Before you sign, read the loan closing papers carefully. If the loan isn’t what you expected or wanted, don’t sign the loan. Either negotiate changes or walk away. You also generally have the right to cancel the deal for any reason — and without penalty — within three days after signing the loan papers. The […]

A total number of points — your credit score — helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when they’re due.
When you apply for a home equity loan or second mortgage, your lender will order a credit report from each of […]

Ask all the lenders you interview to explain the loan plans they have for you. If you don’t understand any loan terms and conditions, ask questions. They could mean higher costs. Knowing just the amount of the monthly payment or the interest rate is not enough.
Pay close attention to fees, including: the application or […]

Don’t forget, with all refinanced mortgages, unless you do shorten the term, you begin again with a 30-year mortgage. Add the cost of the new loan to what you’ve already paid before the refinance, and your bottom line could be more than you can afford over time.
When considering a home equity loan, think through […]

Fast appreciating home values could also encourage you to refinance for a larger mortgage to pull out equity, say, to consolidate bills, perform home improvements, buy a new car, pay for your child’s education or meet other financial needs.
With interest rates that are typically lower than many credit cards, a home equity loan can […]