Though a home equity loan can be useful for anyone re-tooling their personal finances, it can also be a risky venture. For that reason, it is important to ask the right questions when meeting with a lender.
First nail down interest rates and ask for an estimate of how your payments could change over time. This is critical for building a sustainable budget. Next, be sure you understand the timeline for paying off your home equity loan. Third, be sure to understand all of your options, such as refinancing and how your credit may be affected.
Gather all available information and considering consulting with a second opinion. Stick with the Allconnect blog for more homeowner tips!