4 Best No-Appraisal Home Equity Loans of May 2025
Home equity loans and lines of credit (HELOCs) are a popular way for homeowners to access cash by tapping into the equity they have built up in their homes. However, the traditional appraisal process required by most lenders can be time-consuming, costly, and inconvenient. Fortunately, there are lenders who offer no-appraisal home equity loans and HELOCs, making the borrowing process faster and easier.
When looking for a no-appraisal home equity loan or HELOC, it’s important to consider factors such as interest rates, term options, maximum loan amounts, credit score requirements, and loan-to-value thresholds. Our top picks for the best lenders offering these no-appraisal products include:
1. Connexus Credit Union:
– Offers low rates and flexible terms
– Long draw period for HELOCs
– High loan-to-value ratios allowed
– Various term options available
2. Figure:
– Four loan terms to choose from
– Low, fixed interest rates
– Allows financing for second homes
– Quick funding in as little as five days
3. Discover:
– Uses data-based property valuations
– Competitive interest rates and high loan-to-value ratios
– Offers no closing costs or origination fees
– Multiple term options available
4. Rate (formerly Guaranteed Rate):
– Low, fixed interest rates
– Funding in as quick as five to 10 days
– No closing costs
– Allows financing for second homes, investment properties, and rentals
5. PenFed Credit Union:
– No appraisal required for loans up to $400,000
– Quick closing in as fast as 15 days
– No closing costs or origination fees
– Allows financing for one to four-unit properties
These lenders stand out for their competitive rates, flexible terms, and efficient loan processes. Whether you’re looking to consolidate debt, make home improvements, or access cash for other needs, these no-appraisal home equity loans and HELOCs offer convenient solutions.
In addition to these top picks, other lenders like Achieve and Hometap also offer no-appraisal options. Achieve provides loans with automated valuation models and quick funding, while Hometap offers home equity sharing agreements without monthly payments.
Before applying for a no-appraisal home equity loan or HELOC, it’s important to understand how these products work and consider alternatives like cash-out refinancing, reverse mortgages, or personal loans. By exploring different options and comparing lenders based on key factors, you can find the best solution to meet your financial needs.
Overall, no-appraisal home equity loans and HELOCs provide a convenient way for homeowners to access their equity without the hassle of a traditional appraisal. With the right lender and terms, you can leverage your home’s value to achieve your financial goals.
