3 Thoughts on Do I have to go through my mortgage company for a home equity loan, or do I have to go though a bank?
  1. Reply
    Suzy_305
    August 9, 2012 at 2:17 pm

    You can go to either one. These are the differences between the two:

    Bank: They require a high score (usually a 700 or better) and have about 30 different programs.

    Mortgage Broker: Works with anywhere from 30 to 60 different banks and work with all types of credit scores (Usually as low at 560 depending on the LTV). You figure each bank has about 30 different programs so with a Mortgage Broker you have hundreds more options then you do with a Bank.

    Good Luck!

  2. Reply
    ms.chacha
    August 9, 2012 at 2:33 pm

    you dont have to..but you might want to see what they could offer since you already have the mortgage with them..also check out what your bank has to offer

  3. Reply
    dzwreck
    August 9, 2012 at 2:51 pm

    I don’t recommend working with professionals or companies whose email addresses end with a free email service provider (very little credibility). For example @yahoo.com: @msn.com: @hotmail.com, etc…. You can go through either or. Honestly, for a home equity line of credit, if your credit is over 700, then you will get about the same deal whichever you choose. If your score is below 700 then you may be better off going with a mortgage company/broker. They will be able to find more options for you in that case. Check out the links below for more information.

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