Getting The Best Home Equity Loan
Owing to the popularity of home equity loans, there are
numerous lending agencies offering a variety of mortgage
products. A bad choice of mortgage can lead to disastrous
effects, as there is a risk involved of foreclosure and losing
one's home. Hence it becomes necessary to secure the best loan
Simple steps to endure that you select the best home equity
Find out your credit score and credit rating: Each person can
get a credit rating based on his/her financial standing and other
factors like outstanding debt, equity of the existing home,
credit history, etc. A higher credit rating and credit score
would mean lesser risk involved in lending to such a person and
hence the home loan borrower can negotiate for a better rate of
interest on the mortgage. There are a number of credit rating
agencies, which calculate credit scores for a fee.
Evaluate the alternatives: Even though a home equity loan may
seem like the best bet, it is better to evaluate other products
like home equity lines, reverse mortgages, etc. For example, for
people over age 60, it would be advisable to consider a reverse
mortgage rather than a second mortgage on the existing home, as
this could lead to foreclosure and could render one homeless. The
purpose of the home loan should also be evaluated and risky
options like using the debt to pay off credit card debt should be
Shop around: It is important that the consumer do some
research in terms of the home equity loans offered by various
lending institutions like mortgage companies and banks. Employing
the services of a broker may be useful at times, but eventually
the fees that the home loan lender pays to the broker will be
passed on to the consumer. The lender should be able to explain
his mortgage terms clearly and should be ready to give an upfront
idea of the risks and fees involved in the mortgage.
Read the fine print: Many consumers have found out the hard
way that the fine print in the terms of the home loans or
mortgage does matter! Terms pertaining to payment schedules and
foreclosure conditions should be given special consideration.
Other fees and prepayment clauses should be evaluated for the
entire term of the loan.
There may be other issues like the inclusion of life insurance
in the loan amount, which may effectively increase the cost of
borrowing and may be unnecessary. Only after due diligence on
such legal and financial issues has been done should the consumer
sign the necessary papers.
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