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The pandemic-fueled real estate boom has encouraged massive appreciation for home values and household stakes. The average mortgage-holding homeowner has an eye-opening $3111,000 in stock (part of a home that is free and clearly owned).
American homeowners seeking cash have now changed to tapping their homes to raise funds via Home Equity Credit (HELOCS) and Home Equity Loans. Although these products generally cost more than mortgage fees, they can be an attractive way to tap on Home Equity.
This is a list of the largest (in terms of volume) home equity lenders, which are the most active founders of Home Equity Loan and Helock, according to data prepared by Trade Publications. Internal mortgage finance.
Top 10 Home Equity Lenders
1. Bank of America
Bank of America, a particularly active player at Home Equity Lending, provided over $9 billion in 2024. This only offers HELOC, but allows you to convert your balance to a fixed interest rate.
2. Citizens Bank
Rhode Island-based financial institution Citizens Bank has been pulling back a bit from 2023, winning $8.1 billion in its home equity business. It offers HELOC at a low minimum of $5,000.
3. PNC Bank
Pittsburgh-based PNC Bank issued its $5.7 billion home equity business in 2024. This promises 10 days of fast funding.
4. Figure lending
Figure Lending, an online lender, generated $5.34 billion in activity in 2024. That HELOC is a fixed-rate product and works almost the same way.
5. Rocket Home Loan
Online lending giant Rocket Mortgage has bolstered its relatively new home equity business and has put in a $5.3 billion home equity loan in 2024. This year we acquired another lender, Cooper.
6. Navy Federal Credit Union
The only credit union on the list, the Navy Federal Credit Union, has done $4.3 billion in home equity loans and Helock. The conditions are advantageous, but they are open only to past and present members of the military and their families.
7. US Bank
The Minneapolis-based US bank has recorded $4 billion in loans. One of its selling points covers all closing costs for borrowers.
8. Huntington National Bank
Ohio-based Huntington National Bank closed its $3.58 billion Hellock and home equity loan in 2024. It’s aimed at major players. To get the best rate available in Helock, Huntington specifies that borrowers must be approved for more than $75,000.
9. TD Bank
Canadian Lender TD Bank has done $3.2 billion in home equity loan and Helock. It is known for its strong customer service and competitive rates.
10. Discover the bank
Discover Bank, a familiar name for cashback credit cards, is booked for $2.9 billion in its home equity loan business. The terms are for strong credit borrowers.
Check out our guide on Bandrate for more insight into these and other his institutions.
Why is home equity loans so popular?
There’s a little bit to lending home equity.
According to the Credit Bureau Experian, the national HELOC debt was up to $360 billion at the end of 2024, and the average HELOC balance rose 7.2% in 2024, marking the third consecutive year of growth after a 10-year decline.
Interest is related to interest rates. Mortgage rates have withdrawn in recent months, but are still higher than during the pandemic. So for homeowners, tap on fairness through cash-out refinance – once a go-to vehicle for home renovations and other needs, but today it doesn’t make much sense. Why pay off your 3% mortgage when your current loan doubles that? You can take out a Hellok or home equity loan to maintain a low-cost mortgage instead of refinancing.
A bankrate survey of large lenders shows that home equity rates are not at bargain level. However, even with these fees, home equity loans and HELOCs remain far cheaper than many personal loans and credit cards.
And there is a transaction, especially in the case of HELOC. The most offensive lenders want to win your business, so they often hang their adoption rates below one or two. That’s one of the reasons why you reward searching for HELOC offers. For example, the third federal savings sold a HELOC rate of 6.99% as of April 2, earning nearly full percentage points above average. Home equity finance has other benefits. These products sometimes offer long conditions up to 30 years. And if the funds are used to repair or renovate your home, interest is tax deductible.
