When is the best time to apply for a home equity loan?
If looking to get a low rate on a home equity loan, apply for the loan during the fall and winter months. Because many people purchase homes and apply for loans throughout the summer, lenders tend to inflate interest rates during this period What are your reasons for applying for a loan? There are many good uses for a home equity loan. Common uses include home improvement, debt consolidation, wedding expenses, etc. On the other hand, some people borrow money for frivolous purchases such as shopping sprees or lavish vacations. Use the money wisely, and avoid unnecessarily creating a new debt. Ask for a Good Faith Estimate Loan estimates provide the borrower with information about closing costs, interest rate, and other fees. By law, the mortgage lender must forward a Good Faith Estimate within three business days of receiving your loan application. Once you get the estimate, read it carefully, and ask questions if necessary. Future mortgage refinance Homeowners who refinance their mortg
