Home Equity Lenders
Shopping online for a Home Equity Lender can make the borrowing process simple
and painless. However, you do need to be cautious about potential scammers and
low-quality loan companies. To make sure your Home Equity Loan lender is
reputable, look for these three things:
A real phone number and address
As a customer, there may be times when you want to actually speak with a live
person rather than communicating via email and web forms. Make sure your online
lender has a phone number and address where you can contact them during regular
business hours. Watch out for companies that only send you to an automated voice
mail service, too. Before signing on with a company, have at least one phone
conversation with a loan officer.
A specific list of fees and charges
You'll have to pay fees when you get a Home Equity Loan, so ask your lender for
a list of their charges. Be cautious of any company that refuses to give you
exact numbers and only offers vague estimations of what your final charges
"might" be. After reviewing your employment information, taxes, the amount of
your loan and your credit report, your lender should be able to quote you an
interest rate and the cost of their fees.
A general "good" feeling
You should feel as if your loan company is working hard for you. In all
interactions with the company, you want to feel as though the lender is
knowledgeable, supportive and competent. It's important that you believe you can
trust your lender, since you're entering into a financial contract with the
company. If, at any time, you believe they may be pressuring you or trying to
tack on extra fees, you may want look elsewhere for your loan.
If you have doubts about an online Home Equity Lender, you can check the
Better Business Bureau to see if any formal complaints have been lodged against
the company. Consider asking for professional referrals from real estate agents,
too, to ensure the lender has a positive past record.
Mortgage Glossary7
