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Compare home equity opportunities
Last updated: July 12, 2026. Rates and terms change frequently — always check with the lender.
The short version
- Home equity is the part of your home you actually own: what it's worth minus what you still owe. These loans let you borrow against it — usually at lower rates than personal loans, because your house is the collateral.
- Two main tools: a HELOC (home equity line of credit — borrow as you go, like a card) and a home equity loan (one lump sum, fixed payment). New to both? Read the plain-English guide first ↗
- The trade-off is serious: miss enough payments and the lender can foreclose. Never use home equity for spending you couldn't otherwise afford.
- Coverage varies a lot — several strong lenders only serve some states. Use the filters below, then confirm on the lender's site.
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Listed for your consideration — not ranked or endorsed. Links go to each lender's own site. When you pick a state, we hide only lenders whose own sites confirm they don't serve it; always confirm coverage on the lender's site. "Known for" lines are drawn from each lender's own pages.
| Lender | Offers | Coverage |
|---|---|---|
| Figure ↗ | HELOC | Most states — confirm |
| U.S. Bank ↗ | Both | Varies by program — confirm |
| Bank of America ↗ | HELOC | National — confirm |
| Rate ↗ | HELOC | Not NY, KY, WV, DE, MD (fixed) |
| Citizens ↗ | HELOC | 29 states + DC (its site lists them) |
| Rocket Mortgage ↗ | Home equity loan | National — confirm |
| TD Bank ↗ | Both | East Coast footprint — confirm |
| Third Federal ↗ | Both | 28 states + DC (its site lists them) |
| Achieve ↗ | Fixed-rate HELOC | 31 states per its press materials — confirm |
| Navy Federal ↗ | Both | National (members) |
| PenFed ↗ | HELOC | National (join at application) |
| FourLeaf FCU ↗ | HELOC | Not TX |
| Alliant ↗ | HELOC | 25 states + DC |
| Connexus ↗ | Both | Not MD, TX, HI, AK |
Didn't find your fit? More lenders to consider
Credit unions with unusual home-equity products, and nonprofit community lenders that serve borrowers the big names turn down.
Quorum FCU ↗ — Credit union anyone can join (free membership through a consumer association). Rare finds here: a renovation HELOC based on your home's future value, and HELOCs on investment properties.
DCU ↗ — Credit union whose fixed home equity loans are available in all 50 states (its HELOC skips CT, NC, TX, WI, WV). Membership through family, employer, or a member organization.
Self-Help CU ↗ — Nonprofit CDFI (Community Development Financial Institution — a community lender) serving NC, SC, FL, GA, and VA.
Hope CU ↗ — Deep South CDFI (AL, AR, LA, MS, TN); its site advertises no closing costs and works with credit scores as low as 580.
Your own bank or credit union — Existing customers sometimes get relationship pricing on home equity products. Worth one phone call before you decide.
Questions people ask
What's the difference between a HELOC and a home equity loan?
A HELOC is a reusable credit line: borrow what you need during a "draw period" (often several years), pay interest on what you use, then repay. A home equity loan is one lump sum with a fixed rate and fixed payment from day one. Lines fit ongoing projects; lump sums fit one known expense.
A HELOC is a reusable credit line: borrow what you need during a "draw period" (often several years), pay interest on what you use, then repay. A home equity loan is one lump sum with a fixed rate and fixed payment from day one. Lines fit ongoing projects; lump sums fit one known expense.
How is this different from a cash-out refinance?
A cash-out refinance replaces your whole mortgage with a bigger one and hands you the difference. Home equity products leave your current mortgage alone and add a second loan. If your existing mortgage rate is low, keeping it and adding a HELOC or home equity loan is often the cheaper path — run both. Compare refinance lenders →
A cash-out refinance replaces your whole mortgage with a bigger one and hands you the difference. Home equity products leave your current mortgage alone and add a second loan. If your existing mortgage rate is low, keeping it and adding a HELOC or home equity loan is often the cheaper path — run both. Compare refinance lenders →
How much can I borrow?
Each lender caps your total home debt at a percentage of your home's value (you'll see terms like LTV — loan-to-value). Caps differ by lender and product, so check the lender's own numbers. You'll also need income and credit checks, and usually some form of appraisal.
Each lender caps your total home debt at a percentage of your home's value (you'll see terms like LTV — loan-to-value). Caps differ by lender and product, so check the lender's own numbers. You'll also need income and credit checks, and usually some form of appraisal.
What's the biggest risk?
The collateral is your house. A personal loan gone bad hurts your credit; a home equity loan gone bad can cost you your home. That's why these rates are lower — the lender takes less risk, and you take more.
The collateral is your house. A personal loan gone bad hurts your credit; a home equity loan gone bad can cost you your home. That's why these rates are lower — the lender takes less risk, and you take more.
Is the interest tax-deductible?
Sometimes — the IRS says the interest counts only when the money buys, builds, or substantially improves the home securing the loan (and it's an itemized deduction, so it only helps if you itemize). Rules change; ask a tax professional before counting on it. The IRS's explanation ↗
Sometimes — the IRS says the interest counts only when the money buys, builds, or substantially improves the home securing the loan (and it's an itemized deduction, so it only helps if you itemize). Rules change; ask a tax professional before counting on it. The IRS's explanation ↗
What happened to Discover home equity?
Discover stopped taking new home equity applications after Capital One bought the company — its own site says so. Older articles still recommend it; that's a good reminder to check dates on anything you read (including ours — see the top of this page).
Discover stopped taking new home equity applications after Capital One bought the company — its own site says so. Older articles still recommend it; that's a good reminder to check dates on anything you read (including ours — see the top of this page).
Thinking of using home equity to pay off cards? Run the numbers with the consolidation calculator and read the debt consolidation page — moving unsecured card debt onto your house is not a step to take casually.
Reviewed by AI and James Mills, retired financial planner with Professional Designations (25-year career), former FL mortgage and real estate broker. Lenders here are verified as real and currently operating; inclusion is not an endorsement. Rates and terms come from the lender — always check the source.
Editor’s note: Discover home equity intentionally excluded (wound down after the Capital One acquisition — confirmed on Discover's own site). Aven omitted pending verification (its site couldn't be independently checked). Texas readers: state law limits home equity borrowing; several lenders exclude TX entirely.