Home Equity Loans Popular ScamsMost borrowers fail to realize that when trading their much beloved home for cash, lenders can foreclose on their property in the case of default. Moreover, because of fly-by-night operators who are ready to strip unsuspecting borrowers of their most prized asset, it is doubly necessary that borrowers be familiar with some frauds that could be perpetrated on them. Stripping: The most common type of home equity loan fraud is "stripping," wherein lenders give loans to borrowers knowing fully that the borrower would be unable to repay them, thus paving the way for these scamsters to foreclose on your property and then sell it for a neat profit. The most common ruse for making borrowers accept such high-cost debt is disguising them as home repair loans. Many an unsuspecting borrower who has a lot of home equity but also piles of credit card debt can easily be taken for a ride. Flipping: This is an old favorite where a lender will agree to refinance an existing mortgage rather than foreclosing. This is normally music to the ears of a weary borrower, but what is not disclosed are the exorbitant fees that are charged in refinancing which only increase the debt burden of the borrower. Packing: In such a case the lender adds or "pads" extra charges into the home equity loan in the shape of credit insurance, settlement charges and other fringe charges which are of no real use to the borrower. The worst part is that such charges do little benefit to the borrower but unnecessarily eat away at the equity of a home. However, some simple steps, such as checking a lender's credentials, shopping around for better deals, and consulting experts, can make the task of applying for a home equity loan that much easier. Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.
MORE RESOURCES updated Thu. April / 25 / 2024 Only Half Of Black Seniors Approved For Home Repair Or Refinance Loans To Age In Place Block Club Chicago 10-year refinance rates: What to know about the current market CNN Underscored Should You Refinance Halfway Through Your Mortgage? Bankrate.com How to Refinance Your Mortgage NerdWallet Mortgage Interest Rates Today, April 24, 2024 | Rates Still Slated to Go Down This Year Business Insider 30-Year Mortgage Refinance Rates Business Insider Mortgage Interest Rates Today, April 22, 2024 | The Still-Hot Economy is Keeping Rates High Business Insider Mortgage Interest Rates Today, April 21, 2024 | Rates Remain Near 7% Business Insider 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider The best mortgage lenders for refinancing in April 2024 CNN Underscored How To Get The Best Refinance Rate Bankrate.com Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider How To Choose The Right Kind Of Refinance For You Bankrate.com Will Interest Rates Go Down in May 2024? | Mortgage Rates Forecast The Mortgage Reports Current Student Loan Interest Rates in April 2024 Business Insider MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk Mortgage Rates This Week NerdWallet Should You Refinance Your Mortgage In 2024? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Mortgage Interest Rates Today, April 19, 2024 | High Rates Make for a Challenging Homebuying Season Business Insider Current mortgage refinance rates CNN Underscored When to Consider Refinancing Your Mortgage Business Insider Best Refinance Lenders of April 2024: Refinance Your Mortgage The Motley Fool How To Refinance A Rental House Bankrate.com Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports Mortgage Interest Rates Today, April 20, 2024 | Rates Remain Elevated, but They Could Fall Later This Year Business Insider Best Mortgage Refinance Lenders of April 2024 Business Insider Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet Refinancing a Home Equity Loan (2024 Guide) MarketWatch How To Refinance An Underwater Mortgage Bankrate.com Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports Mortgage Rate Forecast February 2024 Bankrate.com 30-year refinance rates: What to know CNN Underscored Mortgage Rate History: 1970s to 2023 Bankrate.com Current 15-year refinance rates — and lenders that offer them CNN Underscored When should I refinance my mortgage? To determine if a refinance is the right move for you, you’ll need to know the ... The Wall Street Journal Pros and Cons of a Cash-Out Refinance Bankrate.com What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau
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