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A Window of Opportunity for the Informed Consumer
Home
Equity Loans
Consider carefully before taking out a home equity loan. Although this type of
loan might let you take tax deductions you could not take with other types of
loans, they reduce the equity that you have built up in your house.
And if you are unable to make payments, you could lose your home.
Home equity loans can either be a revolving line of credit or a one-time,
closed-end loan. Revolving credit lets you choose when and how often to
borrow against the equity in your home. In a closed-end loan, you receive a lump
sum for a particular purpose, such as remodeling or tuition.
Apply for a home equity loan through a bank first. Bank loans are likely to
cost less than loans offered by finance companies. When comparing loan
offers, read all material and ask the following questions before you sign:
• What is the minimum monthly payment?
• What is the annual percentage rate?
• If the interest rate is adjustable, how much can it increase at one
time?
• What is the maximum interest rate?
• What are the annual and transaction fees?
• If the loan is for revolving credit, how large a credit line is available?
• What are the initiation fees for a closed end loan?
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____________________________________________ Table of Contents Your Rights:
Debt Collection Lost
and Stolen Debit/ Negative Information on Credit Reports Source: General Services Administration
Fair and Accurate Credit Transactions Act of 2003 Source: Whitehouse Press Release
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