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HelpWith interest rates hovering at all time lows, right now is a perfect time to consider a home equity loan. But how can you find the lowest home equity loan rate with so many options available? Consider these tips:
- Go onlineGenerally, most people will take a trip down to their local bank branch to get home equity loans information. Although there is nothing inherently wrong with this approach, your local bank is not likely to be the best home equity lender. It’s just too hard for them to compete with online lenders. So your first step should be to go online and look for a site offering home equity loan comparisons.
- Ensure you get a written estimate before signing onAssuming you’ve finally found a lender you feel good about, your next step is to get something in writing. You don’t want to fall victim to an old switch-a-roo trick where the lender promises one thing, but fails to deliver on this promise at closing. A written estimate will help you analyze the rates and fees appropriately so you can make sure you are getting a good deal.
- Know your credit scoreBefore applying for a new home equity loan, it’s a good idea to run a credit check on yourself. If your credit score is not high enough, you won’t qualify for a loan in any case and why limit your choice of home equity lenders in the future. Instead take steps to improve your scores and then revisit the idea sometime down the road.
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- Home Equity Loans Often Too Tempting for Homeowners « Easy Home … | best--homeowner--loans.Co.CC
