Best No-Appraisal Home Equity Loans of April 2025
- Unlock cash from within your home
- Online loan application process
- Save time on documents & paperwork
- Pay down debt, buy an investment property, or renovate your home
- Flexible terms, redraw up to 100%, borrow up to $400K
- Approval in 5 minutes. Funding in as few as 5 days
- Use to consolidate debt or finance your next project
- 100% digital app & online appraisal for good/excellent credit
- Lower your monthly payments. Competitive rates.
- Pre-qualify in minutes. Flexible terms with fast funding.
- Mortgage Advisors ready to help find the best solution.
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Recommended FICO Score of 640+
- FICO Scores 580-679. Access Your Home's Equity Today
- Take Advantage of No Appraisal Fee for Heloc & Cash-Out Refi
- Pay Off Debt, Pay Off Higher Interest Rate Credit Cards Online
- Enjoy a simplified process for a hassle-free experience
- Credit scores as low as 6002
- Close in as fast as 5 days
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Many homeowners are sitting on a good amount of equity these days, and home equity loans and lines of credit (HELOCs) can be a smart way to turn that equity into cash.
Most of these equity products require an appraisal, though — an in-person evaluation of your home to determine its value. This assessment process can add time, hassle and extra costs to the mix.
Some lenders, however, use different assessment methods that let you bypass the traditional appraisal process, which makes it faster and easier. If you’re looking for a no-appraisal home equity loan or HELOC, these are some of the top lenders you should consider.
What to know about no-appraisal home equity loans:
- Most lenders require an appraisal before they approve a home equity loan or HELOC.
- Some lenders let you waive the appraisal, use an old one, or leverage data-based approaches to determine your home’s value instead.
- Choosing a no-appraisal lender can help speed up the lending process and cut down on costs.
How we chose our top picks
Our editors and writers reviewed over 60 home equity products and lenders to ensure our list is as comprehensive as possible. We used publicly available data and interviews with lender representatives to confirm data accuracy. We then narrowed down a list of lenders offering no-appraisal loans and used factors such as interest rates, term options, maximum loan amounts, credit score requirements, and loan-to-value thresholds to score each lender on a one-to-five scale.
Read our full methodology to learn more.
Our top picks for best no-appraisal home equity loans
- Connexus Credit Union: Best Overall
- Figure Lending: Best no-appraisal HELOC
- Discover: Best Home Equity Loan
- Rate: Best for Low Interest Rates
- PenFed Credit Union: Best for Smaller Loan Amounts
Best Overall: Connexus Credit Union
- Offers the best combination of low rates, flexible terms
- Long draw period (for HELOCs)
- High LTVs allowed
- Several term options to choose from
- Must become a credit union member
- Closing costs range from $175 to $2,000
- Not offered in Maryland, Texas, Hawaii, or Alaska
- Product options:
- HELOCs, home equity loans
- Maximum loan amount:
- Varies by location
- Maximum LTV:
- 90%
- Terms:
- 15-year draw period; 15-year repayment (for HELOCs); 5, 10, and 15-year terms (for home equity loans)
- Interest rates:
- Variable, starting at 5.99% (HELOCs) and fixed, starting at 5.99% (home equity loans)
- Credit score minimum:
- 640
- Properties allowed:
- Single-family homes, two- to four-unit condominiums, owner-occupied duplexes, townhouses
Why we chose it: Connexus Credit Union takes the cake for top no-appraisal home equity lender. Not only does it offer both home equity loans and HELOCs for up to 90% of your home’s market value (minus your current mortgage balance), but it also offers low interest rates (you can currently snag a rate as low as 5.99% until Oct. 1). Its HELOC also offers a longer-than-typical draw period of 15 years, giving you even more time to use that home equity if you need it.
Read more about Connexus Credit Union’s home equity loans in our review.
Best No-Appraisal HELOC: Figure Lending
- Four loan terms to choose from
- Low, fixed interest rates
- Second homes allowed
- Funding in as little as 5 days
- LTV and max loan amount could be higher
- Requires an origination fee of up to 4.99%
- Not offered in Hawaii, New York, or West Virginia
- Product options:
- HELOCs
- Maximum loan amount:
- $400,000
- Maximum LTV:
- 85%
- Terms:
- 5, 10, 15, and 30-year terms
- Interest rates:
- Fixed, starting at 6.60%
- Credit score minimum:
- 640
- Properties allowed:
- Single-family homes, townhouses, planned urban developments (PUDs), most condos, second homes, and duplexes
Why we chose it: Figure has our top-rated no-appraisal HELOC, and it’s no wonder: The all-digital online lender specializes in these products, and it offers some big perks for its borrowers. Interest rates are always fixed (a big difference compared to most HELOCs), there are four loan terms to choose from, and you can receive your cash in as few as five days. You can also use Figure’s HELOCs for second homes — another standout compared to other companies.
Best No Appraisal Home Equity Loan: Discover
- Uses AVM for appraisal
- Competitive interest rates
- High LTVs allowed and no closing costs
- Four term options to choose from
- High credit score requirement
- No second homes or investment properties allowed
- Not offered in Iowa or Maryland
- Product options:
- Home equity loans
- Maximum loan amount:
- $300,000 to $500,000, depending on lien position
- Maximum LTV:
- 90%
- Terms:
- 10, 15, 20 or 30-year terms
- Interest rates:
- Fixed, starting at 6.70%
- Credit score minimum:
- 680
- Properties allowed:
- Single-family homes, condominiums, townhomes, and PUDs
Why we chose it: Discover offers our top-rated no-appraisal home equity loan. The lender allows for up to 90% loan-to-value ratios and a maximum $500,000 loan amount, and it charges no application fees, origination fees, or processing fees. Discover uses a data-based approach to its property valuations, and its application process is wholly online.
Read more about Discover’s home equity loans in our review.
Best for Low Interest Rates: Rate
- Low, fixed interest rates
- Funding in as few as 5 to 10 days
- No closing costs
- Second homes, investment properties, and rentals allowed
- High credit score requirement
- Short draw periods
- Not offered in New York, Kentucky, West Virginia, Delaware, or Maryland
- Product options:
- HELOCs
- Maximum loan amount:
- $400,000
- Maximum LTV:
- 85%
- Terms:
- two- to five-year draw periods; five, 10, 15 and 30-year repayment periods
- Interest rates:
- Fixed, starting at 6.45%
- Credit score minimum:
- 680
- Properties allowed:
- Primary homes, second homes, investment properties, single-family rentals, condos, townhomes
Why we chose it: Among all the no-appraisal lenders we analyzed, Rate (formerly Guaranteed Rate) has some of the lowest possible interest rates around (they’re fixed, too). Rates currently start at just 6.45%, and you can choose between five-, 10-, 15-, and 30-year repayment terms. The lender offers funding in as quick as five to 10 days, and there are no upfront closing costs either.
Learn more about Rate in our lender review.
Best for Smaller Loan Amounts: PenFed Credit Union
- No appraisal required for loans up to $400,000
- Funding in as few as 15 days
- No closing costs or origination fees
- High credit score requirement
- Requires credit union membership
- Product options:
- HELOCs
- Maximum loan amount:
- $500,000 (over $400,000 requires an appraisal, though)
- Maximum LTV:
- 85%
- Terms:
- 10-year draw period; 20-year repayment period
- Interest rates:
- Variable rate with three fixed-rate lock-in options
- Credit score minimum:
- 680
- Properties allowed:
- One to four-unit properties only
Why we chose it: If you don’t need to borrow a ton of cash, you can look to PenFed Credit Union, which only requires appraisals on loans above $400,000. The lender offers both fixed- and variable-rate options, and lends up to 85% of your home’s equity. There are also no origination fees, and you can close on your loan in as fast as 15 days.
Learn more about PenFed in our best credit unions of 2025 round-up.
Other no-appraisal home equity loans we considered
Achieve offers home equity loans for borrowers with credit scores as low as 600, the lowest required by all the lenders we considered. In most cases, it uses an automated valuation model, which means you won’t need an in-person appraisal. Achieve has a maximum loan amount of $150,000 for debt consolidation and $300,000 for home improvements. Qualified buyers can get funding in as little as 10 days.
Why we didn’t choose it: The published interest rates are higher than those offered by our top picks, and the 5-year draw period is shorter than many of the other companies we considered.
Hometap is a home equity sharing company that uses in-person and automated valuation models in its property appraisals. Hometap offers a different way to tap into home equity. Instead of providing a loan, Hometap will invest in your home, “buying” a portion of your home’s future equity in exchange for a lump sum payment. No monthly payments are required, and you can use the money for any purpose. Hometap is one of our picks for best home equity sharing companies.
Why we didn’t choose it: Home equity sharing is not a traditional loan product. While you don’t have to worry about making regular payments, you will have to make a balloon payment of the initial investment amount plus a percentage of your home’s increased value when the agreement ends, which could represent a large sum of money.
What you need to know about no-appraisal home equity loans and HELOCs
If you want to tap your home equity without the hassle and headache of an appraisal, there are certainly options out there. Before you apply, though, make sure you understand how these loan products work.
What is a no-appraisal home equity loan or HELOC?
Most home equity loans and HELOCs require some form of appraisal. That’s because how much you can borrow from these loans — and how risky they are to a lender — depends on your home equity. And the only way to determine that is by having an accurate valuation of your home.
That’s what appraisals do. An appraiser will visit the property, assess its current condition, and look at local housing market data to determine its market value. Once a lender knows this value, they can subtract your current mortgage balance and determine the total amount of equity you have in the home.
No-appraisal home equity loans and HELOCs don’t require this step, which can save time and money. But be aware: The lender will need to assign a value to your home in some form or fashion — even on no-appraisal loans. We’ll go more into how they might do this below.
How does a no-appraisal home equity loan or HELOC work?
A lender still needs to know what a home is worth before it can issue a home equity loan or HELOC against it. And while one might skip the full, in-person appraisal, there are other methods it might use to determine your home’s value.
Most commonly, a lender will use what’s called an automated valuation model. This is a type of computer algorithm that assigns a property value based on outside data points — its size, age, number of bedrooms, and other similar homes in its area, for instance. Zillow’s “Zestimate” feature, which gives you an estimated price for virtually any address in the U.S., is a good example of an AVM.
Other lenders might use desktop appraisals, which use a combination of property data records and other computer-accessible data to evaluate your house, or they may let you use a previous appraisal (maybe one done the last time you refinanced your house) or your original purchase appraisal if it wasn’t too far in the past.
Once your home’s value is determined, the lender can calculate how much equity you have and how much you can borrow, and it can start underwriting your loan. When that step is complete, you’ll close on the loan by signing your paperwork and paying any closing costs that the lender requires.
How to choose a no-appraisal home equity lender
Whether a lender requires an in-person appraisal is just one factor to look at when evaluating where to get your home equity loan or HELOC. You should consider these other factors as well:
- Their qualifying requirements, including credit scores, loan-to-value ratios, and equity minimums
- The maximum loan amount you can borrow
- What properties qualify for their HELOC or home equity loan
- Any fees the lender charges
- Their interest rates and term options
- Customer reviews and ratings
You also want to look up a company’s profile on the Better Business Bureau, too. If they have lots of complaints or a low rating, it could indicate the company isn’t great to work with.
Pros and cons of no-appraisal home equity loans and HELOCs
Pros | Cons |
Faster loan processing, as it removes a time-consuming step | Fewer lender options to choose from |
Lower upfront costs, since appraisals usually add $300 to $400 to your closing fees | May mean you can borrow less (if a full appraisal would confirm your home has gained value, for instance) |
Less headache and hassle all around | May come with higher interest rates or lower loan amounts, as they can be considered riskier for lenders |
Alternatives to no-appraisal home equity loans and HELOCs
The main alternative to a no-appraisal home equity lender is, well, one that requires a full appraisal. This will likely extend how long it takes to process your loan, and it will add an extra cost, too. The exact cost of an appraisal varies by location and the size of your property, but it typically costs between $300 and $400, according to home services platform Angi.
If you don’t want to go through the appraisal process, other options for funding include:
- A cash-out refinance: This replaces your current mortgage with a larger one, giving you the difference between the two balances back in cash. Just keep in mind that it will mean trading your existing mortgage term and interest rate in for a new one, which could be good or bad depending on market conditions.
- A reverse mortgage: This loan is designed for senior homeowners and allows you to tap into your home equity without having to make monthly payments. You can receive regular payments or take the loan in a lump sum. You don’t repay the balance until you permanently move out, sell the house, or pass away.
- A personal loan or credit card: Instead of tapping your home equity, you could use a personal loan or credit card if you need money in a pinch. Take note, though: You will typically pay much higher interest rates for these products than you will for home equity loans, HELOCs, and other mortgages.
Don’t be afraid to talk to a mortgage professional or financial advisor if you’re not sure how to best get the cash you need. They can point in the direction that’s best for your budget and goals.
Latest home equity news
Thanks to the steady run-up in real estate prices, homeowners have gained a large amount of equity over the past few years. In fact, they average a jump of about $3,000 annually.
Tapping into this equity through home equity loans and HELOCs is common, but there’s also growing popularity for home equity sharing agreements. These agreements are offered by investment companies, allowing you to cash in on your equity without taking on monthly payments.
Other homeowners use home equity to pay off debt, which can be especially helpful in today’s environment. Credit cards can carry rates well into the double digits. According to the most recent New York Fed report, total American credit card debt recently reached $1.2 trillion — debt that can be paid off with a lower interest home equity loan or line of credit.
No-Appraisal Home Equity Loan FAQs
Can you get a home equity loan without an appraisal?
Can I get a HELOC without an appraisal?
Who pays for the appraisal on a home equity loan?
Do home equity loans require an inspection?
Methodology
We evaluated dozens of banks, credit unions and online home equity lenders nationwide. We gathered data on product terms, qualifying requirements, interest rates, availability, and other perks to zero in on the best ones. We scored lenders on a one-to-five scale based on five categories: interest rates (30%), loan terms (20%), credit score minimums (20%), loan-to-value ratio (15%) and maximum loan amounts (15%).
- We considered companies that offered competitive interest rates since they are one of the primary factors influencing the cost of financing a home purchase,
- Companies that provided longer payback and, in the case of HELOCs, draw periods were given a higher score.
- We prioritized companies with lower credit score requirements because they make the products available to a broader group of borrowers.
- Higher scores were given to companies with higher loan-to-value ratios, which helps increase the pool of borrowers able to take advantage of the products offered.
- We gave companies that offered higher loan amounts better scores compared to their competitors.
Summary of our top picks for no-appraisal home equity lenders
- Connexus Credit Union: Best Overall
- Figure Lending: Best HELOC
- Discover: Best Home Equity Loan
- Rate: Best for Low Interest Rate
- PenFed Credit Union: Best for Smaller Loan Amounts
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Best Home Equity Loans of 2025