Connexus Credit Union tops Money's review of more than 60 home equity lenders as the best overall no-appraisal option. The credit union offers a 5.49% introductory APR through October 1, 2027, and allows borrowing up to 90% of your home's value. It provides both home equity loans and HELOCs with terms of 5, 10, or 15 years.
No-appraisal lenders skip traditional appraisals by using automated valuation models, desktop appraisals, or prior valuations. This avoids fees that typically cost $314 to $424.
Figure Lending, Rate, and PenFed cap no-appraisal loans at $400,000, while appraisals unlock loans up to $500,000 to $750,000. Connexus requires a 640 credit score minimum. Achieve accepts scores as low as 600, the lowest of the lenders reviewed.
Figure offers fixed-rate HELOCs starting at 7.35% APR and can fund in as few as five days. Rate can fund in five to 10 days with fixed rates starting at 7.00% APR. PenFed requires a 680 credit score and charges no origination fees, with funding in as little as 15 days.
Longbridge serves homeowners aged 62 or older with a HELOC product that has no pre-set repayment term. Interest-only payments begin after the 10-year draw period ends, with full repayment not due until the borrower dies or moves.
Connexus is not available in Maryland, Texas, Hawaii, or Alaska. Figure does not operate in Hawaii, New York, or West Virginia. Rate does not serve New York, Kentucky, West Virginia, Delaware, or Maryland.