Finding a lender who's willing to offer you a fast home owner loan is not always going to be easy, but if you know where to look and how to structure your search you should be able to find the loan that you want in the time frame that you require.
A fast home owner loan is one that uses the equity that you've built in your house as collateral to secure the money that you borrow, and by choosing the right lender you can not only save money on your loan but also have it processed and receive your funds in record times. Below you'll find suggestions of where to look for your fast home owner loan, as well as how the inquiry and application process may go with each type of lender that you might consider.
Banks and Traditional Lenders
One of the more common sources for a fast home owner loan is the bank where you currently hold accounts or other loans. Because you are already a customer, many banks may be willing to expedite your loan application or offer you discounts on your interest or loan fees.
It's important that you take at least a little bit of time to check with other banks or lenders as well, asking quotes of both the interest and fees as well as the average processing time so that you can compare them and see if you're getting the best deal at your usual bank. The applications from banks and other traditional lenders is generally rather straightforward, and can take days or weeks to process depending upon the lender.
Mortgage lenders can be a great source for a fast home owner loan, as they are designed specifically for dealing with loans that feature real estate as collateral. Much like banks and other lenders, the interest rates that you will pay with a mortgage lender can vary from one lender to the next. Depending upon the lender that you choose, interest may be higher than you would find at banks or some other lenders; This is generally offset by a faster processing time due to the specialization of the lender.
If you are willing to spend the time looking for them on the internet, online lenders may be one of your best bets for a fast homeowner loan. Because they do business on the internet instead of having a physical storefront, these lenders generally have a greatly reduced overhead and can pass that savings on to their customers in the form of lower interest rates and reduced loan costs.
Loan processing times can also be drastically reduced, and you may receive a response on the same day or within a few days of submitting your application. Often the loans can be applied for directly from the lender's website, although you may be required to fax or mail additional information to the lender before the loan can be issued.