Home Equity Loan Tips

Home Equity Loan Tips

• Don’t agree to a home equity loan if you don’t have enough income to make the monthly payments.
   
• Do not let anyone pressure you into signing any documents; read and understand the closing papers carefully.  Do not be afraid to ask questions.
   
• Remember to shop around for the best rates.  The Federal Trade Commission (FTC) has a home equity shopping list.  This can be found

• Be aware of penalties.  Some lenders might charge you for paying off your home equity loan early.
   
• Remember, all home equity loans secured by your primary home have a three-day cancellation period.  This means you have three days to change your mind.