Question : What to look for when shopping around for home equity loans?
Any advice on what to look for when shopping around for home equity loans?Are there referral commissions?I have a couple of individuals looking for a home equity loan ... I told them I'd look into it for them. I'd like to find a quality vendor, but if referrals commissions are paid out, I'd like to negotiate for that too.How do I figure out what is a "great deal"?PS. I'll happily take general replies but this would be specific to Calgary, Alberta, Canada.
- asked by 27amDotCom
All Answers:
Answer #1
If you were in the US I'd say caretul you may bestepping into legal problems.
- answered by greta
Answer #2
If you are a first time borrower of a home equityloan it is imperative that you have a checklist ofessential questions that you need to ask each andevery lender. The answers to these questions willprovide a valuable reference to base yourcomparisons on. What’s the interest rate?Knowing this is crucial. The interest rate willdeterminepercentageby which the adjustable rate will change. What isthe Annual Percentage Rate or APR? The APR on thehome equity loan will determine the yearly paymentyou will need to make towards this.The higher thepayment in terms of points, the lower is theinterest rate.
- answered by Lisa S
Answer #3
You have to have a mortgage license to collect acommission. It is not legal to be involvedwithout a license.
- answered by Landlord
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