Which Home Equity Loan Is Right For You?

If you're thinking "How do I find the best deal?" "What should I be looking for? The best advice is take your time and see what loans are available to you. Do not jump at the first you're offered. Consider everything about the loan not just the monthly payments or the interest rate. You also need to compare a number of lenders, one just is not enough, and we recommend at least three, maybe more if possible. Ask lenders questions and make sure to write down their answers to compare later yourself. Is too much work but these little things done now could save you a lot of money in the future!

Here's a list of questions to ask when comparing home equity loan lenders

What is the interest rate on the loan? Is it fixed or variable? If the rate changes by how much?

What are the monthly payments?

What is the highest the payments can go up by if the interest rate changes?

Is insurance included with the monthly payments and if not how much more will it cost?

Or can you get the insurance cover elsewhere?

Is the lender charging you for the loan?

How many years is the loan for?

Is there a final payment at the end of the loan?

How much will you be paying back in total?

.and finally the most important question Can you afford it ??

Source by Barry McDonald

Leave a Reply

Your email address will not be published. Required fields are marked *