If you need money to pay for your childâ€™s college education or another major expense you should learn more about home equity loansÂ nearÂ Plano TX. A home equity loan gives you the money for expenses, using your house as collateral against the loan.
What is a Home Equity Loan?
A loan for a fixed amount of money thatâ€™s secured by your home is called a home equity loan. Youâ€™ll repay the loan like your mortgage. The lender can foreclose on our home if you donâ€™t repay the loan per your agreement. You can usually borrow up to 85% equity in your home. The loan amount is determined by your credit history, income and value of your home.
The amount that you can borrow usually is limited to 85 percent of the equity in your home. The actual amount of the loan also depends on your income, credit history, and the market value of your home.
Ask prospective lenders to explain all available loan plans. Youâ€™ll need to know more than the interest rate to choose a plan thatâ€™s right for you. A home equity loan may include application and processing fees, underwriting fees and appraisal or broker fees. Consider financing charges and the annual percentage (APR) before signing off on a loan.
The lender may force you to sell your home if you donâ€™t pay your debt. Donâ€™t assume youâ€™ll be able to pay your lender back on time. Do some serious calculations ahead of time to be sure youâ€™ll have the resources to pay back the loan in a timely manner. The lender will give you the full amount of the loan upfront, and youâ€™ll pay them back according to the terms of your contract.
Watch out for mortgage loan services charging improper fees. Late fees and insurance fees arenâ€™t allowed under mortgage contracts, but some unscrupulous lenders will try to add these charges to your loan. Shady lenders wonâ€™t supply you with an accurate statement or payoff amount, which makes it hard for you to know what you paid and what you still owe. Always look for proper accounting procedures when looking for home equity loansÂ nearÂ Plano TX.
Compare loans from banks, credit unions, mortgage companies and other sources before making a decision. Shopping around is a smart way to ensure you get the best deal on home equity loansÂ nearÂ Plano TX.
Summit Funding can provide home equity loans nearÂ Plano TX for people who need access to cash for emergencies, business start-ups, tuition and other reasons.Â Call us at Â 972-864-3530 for more information about how you can secure cash from equity in your home.
Home Equity Loan Plano TX Summit Funding (972) 864-3530
Photo Credit: Â Â©Depositphotos.com/ elvinstar