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3 Things to Watch Out For When Getting a Home Equity Loan Online

The internet can be a valuable resource for researching the ins and outs of getting a home equity loan. It can also be a great place to find a reputable mortgage broker, as long as you are careful not to get caught in an online home equity loan scam.

Watch out for subprime lending.

Subprime lending is when a lender offers to give you a lone for an extremely high interest rate and tacks on excessive fees. Usually these loans are given to high risk individuals who are so desperate for a loan that they don’t take the time to shop around for a company that will work with them despite a bad credit rating.

Watch out for equity stripping.

Equity stripping is when a loan is based solely on the value of your home, and doesn’t take into consideration your ability to repay the loan. The usual result of these loans, is the borrower can’t repay it and the lender ends up acquiring the home and all the equity in it.

Watch out for predatory lenders.

Predatory lenders thrive on setting up loan situations in which the borrower is destined to default, consequently losing his home. Some of the signs that you might be dealing with a predatory lender include a broker that requires you to put false information on the loan application, apply for a larger loan than you need, or sign blank loan papers, saying they will be filled in later. You also want to avoid lenders that promise you one set of terms when you first apply and then change the terms when it comes time to sign or refuse to give you copies of the forms once you have signed. Predatory lenders often misrepresent the type of credit you are being given and fail to provide the required loan disclosures.

There are a lot of reasons to apply for a home equity loan online. The process is fast, easy, and convenient, as long as you take care to avoid the pitfalls of dealing with unscrupulous brokers.

Home Equity Loans Online – How to Locate a Good Online Lender

The internet makes applying for a home loan simple and convenient. If
you own a home, you have several options for acquiring extra funds for
large purchases. Home equity loans are extremely useful and may help
improve a homeowner’s credit rating. If applying for a home equity loan,
take advantage of online lenders.

Why are Home Equity Loans Beneficial?

Home equity loans, or second mortgage are advantageous because they
allow homeowners to obtain a lump sum of money for large expenses. Typical
home equity loan uses include debt consolidation, home improvement,
college expenses, vacation, weddings, etc.

For the most part, everyday hardworking people do not have thousands of
dollars in disposable cash. Hence, they must rely on credit cards for
unexpected expenses. If you own a home, acquiring a home equity loan is
better than using credit. Home equity loans have low interest rates and
fixed terms. Therefore, the loan balance can be paid in full within a
few short years.

Convenience and Simplicity of Online Home Equity Lenders

If applying for a home equity loan, you have several options. To begin,
you may request a quote from your existing mortgage lender. Because you
are a current customer, they may be willing to offer exceptionally good
terms. Nonetheless, request quotes from additional online lenders.

Obtaining quotes are simple. Online home equity lenders have websites
that include detail information about home equity loans. Thus, if you
are unfamiliar with how a second mortgage works, lender websites will
answer any concerns and explain the loan process.

Applicants must include pertinent and accurate information on the
online request form. Upon submission, the lender will quickly review
information and remit an offer. In most cases, offers are received within
minutes. After reviewing a lender’s offer, applicants may choose to accept
or decline.

Finding a Reputable Online Lender

Many lenders operate online. Unfortunately, some lenders are shady and
want to take advantage of unsuspecting applicants. To avoid fraudulent
lenders and their scams, choose a lender using a mortgage broker.
Brokers have relations with various mortgage lenders. Hence, they can locate
a suitable lender for mortgages, refinancing, home equity loans, bad
credit mortgages, etc. Additionally, online mortgage brokers obtain
offers from various lenders. This way, applicants can compare different home
equity loan offers before finalizing their decision.

How to Apply For an Australian Personal Loan Online

Apply for a Personal Loan

Online applications for a personal loan is a simple process that requires a few minutes of your time. If you want to save time and do not want to deal with the long waiting times of local bank branches and telephone calls then an online personal loan application may be for you. In a few easy steps you can be on your way to receiving your money within 24 to 48 hours.

Step 1 Search and Compare

The first step in applying for the best personal loan offer for you is to compare all the personal loan deals available to you. You must take into account what the personal loan is for, whether you would like a secured or unsecured loan, the time you want to pay the loan back and the interest rate you are willing to pay. For example Joe would like a unsecured personal loan to pay for his holiday, he would like to pay the loan off in 5 years and is looking for an interest rate of under 15 percent. For a scenario like this there are a few options, ANZ, Aussie, Citibank and St George all have personal loans that can cater for Joe’s needs.

Step 2 Gather Information

Once you have made the decision on what personal loan you would like to apply for you simply follow the link to the online application page. In order to apply for a personal loan in Australia in most cases you need to be over 18, a permanent Australian resident, earn over $20,000, have no more than two people making the application and you have to be able to make the monthly repayments. If you meet these requirements then you can move onto the next step of providing documentation. You need a Driver’s licence (if applicable), the address and contact number of your place of work, if self-employed, your accountant’s name and contact number, your assets, liabilities, income and expenses. Once you have gathered all this information you are ready to proceed with the online application.

Step 3 Online Application Form

We have selected the personal loan we want, gathered all our information now it is time to fill in the online personal loan application. This is a simple process that involves selecting the type of loan you want, the time you want to pay it back, your personal details and the method of payments. You will receive a response to the application within 60 seconds and depending on the bank you can have your money within 24 hours.