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Facts You Must Know Before Getting a Home Equity Loan
Home equity loans are a great source of cash, especially if you have an immediate need for it. However, before you plunge right into the process of drawing out a loan out of the equity of your property; better study the aspects that involve this loan.
Are you contemplating on getting a home equity loan? Before you proceed, better have a clearer understanding of certain things that surround this loan. Home equity loans might be an easy to acquire type of loan, but somehow even a seemingly great deal might turn out to be bad if the process of getting one is not done right.
What aspects of home equity loan do we need to know? Let us tackle the following.
Points
How are you affected by this, in order words, is your lending agent or company charging points? Most of these lenders charge a part of the loan for commissions for themselves and for their sub-agents. Actually such points vary from little to exorbitant; it all depends on the company and the type of loan. If you are charged 1 point, this would mean 1 percent of the loan. And so 1 percent of a 100,000 dollar loan is an up front charge of 1000 dollars. Do not worry, for if this seems too much for you, there are lenders that do not charge points.
Loan interest rate terms
You have to know if it is a fixed or variable type of loan. If it is a fixed loan, then you do not have to worry about external forces such as economic situations directly
affecting your interest rate. But on the other hand, if you have variable type of loan, you may actually have an initial good interest rate. However, what’s good might become costly for you later. Interest rates that go up naturally makes your monthly payments go up too in the process. So what do you want – a home equity loan with interest rate that stays the same all throughout the duration of the loan, or one with the possibility of going up anytime?
Pre Payment penalties
Perhaps it might be a concern if you earn penalties for paying off your loans early. You have to be aware that indeed, many second time loans have pre payment penalties. Pre-payment penalties lock you into paying off your loan over its entire duration, and if you still decide on paying it off early, the lending company will have to add a penalty, usually running to a thousand dollars.
Late payment penalties
Does a home equity loan’s interest rate go up with late payments? With many lenders, with delinquent payment, penalties usually follow. More so, there sometimes is a clause on default interest rate increase in the loan which raises automatically the loan rates when payments are late. This can actually be costly for the borrower.
Insurance
You have to check if the home equity loan that you are prospecting has insurance costs hidden somewhere, a cost that you definitely do not want. Whenever you get a loan, you can take in corresponding credit insurance. You can have credit life insurance, which takes care of your loan in the event that you die. However, if in the case of home equity loan, if you feel that insurance is just added cost, then by all means avoid the lender that requires you to pay for them.
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