If you think it is the right time for you to get a home equity mortgage do some research before you apply. You may want to start by searching online to learn what equity loan rates are in your area.
The easiest way to get a home equity mortgage may be to contact the lender who currently holds your first mortgage. Often your current lender will have most of your information on file, and will therefore not require as much paperwork as a new lender would.
Before calling for an appointment to apply for your equity loan, gather paperwork you would typically need for a loan. This would include pay stubs, and other proof of income you have on hand such as tax returns. Also, be aware your current debts will be considered, so make a list of these and have all of your account numbers handy. You may also need your driver's license number and you social security number for further identification.
Once you are sure you will apply for a home equity mortgage talk with several lenders in your area to learn what interest rates are at the time. Also, ask about other expenses you may be responsible for, such as appraisal fees or application fees. Some lenders will waive these fees to gain your business.
Call your current lender and see about making an appointment to apply for the loan in person. Many banks and credit unions will have you do the initial application over the phone. Ask how much you can save on interest and fees because you now have a mortgage with their bank. This may not save you any money, but you won't know if you don't ask. Doing as much as you can by phone first will sometimes shorten the process. Be sure to write down the names of everyone you speak with just in case you have to call the person again.
Your home equity loan lender will no doubt arrange for an appraisal on the property in question. Before this happens, be sure everything on the outside and inside of your home is in order. Although you may think the square footage and quality of your home would be all that counts, sometimes it seems a tidy space receives a better review than one that is cluttered and unwelcoming. If the exterior of your home has any deferred maintenance, take care of as much as you can before the appraisal.