About Home Equity Loan Pitfalls

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Pitfalls of home equity loans include working with a disreputable banker, paying exorbitant fees and paying high closing costs. Find a home equity loan that has no points and no origination fee with help from a registered financial consultant in this free video on home equity loans.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser, Patrick Munro, talking about home equity loan pitfalls. You have to be aware of some of the potential dangers in the marketplace, or pitfalls, when you apply for a home equity loan. Most notably, you have to work with a banker, or a broker, that has a good reputation. Always make sure that you check their reputation out with the Better Business Bureau, and also with the Mortgage Bankers Association as well. Many of these resources are available online, and, this way you're working with a certifiable individual that has your best interests at heart. Make sure you don't pay an exorbitant, up-front fee. This is another pitfall that many people, when faced with mortgage refinancing, will fall in to. There are various junk fees that go along with this, and you don't want to get involved in those, either. It's all about closing costs. That's the word that you should always look at. A closing cost should be well within your budget. Many times there should be no points and no origination fee. These are some of the pitfalls when it comes to home equity loans. This is financial adviser, Patrick Munro.

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