Consumer News - Consumer Debt - Consolidate Debt: Home Equity Loans - Consumer Credit Counseling Services, CCCS, Help and Tips to Repair Your Credit

Home Equity Loans

Consider carefully before taking out a home equity loan. Although this type of loan might let you take tax deductions you could not take with other types of loans, they reduce the equity that you have built up in your house.

And if you are unable to make payments, you could lose your home.
Home equity loans can either be a revolving line of credit or a one-time, closed-end loan. Revolving credit lets you choose when and how often to borrow against the equity in your home. In a closed-end loan, you receive a lump sum for a particular purpose, such as remodeling or tuition.

Apply for a home equity loan through a bank first. Bank loans are likely to cost less than loans offered by finance companies. When comparing loan offers, read all material and ask the following questions before you sign:

• What is the minimum monthly payment?
• What is the annual percentage rate?
• If the interest rate is adjustable, how much can it increase at one time?
• What is the maximum interest rate?
• What are the annual and transaction fees?
• If the loan is for revolving credit, how large a credit line is available?
• What are the initiation fees for a closed end loan?

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Table of Contents

Consumer Loan Basics

Your Rights: Debt Collection

A debt collector may not...

Payday And Tax Refund Loans

Home Equity Loans

Lost and Stolen Debit/
Check Cards and Stored-Value Cards

Credit Billing Disputes

Out of Control Debt

Negative Information on Credit Reports

Source: General Services Administration

Fair and Accurate Credit Transactions Act of 2003

Source: Whitehouse Press Release

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