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Obtaining free home equity loan quotes from competing lenders is much easier than you might think.
Some people think that a person needs to phone (or even worse, visit in person) banks in order to receive a home equity loan quote. Not true.
Some people believe that you must deal with the bank that you currently deal at. This is also not true.
LendingTree.com is an online lending marketplace that connects borrowers with lenders.
LendingTree is the middleman in the process - they don't actually lend money.
Here is how they work.
First, LendingTree gathers your details via their secure online form. You can start off the process by filling out the short form below:
Then, LendingTree will take your details and allow banks and lenders to submit competing quotes. That's right - instead of asking your bank for a home equity loan and keeping your fingers crossed, these banks and lenders will be battling for your business. Nice change of pace, no?
LendingTree will then present you with the quotes. Don't be surprised if you end up receiving more than you initially expected.
At this point, you can do two things:
1) Walk away from the process. Again, these are NO OBLIGATION quotes, meaning that you are not obligated to take out a loan.
2) Decide to work with one of the banks. If this is the route that you choose, then LendingTree and the lender will provide you with details as to the next step in the process.
Many people use LendingTree to give themselves an idea of what kind of a home equity loan they are eligible for, and what the terms of that loan might be.
Again, there is no cost for the quotes (they are free), and there is absolutely no obligation on your part to take out a loan.
The best part of all - you will have your competing quotes sitting in front of you within minutes of filling out the form. Simply fill out the short form above and you will be well on your way.
Filed under: General Knowledge