Like most banks and credit unions, Connexus considers your credit worthiness and history along with your loan-to-value and debt-to-income ratios to determine your eligibility for a home equity loan. In addition, Connexus offers a 15-year drawing period, which is longer than the typical 10-year period most competitors offer.Īlthough Connexus doesn’t charge annual fees, borrowers are responsible for closing costs which can range from $175 to $2,000 depending on the property location, loan terms and the amount borrowed. The minimum loan amount is $5,000, but borrowers can access up to 90% of their home’s equity, depending on their credit history and loan-to-value ratio (LTV).īoth HELOC options have a $5,000 minimum loan amount and a 15-year repayment term. Its home equity loans have fixed interest rates and repayment terms of up to 15 years. Why we chose this company: Connexus Credit Union offers the best home equity loan introductory rates, with rates starting as low as 4.50%.Ĭonnexus Credit Union stands out for its low six-month introductory rates, which start at 4.50% for its home equity lines of credit (HELOC)Ĭonnexus offers three different home equity products: home equity loans, HELOCs and interest-only HELOCs. Approval time can take between one to two weeks.Īnnual Percentage Rate (APR) 7.99% - 15.90% Loan Amount From $5,000 Terms 5 to 15 years Max. In addition, Discover’s eClosing features let you review, sign and submit closing documents online. Once you’re ready to submit your application, you’ll be assigned a banker who will help you throughout the process. Only borrowers with a credit score over 700 may qualify for loans over $150,000 and lower rates. To qualify, you should have a credit score of at least 620 and sufficient equity - usually between 10% to 20% - in your home.Īs with most loans, the amount you can borrow will depend on your creditworthiness. With Discover, you can check if you qualify for a home equity loan by providing some basic information before you formally apply. You can borrow between $35,000 and $300,000 and choose a repayment term between 10 and 30 years. It also doesn’t require an upfront cash payment at closing nor mortgage taxes.ĭiscover’s home equity loans have fixed interest rates, and are available for first and second liens. Online bank Discover makes our list for its low fees - unlike most banks, it doesn’t charge any application, origination or appraisal fees. Why we chose this company: Discover makes our top home equity loans list because its fees are lower than most competitors’.
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