Second Mortgage And Home Equity LoanBeen Thinking About A Home Equity Loan?A Few Things To Consider |
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So you're looking for a home equity loan. Fine. Would you know a loan flipper if you even stepped on one? Its time you did, because a loan flipper could be out to steal your house. Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. The best way to find the best deal on a home equity loan is to compare different loan packages. Click on several of the links on this page and compare the different rates, fees, and conditions.
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Second Mortgage And Home Equity Loan Information |
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