I understand the concept of equity but can the lender take your home if you fall behind on payments? Is there any real negatives to getting a home equity loan?
Is Wells Fargo Canada a good option?
Thanks.
Posts Tagged ‘Equity’
Is A Home Equity Loan A Good Idea? Or Are They Bad?
Monday, May 18th, 2009Home Equity Loan – How Is Amount Available Determined?
Monday, May 18th, 2009I am looking into getting a home equity loan to consolidate some debt. I just read that banks will use the lesser of the purchase price or the appraised value in determining how much to lend you. Is this right, or do they really use the difference between the appraised value and what you owe on your mortgage? Does anyone know what interest rates are looking like right now for someone with mediocre credit scores?
