| Does pulling your credit report more than a few times damage your credit? Answer: All inquiries for your credit report within a 14-day period will count as one inquiry if you are looking for a mortgage to refinance your home, a mortgage to purchase a home, a home equity loan, or a car loan. If you are looking for a personal loan or credit card, however, each inquiry will be counted separately You hear people whinging about the cost of cheap home equity loans. The socialist-student-worker-miser believes capitalism is inherently malevolent. Someone is out to screw him. The truth is 'yes', someone is out to screw you, and will, but only if you let them. They're not obliged to get you the best deal, and you're not obliged to take the first deal they offer. On the other hand, go too cheap, and you may get cr@p service when you need it most i.e if you get into financial difficulties.
Get it in writing. Any agreements need to be in written form. If you do not have a copy on paper then you can consider it non-binding. Do not trust anyone at their word. 
Before seeking out cheap home equity loans, consider the best bit of financial advice I've ever read. It was by Scott Adams, the author of the 'Dilbert' cartoons.
He said that you need to purchase a roof over your head, get health insurance, pay off outstanding debts, save up enough money for a year off work, and secure your children's education. After all that you can consider taking risks with what's left. Doing anything else mortgages your future. There are two basic types of loans: secured and unsecured. Secured loans are those whereby you set some of your property against your loan as security for the company. This type of loan is also known as collateral, and it may come in different forms but the most usual type is property, making it possible to have more than one loan secured on the same property. You put your home at risk if you don'y keep up the payments. You want a good deal but it's important you're choosing a company with a good reputation. Ask your company, family, friends, and neighbours for recommendations. |
