Truth about the "Home Equity Loan"

Everyone in America hears on commercials from Major banks like countrywide and ameriquest mortgage about their unbelievable No Closing Cost Home Equity Loan. These Home Equity Loan are made to appear the solution to your financial troubles and situation.

These banks and Lenders make it appear that everyone who applies get APPROVED and life is great once you close your Home Equity Loan. BUT my readers the reality of this far from the truth. These Home Equity Loan products, are sold at rates well above the standard Mortgage Refinancing and Purchase loans.

The standard Prime Mortgage Refinancing and Purchase rate falls between 5.8%-6.5% based on a number of factors which include your FICO score, the amount of debt you have, recent inquiries, and your balances on open line, and how old your lines are.

BUT, Home Equity Loan products are lent out at rates which start at 8% and I have seen Home Equity Loan rates go as high as 18-22%. It is like financing your debt on a BAD credit card with a high APR.

Now, I am NOT saying that all Home Equity Loan products are bad or that getting a Home Equity Line of Credit is a bad thing or a mistake. It all depends on the situation. Most people finance important things in their life such as education, weddings, consolidating debt, medical bills and paying off high interest credit cards.

But there are always those who like to use their Home Equity Loan to buy jewelry, furniture, cars, and other junk that will get them into trouble because those investments only have a diminishing return.

So be safe and only get a Home Equity Loan or Home Equity Line of Credit, if you can repay it back in a timely manner, or what you are buying has a good return on your investment.

Hasan J. Rizvi Sr. Mortgage Banker
NASD Broker Dealer
Stockbroker/Equities & Futures Trader
Real Estate Market Economist

Visit: http://www.LenderNotes.com

Hasan J. Rizvi

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