Where To Apply For A Home Equity Loan

How to Get a Home Equity Loan. You can get loan estimates from several different sources, including a local loan originator, an online or national broker, or your preferred bank or credit union. Lenders will check your credit and might require a home appraisal to firmly establish the fair market value of your property and the amount of your equity.

You can apply for a stand-alone home equity line of credit with any lender that offers it. A stand-alone home equity line of credit can be used as a substitute for a mortgage. You can use it instead of a mortgage to buy a home. Buying a home with a home equity line of credit instead of a traditional mortgage means:

You can use your home equity to: There are a few ways you can get your home equity working for you. With all options, you may be able to access funds at rates lower than other types of loans, since the credit is secured against your home.

Borrow Against Equity in Your Home. If your home is worth more than you owe on it, a home equity loan can offer funds for anything you want—you don’t just have to use the money for home-related expenses. However, using your home to guarantee a loan comes with risks. A home equity loan is a type of second mortgage.