Whether you plan to use a home equity loan to cover a major expense or consolidate debt, it’s not a decision to take lightly. To find the best bank for a home equity loan, you need to identify the lending terms that best fit your personal financial needs and goals.
When seeking a home equity lender, your local banking center is a good place to start. It’s important to seek competitive terms and interest rates and find lending experts who take the time to answer all of your questions. As you navigate the process of deciding what bank has the best home equity loan, you’ll want to compare all aspects of the lending terms, because they differ from bank to bank.
What factors matter most as I evaluate lenders?
Once you’ve gathered home equity loan information from several lenders, compare each component of the lending package to decide which bank offers the best home equity loan. You’ll want to examine every aspect, because looking at just one part of the loan offer won’t give you a fair picture.
Factors to consider to find the best home equity loan include:
- Terms of the fixed loan
- Interest rates
- Any associated costs, including closing and application fees
You’ll want to know the length of the installation loan’s fixed term, the fixed interest rate, maturity date and monthly payment amount. Other questions you may want answered include:
- Can you make extra payments to pay down the principal?
- Do prepayment penalties exist?
- What happens if you’re unable to make the monthly payments?
Make sure you know up front if the lender charges any fees or costs connected to the loan. At First Merchants Bank, customers do not pay closing costs on a home equity loan.
Why consider First Merchants Bank for a home equity loan?
First Merchants Bank offers competitive home equity loan rates with flexible terms. We ensure a quick and streamlined approval process, which you can start online.
First Merchants does not charge any fees for our no-obligation application process. Reach out to our lending experts to get professional guidance or answers to any questions.