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 Tue. March / 19 / 2024 30-Year Mortgage Rates Move Higher for a Third Day Investopedia Pros And Cons Of Refinancing A Car Bankrate.com How to Refinance Your Mortgage NerdWallet Will Interest Rates Go Down in April 2024? | Mortgage Rates Forecast The Mortgage Reports Current Student Loan Interest Rates in March 2024 Business Insider Mortgage Relief and Mortgage Assistance Programs [2024 ] The Mortgage Reports Mortgage Rates This Week NerdWallet When to Consider Refinancing Your Mortgage Business Insider Mortgage Interest Rates Today, March 16, 2024 | Rates Tick up Business Insider Mortgage Interest Rates Today, March 14, 2024 | Rates Are Still on Track to Go Down This Year Business Insider Mortgage Interest Rates Today, March 17, 2024 | Sticky Inflation is Keeping Rates Up Business Insider Best Mortgage Refinance Lenders of March 2024 Business Insider Mortgage Interest Rates Today, March 13, 2024 | Rates Are Back Down Following Yesterday's CPI Report Business Insider Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet What Is An Interest-Only Mortgage? Bankrate.com Best Mortgage Refinance Lenders In 2024 Bankrate.com Save up to $1,500 on a Mortgage Refinance With the New FHFA Program Business Insider Mortgage Interest Rates Today, March 15, 2024 | Rates Drop for Second Week in a Row Business Insider Can You Refinance With No Income Verification in 2024? The Mortgage Reports Best Refinance Lenders of March 2024: Refinance Your Mortgage The Motley Fool Rates drop - Mortgage rates for March 11th, 2024 Bankrate.com Current mortgage refinance rates CNN Underscored When to Refinance Mortgage: Is it Time? - Buy Side from WSJ The Wall Street Journal Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Best Student Loan Refinance Companies In March 2024 The College Investor Mortgage Rates Dip Below 7%. Recent Homeowners Race To Refinance. Realtor.com News Cash-Out Refinancing: How It Works, When To Do It Bankrate.com Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports Current 15-year refinance rates — and lenders that offer them CNN Underscored How Soon Can You Refinance a Mortgage Loan? 2024 Rules The Mortgage Reports The best mortgage lenders for refinancing in March 2024 CNN Underscored How To Get Equity Out Of A Paid-Off House Bankrate.com How To Refinance An Underwater Mortgage Bankrate.com Mortgage Rate Forecast February 2024 Bankrate.com Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau What Credit Score Do I Need To Refinance? Bankrate.com 30-year refinance rates: What to know CNN Underscored Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023 Consumer Finance Monitor Mortgage Interest Rates Today, March 12, 2024 | Rates Are Down, and They May Drop Further in the Coming Months Business Insider Should You Refinance Halfway Through Your Mortgage? Bankrate.com How To Get The Best Refinance Rate Bankrate.com The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free The Wall Street Journal Mortgage Applications Increase By 7.1% Amid Rate Drop, Refinance Activity Spikes National Mortgage Professional Mortgage Interest Rates Today, March 11, 2024 | Rates Are Down. But High Inflation Could Send Them Back Up. Business Insider
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