Three Pitfalls Associated With Home Equity Mortgage

October 12, 2008 by · Leave a Comment
Filed under: Blog 

You are more likely to qualify for a home equity mortgage than for a traditional loan. In case of home equity mortgage, you provide the equity you have over your home as collateral for the amount you take as mortgage. There are a few critical things to keep in mind while applying for a mortgage.

Avoid these three pitfalls associated with home equity mortgage

1.Holding credit information from your broker or lender

This is the worst mistake you can make while applying for a mortgage. If your credit report has weak points, be upfront about it and tell the lender how it happened. You are more likely to find a lender who is understandable about your situations and likely to accommodate you. However, if you make an un-provable claim chances are higher that your whole credit history be scrutinized and all negative points highlighted. If you are honest about your condition and give a solid reason for your bad credit score, you can negotiate your way to a low paying home equity mortgage.

2.Letting Dozens of lending companies check your credit score

Your credit score drops with a lending company requesting your credit information from the three credit rating companies. While it is a good idea to shop around for a good deal, be critical about getting a home mortgage quote from the company, based on the credit score you show them – not that they check it for themselves. Avoid a company if it declines to give you a quote as per your requirement. You can compare the different loan and mortgage products to get an good idea about the costs involved.

3.Doing business with unscrupulous business people

You can find any number of home mortgage scams, where the victims, primarily are elderly people or people with very low income. They will sell you mortgage products that are simply not affordable by you. They also use different pressure techniques to buy their product. There are different signals that should forewarn you. They generally tell you to site your income much higher than it actually is, tells you it is OK to buy a mortgage with high monthly payments than you could afford, and most importantly tries to get your signature on unfilled forms. They also will dissuade from reading the terms and conditions you are to agree and duly sign.

Avoiding the above three pitfalls associated with home mortgage can help you get cheap mortgage and better terms.

Copyright © 2006 Joel Teo. All rights reserved.

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