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Tips And More Tips. ¿ How obtain a
Home Equity Loan ?
¿ What are the best Home Equity Loan ?
¿ Where Obtain a Loans ? ¿ Advantages ?
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Home Equity Loan
Articles:
Home Equity Loan
If you are a homeowner, then your home is an assetthat has an appraised market value and
you canget a loan secured by your home.The maximum amount you may borrow is the appraised
value of your home less balanceowed on mortgage (in case you have a mortgage )
Some lenders set the credit by taking a percentagelet us say 80 % of the home's appraised
value lessbalance owed on existing mortgage.
A home equity loan may be used for Debt consolidation, home repairs, medical bills, a
child's college tuition etc.Unlike auto loans or credit cards, the interest on a Home
Equity Loan is usually tax-deductible
Taking a home equity loan may be good for you, but before applying for it you need to
think about someconsiderations made by the FEDERAL TRADE COMMISSIONwhich you find in the
site:
http://www.ftc.gov/bcp/conline/pubs/homes/eqscams.htm
There are six points(don't)and four points ( do ) |
This is what THE FEDERAL TRADE COMISSION says:
Protecting Yourself
You can protect yourself against losing your home to inappropriate lending practices.
Here's how:
Don't:
Agree to a home equity loan if you don't have enough income to make the monthly payments.
Sign any document you haven't read or any document that has blank spaces to be filled in
after you sign. Let anyone pressure you into signing any document. Agree to a loan that
includes credit insurance or extra products you don't want. Let the promise of extra cash
or lower monthly payments get in the way of your good judgment about whether the cost you
will pay for the loan is really worth it. Deed your property to anyone. First consult an
attorney, a knowledgeable family member, or someone else you trust.
Do:
Ask specifically if credit insurance is required as a condition of the loan. If it isn't,
and a charge is included in your loan and you don't want the insurance, ask that the
charge be removed from the loan documents. If you want the added security of credit
insurance, shop around for the best rates. Keep careful records of what you've paid,
including billing statements and canceled checks. Challenge any charge you think is
inaccurate. Check contractors' references when it is time to have work done in your home.
Get more than one estimate. 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. Consider all the costs of financing before you agree to a loan.
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http://www.ftc.gov/bcp/conline/pubs/homes/eqscams.htm
http://www.wellsfargo.com/equity/?_requestid=145043
http://www.ditech.com/
http://www.forbes.com/home_equity_loan.html
http://www.american-home-equity-loans.net/ |
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