You can get a home equity loan from various lenders, including banks, credit unions, mortgage lenders, and online-only lenders. Major banks like Bank of America, U.S. Bank, and Citizens Bank offer them, as do credit unions like Navy Federal and Connexus. To qualify, you typically need sufficient equity in your home, a good credit score, and a low debt-to-income ratio.

Where to find a home equity loan

Banks: Many large and local banks offer home equity loans.

Credit Unions: These are often a good option, especially if you are already a member, such as with Navy Federal Credit Union or Connexus Credit Union.

Mortgage Lenders: Companies that specialize in mortgages also provide home equity loans and lines of credit (HELOCs).

Online-Only Lenders: Several online companies specialize in home equity products and may offer a fully online application process.

What lenders look for

Home Equity: You must have a certain amount of equity in your home.

Credit Score: A good credit score is usually required to secure a loan, though some lenders may work with lower scores.

Debt-to-Income Ratio: A low debt-to-income ratio is necessary to prove you can handle the new loan payments.

How to choose a lender

Compare lenders: Get quotes from several types of lenders to compare interest rates, fees, and terms.

Consider your needs: Some lenders are better for large loans, while others specialize in smaller amounts, like Connexus Credit Union for loans under $10,000.

Check membership requirements: Some credit unions may require you to become a member to access their products.

If you’re looking to get a home equity loan (borrowing against the value you’ve built up in your home), there are many lenders who can offer this—but the exact options will depend on your state, your credit & debt profile, and how much equity you have. Here’s a breakdown of who can offer one and what to keep in mind:

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✅ Who can offer a home equity loan

Here are some examples of institutions and how they offer these loans:

• Navy Federal Credit Union: Offers fixed-rate home equity loans, with no closing costs and the possibility to borrow up to 100% of your available home equity. [1]
• U.S. Bank: Offers home equity loans (fixed) up to a 30-year term, but with typical requirements (credit score, amount of equity). [2]
• Bank of America: Offers home equity lines of credit (HELOCs) where you borrow a line of credit based on your home’s equity. For example, you might be able to borrow up to 85% of your home’s value minus the amount you still owe. [3]
• Fidelity Home Group: For homeowners in Florida, offers both a home equity loan and a HELOC (borrowing against up to ~90% of home value in some cases). [4]
• ALEC Federal Credit Union: A credit union offering home equity loans in certain states (IL, WI, OH, MN) up to around 80% loan-to-value. [5]

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🔍 What you need to qualify

Some of the key factors lenders will look at:

• Your credit score: For example, U.S. Bank mentions needing a FICO around 660 or higher. [6]
• The amount of equity you have in the home (i.e., how much your home is worth minus what you owe). Bank of America gives an example using 85% of value minus mortgage balance. [7]
• Your debt-to-income ratio (DTI) and other financial obligations. [8]
• That your property and state are eligible: Some lenders restrict to certain states. For example, ALEC only in IL, WI, OH, MN. [9]

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⚠️ Things to watch out for

• These loans are secured by your home. If you default, you risk losing the home.
• Interest rates vary a lot based on your credit, the amount borrowed, the ratio of loan to home value, etc. [10]
• Some states have stricter rules or lenders may not offer these products in those states.
• Whether it’s a fixed-rate loan (you borrow a lump sum) or a HELOC (line of credit): they work differently.
• Closing costs, fees, lien positions, etc vary—some lenders advertise “no closing costs” but there may still be conditions.

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If you like, I can check which lenders offer home equity loans in Colorado / Aurora area specifically (so you can compare local options). Would you like me to do that?