Should You Complete Your Home Equity Application in Person or Online?

Filling out a home equity loan application is an essential step in the process of tapping into your home's equity. Regardless of what you want the money for, you will have to apply before any is awarded. You can fill out the application in person or online in most cases. Here are a few things to consider about both methods.

In Person

Applying for the loan in person has been an option since they came out with home equity loans. You know that as long as the lender is open, you can go into the lending institution and fill out an application for a home equity loan.

The good thing about this approach is that you get personal contact and help. When you are filling out a long application, you have the opportunity to ask question when you do not understand something or are unsure you are answering properly. The lender's representative can help you. They can help walk you through the application and help you fill it out correctly. This way, you know that the application is filled out right and there will be no delays in processing it.

The biggest drawback to this method is that it is not convenient. Driving to the bank, getting out of the car and walking in, waiting in line to talk to someone, and then visiting with a loan officer takes time. They might want to quiz you a bit before they actually give you the application. Then you have to take a pen and fill out the application while you are in the office. Filling out several pages can take quite a bit of time by hand.


Filling out a home equity loan application online is a relatively new option that many consumers are discovering. With this method, you simply go to the website of the lender that you want to work with, click on their application link and start filling in the blanks.

The good thing about this method is that it is extremely convenient. You can walk over to your computer at home and fill out the application according to your own schedule. You do not have to wait for the bank to open the next morning. The convenience of applying at home can be overstated, it is much less intimidating to complete the application at home than at a banking institution.

Another advantage is that is saves time. Most people can type and click faster than they can write. Therefore, you should be able to get through the application faster.

The disadvantage of this method is that you can not get the level of personal help that you can at the bank. No one will be there to offer you answers and guidance with your application. More and more lenders now have an online chat feature that allows you to interact with an employee with the click of a mouse. This can allow you to ask questions, during business hours, and guidance.