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$7 Qty Borrower's Guide to Home Loans Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected. As part of AARP's Campaign Against Predatory Home Lending, AARP prepared this Borrower's Guide for you. We don't want you to be the next person who says, "They Didn't Tell Me I Could Lose My Home." AARP's Borrower's Guide gives you information that can help you get the best possible loan and avoid bad, or predatory, loans.

You'll find worksheets, a glossary of terms, and information about: People borrow on their homes for many reasons-to make repairs or improvements, to consolidate debts, to pay off medical bills, or something else. Sometimes there may be benefits to using your home creditcheck Syracuse equity when you borrow. But if the loan costs too much, the benefits disappear ... Remember: Get creditcheck Syracuse the facts before a bad loan gets you. Getting the Best Loan Possible Sometimes a home equity loan is a good way to borrow money, but there are some lenders that only bring problems. credit scores free Predatory home mortgage lenders look for people who may have financial difficulty. They hunt for people who may be behind on property taxes, who need to fix up their home, or who need money for creditcheck Syracuse medical bills. Once they find these people, the lenders often use highpressure sales talk, high interest rates, outrageous fees, and repayment terms that the person can't afford.

Fast talkers can trick homeowners into taking out loans that creditcheck Syracuse they can't afford to creditcheck Syracuse pay back. When they can't make the payments, their homes are at risk of foreclosure. Even if you don't have financial troubles, no one wants creditcheck Syracuse to pay more than is needed. credit report request Whether you have excellent credit or not-sogood credit, you want the best possible loan you can get. Don't be fooled by loan offers you see on television or receive in the mail. Sometimes people who have good credit are charged higher rates and fees for loans creditcheck Syracuse because they don't know that their credit is good. Getting your credit report and credit score may help you negotiate the best loan for you so you don't pay more than you should have to pay.

You'll want to look for any mistakes in your credit report and take steps to correct them. You can get your credit score on the Internet, usually for a fee, creditcheck Syracuse or a lender can give you creditcheck Syracuse a free copy when you apply for a loan. Most creditcheck Syracuse credit scores range from 300-850, and creditcheck Syracuse the higher the score, the better your credit. Most lenders consider scores over 700 as "good" to "excellent" scores. The three major credit reporting agencies are: For creditcheck Syracuse More Information AARP Webplace: Credit Scores and Credit Reports Check Your Credit Report Credit Scores: Before You Borrow Be cautious creditcheck Syracuse about using a home equity loan to consolidate credit card debts.creditcheck Syracuse Loan offers may tell creditcheck Syracuse you how you can save money by paying off credit cards with a home equity loan, creditcheck Syracuse but what they don't say is that your home is at risk if you do it. one free credit report per year