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Home Equity Loans Popular Scams
Most 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. June / 06 / 2023
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Home Mortgage Interest
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Whether you are looking to purchase your first home, sell
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When it comes to American spending habits, the sad truth is
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There are many types of mortgages, and the more you know
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One
Choosing the right home equity loan can be tricky; you have
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The most common type of home equity loan is the term loan.
This loan is set for a fixed amount of time, anywhere from
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Guide to Flexible
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Outlined below is a useful guide to flexible mortgages.
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Getting the Best
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With so many lenders out there, it can be hard to tell if
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Refinance After
Bankruptcy
Refinancing your mortgage after bankruptcy is actually the
same as replacing it with an entirely new mortgage. The
most common reason for refinancing your mortgage after
bankruptcy is to get a lower interest rate and save money
over the length of your mortgage.
Recent Bankruptcy? Its
Not Impossible to Obtain a Home Loan
Because the new bankruptcy laws go into effect on October
17, 2005, more Americans than ever are filing for relief
using the federal bankruptcy laws. The vast majority are
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Unlock your Home Loan
Piggy Bank
With the recent sharp increase in property values your
current home could be a pot of gold. Property prices have
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Home Equity Loans
Categories
Fixed Rate Mortgages: These loans have a fixed rate of
interest over the entire term for which the loan has been
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Private Mortgage
Insurance (PMI)
If your down payment on a home is less than 20 percent of
the appraised value or sale price, you must obtain private
mortgage insurance, known as PMI, with your lender. This
will enable you to obtain a mortgage with a lower down
payment because your lender is now protected against any
default on the loan.
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Buying a home vs. renting is a big decision that takes
careful consideration, as most mortgage consultants will
agree.
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Have you been turned down for a home loan recently because
you have a bad credit history? You may want to consider
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a low credit score, hard-to-prove income or a combination
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Interest
When you consider that the average home owner will pay out
far more in interest over the lifetime of their mortgage
than their home actually cost in the first place, you can
see why working to secure yourself the best possible
mortgage deal now could save you tens of thousands of
dollars in interest over the 25 - 30 year lifetime of your
home loan. For the majority of us our house is the single
most important and expensive purchase we ever make! Because
this is the case we invest a lot of time and effort into
finding the perfect property in the most ideal location,
however few of us invest the time and effort we should into
researching and securing the best possible finance method
for purchasing our home.
Home Equity Loans - How
To Use Your Homes Equity to Consolidate Debt
If you've got a wallet full of credit cards, and monthly
payments on them that total more than 25% of your monthly
income, chances are that you've considered debt
consolidation loans or some other means of taming your
credit card debt. But did you know that a home equity loan
is another way to get the money that you need to pay off
your creditors, reduce your monthly payments, and get out
from under the weight of all those monthly payments? A home
equity loan is essentially a second mortgage taken out with
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Using a Home Mortgage
Calculator
There are a variety of tools online that you can use to
determine how much you can afford to pay for a home, how
much the monthly payment will be based on the sale price of
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rent or buy based on your personal situation. Using a home
mortgage calculator online doesn't cost any money, and can
be an extremely useful tool in your preparation and
research for buying a home.
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