With so many lenders out there, it can be hard to tell if you're getting the best homeowner loan for your money. Banks, finance companies, and online lending services all offer competing loans, but determining which offers you the best homeowner loan can be tricky.

The best way to figure out which option is best for you is to look at the rates and terms of each type of lender, compare them, and see which one offers you the best homeowner loan for the equity that you have in your house.

Traditional banks

The first stop to make when searching for the best homeowner loan that you can get is your local bank.

Most banks will try to offer you the best homeowner loan that you're eligible for, and if the bank in question is the bank where you have other accounts (savings, certificates of deposit, etc.) then they may offer you a bit more of a break on interest rates.

Rates and terms can vary from bank to bank, so it's best to ask for loan quotes from several banks before making your final decision.

Finance companies

An alternative to standard bank loans when searching for the best homeowner loan is a loan issued by a finance company. These stores offer secured loans much like banks, however they do not provide some other banking services so they are able to keep their costs slightly lower and in turn may sometimes offer lower rates.

The interest rates and loan terms can vary from one finance company to another, so it may take several quotes before you find the best homeowner loan for you.

Online lending services

A major trend in consumers seeking the best homeowner loan recently has been to rely on online lending services for their borrowing needs.

Online services can operate with little to no overhead, which sometimes allows them to offer lower rates and better repayment terms.

These services are quick, convenient, and discreet, and will usually offer loans to borrowers of varying credit levels provided that the applicant has sufficient equity in their home.

Because applications are made via a website, online lending services also tend to process applications faster than many traditional banks or finance companies since they usually specialize in certain types of loans and therefore only process those distinct types of loan applications.

Information about specific online lenders can usually be found on their website, so as to make the process of researching the lender much easier