 Dear
Dr. Don,
I'm thinking of applying for a home equity line of credit. How reliable
is applying online with companies like Quicken Loans?
-- Sandra Selects
 Dear
Sandra,
When you compare home equity rates on Bankrate, most of the lenders' Web sites are just a
click away. You want to provide your information on a secured Web
site. A secured Web site's Internet address starts with "https://"
instead of "http://." If the site is not a secure Web
site, then you don't want to enter your personal information on
that site.
Your question about firm reliability is an important one. Do a
little legwork on the Internet to check up on the company. After
all, the company is going to check up on you. Look up the firm's
Better Business Bureau report at BBB.org.
Use a search engine to see what's out there about the firm, and
take a look at any reports filed on the firm with your state's banking
commissioner or attorney
general.
Quicken Loans entered into a consent
agreement with the Federal Trade Commission back in 2002 concerning
compliance problems with the Fair Credit Reporting Act, or FCRA.
You can also review the company's Better Business Bureau report
online. They have a history with the BBB of satisfactorily resolving
consumer complaints.
None of this information would keep me from using Quicken Loans
for a home equity line of credit. According to Quicken Loan's Web
site, they have a 94 percent client satisfaction score, as measured
by a survey taken by clients at closing.
To ask a question of Dr. Don, go to the "Ask
the Experts" page and
select one of these topics:
"financing a home,"
"saving & investing"
or "money."
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Checking out online home equity lenders
