You asked: Is there anything else I need to know about home equity loans
We matched that to: Is there anything else I need to know about home equity loans?
Make sure you read and understand the loan documents, including the fine print. The Truth-in-Lending Act requires lenders to disclose all the terms and costs of every loan plan. The Truth-in-Lending Act provides for a period of 7 business days on Home Equity Loans to be sure you have had time to read and understand these disclosures prior to closing on your loan and the Real Estate Settlement Procedures Act requires a personalized Good Faith Estimate to be provided to you no later than 3 business days after application is submitted.
Before you sign, make certain that the terms are the same ones you agreed to. For more information about the Truth-in-Lending Act, visit www.federalreserve.gov. For more information on the Real Estate Settlement Procedures Act visit www.hud.gov.
Taking out a home equity loan or line of credit is an important decision. Before entering into a plan, consider how you will pay back the money you borrow. Remember that your failure to repay the amounts you've borrowed, plus interest, could mean the loss of your home. Make sure you find a reputable lender who meets your needs and do your research so you know what to expect. If you are properly prepared, you should be able to sign on the dotted line with peace of mind.
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