Home Equity Loans Online - Easy, Quick Application Process
Written by: Carrie Reeder
Applying for a home equity loan has never been easier. Today,
many mortgage lenders have online sites which allow you to
complete an application and receive a response within 24 hours.
Those hoping to acquire a home equity loan should consider
submitting an online application. The process is convenient and
Purpose of Home Equity Loans
Home equity loans are ideal for large purchases or expenses.
Typically, people attempt to get approved for a personal loan
when they need extra cash. However, getting a personal loan is
extremely difficult. For the most part, financial institutions
such as banks and credit unions prefer applicants with an
exemplary credit history. If your credit score falls short of
their criteria, your application may be denied.
With a home equity loan, your home's equity acts as the
collateral. Because the loan is protected or secured, mortgage
lenders and financial institutions willingly approve home equity
loans to both good and bad credit applicants.
How to Apply for Home Equity Loan?
Homeowners may apply for a home equity loan by contacting the
lender of their first mortgage. If you have a good payment
history, these lenders are eager to approve your second
mortgage. The goal is to keep you as a customer. In some
instances, your current lender may approve you for a good
In addition to contacting your current lender, homeowners should
also obtain quotes from other lenders. A quote contains detail
information such as estimated terms and rates. Quotes are based
on your credit rating, income, loan amount, etc.
You have the option of contacting each individual lender for a
quote. Completing an online quote request is the easiest and
fastest method. There is no fee for obtaining a quote. However,
once you choose a lender, you will have to submit an official
application. Application fees range from $25 to $50.
Benefits of Using Online Mortgage Brokers
Using an online mortgage broker is the best way to obtain
multiple quotes from various lenders that offer home equity
loans. Shopping around for the best home equity rate is wise -
especially if you have bad credit. Brokers have the means to
locate lenders that offer comparable rates to individuals with a
low credit rating. Upon completing a quote request, brokers will
email you several loan offers within minutes. This way, you find
the best rate and terms.
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