Donna Hilsmeier
REALTOR ®, GRI, REPA,
Texas Affordable Housing Specialist
713 582 3275 |
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Contact
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How to Find a Good Home Equity Loan Lender |
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- Many consumers and home mortgage rate shoppers have been stumped as
to how to find a good lender for a home equity loan or to refinance
their home loan. One key factor to succeed in finding a trusting,
fair lender providing a good home loan deal at a great rate is to
look no further than where you send your mortgage payments.
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- Make sure your current lender has quick access to all your paper
work. Therefore processing your loan will likely take less time. If
your locking in a mortgage rate less processing time is everything.
Also you have been doing business with this lender and so you are
familiar with their quality of service.
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- Another thing to keep in mind is the fact that many loan offers from
other lenders require re-financing your home. That means that your
current mortgage will be made obsolete. All the years you've
invested in paying off the loan will be scratched. You will be in
essence starting over with a new mortgage held by a new company.
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- A home equity loan merely adds an obligation to the mortgage. You
don't have to pay closing costs for a home equity loan. You don't
have to pay private mortgage insurance as well.
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- According to
http://www.bcpl.net/~ibcnet/ interest paid on your account may be
tax deductible on the first $100,000 of home equity indebtedness and
up to 100% of your home's value.
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- Keep this in mind when asked to consider a 125% loan.
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Tips |
- When you decide to get cash-out refinancing or a home equity
loan keep this in mind: (1) You have to pay closing costs when you
refinance your loan. Closing costs can amount to hundreds, even
thousands of dollars. (2) You don't have to pay closing costs for
a home equity loan.
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Warnings |
- You are attatching additional debt obligations to your home.
If payments are not made you could lose your home.
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