A home loan, or a home equity loan, is the fixed lump sum amount borrowed against your home’s built-up equity. The lenders allow you to borrow 85 percent of the home’s equity. The usual repayment period is between 5-30 years, and there is a fixed interest rate applicable. So, let’s find out who are the best providers of home equity loans. 

PenFed Credit Union
PenFed has been in the running for over eight decades and has an open charter.

Bank of America
This lender offers conventional loans, Federal Housing Administration, jumbo, Department of Veterans Affairs, mortgage refinancing, and home equity lines of credit. The maximum loan amount that you can avail of is $2.5 million. For qualifying Merrill Lynch and Bank of America clients, the bank provides origination fee discounts.

Discover Home Loans
Discover Home loan is renowned for its transparency when it comes to the fee on home equity loans. Interest rates are fixed and are usually within the range of 3.99-8.99 percent for first liens and 11.99 percent for second liens. To apply for a loan with Discover home, you must have substantial equity in your home and a good credit score. 

Regions Bank
When subscribed to autopay, Regions Bank provides you with home equity loans starting at 3 percent APR. You get loans at a fixed interest rate and zero closing cost. You can get the loans for a term of 7, 10, 15, or 20 years. A line of credit for this home equity loan is available at an introductory rate of 0.99 percent for the initial six months. After the introductory period, the interest ranges from 3.75 percent to 10.75 percent. 

PNC Bank
Residents from all 50 states can avail of this firm’s services. At present, PNC serves over eight million customers and can provide you with all kinds of mortgages, such as FHA, ARM, home equity line of credit, fixed-rate, medical professional mortgage program, USDA, PNC Community, refinancing, jumbo, and VA.