Once you’ve prepared by gathering the information above, you’re ready to apply. Here’s a breakdown of the steps you need to apply for a home equity line of credit.
Contact Lenders – Because the rates and fees for your HELOC will vary, you’ll want to contact a few lenders to compare loans and make sure you’re getting the best deal.
Compare Offers – Once you have offers from three or more lenders, sit down with the offers and look them over. It’s rarely an apples-to-apples comparison, so use one of our loan comparison tools to help.
Apply Online – Once you’ve made a decision, fill out the application. Most banks today will allow you to apply for your loan online. This makes filling in your information a breeze, and if you happened to miss gathering a document, you’ll have time to get it.
Property Evaluation – Most lenders may require a property appraisal and inspection prior to approving your loan. This will be an out-of-pocket expense.
Approval – Once you’re approved, your lender will ask for additional information to move the process along.
You may need to be ready to have access to information on any other debts you have, like your student loan, car loan, or credit cards.