Is It Better to Do Your Home Equity Application in Person or Online?

Filling out a home equity loan application can be an exciting time. You know that you are very close to getting the funds that you need. Regardless of whether you are consolidating debt, adding on to the house, or doing something else with the money, it all begins with a home equity loan application. Filling out the application is a very important part of the process. Typically you will have two options to fill out this application. You will be able to fill them out online or in person. Deciding which one to do could be tricky because they both have their benefits and drawbacks. Here are a few things to consider about each.

In Person

In order to fill out a home equity loan application in person you need to go visit a local lender. Walk into your local bank or mortgage lender and ask them to speak about a home equity loan. Most of the time, they will take you into an office and have a loan officer visit with you. 

The loan officer will ask you some preliminary questions and find out what your plans are. They will try to qualify you unofficially to see if you can get the loan. They will explain the process and make sure that you want to go through it. Once you are past the initial round of questions, they will give you several documents to fill out. 

The documents will have all of the standard items including: your name, address, date of birth, social security number, and the amount of money that you want to borrow. There will be some more detailed questions at some point as well. 

The advantage of this method is that you can ask questions if you run across them. Sometimes the loan application can be a bit confusing. It is handy to have someone right there by you to answer your questions if something comes up. 

Online

With an online application, you will have a slightly different process. Instead of visiting a local lender, you will visit the lender or your choice's website. You will read all about the loan that you want to apply for and then click on the application link. It will take you to a secure online form to fill out. It will have pretty much all of the same information that you would be required to fill out in person. You type in the data, submit the form and then wait for a response.

The advantage of this method is that you can do it from anywhere, at anytime. If you want to sit at home and be comfortable, you can do so. The drawback to this method is that you may not have easy access to answers if you have questions. You may have to call a representative and be placed on hold for some time before you are able to clarify any questions.

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