There is never a good reason to rush into a home equity loan. A bad loan experience isn't just unpleasant – it could cost you your house.
The key to a good borrowing experience is taking the time to find a good lender. A good lender will help you get the kind of loan and terms that are best for you, will make sure you understand everything you need to know before you sign the papers, and will work with you to work out a solution if you ever have trouble making your payments.
There are many good lenders out there. Ignore door-to-door salesmen, telephone calls and ads. Instead, shop around to find the best loan, the best lender and the best deal you can get.
- Visit lender web sites and our Smart Links to get information about companies and what to look for.
- Ask friends, family members, co-workers or others you trust about their borrowing experiences, and ask which lenders they would recommend.
- Ask lenders if they follow the Code of Ethics and Fair Lending and Best Practices guidelines of the National Home Equity Mortgage Association.
- Contact your local consumer protection office and the Better Business Bureau to see if they have received any complaints against the lender you are considering.
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