Get the Facts on Home Equity, Mortgage Refinancing, and Debt Consolidation Loans
Every day, more and more Urban Redevelopment Authority of Pittsburgh (URA) loan customers receive letters or phone calls from companies offering home equity loans, mortgage refinancing and bill consolidation loans. Some of the offers seem too good to be
true; with lower monthly payments, you can buy a new car, take a vacation or put a swimming pool in the back yard.
The truth is some of these offers can cost you thousands of dollars! Know the facts: Lenders make their money from fees and interest. They will sell you on lower monthly payments. You should ask four questions:
1. What fees do you charge?
2. How much are the fees?
3. What is the interest rate?
4. How long will it take me to pay off the loan?
There is a lot of great information on the URA site. The above is from a URA program for current borrowers but I thought it was such good advice, I lifted it out and dropped it into this post. There is a lot of great information on the URA site. You should check in periodically because surprise! there are always new programs for homeowners, businesses and developers.