Protecting Your Home
by: Developed from materials provided by the Bureau of Consumer Protection
Using Your Home to Get A Loan
You may be able to get a loan to fix your house by using your house as collateral.
If you use your house as collateral, you use it to get a loan.
This means that the person who loaned you the money can take your house if you do not make your loan payments!
Use these tips to protect your home.
How to Choose a Lender
If you want a loan, ask a bank. Most bank loans cost less than other loans.
Pick the bank or lender that is right for you. Make sure that your lender will not pay your contractor a fee if you take out a loan.
How to Understand Your Loan
Before signing loan papers make sure you know and are happy with the answers to these questions:
How much money did you borrow? How much interest will you pay?
How much will your monthly payments be? How many years will it take to pay off the the loan?
If you pay off the loan earlier than planned, will you have to pay more money?
Will your monthly payments increase or will you owe a large lump sum or "balloon" payment?
Will your budget allow you to make all of these payments on time?
Warning:DO NOT sign loan papers unless you understand them. This is important! If you sign the papers, you will be held to what they say, even if you did not understand them.
If you are unsure, ask a lawyer you trust to explain the loan papers to you.
What Should I do if I Change My Mind after Signing Papers?
If you change your mind about the loan, you may be able to cancel it. When you use your house to secure a loan, the law gives you at least 3 days to cancel your loan.
If you want to cancel your loan, you must to do it in writing. You can not cancel your loan over the phone.
To cancel your loan write a letter.
The letter should be short. In the letter say: "I wish to exercise my right to cancel the contract." [Click here for sample letter].
Put a date on your letter and sign it. Make and keep a copy for yourself. Mail the letter to your contractor and lender.
Your contractor or lender may refuse to cancel the loan. If this happens ask a lawyer or other advocate what to do.
Each person's loan is different. If you don't know what the law says about your loan move quickly to ask a lawyer or other advocate what to do.
What if I Feel I Have Been Wronged by my Contractor or Lender?
If you feel you have been wronged by your contractor or lender ask a lawyer.
Last Reviewed On: 04/24/03
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