The 12 Best Home Equity Loans For Your Home Renovation

When you're planning a home renovation, the budget can quickly get out of hand. Whether it's a kitchen remodel, bathroom upgrade, or adding a new room, tapping into your home’s equity is one of the most cost-effective ways to finance the work. Home equity loans offer fixed interest rates and predictable monthly payments, making them a smart option if you know exactly how much you'll need.

Below are 12 of the best home equity loan providers for renovations, with details on rates, terms, fees, and what makes each lender worth considering.

1.     U.S. Bank – Great For Low APRs And No Closing Costs

Loan Amounts: $15,000 to $750,000

APR: Starting around 8.00% (varies by location and credit profile)

Terms: 5 to 30 years

Perks: No closing costs on loans under $250,000

Best For: Borrowers looking to minimise upfront fees

U.S. Bank offers competitive rates and one of the few home equity loan products with no closing costs for most borrowers. This makes it easier to get started without needing thousands in cash up front.

2.     Discover – Fixed Rates And No Application Fees

Loan Amounts: $35,000 to $300,000

APR: Starting at 7.99%

Terms: 10 to 30 years

Perks: No appraisal, origination, or application fees

Best For: Streamlined process with no hidden charges

Discover stands out with its fixed-rate home equity loans and no-closing-cost promise. It's a solid choice if you're seeking simplicity and transparency.

3.     PNC Bank – Flexible Options And Discounts

Loan Amounts: $10,000 to $1,000,000

APR: Typically starts at 7.24%

Terms: 5 to 30 years

Perks: Rate discounts with automatic payments from a PNC account

Best For: Large renovations and existing PNC customers

PNC offers one of the highest maximum loan amounts available, ideal for big-ticket projects like home additions or major overhauls.

4.     Bank Of America – Loyalty Discounts

Loan Amounts: $25,000 to $500,000+

APR: Starting near 7.60%

Terms: 10 to 30 years

Perks: Discounts for Preferred Rewards members

Best For: Existing customers with strong banking history

If you already bank with BofA, their tiered discounts for loyal customers could help you qualify for a lower rate or reduced fees.

5.     Wells Fargo – Reliable National Option

Loan Amounts: Varies by location and equity

APR: Starts around 7.49%

Terms: 5 to 20 years

Perks: In-person branches across the U.S.

Best For: Customers wanting local support with a national lender

Wells Fargo is a familiar name and offers personalised loan quotes. They're a good fit if you prefer face-to-face assistance during the application process.

6.     Third Federal – Lowest Rate Guarantee

Loan Amounts: $10,000 to $200,000

APR: As low as 6.74%

Terms: 5 to 20 years

Perks: If you find a lower rate elsewhere, they’ll beat it

Best For: Rate-focused borrowers

Third Federal’s rate match guarantee gives it an edge if you're shopping for the absolute lowest monthly payment.

7.     Figure – Fast Online Funding

Loan Amounts: $15,000 to $400,000

APR: From 7.15%

Terms: 5 to 30 years

Perks: Funding in as little as 5 days

Best For: Quick funding and digital experience

Figure uses blockchain technology for fast approvals and funding, making it appealing for those who want to move quickly.

8.     Flagstar Bank – High Maximums And Jumbo Loans

Loan Amounts: $10,000 to $1,000,000+

APR: From around 7.50%

Terms: Up to 30 years

Perks: Jumbo loan options for high-value properties

Best For: Expensive renovations or high-equity homes

Flagstar can accommodate large renovation budgets, especially if you’ve built up significant equity over the years.

9.     BMO Harris – Low Intro Rates

Loan Amounts: $10,000 to $500,000

APR: Promo rates as low as 6.50% (for early terms)

Terms: 5 to 30 years

Perks: Rate locks and competitive introductory offers

Best For: Borrowers looking for low upfront interest costs

If you're planning to pay off the loan early, BMO's low introductory rates can save you a noticeable amount of interest.

10.                        KeyBank – Competitive Rates With Local Service

Loan Amounts: $25,000 to $500,000

APR: Starting near 7.25%

Terms: 5 to 20 years

Perks: Rate discounts with a checking account

Best For: Customers wanting a balance between digital and in-person help

KeyBank blends online convenience with in-person branch support in the Northeast, Midwest, and Northwest U.S.

11.                        Connexus Credit Union – Member-Focused Rates

Loan Amounts: $5,000 to $500,000

APR: As low as 6.99%

Terms: 5 to 20 years

Perks: No annual fees or prepayment penalties

Best For: Credit union members seeking personalised service

Credit unions like Connexus often offer lower rates than large banks, and the service tends to be more tailored to members.

12.                        Navy Federal Credit Union – Best For Military Families

Loan Amounts: Up to 100% of home equity

APR: Starting near 6.49%

Terms: 5 to 20 years

Perks: 100% loan-to-value options

Best For: Veterans, active duty, and their families

If you're eligible, Navy Federal's generous terms and 100% LTV offerings make it a strong option with flexible lending.

How To Choose The Right Home Equity Loan For Renovation?

Here are a few key points to help narrow your options:

Compare APRs and total repayment cost: Don’t just look at the starting rate. Use the APR and total repayment amount over the loan term to make comparisons.

Watch for closing costs: Some lenders cover them; others don’t. That could mean thousands out of pocket.

Check eligibility requirements: Lenders vary in credit score minimums, income verification, and debt-to-income thresholds.

Decide on a term: Shorter terms mean higher payments but less interest. Longer terms lower your monthly burden but increase the total cost.

Pick the right loan size: Make sure the loan amount will fully cover your renovation plans — and check for prepayment flexibility if you finish early or come in under budget.

Conclusion

A home equity loan can be one of the most affordable ways to finance home improvements, offering fixed rates and predictable payments. The best lender depends on your priorities — whether that’s fast funding, low fees, large loan amounts, or member discounts.

Before applying, compare interest rates, terms, and total repayment costs from at least a few lenders. Make sure you have enough equity and a solid credit profile to qualify for the best rates. With careful comparison, you can choose a loan that supports your renovation plans while keeping monthly payments manageable.