When you decide to look for a home equity loan you need to make sure that you jump into a good deal offered by a good lender. Yes it is a challenging job to find a deal that suits your requirements and your financial position. It is always advised to do a detailed market research on the ongoing deals. You need to explore with different lenders. Now the challenges that you may have to call bank after bank and need to go through you newspaper’s financial pages for more information on the offers.
Though there are many lenders who offer you online quote facility as well. With a click of mouse you can submit your application so that you may get to know what is that they are offering. If you walk down to a book store you may see many self help guides as well giving you tips and thorough knowledge about the deals and their pros and cons.
Inviting quotes from different lenders will always help you. There are websites where just filing one form will allow you to get quotes from more than one lenders. The information that you may need to put in will include
1. What type of loan you need?. A refinance, debt consolidation, home equity etc.
2. Where is the property located? Here you need to mention the state where your property is.
3. Your zip code.
4. The description of your home. Here you need to answer if it is a single or multifamily house etc.
5. The year you purchased this house.
6. The use of property: if it is used primary residence or if it is for investment purpose.
7. The purpose of loan
8. Estimated value of your home
9. First mortgage balance (if any)
10.  First mortgage interest rate
11.  Existing rate if it is fixed or adjustable.
12.  If there is a second mortgage
13.  How much you intend to borrow?
14.  Your credit status: ranging from excellent to poor
15.  Your annual income
16.  Your occupational status if employed or not or self employed.
17.  If you ever have declared bankruptcy at least in the past 7 years
18.  And in the end your contact information.