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3 Things To Watch Out For When Getting A Home Equity Loan Online
The internet can be a valuable resource for researching the ins and outs of getting a home equity loan. It can also be a great place to find a
reputable mortgage broker, as long as you are careful not to get caught in an online home equity loan scam.
Watch out for subprime lending.
Subprime lending is when a lender offers to give you a lone for an extremely high interest rate and tacks on excessive fees. Usually these loans
are given to high risk individuals who are so desperate for a loan that they dont take the time to shop around for a company that will work with
them despite a bad credit rating.
Watch out for equity stripping.
Equity stripping is when a loan is based solely on the value of your home, and doesnt take into consideration your ability to repay the loan. The
usual result of these loans, is the borrower cant repay it and the lender ends up acquiring the home and all the equity in it.
Watch out for predatory lenders.
Predatory lenders thrive on setting up loan situations in which the borrower is destined to default, consequently losing his home. Some of the
signs that you might be dealing with a predatory lender include a broker that requires you to put false information on the loan application,
apply for a larger loan than you need, or sign blank loan papers, saying they will be filled in later. You also want to avoid lenders that
promise you one set of terms when you first apply and then change the terms when it comes time to sign or refuse to give you copies of the forms
once you have signed. Predatory lenders often misrepresent the type of credit you are being given and fail to provide the required loan
disclosures.
There are a lot of reasons to apply for a home equity loan online. The process is fast, easy, and convenient, as long as you take care to avoid
the pitfalls of dealing with unscrupulous brokers.
About the Author
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Visit http://www.abcloanguide.com/homeequityloan.shtml for a list of home equity
loan lenders online. View our recommended lenders for online home equity
loans.
More Useful Resource and Updates on home equity loans houston texas
- (AFX UK Focus) 2008-12-04 16:30 Bernanke - need to do more to halt foreclosures (Interactive Investor)
WASHINGTON, Dec 4 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts. "Despite good-faith efforts by both the private and public sectors, the foreclosure rate remains too high, with adverse consequences for both those directly involved and for the broader ...
- Fixed-rate trap snares home owners (Sydney Morning Herald)
More than 40,000 unlucky Aussies are being denied any saving from the recent interest rate cuts.
- Five Home-buying Myths (Carteret County News-Times)
(ARA) - As first-time homebuyers grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths.
- Fixed-rate trap snares 43,000 home owners (Sydney Morning Herald)
MORE than 40,000 unlucky people have been caught out in a fixed mortgage rate trap, having taken out their loan at the highest fixed interest rates in a decade, denied any saving from the recent cuts and confronting costly break fees if they decide to refinance.
- Opening the tap on home equity (Austin American-Statesman)
Borrow before credit line is frozen, some suggest. Many homeowners who have taken out home equity lines of credit have learned in recent months that these loans are not as useful as they initially seemed.
- Bernanke says need to do more to halt foreclosures (Reuters via Yahoo! News)
Federal Reserve Chairman Ben Bernanke on Thursday urged more aggressive action to halt home foreclosures, and said write-downs of principal may need to be part those efforts.
- Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news
- Kiwibank Responds To OCR Cut (Scoop.co.nz)
Kiwibank has reacted immediately to the cut in the Official Cash Rate by reducing all home loan rates. The bank is now offering a one-year fixed rate of 6.49% p.a. and a variable rate of 7.45%.
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