Best HELOC Lenders in Alabama 2019
If you’re an Alabama Homeowner looking to tap into your home equity, then there are some amazing second mortgage and home equity borrowing solutions available to you. All across the state, home values are on the rise, and with today’s mortgage rates hitting the historical lows that they are, there is no better time to obtain a home equity line of credit.
Today’s home finance market is primed for homeowners to not only grow the equity in their homes, but to be able to utilize it! Homeowners should be happy to know that the amazingly low mortgage and refinance rates of today extend into the rates available for second mortgages as well. If you are a homeowner interested in a home equity line of credit, now would be a perfect time to start looking for lenders and comparing interest rates.
In this article, we’ll review the best HELOC lenders in the state of Alabama, and why you should consider working with them for your second mortgage.
Best Way to Find an Alabama Home Equity Line of Credit Lender : Lending Tree
In today’s times, borrowers have some seriously impressive options when it comes to finding a mortgage product online. While the online mortgage trend grows and evolves each and every day, it is an undeniable fact that near the very top of the pack, one of the best online platforms for finding a mortgage solution is Lending Tree.
Lending Tree is probably the best place for potential borrowers to begin searching for lenders and loan products and to compare the rates available to them. After all, lending tree has a vast network of over 300 banks that it works with in order to provide its users with the best possible loan offers.
In terms of Home Equity options, Lending Tree helps borrowers narrow down the field a little by finding out the most crucial information from the borrower upfront, leaving home equity solutions that more closely match the borrower’s goals. Still, the ability to shop around for the lowest rates and the most favorable loan terms while relaxing at home is unmatched.
#1 Alabama Home Equity Line of Credit Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market as the country’s fifth largest bank is a testament to their deep commitment to providing affordable HELOCs and home equity loans with excellent service.
U.S. Bank offers both home equity loans as well as HELOCs. Their home equity loan offering is a fixed rate HEL with a term of up to 30 years, while their HELOC product has a variable interest rate coupled with a draw period of 10 years.
U.S. Bank is well known for its knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with an affordable home equity solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
#2 Alabama Home Equity Line of Credit Lender: Wells Fargo Bank
Regardless of who you choose to bank with, there is no denying that Wells Fargo is a huge player in the world of home finance. Home Loans, Mortgage Refinancing, Home Equity Loans, Helocs -- They do it all.
Wells Fargo is actually one of the nation’s largest residential lenders. They have endless experience originating and refinancing affordable mortgage products, and working with borrowers to ensure that they can obtain the best home loan for their financial situations.
Wells Fargo only offers home equity lines of credit, no home equity loans. Their HELOC carries a minimum loan amount of $25,000, and a maximum of $500,000. Borrowers are required to have a credit score of no less than 621, while the HELOCs have a maximum LTV of 85%.
While many of the bigger lending institutions impose strict eligibility requirements for their borrowers, The folks at Wells Fargo offer some flexibility to their clients. Along with flexibility, past clients have consistently pointed out that second mortgages from Wells Fargo have lower rates and upfront costs than is typically accepted.
#3 Alabama Home Equity Line of Credit Lender: PNC Bank
A popular player in the mortgage industry that plays a large role in home equity financing is PNC Bank. It is one of the largest banking institutions in the country, servicing 19 states as well as the District of Columbia.
PNC bank not only offers home equity loans and HELOCs, but also their home equity rapid refinance loan, which essentially acts as a more streamlined and flexible approach to a cash-out refinance. PNC bank offers a plethora of draw methods on its popular HELOC product, and originates its home equity options at an incredible 89.9% LTV.
PNC’s online platform makes securely uploading important financial documentation requested for a loan approval fast and easy. PNC bank excels in providing an excellent customer experience both online and face-to-face. It is one of the few major lenders with an online platform as robust as the online-only options.
#4 Alabama Home Equity Line of Credit Lender: Bank of America
A veritable banking giant, Bank of America is typically one of the first places any home buyer would discuss when financing a home purchase, second mortgage, or refinancing a mortgage. Even so, it is incredibly rewarding when such a large company can still focus on the wants and needs of each individual client, and get them the perfect loan product.
Home Equity transactions are an unspoken specialty of Bank of America. While they choose to only offer Home equity lines of credit and not home equity loans, they are still easily one of the best lenders around when it comes to accessing home equity.
Eligible borrowers who meet the credit score requirement of 660 (they are flexible depending on each individual borrower) can take out a HELOC with an LTV of no less than 85% with a minimum figure of $25,000 and a maximum of $1 million. HELOCs through Bank of America come with some interesting benefits, like being able to lock down an interest rate at any point in the payment period, and rate discounts for BoA account holders.
Bank of America would not be where it is today if it was lacking in such things as customer care or knowledgeable loan officers. They even have an ever evolving online platform that can cut application time down to just 15 minutes! Interestingly, Bank of America is able to combine its impressive clout in the finance industry with personalized consultation, round-the-clock service, and vast resources of both funding and information.
The result? A mortgage or refinance transaction that is as painless as one can be, and a second mortgage product that is just the right fit.
Shop Around Before You Get a Home Equity Line of Credit
Our picks for the best home equity line of credit lenders may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best loan terms and interest rates can be found in the most obscure places. Regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal refinance solution that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best mortgage lender in your area, don't hesitate to contact a home.loans mortgage expert!