Lenders are making the market for new loans sound so good. Other types of loans are already on the market, and understood. So, how do you get new people to jump on your bandwagon? You offer something that sounds good, but one that not everybody yet understands. That seems to be the case of the 125% home equity loan, too.
The Promise
The promise that is made is to give you 125% of the value of your house for a second mortgage. This way you can enjoy having extra finances to use as you please. You can pay off other debt, fix up the house, combine both mortgages, go on a vacation, or whatever. The choice is up to you.
What, though, is the truth behind a 125% mortgage? Here are some details. Some of these companies actually want to lend you more money than your house is actually worth. Think about it. Are they really trying to help? With other lenders, it can actually be a little difficult to get 80% of the value of a house (they are the smart ones). Why are these agencies trying to push extra money in your face?
Extra Charges
A number of these companies charge 10% if you want to get a lower rate of interest than what is initially offered....
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