Shopping online for a Home Equity Loan lender can make the borrowing process simple and painless. However, you do need to be cautious about potential scammers and low-quality loan companies. To make sure your Home Equity Loan lender is reputable, look for these three things:

A real phone number and address

As a customer, there may be times when you want to actually speak with a live person rather than communicating via email and web forms. Make sure your online lender has a phone number and address where you can contact them during regular business hours. Watch out for companies that only send you to an automated voice mail service, too. Before signing on with a company, have at least one phone conversation with a loan officer.

A specific list of fees and charges

You'll have to pay fees when you get a Home Equity Loan, so ask your lender for a list of their charges. Be cautious of any company that refuses to give you exact numbers and only offers vague estimations of what your final charges "might" be. After reviewing your employment information, taxes, the amount of your loan and your credit report, your lender should be able to quote you an interest rate and the cost of their fees.

A general "good" feeling

You should feel as if your loan company is working hard for you. In all interactions with the company, you want to feel as though the lender is knowledgeable, supportive and competent. It's important that you believe you can trust your lender, since you’re entering into a financial contract with the company. If, at any time, you believe they may be pressuring you or trying to tack on extra fees, you may want look elsewhere for your loan.

If you have doubts about an online Home Equity Loan lender, you can check the Better Business Bureau to see if any formal complaints have been lodged against the company. Consider asking for professional referrals from real estate agents, too, to ensure the lender has a positive past record.

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