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TERMINOLOGY

If you are looking to apply for a home equity loan, you have several options. You can sometimes get a good deal on your home equity loan with low rates and fees. If you have never applied for one before, the process could be confusing. Here is what you need to do to apply for a home equity loan and get the money you need.

Look Around

The first thing that you need to do is explore different lenders. Don't just go to the first website that you find and apply for a loan. With so many options out there in the market place, you need to make sure that you are not selling yourself short. Shopping around will make sure that you get the best deal and find a lender that you feel comfortable working with.

You can do a simple internet search and find many home equity lenders that you could potentially work with. There are even sites that will help you find lenders. You type in your information and many lenders compete for your business. This way, you can find the best deal out of several lenders.

Compare Offers

When you are shopping for a loan online, you will have several choices to pick from. You need to compare the closing costs and the interest rates that they are offering. Some lenders might have a low interest rate, but make up for it by charging much higher closing costs. Look at the loan package as a whole and decide which one you would like to apply with.

Apply Online

The great thing about working with online lenders is the convenience that it offers. With online lenders, they will give you an online application to fill out. With an online application you can usually get them done in a few minutes from the comfort of home. You will need a few documents like a recent paystub or W-2 to complete the application process.

Approval Process

Once you apply online, the lender will then review your application. The approval can take a few days. They will pull your credit score and verify your employment. With all of these factors and the amount of loan that you are requesting, they will decide if you are creditworthy.

In addition, the lender will complete an appraisal on the property. This will involve sending an appraiser to your house to determine the value of the property.

Closing

Once they look at the property and determine that you are creditworthy, you will then be approved for the loan. This can happen in a matter of a few days or weeks, in most cases. They will then set up a closing that can take place at your home or at a title office. You will receive your money during the closing.