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Offer in my home equity loan, should I accept or not

Profile picture for gemini57
The balance of my equity loan is $23,000.  Lender is offering payment of $185.00 zero percent for 10 years.  Should I accept or not?
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0Yes

May 12 2010 - Fruitdale
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Answers (6)

Profile picture for highintegrityrealty
Who's offering you this deal? The 2nd lender that has a stake on this property?It's a good deal.
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June 11 2010
You could hold out for negative interest!

Ok, seriously, do you have a big first loan or something, thus rendering the equity loan completely and totally under water?
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May 13 2010
Profile picture for White Picture

Most likely the OP goes into default and the lender takes what left of it.

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May 13 2010
Profile picture for RyanHalset
Seriously. It does sound too good to be true...they've got to be charging you for it somewhere...
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May 13 2010
Profile picture for HeartlandCA
Ask for a Good Faith Estimate and Itemization Worksheet so you can review the costs up front and terms.  Sounds too good to be true??
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May 12 2010
Profile picture for RyanHalset
Zero percent? What's the catch? What are the associated fee's?
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May 12 2010
 

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Profile picture for PATRICIA AMADI
QuestionOffer in my home equity loan, should I accept or not
  • Latest answer by PATRICIA AMADI
  • June 11 2010
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