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Home Equity and Mortgage Loan: Lender Styles You Should Avoid
from:Here is the scenario: You own a home- the single greatest asset you have. But you need cash to finance any immediate need. Then, you think of applying for home equity loan. Yah, home equity loan is the best, fastest, and easiest way to get big sum of money.
Here is another scenario: You are eyeing for a particular house. The one you can truly call yours. You what to buy it but doesn't have enough cash to buy it. You think of mortgage loan.
These must have, in one way or another, come to you. And since your focus is to get instant cash or own your home, you can commit a mistake that will put your whole home at risk.
So in order for you to know what that you have made the right decision, here are the things you should avoid while on the process of applying for home equity or mortgage loan:
Signing for Unclear and Blank Documents
It is pretty basic that in any legal document, you must never, in any circumstances, sign papers that are either blank or unclear to you. But it is not enough to this because there is still home owners (in spite knowing this rule) seem to get persuaded by lenders to sign a deal. How? By force or pressure.
Believe it or not, many home equity and mortgage lenders use this as a tactic to corner you and let you sign papers you do not even understand. Here's an example: Some contractor offered you to repair your living room at a price very reasonable to you. However, you don't have enough cash.
But your contractor has offered you a lender he knows that will finance the whole repair. He will also arrange the necessary papers. You agree. The repair begins. At some point, your contractor presented you lots of papers to sign. These papers are either blank or unclear and are forcefully offered to you to sign (because if you don't, he threatens not to finish the repair). So you sign the papers. Later you discover that it is a home equity loan. Soon, you are given unreasonable interest rate and substandard work.
If you let this happen, you are on the verge of loosing your home. The trick is, if you are in this situation, say no right from the very start. But, if you the construction has started, never sign any paper even if it is under pressure.
Agreeing to a loan you cannot afford to pay
This is one of the major causes of foreclosure. Once you apply for a home equity loan or mortgage loan, make sure you have enough income to pay the principal and interest for day 1 up to the end. Many lenders would desire for your house and would not even care if you cannot afford the monthly payment. If the lender advises you to pad your income to get a loan, then you are in trouble. In the end your house will end up in the lender's hand simply because you allow them to get it. If you badly need money now, always look at the effects of your loan in the future.
Accepting promises of low monthly payments and extra cash
Always put everything into paper. If your lender promises you that he will give you low monthly terms or low interest rates, make sure there is a paper that supports it. This is your only evidence that the agreement exits. If there is no paper signed by two parties to support your claim, then you cannot receive the promise your lender give you.
These 3 rules should always be in your mind when applying for home equity mortgage. If you know these, then you can have an assurance that you can pay the monthly rate at the same time save your house from foreclosure.
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