If you want to obtain a home equity loan, you should be aware that you are tapping into the equity that you have in your house; whether it is for paying off student loans, doing home improvements or taking care of major expenses. You can get one of these loans for almost anything. You can even use it for debt consolidation of your high interest loans. However, if you want to get the best out of your home equity loan, you should choose the right lenders to compare, especially since they all have different lending rules, standards and guidelines. For example, some may require a lower credit score than others and less documentation while other lenders are the opposite. Below are a few home equity mortgage lenders that you can start with.
Carrington Mortgage Services
This lender receives a score of 4.7 out of 5 for its customer service. The lender has a wide range of mortgage products including home equity loans and refinance loans. The company hs a nationwide presence and provides mortgages that are federally backed and also conventional. They have been in business since 2011. The minimum credit score required is 500.
Alliant Credit Union
This lender has an overall score of 4.6 out of 5. They operate as a non-profit cooperative; serving customers from every state except the state of Maryland. They provide borrowers with options of taking out a home equity loan, refinance, conventional and jumbo loan. The minimum credit score allowed is 620 and the debt to income ratio allowed is 50%.
PNC Bank gets a score of 4.5 out of 5. It is quite a large bank and growing as it now serves all fifty states with a wide range of mortgages including home equity loans. The minimum credit score is not disclosed. This lender is known for issuing large amounts for various types of loans.
Bank of America
This lender receives 4.4 score out of 5. It does business in every state across the nation and provides borrowers with loan choices such as home equity, jumbo loans, VA loans and HELOCs; among others. The minimum credit score is 600.