5 Best No-Appraisal Home Equity Loan Lenders of September 2026

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Money‘s review of more than 60 home equity lenders names Connexus Credit Union best overall, with a 4.99% intro APR through April 1, 2027, and 90% LTV.

Lenders that do not require appraisals utilize automated valuation models, desktop appraisals, or previous valuations, avoiding fees that typically range from $314 to $424.

Figure Lending, Rate, and PenFed limit no-appraisal loans to $400,000, compared to the $500,000 to $750,000 range available with an appraisal; Achieve accepts credit scores starting at 600.

Note: The sample rates included in the reviews are accurate as of August 31, 2026, and are subject to change at any time.

Our top picks for the best no-appraisal home equity loan lenders of September 2026

Offers the best combination of low rates, flexible terms

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

HIGHLIGHTS
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:
4.99% intro APR until Apr. 1, 2027, and 5.49% APR until Oct. 1, 2027, then as low as 7.51% for a standard HELOCs and 8.01% APR for interest-only HELOCs; fixed rates starting at 7.31% APR for 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 is our 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 lock in an introductory rate as low as 4.99% APR on a line of credit, valid until April 1, 2027. Its HELOC also offers a longer-than-typical 15-year draw period, giving you even more time to use that home equity if needed.

Four loan terms to choose from

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

HIGHLIGHTS
Product options:
HELOCs
Maximum loan amount:
$400,000 without an appraisal, $750,00 with an appraisal
Maximum LTV:
85%
Terms:
5, 10, 15, and 30-year terms
Interest rates:
Fixed, starting at 6.95% APR
Credit score minimum:
640 for HELOCs, 680 for second homes and investment properties
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 fixed (a key difference from most HELOCs), there are four loan terms to choose from, and you can receive your funds in as few as five days. You can also use Figure’s HELOCs for second homes — another standout compared to other companies.

Funding in as few as 5 to 10 days

Second homes, investment properties, and rentals allowed

Not offered in New York, Kentucky, West Virginia, Delaware, or Maryland

HIGHLIGHTS
Product options:
HELOCs
Maximum loan amount:
$400,000 without an appraisal, $750,00 with an appraisal
Maximum LTV:
85%
Terms:
two- to five-year draw periods; five, 10, 15 and 30-year repayment periods
Interest rates:
Fixed, starting at 6.70% APR
Credit score minimum:
640
Properties allowed:
Primary homes, second homes, investment properties, single-family rentals, condos, townhomes

Why we chose it:Rate (formerly Guaranteed Rate) says it can fund your HELOC in as little as five to 10 days, which is among the fastest times among the companies we reviewed. You can choose between five-, 10-, 15-, and 30-year repayment, and Rate offers both fixed and adjustable rate options.

No appraisal required for loans up to $400,000

No closing costs or origination fees

Requires credit union membership

HIGHLIGHTS
Product options:
HELOCs
Maximum loan amount:
$400,000 without an appraisal, $500,000 with an appraisal,
Maximum LTV:
85%
Terms:
10-year draw period; 20-year repayment period
Interest rates:
Starting at 6.75% APR
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 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 few as 15 days.

Funding in as few as five days

Specifically for homeowners aged 62 or older

HIGHLIGHTS
Product options:
HELOC, reverse mortgage
Maximum loan amount:
$400,000
Maximum LTV:
75%
Terms:
10-year draw period, no pre-set repayment term
Interest rates:
Varies by loan
Credit score minimum:
660
Properties allowed:
Single-family homes, duplexes, townhouses and condos, as long as it is the primary residence

Why we chose it:Longbridge’s HELOC for Seniors product combines the flexibility of a traditional HELOC with the delayed repayment option of a reverse mortgage. There is a 10-year draw period during which you can access your line of credit. Once that period is over, you make interest-only payments for as long as you remain in the home. Repayment is not due until you die or permanently move out of the home.

Other no-appraisal home equity loan lenders we considered

Achieve provides home equity loans to applicants with credit scores as low as 600, which is the most accessible requirement among the lenders we evaluated. It typically utilizes an automated valuation model, allowing you to bypass an in-person appraisal. Achieve allows for a maximum loan amount of $700,000, and eligible borrowers can secure funding in as little as 5 days.

Why we didn’t choose it: Their home equity loan functions as a HELOC, and the 5-year draw period is shorter than those of many other companies we considered.

Hometap is a home equity sharing provider that employs both in-person and automated valuation models for property assessments. Hometap offers a different approach to utilizing home equity. Rather than issuing a loan, Hometap invests in your property by purchasing a portion of your home’s future equity in return for a lump-sum payment. No monthly payments are necessary, and the funds can be used for any purpose. Hometap is one of our selections for the 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 based on a predetermined percentage of your home’s sales price or appraised value at the end of the 10-year investment term, which could represent a significantly larger sum than originally estimated.

Aven provides a standard HELOC product featuring a low introductory rate of 5.99%. This fintech company also offers a Visa credit card backed by your home equity, which is a unique feature in the industry. Your card limit can reach $400,000, with no prepayment penalties and an interest rate substantially lower than the average credit card. You also earn 2% cash back on every purchase, and you pay back the borrowed amount just like a standard credit card.

Why we didn’t choose it: The lender has poor customer reviews with the Better Business Bureau and does not have easily accessible information on eligibility requirements.

What you need to know about no-appraisal home equity loans and HELOCs

For many homeowners, a house is their most significant asset and a primary vehicle for building long-term wealth. It can also be a helpful rerenovate or improve your home and get a tax benefit in the process: The interest paid on a home equity loan or HELOC used for home improvements is deductible

Fabien Thierry, head of Home Equity Lending at Citizens Bank, notes the growing importance of home equity as a “financial tool” for homeowners looking to consolidate debt or make home improvements. HELOCs, in particular, are attracting more interest from homeowners because of the flexibility they offer.

“It allows them to borrow as they need it and when they need it,” Thierry adds.

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, 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 an in-person appraisal. That’s because how much you can borrow from these loans — and how risky they are to a lender — depends, in part, on your home equity. Lenders want to know just how much skin you’ll have in the game, and thus, how likely you are to continue making your payments. The best 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 to determine your total home equity.

Not requiring this step can save time and money. However, be aware that the lender will still need to assign a value to your home, even on no-appraisal loans. We’ll go into more detail on how they might do this below.

How does a no-appraisal home equity loan or HELOC work?

A lender must determine your home’s value before approving a home equity loan or HELOC. While you might skip the full in-person appraisal, there are other ways to determine your home’s value.

Most commonly, lenders use what’s called an automated valuation model (AVM). This is a type of computer algorithm that assigns a property value based on external data points such as size, age, number of bedrooms, and similar homes in the area. 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 if it is recent.

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 loan lender

Whether a lender requires an in-person appraisal is just one factor to consider 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

Their interest rates and term options

You also want to look up a company’s profile on the Better Business Bureau. If they have a high number of complaints or a low rating, it may indicate that the company isn’t great to work with.

Pros and cons of no-appraisal home equity loans and HELOCs

Faster loan processing, as it removes a time-consuming step

Fewer lender options to choose from

Lower upfront costs, since appraisals usually add $314 to $424 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 one that requires a full appraisal. This can extend the time required to process your loan and incur additional costs. Appraisal fees vary by location and property size but typically range from $314 to $424, according to home services platform Angi.

If you don’t want to go through the appraisal process, other options for funding include:

This loan replaces your current mortgage with a larger one, letting you access the difference in cash. Keep in mind that this will involve replacing your existing mortgage term with a new one, which could be beneficial or detrimental, depending on market conditions. You’ll begin again at Day 1 of the repayment process for the term you’ve elected, often 15, 20, or 30 years.

Designed for senior homeowners, a reverse mortgage 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.

However, the lender may call the loan if you fail to properly maintain the property, pay property taxes or let your homeowners insurance lapse. If the loan is called and you can’t repay the loan, you may be forced to sell or the lender may foreclose on the property.

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.

If you’re unsure which option makes the most sense, don’t hesitate to consult a mortgage professional or financial advisor. They can point in the direction that’s best for your budget and goals.

Equity levels reached a record high during the second quarter of 2026, providing homeowners with a significant financial buffer.

According to data analytics firm Intercontinental Exchange (ICE), American mortgage holders held $18 trillion in equity. Of that amount, nearly $12 trillion was considered tappable, meaning homeowners could access their equity and retain a 20% ownership stake in the property.

More than 47 million homeowners could access $212,000 in tappable equity on average. This money could be used to consolidate higher interest debt, pay medical expenses or student debt.

A major advantage of using a HELOC or home equity loan is that the interest paid is tax-deductible if you use the money to buy, build or significantly improve your home.

No-Appraisal Home Equity Loan FAQs

Can you get a home equity loan or HELOC without an appraisal?

Yes, you can. The lender will still need to determine your home’s value before proceeding. They may use an automated valuation model, desktop appraisal, or drive-by appraisal, or they may allow you to use a previous appraisal or valuation instead.

What happens if the automated valuation comes in too low?

You can ask the lender to order a full appraisal or a reconsideration of the home’s value. You will have to pay for a new valuation, which can cost $314 to $424, and you will delay the closing of the loan until the new appraisal is completed.

When do I actually get the money after closing?

You will get the money three days after closing on the loan or line of credit. A federally mandated three-day window after you close lets you cancel the transaction without penalty; this is called the right to rescission. This does not apply to second homes and investment properties.

What credit score and how much equity do I need to skip the appraisal?

Lender minimums range from 600 to 640, but most require at least 680 to waive the appraisal. You will also need a debt-to-income ratio under 43%, a loan-to-value ratio of 50% to 60% and at least 15% to 20% equity.

Can you skip the appraisal on a second home or investment property?

You can with some lenders. You will need a credit score of at least 680, and there may be specific location requirements. Keep in mind that investment properties are difficult to evaluate through an automated valuation, and you won’t have the three-day rescission window.

Are computer home valuations regulated?

Yes, they are regulated under a quality control rule finalized in June 2024 and becoming fully effective on October 1, 2025. The rule requires lenders to have quality control measures covering accuracy, data protection, conflict avoidance, sample testing, and discrimination in the use of AVMS. It does not guarantee a correct estimate of your home.

Who pays for the appraisal on a home equity loan?

Typically, the borrower in a home equity loan must cover the cost of any necessary appraisal. Appraisal costs vary by property size and location and can range from $314 to $424 Some lenders may cover the cost of the appraisal, but it’s best to confirm this with your lender for the specific terms of the loan

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 identify the best options. We scored lenders on a one-to-five scale across 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, as these are a primary factor in the cost of financing a home purchase.

Companies with longer payback periods and, for HELOCs, longer draw periods received higher scores.

We prioritized companies with lower credit score requirements because they make the products available to a broader group of borrowers.

We assigned higher scores to companies with higher loan-to-value ratios, which helps expand the pool of borrowers eligible for the products offered.

We assigned higher scores to companies that offered larger loan amounts than their competitors.

Summary of our top picks for the 5 best no-appraisal home equity loan lenders of September 2026