How To Avoid Bad Lenders For Home Equity Loans
Posted by Nick Niesen on October 29th, 2010
Warning to all who think that the equity in your home is easy money and will solve your financial problems. Do you need money to pay bills or carry out home improvements? And thinking refinancing, a second mortgage, or a home equity loan may be the answer, look at your options cautiously. If you can't make the expected payments, you could lose your home as well as the equity you have accumulated so far. Do not let anybody talk you into using your home to acquire money you don't actually need.
Loaners or lenders are not all created equal. A few unprincipled lenders prey on the elderly and low-income homeowners and those with credit problems. The lenders may offer loans supported on the equity in your home, not on your ability to pay back the loan. Credit costs and high interest rates can make borrowing money with your home expensive.
Confer with your lawyer, financial consultant, or anyone else you trust before making any loan conclusions. House counseling and non-profit credit services can also be useful in helping you handle
your credit and make decisions about loans.
Avoid any lender with these Early Warning Signs:
What has been presented to you above does not apply to all lenders, but you all know there are people out there that just care about taking your hard earned money so be extremely careful.
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About the AuthorNick Niesen
Joined: April 29th, 2015
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