Home Equity Line Of Credit Loans: Money and Loan Information

Make sure to get a Good Faith Estimate from your loan broker as early as possible. You want to know all the fees you will be required to pay at closing. Many lenders will have fees for the smallest things that other banks may not have. Yes, you are getting a 5% rate on your loan, but with all the extra fees and points you might have to pay, the real rate on this loan might be a lot higher. Another advantage of getting a Good Faith Estimate is that the form is relatively standardized. You can take the estimate to another broker or your local bank and see if they can beat the offer. Do not be intimidated by pressure tactics that mortgage brokers like to employ. There is a reason why they all seem to take so long to get your loan through. They all wait until it is too late for you to find a better deal... and there is ALWAYS a better deal.

Auto loans are not tax deductible. Student loans are. Mortgage loans usually are too. Talk with a certified tax advisor.

If you are a subprime borrower you must be even more careful than the average loan shopper. Brokers and bankers are more out to fleece you. Why? Well the assumption is that subprime borrowers are less sophisticated than other consumers. Translation: people with bad credit are desperate and easier to fleece. Watch out for extra fees, prepayment penalties, too many points, uncompetive interest rates, etc. There are many mortgage companies that offer subprime loans now. You CAN get good rate.

Home Equity Credit Lines - Home Equity Credit Lines Still current information about home equity loans from a 1992 FTC article.
Federal Reserve Board - When Your Home Is on the Line - Federal Reserve Board - When Your Home Is on the Line What one should know about home equity lines of credit.
My Equity Loan - My Equity Loan Direct lender offering real estate loans and mortgages for debt consolidation, home improvement, cash advance and equity line of credit.