No Equity Home Loans Could Fix Leaking Roofs But Cost You A House
If you could wish yourself somewhere else, you would. Bills are mounting, the roof is leaking, and you’re in the middle of the worst rainy season in recent memory. For the moment, however, you’re pressed for time and strapped for cash, and there’s not much you can do about these. Then, out of the blue, a lender shoves a mouth-watering offer at you, in the form of a no equity home loan. Salvation, you think.
Before you jump in and take as much as the lender can give, take the time to mull over this question: is a no home equity loan truly the answer to your financing needs? There is a big gulf of difference between drawing on the value of your home when you get a no equity home loan and exceeding this value.
Consider the following before signing anything:
1. Can you take the risk?
Some experts see no equity home loan as a glossed-over nickname for a high loan to value, or LTV, home equity loan. An LTV loan is one where the loan granted will be equal to, or even exceed by as much as 25%, the mortgage value of your home.
2. Can you handle the interest...
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