5 Thoughts on Should you use a different lending company when applying for a home equity loan?
  1. Reply
    January 19, 2013 at 5:01 pm

    You can always try your current mortgage company, but not all offer home equity loans, and you can often find a better deal locally.

    Call a couple local banks and credit unions. Most will offer good rates and pay all the closing costs for you. Shop around for your best deal.

  2. Reply
    Joe K
    January 19, 2013 at 5:10 pm

    Either way. If you are comfortable and know the person you were working with before, it may make sense to use them again. Certainly not all companies offer all products. Most companies do Home Equity deals in some fashion or another. While it is true that many banks offer good deals, but many require you to keep the line open for a certain number or years (amongst other fine print items). Since you are applying for a particular purpose (finance your pool) you will probably meet all the minimum criteria the lenders want.

    Do shop around as you will find many different deals.



  3. Reply
    mortgage help
    January 19, 2013 at 5:18 pm

    check out both. it doesn’t matter. get a no cost line at prime minus…

  4. Reply
    January 19, 2013 at 5:26 pm

    The best advice you can get when it comes to picking a mortgage lender is: Shop around.
    Of course you should check with your current lender, but I have found that usually the lenders that offer a good rate on the first mortgage do not have a great rate on their seconds (with the exception of a few who offer deals when doing both at the same time).

  5. Reply
    John G
    January 19, 2013 at 6:20 pm

    I work for a major lender in California. We are licensed to do loans in all 50 states. Currently I have a program that will waive title, escrow and lender fees, including an appraisal if it is needed for a home equity loan. We have very competitive rates despite the low fees, including equity lines of credit with rates under prime for borrowers with good credit. Feel free to contact me for more information.

    (818) 645-0585
    [email protected]

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