Page 24 - Book6E

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Home Equity Loans
for the loan, much like the limit on a credit card. These loans can be as long as 30 years and are usually at a variable interest rate.
Fees that may be assessed with a Home Equity Loan include, among others:
• Appraisal • Originator fees
• Title • Closing costs
A Home Equity Loan Can Be Risky
If you need money to pay bills or make repairs or just want to take a dream vacation, you may think a home equity loan is the answer. Beware. You could lose your home and your money. Not all loans are the same. Before you sign on the dotted line, do your research. Some lenders look for homeowners who have low incomes or less-than- perfect credit problems by concealing high-interest loan terms and give borrowers loans they will have difficulty repaying.
Consider Your Options
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Before you put your home at risk, talk with your FFEF representative to work out the best solution for your needs.
Inquire about state or local agencies or community groups that help homeowners with energy bills, home repairs, or other emergency needs.
Contact the U.S. Department of Housing and Urban Development toll-free at 800-569-4287 or visit www.hud.gov/ offices/hsg/sfh/hcc/hccprof14.cfm for help in finding an agency near you. FFEF is a HUD-Approved Agency helping clients in Wyoming and parts of Utah.
Talk with someone who is knowledgeable and whom you trust before you make your decision.