With current economic conditions in the United States, especially the crisis in the sub-prime mortgage market, many Americans are finding it hard to get loans with the financial terms that they want. However, with patience, homeowners can get low rate home equity loans for whatever purpose, including home repair and improvement, mortgages, hospitalization, and college education. And the best place to look for information on low rate home equity loans is online.
There are many web sites that offer users the ability to compare home equity loan rates at a single glance. Here are some of these web sites:
- MortgageLoan.com. This web site is about news and information service in the area of mortgages and home loans. Users only need to fill out the online form with the required information. Then, they just wait for the lenders to send answers to their inquiries and send them quotes. The web site guarantees that at least four lenders will answer each inquiry and that these businesses will vie for their business.
- Bankrate.com. This is one of the leading aggregators of financial rate information on the web. Comparing home equity loan rates is very easy using the service of this web site. All the user has to do is choose a state, city, and their FICO range. Once they have supplied that information, the tool will generate a table that shows lenders and the rates they offer.
For example, supposing I'm from Newark, New Jersey and I have a good FICO rating. There are three lenders willing to offer home equity loans to me. These are TD Bank, Sovereign Bank, and Bank of America. Their rates for a $30,000 home equity loan are 7.49%, 4.19, and 11.24%, respectively. From this, it is clear that TD Bank offers the lowest home equity loan rate.
- LowestRate.com. Owned by FiNet Inc., this web site is one of the leading marketplaces for financial services online. In the area of home equity loans, the web site claims that it can help consumers find the best home equity loan online. Aside from that, it also offers information on how a home equity loan can increase the value of a residential property. Users need to fill out an online form with the information pertaining to the property, purpose of the loan, mortgages on the property, and the personal finances of the borrower. The form also asks for the contact information of the borrower. Once the form has been sent, the potential borrower will have to wait for the Premier Partners of LowestRate.com to contact them by phone regarding their loan inquiry.
These are just three of the many web sites that can help homeowners get home equity loan quotes and compare the rates offered by different borrowers. Some are easy to use like Bankrate.com, while some required more detailed information. Nevertheless, all these sites prove that ONLINE is still the best place - and the most convenient -- to get the lowest rate home equity loan.