Many banks in California offer home equity loans, including Wells Fargo, Chase, and many others. Most people prefer to borrow home equity from banks and not from private lenders simply because banks are perceived as "more stable." But did you know that limiting yourself to just banks can hurt your finances?
California Home Equity Loans from Banks
Many banks in California offer home equity loans, including Wells Fargo, Chase, and many others. Most people prefer to borrow home equity from banks and not from private lenders simply because banks are perceived as 'more stable.' But did you know that limiting yourself to just banks can hurt your finances?
Lengthy processes. A large bank takes about two to three weeks to process the application home equity, only to reject (sometimes). Banks also generally ask for more documentary requirements that can take days and even weeks to produce.
Higher interest rates. Banks generally impose reasonable interest rates for California home equity loans, but because of competition, these 'reasonable' rates now seem higher. In some cases, banking institutions can loan you more money than you actually need or can pay, and this could get you into financial trouble and cause you to lose your home. Many non-bank lenders catering to borrowers with smaller equity offer lower rates and more flexible terms. It is wise to explore your options with these lenders first before you signing up with a bank.
Discriminatory approval. Banks are very conservative by nature, so don't expect to get a California home equity loan from banks if your credit score falls below the ideal level. If you have bad credit history, turn to non-bank home equity lenders instead. You can expect your interest rates to be a little higher than what people with good credit standing pay, but your chances of getting approved are much higher, too. Pay your home equity bills regularly, and you maybe able to renegotiate for a lower interest rate within a few months.
California Home Equity Loans provides detailed information on California Home Equity Loans, California Home Equity Loan Rates, California Home Equity Mortgage Loans, California Home Equity Loan Refinancing and more. California Home Equity Loans is affiliated with California Home Mortgage Loans [http://www.e-CaliforniaHomeLoans.com].
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