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Home Equity Loan Reviews

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LENDINGTREE

LendingTree is the leading provider of home equity loans. In business since 1996, LendingTree has helped hundreds of thousands of customers successfully find the best home equity loan available in the market. They currently hold an A+ rating with the Better Business Bureau and provide a customer-friendly and informative home equity loan website.

Most customers find that LendingTree's easy home equity loan process, which allows you to enter all the necessary details and information directly into their system, is the quickest and most efficient method to find several lenders at once. LendingTree has relationships with a large number of mortgage companies and banks across the nation. Many of them offer the most competitive home equity loan rates available today.

Once your details are entered into their online form, LendingTree automatically finds up to five lenders with home equity loan rates for you.

The home equity loan process at LendingTree is simple and stress free. The steps involved include:

  • Complete their online request identifying your property type, credit rating, property location, mortgage amount, and contact information
  • Receive up to five online offers from home equity loan lenders in just a few short minutes
  • Compare the home equity loan rates and terms for each loan
  • Choose the home equity loan that best fits your needs and complete a more detailed application for that specific lender

We were impressed with the user-friendly LendingTree website and appreciated all their helpful tools. Some of those include an affordability calculator, credit worthiness articles, and how much cash you can take out of your existing home. For those with a lower credit score, LendingTree provides information on credit repair and a credit monitoring service to make sure your home equity loan rate is as favorable as possible before you attempt to obtain your home equity loan.

LendingTree has built a superior home equity loan website that streamlines the loan process in the most efficient manner. The number of home equity lender relationships, the helpful tools, the professionalism, and additional services all make LendingTree stand ahead of the pack. If you want to take out a home equity loan, LendingTree is a great place to start.

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SMART QUOTE

Smart Quote is rather new to the home loan, home equity loan, and mortgage refinance business. Smart Quote is different than other home equity loan mortgage referral companies. Their website asks customers many of the same questions as other companies in our review, but their results then send customers to Quicken, Lending Tree, and other companies. However, the home equity loan matches are much more generalized and less specific to each client. The benefit is that if someone isn't happy with the rates they've received, they may use Smart Quote to see what other lenders are issuing loans in their state, for that size of home equity loan.

Inquiry Process:

  • Input your state, loan type and amount of loan.
  • The website will provide the best rates for several companies doing business in your area.
  • The customer must then call or go to the respective website to see what they can qualify for.

Smart Quote is a good tool for those that are having trouble finding loan terms that they are comfortable with. The challenge with using Smart Quote is that the results may not apply to that individual borrower, they are only best rate quotes and the shopper must then go to a new website to start a more official process. In the end, this requires more steps that doing business with a higher ranked company.

The website does offer a few resources and tools such as a mortgage calculator, home affordability information, and links to some informative articles. For those that visit other home equity loan companies and wonder if they've missed any other home equity options, Smart Quote is a tool that can help. A downside to Smart Quote is that they provide very generalized information, and which may not apply to your specific creditworthiness and financial needs.

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THE EASY LOAN SITE

At The Easy Loan Site visitors will find a no frills home equity loan website that focuses on connecting borrowers with mortgage lenders based on each consumers financial situation. The Easy Loan Site has an A rating from the Better Business Bureau and is Norton secure certified.

The Easy Loan Site is missing those research tools, market analysis and other helpful features we found at many of the other home equity loan sites. The main page simply states the company name, advertises the lowest rate available today, and tempts clients to "lock in now." There is a simple drop down menu box from which you select the type of loan you are looking for (new mortgage, refinance, or equity loan) and then takes you through a long list of questions designed to determine which lenders are the best fit for your financial needs.

Inquiry Process:

  • Complete online application with type of loan, amount, credit rating estimate, location, and description of the property
  • See a list of 3-5 potential lenders and their rates, with contact information
  • Receive calls from potential lenders 24+ hours later

The process for filling out the online form is made very simple with the use of this drop down window. In less than a minute we were able to navigate through the various questions and get to a screen that showed us three competing lenders with rates that looked fairly competitive. We were also given notice at that point that we would be contacted by lenders within 24 hours.

Everything worked as it should, but the experience left us a little unimpressed because the site offered so little background information that we really didn't know who we were dealing with. With no research tools, company background details or any other information, The Easy Loan Site is a basic search engine and left us wanting more.

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LOWER MY BILLS

Lower My Bills is a free online service that provides rate comparison information for home refinancing, home equity, debt consolidation and more. The philosophy at this company is that they can find provide lower cost providers to help save money on monthly bills. The process of obtaining those promised free quotes was simple and involved answering questions related to the type of home, credit score range, year of original purchase, home value, mortgage balance, 1st and 2nd mortgage information, purpose of home equity loan, employment status, address, phone number and a few other simple questions.

Inquiry Process:

  • Complete online request including property type, the type of loan, credit profile, purchase year, home value mortgage balances, current lender, rate info, age, address and more.
  • Some, none or up to four website links will be available to take you to new companies that again require you complete start the inquiry process.
  • Next step is dependant on new website you're directed to.

Once the questionnaire was completed we expected a list of rates to appear given the very detailed and personal information we had provided. However, we only received four links to different websites that wanted the same information completed. Some of those four links even provided erroneous results - furthering our disappointment. This left us wondering what Lower My Bills was planning to do with our personal information. We didn't find a convenient and valid list of potential home equity loan lenders at Lower My Bills.

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Home Equity Loans

A home equity loan is a popular strategy for home owners that want to use the equity in their homes to create cash in their pockets. Home equity loans are typically used for home improvements, to pay off debt, make a large purchase, send a child to college, and much more.

A home equity loan can mean your existing loan is refinanced or a second loan can be assumed. Determining which move makes better financial sense, refinancing or a second loan, is dependent on several factors such as your current mortgage loan terms and which banks are willing to offer you a home equity loan given your creditworthiness. Before you call your current mortgage lender to discuss a home equity loan, you should consider shopping around for the best home equity loan rates. This can mean saving several thousands of dollars in interest and mortgage payments over the life of the loan.

The best home equity loans may be found online from mortgage companies and banks that offer the most competitive rates available in the market. A few home equity loan companies even offer a mortgage broker like service that helps customers find the best loan, with the lowest interest rates terms.

Before jumping on the internet to search for your next home equity loan you should consider the following:

  • Loan Application. What are the steps required to begin the home equity loan search?
  • Selection. How many banks does the company work with to find you the best home equity loan rate?
  • History. Does the home equity loan company have a solid reputation that you can feel good about?

TopConsumerReviews.com has reviewed and ranked the best Home Equity Loan providers available today. We hope these reviews help you find the right home equity loan for your needs!



Home Equity Loans In The News

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The Australian Bank of Queensland has banned lines of credit from home equity loans to be used in purchasing cryptocurrencies. The Bank of Queensland is reportedly the latest institution to bar credit ...

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What is a home equity loan, and how can you make it work for you

A home equity loan is a financial product that allows a homeowner to borrow against the equity in his or her home. Equity is the difference between how much the home is worth and any debts against the ...

Published:  Mon, 02 Jul 2018 22:36:00 GMT



Home Equity Loan Provider Earns Top Rating from TopConsumerReviews.com

OVERLAND PARK, Kan., July 11, 2018 /PRNewswire-PRWeb/ -- TopConsumerReviews.com once again awarded their highest five-star rating to LendingTree, an industry leader in Home Equity Loans. For homeowner...

Published:  Wed, 11 Jul 2018 13:06:00 GMT



Bank of Queensland bans using home equity loans for crypto

Lenders are banning property buyers from using home equity to buy cyptocurrencies because of regulatory fears and increased risk from volatile trading conditions. Bank of Queensland is the latest to b...

Published:  Wed, 11 Jul 2018 19:04:00 GMT



Here's why homeowners aren't borrowing against their equity

As home prices have appreciated, Americans have more than $5.8 trillion in equity, double the level in 2011, Bloomberg reported. But they aren't tapping into it due in part to rising interest rates an...

Published:  Thu, 12 Jul 2018 05:30:00 GMT



Equity Prime Mortgage Brings on New SVP, Keith Webster, Along with His Existing Legacy Division

ATLANTA--(BUSINESS WIRE)--Equity Prime Mortgage, one of the largest minority owned ... Webster is a founder of the Legacy Division while at Alterra Home Loans in 2017. The primary focus of the initiat...

Published:  Tue, 10 Jul 2018 11:00:00 GMT



What to do if your home is worth less than your mortgage

When house prices crash, it can lurch homeowners into something known as negative equity, when your home is worth less than the outstanding amount on your mortgage. Let's say you purchased a property ...

Published:  Thu, 05 Jul 2018 00:10:00 GMT



Everything you need to know about negative equity - What happens if your mortgage ends up worth more than your house

Being in negative equity does not mean you will lose your home - so long as you keep up with your monthly payments. If you're on a repayment mortgage you will eventually clear that loan in full and ow...

Published:  Fri, 13 Jul 2018 03:05:00 GMT



Chinese home equity loan provider CNFinance Holdings files for a $200 million US IPO

CNFinance Holdings, a provider of home equity loans in China, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering. The Guangzhou, China-based company was founded ...

Published:  Wed, 11 Jul 2018 15:25:00 GMT



Rob Black's Winners & Losers: Which is better a Home Equity Line or 401k loan

Winner: Home prices make the biggest jump in four years . . . Home prices jumped 7.1 percent annually in May. If mortgage rates were to rise further, fewer homeowners would want to move. The supply of ...

Published:  Tue, 03 Jul 2018 10:55:00 GMT




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