The Best Home Equity Line of Credit – Complete Lender Review

the best home equity line of credit

The Best Home equity line of credit

When you need a home equity line of credit, you have to be confident that you’re making the smartest financial decision. Making the wrong choice can cost you a lot over the life of your loan and become a big mortgage mistake. That’s why we’ve compiled a complete review of the best home equity line of credit for 3 of the top HELOC lenders. Let’s take a look.the best home equity line of credit

PNC Mortgage

As a well-established retail and commercial bank headquartered in Pittsburgh, they have 2,600 retail branches across the US.

PNC makes the application process easy. You can start it online or work with someone on the phone or in person.

They have a strong culture of taking care of the customer. Therefore, they consider it the role of every employee to provide exceptional service.

They’ve recently launched several customer care initiatives designed to live up to their high standards by helping all employees develop a better understanding of how what they do impacts customers.

What Makes Them Special

They offer home equity lines of credit with no closing costs on loans not exceeding a $250 thousand. Save 0.25% when you sign up for auto pay.

They make it easy to meet your budget with fixed, variable, interest only or traditional interest plus principle loans.

the best home equity line of credit

Wells Fargo

Wells Fargo has been in the news lately for some unethical business practices in years past. We want to get that one out in the open before we go into the review.

With that said, they have made some effort towards turning their company practices around. Having said that, they still have some great things to offer consumers along with some challenges.

We’re puzzled that they haven’t yet automated their lending process to allow potential borrowers to apply online. Once you apply over the phone or in person, however, you can track everything online.

Plans are in the works to upgrade their systems for a better customer experience. We hope to see that soon.

What Makes Them Special

Wells Fargo has one of the most extensive product offerings in the industry.

They work to meet borrowers where they are financially and in life, by developing home equity line of credit options that meet individualized needs. Save money on your line of credit when you have a Wells Fargo checking account and sign up for auto pay.

They offer special programs by which you can convert a variable loan to a fixed rate when it makes financial sense for you.

Equity spelled out with Scrabble letters

Chase

Chase believes in simplicity and choice for customers.

They look for ways to make decisions easy by offering straightforward information and strong customer support throughout the process. As a result, you get started online and then work directly with a hands-on loan officer to complete the process.

What Makes Them Special

Each offer a wide range of home equity line of credit options, but they keep it simple to make selecting the right one for you easy. They also give you the option to convert your HELOC to a fixed rate for up to 20 years.

In addition, they were at the forefront of the online banking revolution. So, their site is filled with easy to use resources and tools that just make the process a lot simpler.

Getting a Home Equity Line of Credit

For more information, browse of home equity loan section. You’ll find actionable tips and information on getting the best home equity line of credit that will help you make the right financial decisions.

Leave a comment below. Got questions? Check out the About Us page or shoot me an email.

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8 Comments

  1. Hi Patrick

    Home equity lines of credit can be a danger, depending on your level of discipline.

    I have known people who max out their line of credit to the limit, some people should not be allowed to have one.

    That being said, they are a great tool in case of a major bill(like a new motor needed for your car), where you know you have the credit ready to draw on.

    Thanks for a great recommendation, I find it hard to believe you can’t apply online yet! This is 2017 already.

    Cheers

    • Greg – Yes they can be a danger, but with everything in life moderation is the key.  

      If people are maxing out their line then they are not being financially responsible.  However there is no way to regulate personal discipline, so if you qualify, you get one.

      A home equity line of credit is a great credit tool to have available for major purchases.

      Things like a home remodel, education expenses, and as you point out an emergency fund for unexpected events like a car repair.

      Everyone should be aware that there is some risk involved in taking out a HELOC.

      If you don’t make the payments the lender can foreclose on your home.  So keep that in mind when you are evaluating the pros and cons of a home equity line of credit.

      The lenders mentioned in this post are some of the best out there when it comes to applying and getting approved.

      There are other great lenders out there in addition to these. So perform your due diligence before making this important decision.

      Patrick

      Credit Squared

  2. I’ve not seen any of the improvements Wells Fargo has made to turn their company practices around after their ethical lapses, is there a place I could go to find out more about that?

    I know I could probably search for it in Google, but I cannot come up with a viable search term that brings up any results. ‘Wells Fargo Improvements’ simply brings up dozens of home improvement loan offers, and ‘Wells Fargo ethics improvements’ just doesn’t cut it.

    • Yeah there is not a lot out there except for press releases on how they are going to change their ethical standards and the way they do business.

      So you really have to take a leap of faith that they are going to do the right thing.

      Here is a 113 page board investigative report that details the problems inside the the sales organization there and the corrective remedial action they have taken.

       http://bit.ly/2ttbC4q

  3. Thanks for laying out these options for a home equity line of credit. I’ve been looking into this, but didn’t really know where to start.

    I have heard of Wells Fargo and Chase, but not PNC. Even though they are located in Pittsburgh, are they still a nation wide company?

    Will most local banks do a home equity loan? If so, is there a difference between going local and going with a nation wide company?

    I would appreciate any advice you can offer. Thanks!

    • Hi Kayla – PNC is mainly located in the Northeast, but you can apply for a home equity line of credit from anywhere online.

      Most local banks will do a home equity line of credit, but the national lenders tend to do it faster and much cheaper.

      If you were to go local I’d recommend looking at a credit union, as they tend to be more customer focused and you can sometimes get an awesome rate.

      When I was shopping for my home equity line of credit I found a local credit union that even beat the rate of the company I work for.  It was close, as my company gives us a break on fees, but the credit union was far better on rate.

      Thanks,

      Patrick

      Credit Squared

  4. Thanks for laying out these The Best Home Equity Line of Credit. Now I know better and understand more after reading this.

    I have not seen any of the improvements Wells Fargo so far in terms of their ethical lapses and is there any others advise you suggest to go for?

    I’m bookmarking the page to come back and read it all once again.

    Looking forwards your reply.
    Maxx

    • Thanks for commenting and bookmarking the site.  Much appreciated.

      I’m also glad to hear you gained some knowledge from reading it.

      Are you a Wells Fargo Customer? If you are I’d love to hear your comments on their current sales tactics and customer interaction.

      Their Board stated they were taking corrective action in a 113 page report.  I would also be quite surprised it their regulators were not keeping a close eye on them.  

      If you are looking for a lender to help you finance a home equity line of credit try a local credit union.  They typically have low rates and are super helpful and don’t push products on you.

      The advantage of the big lenders is they usually can get you approved faster and may be more flexible on their qualification requirements.

      Credit Squared

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