Home Equity Loans - How Home Equity Loans Work - Tips for Borrowers

Home Equity Loans

The Basics of Home Equity Loans

Home equity loans allow a homeowner to borrow money by pledging the house as collateral. Borrowers who want to borrow a relatively large amount of money or who don’t have good credit often find the home equity loan to be attractive.

A home equity loan is a type of second mortgage, not to be confused with a home equity line of credit.

Lenders may be more liberal because they view home equity loans as relatively safe. You can’t disappear with your house or hide it if you default on your loan, so the lender has a good chance of collecting the collateral. Also, you are likely to make your payments a priority if your home is on the line.

Advantages of Home Equity Loans

Home equity loans are attractive to borrowers for a few main reasons:

• They typically have a lower interest rate (or APR)
• They are easier to qualify for if you have bad credit
• Payments on a home equity loan may be tax deductible
• Borrowers can get relatively large loans with this type of loan

Common Home Equity Loan Uses

Borrowers use home equity loans for some of life’s larger expenses, because homes tend to have a lot of value to borrow against. For example, you find that a lot of borrowers want to

• Remodel or renovate the house
• Pay for a family member’s college education
• Finance the purchase of a second home
• Consolidate high-interest debts

Pitfalls of Home Equity Loans

Before using a home equity loan for any purpose, you should be aware of the pitfalls of these loans. The main thing is that you can lose your home if you fail to meet the payment schedule required by the loan.

Another common pitfall of home equity loans is that scammers have found plenty of ways to cheat homeowners out of their most valuable asset. Be sure that you know who you’re doing business with. If something smells fishy (like a high-pressure sales pitch or an inability to put things in writing), then take a step back and make sure the deal is legitimate.

How to Find the Best Home Equity Loans

Finding the best home equity loan can save you thousands of dollars – at least. In order to get the best loan, I recommend that you:

• Shop around. Try a variety of sources (banks, brokers, and credit unions)
• Manage your credit score and make sure your credit reports are accurate
• Ask your network of friends and family who they recommend
• Compare your offers to those found on websites and advertisements

Additional Home Equity Loan Tips

To make the deal work out in your best interest, make sure that it is the right deal in the first place. Is a home equity loan a better fit for your needs than a simple credit card account? If you’re not sure, figure it out before you put your home at risk.

Plan out your budget ahead of time. Make sure that taking the loan will not overburden you.

Review and consider insurance to cover the payments if something happens. You may or may not need insurance. If you’re going to include it in your program, try to pay the premiums monthly – not up front.

Home Equity Loan Resources

FDIC Warning on Home Equity LoansAvoid ScamsFTC Home Equity Loan Alert

More on Home Equity Loans

Tax Break With Your Home Equity Loan?2nd Mortgage Quick Tips

Indiana Lemon Law Consumer Guide

Indiana Lemon Law

Indiana's "Lemon Law" (The Motor Vehicle Protection Act) provides protection for consumers who purchase late model, defective vehicles that require repair.

Do I Have a Lemon?

If you can answer "yes" to the following questions, your vehicle may be covered by the Lemon Law.

Did you buy or lease

• A car or light truck?
• Within the last 18 months?
• From an Indiana dealer?
• For purposes other than resale or sublease?
• A vehicle with less than 18,000 miles on it?

Steps to Follow if you are Covered by the Lemon Law

1. Take your vehicle to an authorized dealer to report the problem and have repairs made. The problem must be reported within 18 months from the time you purchased the vehicle or before you have driven the vehicle more than 18,000 miles, whichever comes earlier.
   
   
2. You must allow the dealer a reasonable number of attempts to repair your vehicle. This means your vehicle has been subject to at least four (4) repair attempts OR has been out of service due to repairs for a total of at least thirty (30) business days - and the problem still exists.
   
   
3. Get a copy of the written repair order each time you take your vehicle to the dealer for repair or examination.
   
   
4. Some manufacturers have established an informal procedure to handle Lemon Law claims that have been certified by the Attorney General. If the manufacturer of your vehicle has a certified, informal procedure, information about it should be in your written warranty for the vehicle. You must follow that procedure before you can file a lawsuit under the Lemon Law.
   
   
5. If the manufacturer of your vehicle has not established an informal procedure, check your warranty and the owner's manual. If the warranty or owner's manual requires a written notice of the problem or defect before you are entitled to a refund or replacement vehicle, send your notice, along with copies of your repair orders to the name and address listed in your warranty or owner's manual. If your warranty or owner's manual does not state that written notice is required, you may file a lawsuit without having to give written notice of your claim to the manufacturer.
   
   
6. The manufacturer has thirty (30) days to accept the return of your vehicle and, at your option, either refund the money paid for the vehicle or give you a replacement vehicle.
   
   
7. If the manufacturer disagrees with your claim, you must first file a lawsuit within two (2) years from the date you first reported the problem to the dealer.
   
   
8. If you win the lawsuit, you can recover all your costs, including your attorney fees.

What Happens to All those Lemons

Have you ever wondered what happens to "lemons" after manufacturers take them back? Many of them are repaired and then returned to dealers to sell to other customers.

The manufacturer is required to obtain a new title for the vehicle with the stamp or brand "Manufacturer Buyback Disclosure on File". This stamp or brand should remain on the title for as long as the vehicle exists. The first time a dealer sells a vehicle that was returned to a manufacturer under the Lemon Law, the dealer must notify the consumer in writing, at the time of the sale, that the vehicle had been a "lemon". The consumer must also be provided with a manufacturer's warranty of at least twelve (12) months or 12,000 miles.

The Lemon Law does not allow the Attorney General to represent individual consumers in seeking a refund or replacement vehicle. However, a manufacturer or dealer who violates the buyback disclosure provisions faces stiff penalties which the Attorney General is authorized to enforce.

Knowing about and understanding the "Lemon Law" can provide you with the protection you may need.

For complete advice concerning your legal rights, click here to consult an Indiana Lemon Law attorney.

Most of the information on this page is provided by the state of Indiana, which this website is not affiliated with.

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Medical School Loans

Medical School Loans is a leader in helping medical school students fulfill their education dreams and successfully prepare for their financial futures. We are committed to providing medical school students and graduates with the necessary tools for effectively managing your education loans and obtaining financial freedom.

At Medical School Loans, our number one priority is serving your needs. We are dedicated to furnishing the information, products, and services you require, and we have a steadfast commitment to providing a superior level of customer service at all times.

Medical School Federal Loan Consolidation
View current interest rates, learn about the many benefits of a federal consolidation loan, calculate monthly payments, and apply for a federal loan consolidation. Select the e-signature option to complete your application entirely online.

Medical School Private Loan Consolidation
View current interest rates and eligibility requirements, and apply for a private loan consolidation. Receive an answer within minutes of completing the application process. When you apply for a Medical School Loans Private Student Loan Consolidation, you'll get 30 days free access to HealthcareCrossing! That's a $29.95 value.

News and Resources
Browse through articles and press releases containing current information affecting you and your medical school loans. Also, use our financial management tools to increase your financial success.

Financial Aid Professionals
Medical School Loans is committed to assisting medical school students and health care professionals with the management of their student loans. In this endeavor, we have developed an information division aimed at financial aid professionals. We believe assisting financial aid professionals will get us closer to our goal of assisting students. It is the financial aid office, after all, that is the connection between education and financing the education.


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