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Home Equity Loan Considerations


In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home equity loans must also never be taken for day-to-day expenditures. This option should be saved for emergency needs only.

When applying for a home loan, all credentials of the lender must be keenly checked. The local consumer protection agency could be contacted for providing a list of lenders with an honest repute. All fine print must be carefully scrutinized, and one must avoid signing documents without having read them or which have blank spaces in them. Moreover, it is also advisable to keep a copy of all documents for future references.

Avoid the temptation of applying for a home equity loan wherein your monthly income is inadequate to finance your debt obligations. In such an eventuality, the lender can foreclose on your home because of a default. Hence never let your greed overtake sound common sense when applying for that home equity loan.

A home equity loan is normally a second mortgage. Hence one must carefully take stock of one's financial conditions and analyze whether one can afford extra debt. This is because once a home equity loan is undertaken, loan repayments must be made a top priority, as it is your home that could be taken away from you in the event of a default.

Moreover, one needs to maintain a good credit record, as banks that have advanced you credit can freeze your credit limits in case your credit record takes a turn for the worse.

Having said this, it does not in any case deny the fact that home equity loan products are indeed very attractive.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.


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Nairametrics

Deal: Mortgage Refinance Company closes N11 billion series 2 Bond
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Nigeria Mortgage Refinance Company (NMRC) has announced the completion of an N11 billion 13.8 percent Series 2 Bond Issuance under its N440 billion Medium Term Note Programme. According to the Managing Director, NMRC, Kehinde Ogundimu, the ...



CUinsight.com (press release)

Credit union mortgage lenders giving AVMs a second look
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In a market with rising interest rates, the pool of mortgage refinance applications dries up, making purchase and HELOC business all the more important – and all the more competitive. Credit unions that aren't already getting themselves into a ...



Canton Citizen Newspaper

Smart About Money: Well-Earned Break
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I also asked why she wanted the money she'd get from a mortgage refinance. It turns out she needed funds occasionally for the upkeep of her home. A mortgage refinance would give her more than she needed but the rates were the lowest. As it turned out, ...



National Mortgage News

Mortgage refinance candidates cut by half in the past four months ...
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The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...

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CNBC

Mortgage refinance applications surge 9 percent as rates fall back
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Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

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Bankrate.com

4 ways to get the best mortgage refinance rate
Bankrate.com
When mortgage rates are low, you can cut your monthly house payment by refinancing into a better interest rate. If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your ...

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Military Times

Feds restrict 2 more lenders in fight against VA 'loan churn'
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Regulators have taken action against two more lenders in their efforts to curb alleged “loan churning” practices of VA home loans that harm military and veteran ...

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HousingWire

MBA: Mortgage refinance apps increase from week before | 2018-02 ...
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The Refinance Index increased 1% from the previous week, however, the refinance share of mortgage application activity continues to decrease. But even as ...

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HousingWire

Mortgage refinance share jumps 5% despite rising interest rates
HousingWire
The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae. The share of FHA refinances increased three percentage points ...

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Military Times

Here's how new VA lender rules will help protect troops and veterans
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The Veterans Affairs Department will enforce new rules designed to help protect military and veteran homeowners from predatory lenders offering VA-backed ...

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