Equity Loan Scams You Need To Be Aware Of

Rising home values across the country are tempting homeowners to take advantage of their equity, and put the money to good use. However, there are quite a few scams that you need to know about so you can be alert and know if a mortgage lender is trying to con you. Associatedcontent.com reports:

A common practice with mortgage, refinance, and home equity loans, this tactic involves the mortgage lender offering one set of loan terms, and than switching the terms at the loan closing. Because the switch is very last minute, many homeowners feel pressure to comply with the new terms. This usually includes a higher interest rate and higher loan fees.

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