Home Improvement Loan Tips 3

Mortgage Brokers

1. If your home is worth more than the amount you owe for it, you have what is known as "equity" and may be eligible for a "home equity loan." Be sure to contact a reputable mortgage broker and shop around to get the best available rates. Rather than allowing several banks to run a credit check on you to give you a rate, a mortgage broker can verify your information and represent your loan needs to several banks at once, allowing you to choose the one that's most suitable for your needs. The broker will be paid by the bank, so she will have their best interest, as well as yours, in mind when arranging for the loan. Be sure to use someone you trust, preferably someone who comes highly recommended for her honesty and availability to answer your questions and who has a track record of closing on time.