A Home Equity Loan Is A Loan That Allows Home Owners To Borrow Against The Equity In Their Homes. At Home-Equity-Loans-4-U.com, We Provide You With Information, Data, Resources, And Tips You Need To Make An Informed Decision About Home Equity Loans. Uncover Hundreds Of Articles, Tips, And Strategies Dealing With How To Find The Best Home Equity Loans, Bad Credit Mortgages, Mortgage Refinance, And How To Refinance Your Second Mortgage. As
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GOTCHA! Avoid These Common Home Equity Loan Mistakes!
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How To Qualify For An Equity Loan If You Have Bad Credit
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3 Things Your Lender Will NEVER Tell You (But We Will)
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Is a Home Equity Loan Right for You?
Author: Chileshe Mwape
Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected.
According to the Federal Trade Commission, homeowners-particularly elderly, minority and those with low incomes or poor credit should be careful when borrowing money based on their home equity. Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges.
When not to agree to a home equity loan:
- If you don't have enough income to make the monthly payments.
- If the loan terms are incredibly unfavorable to you, with enormous up-front costs and high interest rates (sometimes exceeding 50 percent).
- If there are discrepancies between the promised or stated interest rate and the annual percentage rate (APR) figure required in all consumer loan contracts (Truth in Lending). If that figure is significantly higher than the rate stated in the contract, the loan contains hidden interest charges.
- If you can’t determine who the lender is. A lender could be nothing more than a few individuals in for a quick score. Does the agent have an office? Is the company an old and established one with community ties?
- If you haven’t read or if you don’t understand the loan terms or you’re being pressured into signing the loan document.
- If the loan includes extra products you don't want.
What to do before you Agree to a home equity loan
Have a financial adviser such as an attorney or accountant review all papers before signing anything. Paperwork for a loan contract is often technical and unclear.
Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Keep careful records of what you've paid, including billing statements and cancelled checks. Consider all the costs of financing before you agree to a loan.
About the Author
Copyright © 2005. Chileshe Mwape writes for the Banking News Website at: http://www.banking-news.org.uk/ which offers informative articles about banking, mortgages and loans.
Article Keywords:
'Home Equity Loans'
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out. ...
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Dear Homeowner,
Did you know it's possible to build a minimum of $40,000 in home equity,
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mortgage payments?
Fortunately, for you as a homeowner this is entirely possible.
Let me explain how:
After 4 years of research, I’ve developed a simple mortgage reduction
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You're probably thinking it sounds too good to be true…And
I completely understand your skepticism. But please allow me to further
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reduced through Mortgage Cycling...
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