Home Equity Loans, Calculator, Rates, Quotes, Online Tips.

Get free, No-Obligation Home Equity Loan Quotes from Multiple Lenders. Apply Now! Fast Approval!

Home Equity Loans
Research Your Lender Carefully by Charles Essmeier


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 profession.

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 rate.

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.


About the Author
©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 debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.





*** *** ***







California Debt Consolidation Loan
California Home Equity Loan

Texas Mortgage Refinance
Texas Debt Consolidation Loan
Texas Home Equity Loans

Florida Mortgage Refinancing
Florida Debt Consolidation Loans
Florida Home Equity Loan

Ohio Mortgage Refinance
Ohio Debt Consolidation Loan
Ohio Home Equity Loans

New York Mortgage Refinance
New York Debt Consolidation Loan rates
New York Home Equity Loans
New Jersey Mortgage Refinancing Rates
New Jersey Debt Consolidation Loan
New Jersey Home Equity Loan

Virginia Mortgage Refinancing Quotes
Virginia Debt Consolidation Loan
Virginia Home Equity Loans

Connecticut Mortgage Refinance Rates
Connecticut Debt Consolidation Loan
Connecticut Home Equity Loan Calculator