Mortgage and Home Equity Lenders

Choosing the right home lending services for you

Regardless of when you secured your mortgage, there may come a time when you are looking for home loan options to finance home repairs, consolidate debt or borrow for an important investment such as your child's college education. Many people question whether or not they have to use their original mortgage lender for their home equity loan. The answer is no. Since a home equity loan will be a completely separate loan from the original mortgage, borrowers can compare home loan lenders and choose the product that is best for them.

Your home equity loan options

You should approach shopping for a home equity loan with the same level of research that you used while looking for your mortgage. Even within the home equity loan category you will have many decisions to make about the type of product you are looking to secure. The first major decision you will have to make is whether a home equity loan or line of credit would better suit your borrowing needs.

  • Home equity loan: If you know exactly how much money you are looking to borrow and need the entire sum all at once, you might choose a home equity loan. Home equity loans are ideal for one-time expenditures like financing a vehicle or consolidating debt.
  • Home equity line: If you want to draw on your money over time, you might borrow with a home equity line of credit. A home equity line of credit can provide you with access to funds over a specific draw period. It is ideally used when you are unsure of the total amount you need to borrow.

Home equity loans and lines of credit vary in interest and payback terms, so it is important to get the details about each before making a final decision.

Comparing home lending services

When shopping for a home loan lender, it is important to consider more than just the interest rate associated with the loan. You want a lender that can offer you stability and a level of service that will help you feel comfortable throughout the term of the loan.

  • Compare the convenience of lending and customer service options offered by each home loan lender.
  • Ask about closing costs. Look for lenders like Citizens Bank who offer home equity loans and lines of credit with no closing costs or application fees.
  • Directly inquire about any additional fees like appraisal or early pay off fees that might be associated with the loan.

Applying for a home equity loan or line of credit

Before you approach a home loan lender to apply for a loan, you want to be prepared. A home equity checklist can help you put together the information you will need to provide your lender during the application process.

Apply for mortgage and home equity loans or home equity lines of credit with Citizens Bank

Whether you are considering borrowing against your home equity for home repairs or to finance any other upcoming expense, you will find the low fee lending options you need at Citizens Bank. Visit us online to get more information or start your home equity application. Or, call today and speak with a helpful home loan advisor at 1-800-340-LOAN.


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