Make Lenders Compete for your Home Equity Business
If you have built equity and have good FICO® scores, lenders want
your business. They will also be more willing to make their offers appealing so
you’ll buy from them. Allow lenders to compete for your business by showing
them their competitor’s offers.
If you like a lender but his offer is missing something you saw in another offer,
tell him. In most cases, the lender will be willing to work with you – especially
in areas that other lenders are already offering you.
Make a list of the features you must have in each loan offer. For example, if
you know you’re going to make small withdrawals from your HELOC, make sure
there is no minimum draw written into your agreement. Using your must have list,
call each lender and see how they are willing to address each point. If one lender
has an appealing approach, show it to the other lenders. Go through your list with
the lenders until you’re confident each lender is providing you with their
best offer.
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