card secured by your home. You get a maximum credit limit, draw funds as needed during a "draw period" (usually 10 years), and typically make variable-interest, interest-only payments until the repayment phase kicks in. Some lenders also offer fixed-rate lock options on portions of a HELOC.
• Cash-Out Refinance: Replaces your entire current first mortgage with a brand-new, larger mortgage, giving you the difference in cash. This is ideal if current market mortgage rates are lower than or comparable to your existing rate.

Top Lenders and Programs by Category

• Best Overall / Traditional Lenders:
  • PNC Bank offers accessible credit requirements and competitive fixed structures.
  • U.S. Bank provides steady fixed-rate lump-sum loans with robust physical and digital branch support.
  • Truist is a standout choice if you want flexible rate-lock capabilities on a revolving line of credit.
• Best for Speed & Digital Experience:
  • Figure specializes in rapid, fully digital online applications and fast funding.
  • Better Mortgage offers streamlined online processing and competitive borrowing caps.
• Best for Fee Structures & Discounts:
  • Bank of America is frequently cited for low-fee or no-closing-cost HELOC incentives.
  • BMO features helpful rate discounts for automatic payments and covers select closing costs.
• Best for Military Members:
  • Navy Federal Credit Union allows high combined loan-to-value (CLTV) ratios (up to 95%) for eligible military families and veterans.

To help narrow down which program fits best, tell me:

• Are you looking for a lump sum (Home Equity Loan) or a revolving line of credit (HELOC)?
• What is the estimated amount you plan to borrow?

If you mean types of programs that let you borrow against existing home equity, there are several. A traditional home equity loan is generally a second mortgage with a fixed rate and lump-sum payment.

Main programs/options

The VA specifically offers a cash-out refinance option for eligible borrowers, rather than a separate VA "home equity loan." www.va.gov The FHA's HECM is a reverse-mortgage program, so it's quite different from a conventional home equity loan.

Banks and credit unions offering home equity loans

Some lenders currently offering traditional home equity products include:

• U.S. Bank home equity loans — offers fixed-rate home equity loans; its published requirements include a FICO score of 660+ and sufficient equity.
• Navy Federal Credit Union home equity loans — offers fixed-rate equity loans and HELOCs; membership eligibility applies.
• Many local banks and credit unions also offer home equity loans, often with different maximum loan-to-value ratios, fees, and rates.

One important point: FHA, USDA, and VA aren't generally programs for taking out a standard home-equity second mortgage. They primarily support purchase, refinance, repair, or reverse-mortgage programs.

If you tell me your approximate home value, mortgage balance, credit score, and how much you want to borrow, I can narrow this down to the best programs/lenders you could realistically qualify for and compare current rates.

Major national banks, online mortgage lenders, and credit unions offer home equity financing programs, split broadly into traditional lump-sum Home Equity Loans (HELOANs) and Home Equity Lines of Credit (HELOCs) . Prominent institutions featuring these programs include:

• National Traditional Banks: Providers like U.S. Bank, Bank of America , and PNC Bank provide fixed-rate home equity loans or flexible HELOC structures with varying promotional periods and repayment terms.
• Specialized Online & Mortgage Lenders: Lenders such as Rocket Mortgage, loanDepot, SoFi , and Achieve feature streamlined digital applications and specialized closed-end second mortgages or fixed lines.
• Credit Unions: Institutions like Navy Federal Credit Union offer competitive borrowing limits (often up to 95% or 100% of equity) with minimized closing costs or fee structures.
• Comparison Marketplaces: Platforms like LendingTree and Bankrate allow you to view multi-lender offers and current rates side-by-side.

If you share your target loan amount and whether you prefer a lump-sum fixed loan or a revolving line of credit (HELOC) , I can help you narrow down the best program type.

Home equity loans—which provide a lump sum of money paid back over a fixed term —are offered by a wide range of traditional financial institutions, online fintech lenders, and credit unions.

Popular choices and program categories offering home equity loans include:

• Traditional National and Regional Banks: Institutions like Fifth Third Bank, U.S. Bank, TD Bank , and BMO Bank offer standard home equity loans (alongside HELOCs) with fixed interest rates and terms typically spanning 10 to 30 years. They often give rate discounts if you set up automatic payments or maintain an existing checking/savings account with them.
• Specialized Mortgage and Online Lenders: Lenders like Rocket Mortgage and Spring EQ offer streamlined or digital-forward home equity loan options with flexible borrowing limits (often up to $500,000) and reduced paperwork.
• Credit Unions: Membership-based institutions like Navy Federal Credit Union and Connexus Credit Union frequently feature some of the most competitive home equity loan rates and lower fee structures, with Navy Federal allowing eligible military members to borrow up to 100% of their home's equity.
• Niche Reno/Improvement Programs: Lenders like RenoFi are specifically tailored for home renovations, basing your borrowing power on the after-renovated value of your home rather than just your current equity.

(Note: While many lenders offer HELOCs—Home Equity Lines of Credit—some institutions like Bank of America or Figure focus strictly on lines of credit rather than traditional closed-end home equity lump-sum loans, so it is important to verify which product a specific lender is actively underwriting.)

If you'd like to narrow down your options, tell me:

• How much money you are looking to borrow
• Whether you prefer a lump sum (home equity loan) or a revolving line of credit (HELOC)
• Your approximate credit score range

I can help recommend the best fit for your specific financial goals.

If you mean programs that let an existing homeowner borrow against the equity in their home, there are several options. A traditional home-equity loan is usually a lump-sum second mortgage, often with a fixed rate; a HELOC is a revolving line of credit.

Main options

The Georgia Department of Banking and Finance notes that banks and credit unions offer home-equity loans and HELOCs, with each institution setting its own terms.

Important distinction

If you're asking about government programs, FHA, VA and USDA generally aren't standalone "home equity loan" programs. Depending on your circumstances, they may provide refinancing or renovation financing, but a conventional bank/credit union home-equity loan or HELOC is usually what people use to tap existing equity.

Also, because your home secures the debt, failure to repay can put the home at risk of foreclosure.

If you tell me (1) your approximate home value, (2) mortgage balance, (3) credit score range, and (4) how much cash you need, I can narrow down which programs/lenders are likely to be the best fit for you.