Get Home Equity Offers From Several Lenders
Most lenders don’t have standard loans that are set in stone.
More often, they have a loan package that they can tweak. Knowing this, you should shop
around and get multiple offers from different lenders. We’re not saying to get 50
offers from 50 different lenders, but get at least two or three so you feel confident
that you have a complete picture of the loans available.
If you know you want a HELOC, don’t let lenders try to sell you a home equity
loan. Instead, tell them you want a HELOC with specific options that are important to
you. Mention that you will compare their offer to the other HELOC loan offers you’ve
received. Having multiple loans with the same basic criteria allows you to logically
compare your offers.