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maryland home equity loan

Planning to get a Maryland Home Equity Loan? Here are some steps that wil help you get the best deal:

Shop around. If you need a loan, see if you are eligible to get one from a local bank, credit union, or mortgage company. Compare total costs of the loan as well as interest rates. Understand the points and fees. A loan with a lower monthly payment is not always the better deal; it may have a high balloon payment that is due in a few years.

Be cautious. Be suspicious of anyone who offers you "bargain loans," whether they send you an offer, call you on the phone, or come to your door. Don't rely on salespeople who promise easy credit. Don't be fooled by loan offers you see on television or receive in the mail-they don't always tell the full story.

Be wary of financing offered by a home improvement contractor. Dishonest mortgage brokers and contractors sometimes work together to take advantage of homeowners. Make sure you understand what kind of financing you are being offered. For example, is it an unsecured home improvement loan, a second mortgage, or a refinancing? To protect yourself, shop around for financing from lenders not associated with the contractor. Ask a lawyer or housing counselor to review the financing terms with you.

Know your credit rating and credit score. Sometimes people who have good credit are charged higher "subprime" rates and fees for loans because they don't know that their credit is good. Get your credit report from the three credit bureaus below. Maryland residents are entitled to a free copy of their credit reports each year.

Use the Internet to research lenders. You'll find both lists of lenders and their application forms online. Make use of the Internet to find a Maryland Home Equity Loan that suits your needs.

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