How to find the Right Lender for a 30-Year Fixed Home Equity Loan

Getting a 30-year fixed home equity loan can provide you with access to the equity in your house quickly. There are a number of projects that you could use your home equity for. However, before getting the process started, you need to make sure and find the right lender. Here are the basics of how to find the right lender for a 30-year fixed home equity loan.

Shop Around

The first thing that you need to do is shop around between multiple lenders. If you do not consider several different options for your home equity loan, you could end up agreeing to a loan that is not in your best interest. There are many different types of lenders that you should look at. You could look at banks, credit unions, mortgage brokers, and online lenders. All of them could potentially provide you with the best loan option. While looking at all of these different options, here are a few things that you will need to consider about each.

Interest Rate

One thing that you will want to consider about the different lenders is the interest rate that you are quoted. While interest rates are partly driven by the market and the rate that the Federal Reserve sets, they are also affected by each lender. Every lender has their own specific needs and therefore, you will get a different rate from each one. Finding the lowest interest rate for your loan is one of the most important factors in your decision. A lower interest rate will save you money on your monthly payment as well as the total amount of money that you pay for the loan.

While shopping around, you can even use interest rate quotes as leverage. After you start to get some quotes, you could potentially negotiate with other lenders for a lower rate. Some lenders may be willing to lower their interest rate in order to get your business.


Something else that you will want to consider is the reputation of the lender that you are thinking about doing business with. You want to find someone that values customer service and has a good reputation in the industry. In order to find out about a company's reputation, there are a few things that you can do.

First of all, you should check with the Better Business Bureau. They will have a detailed profile of the company in question. They can tell you whether they have a good history of dealing with customers. They will have a complete track record of all of the complaints that have been filed against them in the last few years. You can also see if they have been resolved or not.

Besides the Better Business Bureau, you will also want to check out some online reviews. When you do some research on a particular company, you will usually find some online reviews about the company. If you see several people that have rated the company poorly, you may want to stay away from them. However, if they check out on the Better Business Bureau and the online reviews, they will typically be a sound company to work with.