- Is a home equity loan going to cause you to lose your home?Home equity loan is not going to cause you to lose your home if you keep on track with your mortgage plan. The equity that your home has is used as a collateral in the event of you being a defaulter for the mortgage. Your home serves as a guarantee to the lender when they give you a loan.
- What are the effects of home equity loans on credit scores?For home equity lines of credit (HELOC), if the borrower is not using the full credit line, then the credit utilization drops, and it boosts your credit scores. So, in a manner one can say that the credit scores improve with the home equity loans.
- Do home equity loans require an appraisal?An appraisal is required for a home equity loan by the lender. They need it to protect themselves from the risk of default. No matter what type of mortgage it is, the appraisal is needed and provides protection to both lender and the borrower.
- What is the cost of a home equity loan appraisal and who pays it?The appropriate cost of a home equity loan appraisal differs from state to state but is always reasonable. The fee is paid by the borrower even if the loan closes.
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