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Yahoo
6 days ago
- Business
- Yahoo
The 10 best national and super regional banks of 2025
Whether you're looking for robust digital tools, a wide ATM network, or a one-stop shop for all your financial needs, a national or 'super regional' bank may be the right fit for you. We evaluated the 20 largest U.S. banks by asset size, examining key metrics such as product offerings, interest rates, branch and ATM network size, customer service hours, money management tools, mobile app rating, and more to identify the 10 best. Read on to find out which banks were ranked among the top 10 and why. (See our full methodology here.) Best for a wide range of products and services U.S. Bank was founded in 1863 and is the fifth-largest bank in the U.S by asset size. It has a large national presence with over 2,000 branches across the country, one foreign branch, and an expansive ATM network via the Moneypass ATM network. This bank offers a wide array of products and services, including checking and savings accounts, credit cards, personal loans and lines of credit, home loans, and auto loans. It also offers business bank accounts, loans, and lines of credit, and corporate and commercial banking solutions and investment services. U.S. Bank also offers higher relationship interest rates for certain accounts, an interest-bearing checking account, and a favorable mobile app rating. Best for relationship banking Citibank operates 651 branches in the U.S. and has a network of more than 2,300 ATMs within its branches. Customers also have access to more than 60,000 surcharge-free ATMs across the U.S. Citibank offers a number of deposit accounts, individual retirement accounts (IRAs), mortgage and personal loans, business bank accounts, and more. Citibank also offers relationship perks for customers who keep a balance of $30,000 or more on deposit, such as higher promotional interest rates on deposit accounts, lower loan rates, and waived account fees. Best for budgeting and money management tools Wells Fargo offers banking products and services for personal, small business, commercial, and corporate clients. This includes checking and savings accounts, CDs, home and auto loans, lines of credit, commercial financing, investing, and wealth management services. The bank also offers accounts for teens and benefits for members of the military and veterans. Wells Fargo operates more than 4,200 branches in the U.S. and has a network of more than 11,000 ATMs. It also offers relationship rates for several of its accounts and an average mobile app rating of 4.8 stars. Additionally, Wells Fargo offers a suite of online budgeting and money management tools through its My Money Map platform. Customers can view interactive charts and graphs to help visualize monthly spending patterns, create a personalized budget, set and track savings goals, and more. This embedded content is not available in your region. Best for branch access Chase Bank is the largest national bank in the U.S by asset size. It operates more than 4,900 branches and 15,000 ATMs across the nation and offers a wide range of products including credit cards, checking and savings accounts, certificates of deposit (CDs), home and auto loans, and business and commercial banking products. Chase scored highly thanks to the number of branches it offers, the size of its ATM network, its credit score monitoring and budgeting tools, and its mobile app rating. Best for mobile banking Bank of America is the second-largest bank in the U.S. by asset size. It offers a range of products for personal and business customers, including deposit accounts, credit cards, lines of credit, and wealth management services. Bank of America operates more than 3,600 domestic branches and has a network of approximately 15,000 ATMs. BofA ranked among the top 10 banks thanks to its large ATM and branch network, long list of products and services, relationship perks, and high mobile app ratings. However, this bank fell lower on the list due to less competitive savings account rates and limited customer service hours. Although it does offer customers the ability to waive account fees by meeting certain requirements, it doesn't offer completely fee-free accounts. Best for global presence HSBC Bank is an international bank with a national presence in the U.S. It offers bank accounts, credit cards, wealth management services, loans, and more. It also provides international services to customers who are looking to move, study, or invest in the U.S. or around the world. Notably, HSBC's relationship savings account interest rate is competitive at 3.7% APY, although its standard rate is well below 1%. This bank has a respectable mobile app rating of 4.5 stars and offers 24/7 customer support. This bank fell lower on our list because it has a smaller number of branches in the U.S. with just 20 domestic branches. However, it does offer access to large network of more than 55,000 ATMs. Read more: The 10 best high-yield savings accounts available today Best for large savings balances TD Bank serves more than 10 million customers with over 1,100 U.S. branches and a network of 2,600 ATMs. Its products include checking and savings accounts, credit cards, mortgages, loans, and investing services. TD Bank made our list for its large branch and ATM network, comprehensive list of accounts and services, and competitive savings account rate for customers with larger balances. Account holders with balances above $100,000 can earn up to 3.25% APY. Read our full review of TD Bank Best for avoiding fees Capital One is a credit card giant that expanded into online banking. Its offerings include checking and savings accounts, new and used auto financing, business accounts and credit cards, and commercial banking solutions. Capital One operates over 200 branches across the U.S. and has a network of over 70,000 ATMs. Although Capital One has fewer account options than some of the other banks on our list, it made our top 10 list for its fee-free accounts, credit scoring tools, and large ATM network. Capital One also ranks among our top 10 online banks for 2025. Read our full review of Capital One Best for customer service KeyBank's footprint stretches across 15 states with more than 1,000 full-service branches. It offers personal and business banking products and services, including checking and savings accounts, mortgages, personal loans and lines of credit, and more. KeyBank scored favorably thanks to its long list of products, 24/7 customer support, and relationship banking perks. However, it fell near the bottom of our list due to its account fees and lack of budgeting and money management tools compared to other banks. KeyBank also has higher minimum opening deposit requirements for some of its accounts. Read our full review of KeyBank Best for free account options The final bank on our list is Fifth Third Bank, a "super regional" bank headquartered in Ohio. It operates over 1,000 branches across the U.S. and has a network of more than 40,000 fee-free ATMs. Fifth Third Bank offers checking and savings accounts, CDs, SBA loans, cash management solutions, business checking and credit card solutions, investment management, and more. The bank scored highly for its sizable ATM and branch network, excellent mobile app rating, varied product menu, and interest-bearing checking accounts. A national bank is a large financial institution chartered and regulated by the Office of the Comptroller of the Currency. This type of bank typically offers large, nationwide branch and ATM networks as well as a wide range of financial products and services. National banks have a lot in common with regional banks, but these financial institutions are not exactly the same. Unlike regional banks, national banks are typically larger and operate under a national, not state, charter. "Super regional" banks are the midpoint between a regional bank and a national bank. These banks typically operate in most states but don't have a fully nationwide presence. National banks and community banks may offer some of the same products and services. However, they operate on different scales. National banks tend to be larger than community banks, offering more products and services and, typically, more fees. These banks also tend to have a larger branch and ATM network and can also be publicly traded. Community banks, on the other hand, are privately owned, state-chartered banks that tend to be focused on serving a specific local area with an emphasis on personalized service and relationships. Credit unions are not-for-profit financial cooperatives that offer similar products and services as banks, but are membership-based and tend to offer products tailored for those members. While anyone can open an account at a national bank, credit unions have eligibility requirements you must meet in order to join. Online banks and national banks are pretty similar with the exception of physical branch locations. While many national banks offer online accounts and services, online banks operate exclusively via the web, meaning customers don't have the ability to visit a brick-and-mortar location. Online banks typically offer better interest rates and fewer fees because they have fewer overhead costs. Banking with a larger financial institution has its pros and cons. Here are some considerations to keep in mind before you determine whether a national bank is right for you. Pros: More products and services: A bigger bank may be able to offer more products and services, making it a one-stop shop for all of your banking needs. Meanwhile, smaller institutions may only have a handful of deposit account and loan types and no wealth management or investing services. Larger ATM and branch network: Big banks tend to have larger ATM networks and more branches than smaller community banks. This could be a major advantage for customers who value accessibility no matter where they are. Extended customer service hours: Many large banks offer late-night, weekend, or 24/7 customer support. Cons: Lower account APYs: Because bigger banks are well established and face less competition than smaller community banks and credit unions, they don't need to offer as competitive of rates on deposit accounts and loans. Higher account fees: National and super regional banks usually have higher overhead costs due to more branches and employees. These costs are often passed down to customers in the form of higher bank fees. Less personalized products and services: Unlike community banks and credit unions, national and super regional banks may offer more one-size-fits-all account options suitable for a larger demographic. Customer service may also seem less attentive and more rushed. The four largest national banks by asset size are Chase, Bank of America, Citibank, and Wells Fargo, according to the Federal Reserve. There are several national banks in the U.S., including Chase Bank, Bank of America, Citibank, Wells Fargo, and more. National banks are federally chartered institutions that serve clients and businesses across the country by providing banking products and services. Our grading system, collected and carefully reviewed by our personal finance experts, comprises over 250 data points among the 20 biggest banks in the U.S. We used this data to develop our list of the top 10 best national and super regional banks. The banks on our list could earn a maximum of 43 points across all 13 categories. Here's a closer look at the factors we considered: National rank by asset size: We referenced data from the Federal Reserve to award these banks with points based on their national rankings by asset size. Banks ranked within the top five by the Federal Reserve received the most points. Number of domestic branches: Banks that offer a greater number of domestic branches received more points than those that did not. Offers foreign branches: We also rewarded banks that offer foreign branch locations. ATM network: Banks with larger ATM networks received more points than those with fewer ATMs. 24/7 customer support: We gave extra points to banks that offer 24/7 live customer support. Accounts and products: Banks that offer a wider variety of deposit, lending, retirement, and investing services were ranked higher than those with fewer offerings. Relationship perks: We rewarded banks that offer higher rates or discounts for established customers. Monthly fees: Banks offering mostly fee-free accounts earned additional points. Maximum savings account APY: We rewarded banks with extra points based on the highest possible savings account APY offered. Offers interest-bearing checking account: Banks that offer an interest-bearing checking account earned extra points. Budgeting and money management tools: Banks providing digital budgeting and money management tools to help customers make more informed financial decisions scored higher than those that do not. Credit score access: Many banks offer customers access to their credit scores; our ranking favored banks that provide this feature. Mobile app rating: We calculated the average mobile app rating for each bank and awarded more points to banks with higher average ratings.
Associated Press
6 days ago
- Business
- Associated Press
U.S. Bank Supports Military Members, Their Families, Through Life-Changing Donations
Originally published on U.S. Bank company blog This May, during Military Appreciation Month, U.S. Bank held several events to honor and recognize military and veteran customers, employees and community members. A New Home U.S. Navy Hospital Corpsman 2nd Class Stuart Fuke was given the keys to a new mortgage-free home May 7 in West Fargo, North Dakota. Fuke, who said he was inspired to join the military by his mother and other dedicated family members, started his service in Great Lakes, Illinois. The Hawaii native, who currently resides in San Diego, California, will continue to pursue a career in culinary arts following his move to the Fargo area. 'This house will actually help me start living life again,' said Fuke. 'It's a good push toward trying to heal again. I'm just honored that Freedom Alliance, U.S. Bank and Thomsen Homes were able to give me that feeling I've never had before.' The life-changing gift is made possible through the bank's Housing Opportunities after Military Engagement (H.O.M.E.) program, in conjunction with Freedom Alliance's Heroes to Homeowners program. Including this donation, U.S. Bank has donated 31 homes valued over $8 million to military families in communities across the country since 2013. Freedom Alliance provides mortgage-free homes to wounded combat veterans through its Heroes to Homeowners program. Delivering care packages Earlier this year, U.S. Bank employees in Minneapolis assembled care packages in partnership with the United Service Organizations (USO), a non-profit founded in 1941 to support members of the armed forces and their families, to be delivered to airmen at the Minot Air Force Base in Minot, North Dakota. The care packages were delivered to the Minot Air Force Base in May to honor and recognize the service and sacrifice these men and women make every day. In addition to the care packages, U.S. Bank supported 50 expecting mothers by donating diapers and wipes during a baby shower event on base. U.S. Bank also supported military spouses by making paracord bracelets, which include a strong, durable cord that can be used for various purposes, that were gifted during a spouse appreciation event. The paracord bracelets were assembled by a group of U.S. Bank employees in Fargo. A Gold Star moment U.S. Bank recently donated new, payment-free vehicles to two Gold Star students at the Bluegrass Museum in Owensboro, Kentucky. Gold Star families are those who have lost an immediate family member in the line of duty while serving in the U.S. Armed Forces. Parker Madden, a Gold Star son, lost his father, U.S. Army Specialist Russell Madden, who was killed in action in Afghanistan from a rocket-propelled grenade attack on his convoy in 2010. Micaela Trimble, a Gold Star daughter, lost her father, U.S. Army Private First Class Chad Trimble, in 2008 also in Afghanistan. Parker Madden is a student at Western Kentucky University and Michaela Trimble is a recent graduate of Belmont University. These donations are part of the Driven to Serve program, an initiative between Freedom Alliance and U.S. Bank that pairs available vehicles with military families and service members in need and demonstrates the commitment of each organization to support the nation's heroes. In addition to the vehicles, a group of U.S. Bank employees also partnered with the Freedom Alliance earlier this year to assemble care packages that will be given to other Gold Star students who, like Madden and Trimble, received scholarships from Freedom Alliance because of their parents' sacrifice. The vehicles were donated May 13, which was also national Children of Fallen Patriots Day. 'I really feel like Freedom Alliance and U.S. Bank provided for me in a way that my dad wishes he could have provided for me,' said Trimble. A new vehicle U.S. Bank also provided a payment free vehicle to U.S. Army Sergeant John Moore, who grew up in Nashville, Tennessee. While serving in the Army, Moore was an Artillery Forward Observer. Moore was severely injured during his second deployment in Baghdad. After two years of recovery at the Walter Reed Army Medical Center, Moore now lives in Charlotte, Tennessee, with his wife and children. This is the bank's 91st payment free vehicle donation since 2018 and the 57th in partnership with Freedom Alliance. 'We are honored to support John, a true American hero whose courage and sacrifice inspire us all,' said Freedom Alliance President Tom Kilgannon. 'This donation is more than a gesture of gratitude—it's a step toward restoring the independence and quality of life John fought to protect. Freedom Alliance is proud to support this remarkable family, and we are grateful to U.S. Bank for helping make this gift possible.' Visit 3BL Media to see more multimedia and stories from US Bank
CNBC
28-05-2025
- Business
- CNBC
What happens when my 0% APR period ends?
A 0% APR credit card can be a helpful financial tool when you need to finance a large purchase or consolidate outstanding credit card balances. You can get up to 24 months of zero interest, making it easier to make payments over a longer period without going into debt. But these types of credit cards are really only best utilized when you have a payment plan in place so that when the introductory 0% APR period ends, you're not then collecting interest on a large balance. Here's more on what happens when your interest-free period ends, plus how to manage a possible ongoing balance when that happens. Whether you're using a 0% APR card that offers an interest-free period on new purchases, balance transfers or both, that grace period doesn't last forever. Some credit cards offer introductory 0% APR periods for as little as 12 months while some offer periods for as long as two years. If you're looking for a card with a shorter 0% APR window, the Wells Fargo Active Cash® Card offers an intro APR for 12 months on purchases and qualifying balance transfers (after, 19.24%, 24.24% or 29.24% variable APR) and earns unlimited 2% cash rewards on purchases, plus the card has a $0 annual fee. On Wells Fargo's site On Wells Fargo's site Good to Excellent670–850 19.24%, 24.24%, or 29.24% Variable APR $0 Earn a $200 cash rewards bonus See rates and fees. Terms apply. The Wells Fargo Active Cash® Card is great if you want simplicity thanks to its flat-rate 2% unlimited cash rewards on purchases and $0 annual balance transfer fee of 3% for 120 days from account opening, then up to 5%, min: $5 3% If you'd prefer one that gives you a bit more time, the U.S. Bank Shield™ Visa® Card has an intro 0% APR on purchases and eligible balance transfers that's double the length, lasting 24 billing cycles (after, 17.74% to 28.74% variable APR). The card comes with 4% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Center and a $20 annual statement credit for 11 consecutive months of purchases. Personal and small business credit cards issued by U.S. Bank are currently not available on CNBC Select. Click "Learn More" to review other credit card offers. Personal and small business credit cards issued by U.S. Bank are currently not available on CNBC Select. Click "Learn More" to review other credit card offers. U.S. Bank cards are currently not available on CNBC Select but you can check out our marketplace to compare offers from other issuers including American Express and Chase. Good to Excellent670–850 See terms See terms See terms *See rates and fees, terms apply. Information about personal and small business credit cards issued by U.S. Bank has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication. Regardless of the time frame, once your APR period ends, you'll begin accruing interest on any unpaid balance at the rate listed on your card's agreement terms. (You can often find this rate via your online account or contact your issuer directly.) This is why we always suggest having a specific plan in place to pay off your balance by the time the 0% APR period ends. One example is dividing how much you owe over the number of months in the APR period, so you know how much to pay each month to get to zero before interest kicks in. Otherwise, you'll be stuck with a ballooning balance now due that's going to start collecting double-digit interest. And don't forget that even with a 0% APR card, you still have to make monthly minimum payments at the very least. An issuer can end the interest-free period if you miss a credit card payment. So, you weren't able to tackle the entire balance by the time your 0% APR period ended; now what? While this seems like the obvious answer, with how high credit card interest rates can be, this type of debt should almost always be your priority. This is sometimes referred to as the avalanche method, which entails paying off the debt that has the highest APR first. If you're at a point where you're considering outside help, exploring some debt relief companies can at least provide you with some more information. These companies negotiate with your creditors to help get your balance lowered, but the negotiation can come with some hoops you have to jump through, and success isn't always guaranteed. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent Debt Relief has resolved over $19 billion in outstanding debts since 2002. It offers free credit card debt relief in 2011, Accredited Debt Relief has helped clients resolve over $1 billion in debt. While you can request an extension via your financial institution, it's unlikely that this would be approved, but there are some credit card fees you might be able to waive. Yes, it's generally recommended to keep the credit card open to help boost your available credit and credit history, with an exception being for high-annual-fee cards that you don't intend to use. The length of your exact 0% APR period is determined by the card you're approved for, but six to 24 months, or billing cycles, is a common range. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
CNET
27-05-2025
- Business
- CNET
Best Home Equity Loan Lenders for 2025
A home equity loan lets homeowners borrow a lump sum against their property's value to pay for things like home improvements, debt consolidation or other large expenses. Unlike home equity lines of credit (HELOCs), home equity loans typically have fixed interest rates. That means your monthly payment will be the same over the term of your loan. Before committing to a home equity loan, create a repayment plan. When you take out a home equity loan or HELOC, your home serves as collateral, which means if you're unable to repay the debt, you risk losing your house. Home equity loans are available from a variety of lenders, including banks, credit unions and home equity loan companies. Just like when you took out your mortgage, it's important to compare loan offers from at least two or three different lenders before making a decision. Experts agree that comparison shopping is one of the best ways to get a lower interest rate. I spoke with experts and researched dozens of different lenders to create CNET's list of the best home equity loan lenders. Best home equity loan lenders for 2025 Lender APR Loan amount Loan terms Max LTV ratio U.S. Bank From 7.65% Not specified Up to 30 years Not specified TD Bank 7.99% (0.25% autopay discount included) From $10,000 5 to 30 years Not specified Connexus Credit Union From 7.31% From $5,000 5 to 15 years 90% KeyBank From 9.59% (0.25% autopay discount included) From $25,000 1 to 30 years 80% for standard home equity loans, 90% for high-value home equity loans Spring EQ Fill out application for personalized rates Up to $500,000 Not specified 90% Third Federal Savings & Loan From 6.99% $10,000 to $200,000 Up to 30 years 80% Frost Bank From 7.32% (0.25% autopay discount included) $2,000 to $500,000 15 to 20 years 90% Regions Bank From 6.75% to 14.125% $10,000 to $250,000 7, 10, 15, 20 or 30 years 89% Discover From 7% for first liens; From 8.55% for second liens $35,000 to $500,000 10, 15, 20 or 30 years 90% BMO Harris From 8.97% (0.5% autopay discount not included) From $25,000 5 to 20 years Not specified Note: The above APRs are current as of May 6, 2025. Your APR will depend on factors such as your credit score, income, loan term and whether you enroll in autopay or other lender-specific requirements. U.S. Bank Good for nationwide availability APR: From 7.65% U.S. Bank offers both home equity loans and HELOCs in 47 states (not including Texas, South Carolina and Delaware). You can borrow as little as $15,000 or up to $750,000 ($1 million for properties in California) depending on the available equity in your home. The bank offers a range of payback terms up to 30 years. We like U.S. Bank because of its extensive nationwide availability, many customer support options and price transparency — meaning you can get a personalized rate quote and fee information by filling out some basic information, no credit check required. Read CNET's review of U.S. Bank. TD Bank Good price transparency APR: From 7.99% (0.25% TD checking account discount included) TD Bank offers home equity loans and HELOCs in 15 states. Loan amounts for home equity loans start at $10,000. TD Bank offers payback terms ranging from five to 30 years. Although its nationwide availability is limited, TD Bank ranks high for its price transparency and wide variety of product offerings, including interest-only and rate-lock options on its HELOCs. The bank's good online user experience, price transparency and customer service options stand out to us. Read CNET's review of TD Bank. Connexus Credit Union Flexible credit union eligibility APR: From 7.31% Connexus Credit Union offers home equity loans and HELOCs in 46 states (excluding Alaska, Hawaii, Maryland and Texas). Loan amounts range from $5,000 to $200,000. Because Connexus is a credit union, its products and services are only available to its members. You can see the full membership eligibility requirements here. Connexus offers expansive nationwide availability and a few different product options, part of the reason this lender ranked highly for us. Its straightforward application process and relatively easy membership requirements is another bonus. Read CNET's review of Connexus Credit Union. KeyBank Good option for wide range of product offerings APR: From 9.59% (0.25% client discount included) KeyBank offers home equity loans to customers in 15 states and HELOCs to customers in 44 states. Aside from a standard HELOC, KeyBank also offers interest-only and rate-lock options. KeyBank's extensive product offerings stand out to us. The lender's streamlined application process for existing users is also useful. Both existing and new users will appreciate the online user experience and availability of customer service options from KeyBank. Read CNET's review of KeyBank. Spring EQ Good online application experience APR: N/A (Personalized rates available after preapproval) Spring EQ serves customers in 38 states, offering home equity loans and HELOCs with amounts ranging from $5,000 to $500,000. You can borrow up to 90% of your home's value, but you must have a minimum credit score of 640 and a debt-to-income, or DTI, ratio of 50% or less. It doesn't display rates online, but we rank Spring EQ highly because you don't need to undergo a hard credit check to see personalized rates. You can get prequalified for a loan with only basic information. Read CNET's review of Spring EQ. Third Federal Good for long repayment period APR: From 6.99% Third Federal Savings & Loan first opened in 1938. Today, the bank offers home equity loans in eight states and HELOCs in 26 states. Third Federal also offers a unique product not commonly found among other lenders: a 5/1 adjustable-rate home equity loan. Despite its limited nationwide availability for home equity loans, we like Third Federal for its rate match guarantee and its unique product offerings. Read CNET's review of Third Federal. Frost Bank Good option for Texas borrowers APR: From 7.32% (0.25% autopay discount included) Frost Bank, headquartered in San Antonio, Texas, offers products only to Texas residents. It offers home equity loans, HELOCs and interest-only HELOCs. Home equity loans are available with loan amounts of $2,000 and up, while HELOCs are available with line amounts of $8,000 and up. Although Frost Bank's nationwide availability is very limited, the bank has a helpful product selection tool, easy application process and good price transparency, making it a strong option for Texas borrowers. Read CNET's review of Frost Bank. Regions Bank Good for autopay discounts APR: From 6.75% (Regions client discount included) Regions Bank serves people across the South, Midwest and Texas, offering home equity loans and HELOCs in 15 states. Home equity loans have amounts of $10,000 to $250,000 and repayment periods of either seven, 10, 15 or 20 years. For home equity loans with Regions, there are no closing costs. Regions ranks highly because of its low fees, variety of application options and wide range of customer service options. However, Regions' nationwide availability is fairly limited. Read CNET's review of Regions Bank. Discover Good for no fees or closing costs APR: From 7% first liens, from 8% second liens Discover is known primarily for its credit cards, but it also offers home equity loans — available in 48 states. The lender doesn't offer HELOCs at all. For Discover home equity loans, amounts range from $35,000 to $300,000. We like that Discover has no fees or closing costs attached to its home equity loans. Discover's nationwide availability for its home equity loans and good price transparency also stood out to us. Read CNET's review of Discover. BMO Harris Good introductory APR APR: From 8.97% (0.5% autopay discount not included) BMO Harris products and services are available in 48 states (all but New York and Texas). BMO Harris offers home equity loans and three variations of a HELOC. Loan amounts for home equity loans start at $5,000 and repayment periods range from five to 20 years. You can borrow up to 89.99% of your home with most BMO Harris home equity loans. A 100% maximum CLTV — the ratio of all secured loans on a home to the value of home — option is available for low-to-moderate income borrowers or Low to Moderate Income Census Tract customers who need to make home improvements. We like that BMO Harris offers both home equity loans and three types of HELOCs almost nationwide. We found its online application less straightforward than its competitors. Read CNET's review of BMO Harris. How to find the best home equity loan lenders You don't need to get your home equity loan from the same mortgage lender you already have, although it may make sense to do so. Shopping for a different lender and comparing offers might help you secure a lower interest rate. Be sure to ask questions upfront to understand what rates and fees are associated with your home equity loan. Remember, the rate a lender advertises isn't always the rate you qualify for. Your exact interest rate will depend on multiple factors, including your DTI ratio, LTV ratio and loan amount. The lowest rates are generally reserved for borrowers with a good credit score and clean credit history. Also, make sure to look at the lender's APR, not just the interest rate. The APR includes fees, so it will be a more accurate figure of what you'll pay. A good lender will make you feel comfortable with the borrowing process and make sure you understand what upfront or ongoing fees apply to the loan. When comparing lenders, also consider how convenient the application process is, if there are any local branches available to you, the lender's customer support options and any available rate discounts. What is a home equity loan? A home equity loan offers you a one-time cash installment, which you'll pay back over a set period. A home equity loan is similar to taking out a personal loan, except this loan is secured by the value of your home ( specifically, the difference between what your home is worth and what you owe on your mortgage). If you default on payments for any reason, the lender could take your home as payment. The amount you can borrow with a home equity loan is determined by the amount of equity you have. Most lenders cap the amount you borrow to more than 85% of your home's equity, but that number will vary from lender to lender. Money from a home equity loan can be used for anything, ranging from home renovation projects to consolidating variable-rate debt. A home equity loan is best for borrowers with fixed costs and a defined goal for your money. Unlike a HELOC, a home equity loan typically has a fixed interest rate, so your monthly payment will be the same over the term of your loan. How to get a home equity loan Applying for a home equity loan is similar to applying for a mortgage. You'll first want to interview multiple lenders to determine which lender can offer the lowest rates and fees. The more companies you speak with, the better your chances of finding favorable terms. You'll also need equity in your home. Almost all lenders require you to have at least 15% to 20% equity in your home before being considered for a home equity loan. Lenders will then take into account your credit score, income and current debt-to-income ratio to determine your interest rate. Be prepared with financial documents, such as pay stubs, W-2s, proof of ownership and the appraised value of your home. Once you submit your application, the final step is closing on your loan. Requirements for a home equity loan Although it varies by lender, to qualify for a home equity loan you're typically required to meet the following criteria: Have at least 15% to 20% equity in your home: To know your home equity, i.e., the amount of home you own, subtract what you owe on your mortgage and other loans from the current appraised value of your house. Adequate, verifiable income and stable employment: Proof of income is a standard requirement to qualify for a home equity loan. Check your lender's website to see what forms and paperwork you need to submit. A minimum credit score of 620: Lenders use your credit score to determine the likelihood that you'll repay the loan on time. Having a stronger credit score will help you qualify for a lower interest rate and more amenable loan terms. A debt-to-income ratio of 43% or less: Divide your total monthly debts by your gross monthly income to get your DTI. Like your credit score, your DTI helps lenders determine your capacity to make consistent payments toward your loan. Some lenders prefer a DTI of 36% or less. Alternatives to home equity loans If a home equity loan isn't the right move for you, there are other financing options. HELOC A HELOC offers you a revolving line of credit against the equity you've built in your home. You can take out money as needed, up to your total line of credit, during your draw period (usually 10 years). Similar to a credit card, there's a limit on how much you can borrow at once. After your draw period ends, you'll enter your repayment period and make payments toward both the interest and principal (how much money you've borrowed) on your loan. The interest rates for a HELOC are usually variable, so rates will generally rise and fall along the prime rate. A HELOC is a good choice if you're unsure of how much money you need or if you want access to an ongoing source of cash over a period of months or years. Personal loan When you take out a personal loan, you receive a one-time cash infusion that you pay back over the life of the loan. Personal loans tend to have higher interest rates than home equity loans, but they're less risky because you don't put your home up as collateral. Cash-out refinance Unlike a home equity loan or HELOC, a cash-out refinance replaces your existing mortgage with a new home loan. Ideally, the new mortgage has a lower interest rate and more favorable terms. A cash-out refinance provides you with an upfront sum of cash that's then added back onto the balance of your new mortgage. The bottom line A home equity loan allows you to leverage your home's equity without disturbing your primary mortgage rate. Make sure to shop around and compare lenders to find the best rate and most amenable loan terms for your needs. In addition to interest rates, consider a lender's APR, rate discounts, application process and any costs or fees associated with the loan. FAQs Is it a good idea to borrow from your home's equity? Borrowing from your home's equity, whether through a home equity loan, HELOC or cash-out refinance, can be a good way to access large amounts of cash at relatively low interest rates compared with credit cards and personal loans. It's not without risks. Because your house acts as collateral for the loan, you could lose your home if you fall behind on payments. That's why it's important to only borrow what you can afford to pay off. Avoid borrowing against the equity of your home for nonessential expenses such as a vacation, wedding or luxury purchase. How much can you borrow with a home equity loan? Exact requirements vary by lender, but most home equity loan lenders limit your loan-to-value ratio to 85% or under. This means that the total value of the home equity loan you're seeking, plus the outstanding loan balance on your primary mortgage, can't exceed 85% of your home's appraised value. For example, if you have a house worth $300,000 and a $100,000 mortgage balance, the maximum amount you can borrow with a home equity loan would be $155,000 (assuming a maximum LTV of 85%). How much can you borrow with a home equity loan? When deciding whether to grant you a home equity loan, lenders look at multiple factors: your credit score and credit report, your debt-to-income ratio, your monthly income and how much equity you have in your home, among other things. Each lender also has its own unique underwriting requirements. In general, you'll want a credit score of at least 620 to have the best chance of getting a home equity loan. Keep in mind that your credit score can also affect the interest rate you get. The lowest advertised rates are usually reserved for borrowers with higher credit scores — usually 700 and above. Methodology We evaluated a range of lenders based on factors such as interest rates, APRs and fees, how long the draw and repayment periods are, and what types and variety of loans are offered. We also took into account factors that impact the user experience such as how easy it is to apply for a loan online and whether physical lender locations exist. Learn more about our methodology here.
Yahoo
25-05-2025
- Business
- Yahoo
What's open and closed in Oregon on Memorial Day? See the list
Memorial Day is on May 26 and honors the U.S. military members who died serving their country. The federal holiday is observed on the last Monday of May and was originally known as Decoration Day. The date was believed to have been designated at the end of May to utilize the flowers that are typically in full bloom in the U.S. during that time. Here's what to know about what's open and closed on Memorial Day in Oregon. Memorial Day is one of 11 federal holidays recognized in the U.S. and is observed on the last Monday in May. This year, Memorial Day falls on May 26. No. The stock market will not be open on Memorial Day. According to Investopedia, trading activity takes place in U.S. markets Monday to Friday but is subject to holiday schedules. Local and state offices will be closed on Memorial Day, including courts. Emergency services, like police, fire and ambulances, will be staffed. Many banks typically close on federal holidays. Chase, U.S. Bank, Wells Fargo, Citizens and Umpqua are among some of the financial institutions that observe Memorial Day, according to their holiday calendars. All Oregon Department of Motor Vehicle offices will be closed on Memorial Day, according to the DMV. All post offices will be closed on Memorial Day, and there will be no regular mail service, according to the U.S. Postal Service. Public schools and universities are closed for Memorial Day. Ginnie Sandoval is the Oregon Connect reporter for the Statesman Journal. Sandoval can be reached at GSandoval@ or on X at @GinnieSandoval. This article originally appeared on Salem Statesman Journal: Are banks, schools open or closed in Oregon on Memorial Day?
