Fast Home Equity Loan

Use the Internet for finding and applying for the fastest home equity loan products. You can do this right at home from your own home computer. Sounds good? Now wait just a minute. You don’t want to rush things and apply right off the bat to the first listing company that comes up in your browser search.

Just as with any other important thing you do in life, do not rush with making an application for a “fast” home equity loan. This is a major move to a major financial debt. It is worth taking a little time and effort to discover which deal really is the best “fast” loan. Many online lenders believe that answering your inquiry email within 24 to 48 hours is fast service. Usually this is because there isn’t a live person on the other end and it takes that company some time to get your email. Other companies are responsive within 15 minutes; they want your business more.

You can consult your local banker, or search on the Internet for a lender of home equity loans. With the local financial institutions, you have the benefit of being face-to-face with a banker who may already know you and something about your personal finances. This can be a definite advantage. If you are working online, most of it will be with unknown companies in unknown territories. Just because a company gains a top listing in a browser search, it has nothing to do with their quality work or their honesty.

What to look for in a quick home equity loan:
• Fixed interest rates and your choice of term length
• Direct-to-lender loans; many online websites are affiliate farms with links to lenders. If you then accept an offer, the link farm gets paid a commission, which you ultimately pay for in your loan.
• Interest rates that match national averages. Check for rate averages at: www.bankrate.com.
• Online application at a recognized lender such as your credit union or bank.

There are reasons why states like Texas have stringent laws regarding home equity loans. A home equity loan puts your home at risk of being lost if you cannot repay that loan on time. In Texas, the law requires that borrowers have time periods between their application for a loan and the closing date (12 days) and that they have an opportunity to review the closing paperwork for at least a day prior to closing. No “fast” home equity loans!

Rates are attractive, but some “fast” home equity loans are merely cash advance type loans that stick a lien on your home and stick you with high variable interest rates and all sorts of other problems. Do not rush into getting a fast home equity loan. Whatever pressing problem is moving you to mortgage your home with a home equity loan can wait a little bit longer. Haste does make waste; take time to thoroughly investigate your lender, the terms of your loan, and all small print.