Home Equity Loans - Research Your Lender Carefully
Real estate prices are rising across the country, and
Americans are tapping into their home equity like never before.
Americans took out $431 billion in home equity loans in 2004, and
that amount may increase in 2005. The reasons vary; some are
using the money for home improvement, others are using the money
to buy real estate, and some are taking reverse mortgages in
order to enjoy a better retirement. With interest rates still
near historic lows and the bull real estate market continuing,
more and more predatory lenders are entering the lending
Most lenders are honest, and prospective borrowers will probably
not have any problems resulting from taking out a loan with a
national bank. On the other hand, newer, smaller, and less honest
lenders are advertising aggressively and may grab your attention
by offering terms that seem more favorable than those offered by
the larger banks. Sometimes, these terms sound too good to be
true, and they often are. Here are a few things to watch out for
when taking out a home loan:
- A promised low interest rate "disappears", only to be
replaced with a higher figure on the contract at closing time.
The borrowers, who expected to close right then and there, feel
pressured to sign and often accept the higher interest
- Previously unmentioned fees turn up on the application at
closing. Again, by presenting these previously undisclosed fees
at closing time, the borrower is pressured to sign.
- Blanks on the application form. It's hard to believe that a
lender would present a blank form and assure the borrower that
the blanks will be filled in later, but this actually happens,
and borrowers actually sign such deals. Remember, your
signature on the form constitutes your agreement to the terms,
even if the terms are filled in later.
These problems can be avoided by taking a few simple
precautionary steps. Ask about the total fees and interest
rates ahead of time. Inform your lender that you fully expect
to see those same figures on the documents at closing, and make
it clear that you will not sign documents that state otherwise.
Make certain that you have provided honest information to the
lender. Refuse to sign any blank documents. These things may
seem obvious, but when closing approaches, borrowers tend to
get in a hurry, as they are eager to get the closing out of the
way. Borrowing against your home is not something to take
lightly; you can lose your home if you unknowingly sign a
predatory document. Take your time.
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a Website devoted to
consolidation information and HomeEquityHelp.net, a site
devoted to information on home equity loans.
MORE RESOURCES updated Wed. June / 07 / 2023
RELATED MORTGAGE AND REFINANCING ARTICLES:
How to Avoid Paying
In today's world, a borrower should not be paying mortgage
insurance (PMI) on their home mortgage with a few
exceptions such as an FHA loan. Mortgage Insurance is a
thing of the past.
Why You Should Not Get
Hung Up on the Interest Rates!!
This is what a mortgage can do for you! AND Why you
shouldn't get hung up on the interest rate! Let me show you
the bottom line or the total dollar amount you will pay
when paying a mortgage and paying rent and what the
benefits of a mortgage are: Let's say John bought a home and
has a $75,000 mortgage @ 10% interest for 30 years on his
home with a payment of $750.00 per month.
Bad Credit Refinance
Loans - Finding a Good Lender
Finding a good lender to help you with refinancing your
home loan can be tricky if you have bad credit. There are
plenty of predatory lenders out there who would like to
take advantage of you with excessively high interest rates
Refinance Home Loan and
Refinance Home Loans
Refinance home loan lenders are eager to lend money to any
individual regardless of credit as long as the homeowner
has a fair amount of equity in the home and the home itself
is in a condition that can be resold. Refinance home loans
are different than a second mortgage or line of credit in
that the proceeds from the loan disbursement first pay off
the original mortgage loan.
Have Their Pitfalls
Rising home prices, particularly on the East and West
coasts have put the costs of home ownership seemingly
beyond the reach of many. And yet, home ownership is up
nationwide, and the percentage of Americans who own their
homes is the highest it has ever been.
Poor Credit? Get a
Sub-Prime Mortgage Now, and Refinance to a Conventional
There are great mortgage loans for people with poor credit,
and yes, you can still save thousands of dollars. In order
to receive preferential treatment for mortgage
professionals, you'll need a credit score of 680 or better
(this is considered A credit).
Mortgages Offer Alternatives For Home Buyers
When looking for a mortgage to meet your needs, consider
these key questions: Is your income expected to increase in
the coming years? How long do you plan to live in your new
home? And, which mortgage will provide the lowest interest
rate?While 15 or 30 year fixed-rate mortgages are the most
popular, and Adjustable Rate Mortgage (ARM) offers some
interesting alternatives for home shoppers who plan to move
again within four or five years. Although interest rates
are the lowest they've been in 20 years, an ARM provides
even lower interest rates during its introductory period.
Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick
-- The Sales Pitch
What the average homeowner or home buyer fails to realize
is that bankers, loan officers, mortgage brokers, or
whatever your lenders call themselves, are salesmen.
Certainly, if you purchased your home from a realtor and
used her lender, you most likely got a feeling of trust in
that person, because the realtor referred him.
Escrow Accounts, Do You
Absolutely Need One?
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and
is paid out each year. With that said, you may think that
having an escrow account takes the responsibility off your
shoulders because the bank will make the payment for you
each year from your escrow savings account.
Homeowner Loans - What's
It isn't difficult to get a homeowner loan if you own your
own home, hundreds of UK lenders will lend up to 95% Loan
to Value of your property and some as much as 125% Loan to
Value if you find you have little or no equity at
all. Homeowner loans are available to those that own or pay
a mortgage on their house, bungalow, flat or cottage.
Secured Homeowners Loans
- In Case You Thought a Home is Worth Few
Money is like music, if managed well, produces a good
symphony. One wrong note - one wrong decision - it produces
a jarring sound.
Essence of Self
Your search for a mortgage isn't leading results. Check for
Rates May Be Rising:
Mortgage And Refinancing Preparation Made Simple For
Buying a home is probably the single largest investment
most people make in a lifetime. By preparing yourself and
your credit before a home purchase or refinance, you can
ensure a smooth finance process and can potentially save
thousands on your loan.
A Simple Way to Save
Thousands on Your Mortgage Charges
How many times do you check you restaurant bill? If not
often, I would advise you to do it more, especially when
dining on your overseas vacations. Still, much more
Americans check their restaurants bill, than the number of
homebuyers, who check the charges for their mortgages.
Looking for home mortgage loans can get confusing with the
alphabet soup of mortgage loans programs available today.
Most of these programs are just variations of fixed rate
and adjustable rate mortgage loans.
Zero Down Payment
Mortgage - Can It Be Done?
"I've been renting for years now; I've always paid my rent
on time. I'll start a savings account soon, so I can buy a
house": sound familiar? How much is in that savings account
now? Just as I thought, not enough, you went on vacation,
found a car you had to have, or WOW; look at the flat panel
A Home Loan Can Help You
Own Your Dream Home
Owning your dream home need not just be a dream. You can
own it with a home loan offered by any number of financial
institutions to help meet the shortfall between the
purchase price of the home and the down payment that you
Secured Loans For Home
Improvement - When You Can't Buy A Luxury Home
A house is just perfect with chipped walls and broken taps.
Is it? If you don't think so, then home improvement loans
is what you should be looking for.
Option ARM - The World's
Most Dangerous Mortgage
Home prices have reached record levels, and in many parts
of the country, homes have become nearly unaffordable. Real
estate has replaced the tech stocks of the late 1990's as
the hot investment, and everyone has sold their stocks and
jumped into investment property.
Mortgage Basics for First
Time Home Buyers
Anyone planning to take out a mortgage for the first time
will most likely find the job a little daunting, not least
because the financial jargon can often be very difficult to
make sense of. As with any major financial decision, it is
essential to fully understand every aspect of a mortgage
plan before making a commitment.
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit