The Pros And Cons Of A Home Equity Line Of Credit
Do you own the house you are living in? If you do, your home might be your greatest asset. But if you have unfortunately agreed to a loan that is based upon the equity you have in your home, you could be taking a chance with your most precious asset.
Homeowners, particularly minorities and the elderly or anyone with poor credit should be very careful in borrowing money based on their home equity. This is because there are exploitative and abusive lenders that target and take advantage of these type of borrowers. This may put their homes at risk.
There are certain things you need to understand in taking care of your credit, and hopefully protect you from exploitations.
Never agree to a home equity loan if you know that you dont have enough income to make the payments. You must think of this in advance so that you are sure youll be able to meet your bills and the payments for the equity line.
Check all documents that have been handed to you and make sure that you dont sign anything you havent read or understood. Some lenders and borrowers use this style in order to take advantage of clients,...
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