Home Equity
Loan Companies

Home equity loan companies revolving credit lets you choose when and how often to borrow against the equity in your home. In a closed-end loan, you receive a lump sum for a particular purpose, such as remodeling or tuition.

Although this type of loan might let you take tax deductions you could not take with other types of loans, they reduce the equity that you have built up in your house. And if you are unable to make payments, you could lose your home.

Apply for a home equity loan through a bank first. Bank loans are likely to cost less than loans offered by finance companies. When comparing loan offers, read all material and ask the following questions before you sign:

• What is the minimum monthly payment?
• What is the annual percentage rate?
• If the interest rate is adjustable, how much can it increase at one time?
• What is the maximum interest rate?
• What are the annual and transaction fees?
• If the loan is for revolving credit, how large a credit line is available?
• What are the initiation fees for a closed end loan?

Financial contracts are very confusing. Before signing yourself to a major long term commitment, have an attorney familiar with financing and taxes examine the documents and explain the details.

A good tax finance attorney can save you many times his fee over the years, not to mention possible legal problems.

Whether buying a new car, or a used car, or selling a vehicle; first check KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide.

For complete information on all your financial needs, turn from home equity loan companies to the Loan homepage.

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