Homeowners can use a home equity line of credit, or HELOC, as a great tool to access the equity in their property as needed.
Here is a list of the best HELOC lenders as well as an overview of the key ideas you should understand before applying for your own HELOC. The majority of mortgage lenders offer HELOCs in some capacity.
The picks for the best HELOC lenders
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PenFed Mortgage
offers a wide range of mortgage products and a fantastic online experience. Particularly significant aspects for the lender are the HELOC financing specifically for military personnel and their families.
KEY FEATURES
- a good choice
- Bank credits
- excellent BBB rating
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PNC Bank Mortgage
PNC Mortgage is a national mortgage provider that provides a variety of low down payment mortgage application options. Even nonrepayable home buyer grants may be available to some borrowers. In addition to cash-out refinance choices, PNC also provides home equity solutions if cash is what you’re after.
Your decision over the finest mortgage lender for your subsequent home loan will be aided by our study of PNC Mortgage.
PNC Mortgage review
Medical professionals seeking a house loan with a low down payment and no private mortgage insurance, as well as people with low and moderate incomes. Anybody wishing to learn more about the mortgage procedure should definitely check out PNC Mortgage.
Pros
- A large selection
- Grants in cash
- electronic pre-approval
- flexible choices for home equity loans
Cons
- Relationship reduction
- White-glove treatment
- Fee disclosure
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Many different loan alternatives
PNC Mortgage provides a huge selection of mortgage loans that should be able to meet the demands of most clients. The most popular government-backed mortgages, the typical conventional loan, low-down-payment mortgage choices, and speciality loans are all available with PNC. The selection is greater than what many other mortgage lenders have to offer.
For first-time homebuyers and any other borrowers who are interested in learning more about home loans, PNC Mortgage provides excellent information, education, and online resources. When you begin your home-buying research, it is usually a good idea to use a mortgage calculator to determine where you stand.
To assist you in determining the amount of a loan, the cost of a home, and the monthly mortgage payment you can afford, PNC provides its own set of interactive calculators on its website. After that, you can utilize PNC’s Home Insight Planner to choose the best financing and prepare your application. You can navigate every step of the mortgage application and closing process with the aid of PNC’s Application Tracker. On the PNC website, mortgage rates are also readily available.
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Bank of America Mortgage
The range of home loans offered by Bank of America is what you would anticipate from a significant national lender. It also focuses on house loans with little or no down payment. Some debtors may even be eligible for free money to help them buy a home. In addition, Bank of America consistently maintains inexpensive mortgage interest rates and excellent customer ratings. To determine if Bank of America is the best mortgage lender for you, read our in-depth evaluation.
Bank of America Mortgage Review
reputable first-time home purchasers with limited resources. Current clients who have sizeable balances at the bank or at Merrill Lynch may consider Bank of America Mortgage as well because they may be eligible for rate and charge breaks.
Pros
- mortgages with less money down
- Assistance with down payments
- Comparable HELOC
- Mortgage rates that are open
Cons
- zero USDA loans
- Alternatives for non-qualified mortgages are scarce
Customer discounts
Certain Bank of America clients are eligible for a reduction in the origination charge for mortgages. You must enroll in the Preferred Rewards program in order to be eligible. This program needs eligible Bank of America banking accounts and/or Merrill investment accounts to have a three-month combined average daily balance of $20,000 or greater. The following origination fee reductions are available through the Preferred Rewards program, which is free to join:
- Gold tier members who have a total balance of at least $20,000 receive a $200 discount.
- Platinum tier members receive a $400 discount (if their aggregate balance is at least $50,000).
- Platinum Honors tier members who have a cumulative balance of at least $100,000 receive a discount of $600.
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SunTrust
For those looking for low down payment choices or for first-time home purchasers, SunTrust offers a variety of mortgage programs. It also provides new physicians without a sizable down payment with a special lending scheme. For additional information, see our whole review of SunTrust.
After merging with BB&T recently, SunTrust Bank is now known as Truist Financial Corp. The two banks will continue to run under their current names during the changeover, although a new look is anticipated in 2021.
SunTrust review
borrowers with low incomes, first-time borrowers, healthcare providers, current SunTrust clients, and borrowers of jumbo loans.
Pros
- Loan types
- inexpensive options
- HELOC
- loans for professionals with high incomes
Cons
- No rate check online
- not nationally
Flexible mortgage options
Several types of borrowers will benefit from SunTrust’s broad variety of home loans. Together with all of the conventional mortgage loans, SunTrust also offers a number of low down payment choices and jumbo loans up to $3 million.
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Good for borrowers with low incomes
Homebuyers with low and moderate incomes have a number of mortgage financing alternatives from SunTrust. Depending on the type of mortgage, inexpensive SunTrust mortgages require a down payment ranging from 0% to 5%. The best part about some of those programs is that there are fewer restrictions for private mortgage insurance (PMI).
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US Bank Mortgage
A flexible lender, U.S. Bank offers solutions for almost every client. It provides a range of mortgage loans around the country, including a few specialized loans. Also, qualified U.S. Bank clients are entitled for a sizable discount on mortgage closing expenses. To find out if U.S. Bank is the right mortgage lender for you, read our whole U.S. Bank mortgage evaluation.
U.S. Bank Mortgage review
Customers of the U.S. Bank are seeking down payment help. If you need a mortgage for a rental property or a construction loan, U.S. Bank is an excellent choice.
Pros
- leader in customer service
- discount for clients
- Prior approval without a credit check
- less common loans
- Assistance with down payments
Cons
- It’s challenging to determine eligibility without speaking to a loan officer
- There is nothing online concerning unique low down payment loans.
- Most customers won’t be eligible for the rate stated.
Top perks
With an overall score of 802 compared to the industry average of 781, U.S. Bank performs significantly better than average in the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Survey. This suggests that when U.S. Bank services a loan, clients generally have a positive experience. In J.D. Power’s study on mortgage origination, U.S. Bank receives a score that is somewhat below average (848 points versus the industry average of 856). Given that it’s still a fantastic score and the increased competition for new loans, we don’t see that as a major downside.
Discount for Clients
Customers of U.S. Bank who are still with them receive a relationship incentive. You might be qualified for a discount on closing expenses if you currently have a U.S. Bank mortgage or a U.S. Bank personal checking package. The reduction is up to $1,000 and equal to 0.25% of the new loan amount. You can save $500, for instance, if your loan is for $200,000.