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Home Equity Lines for Good Credit and Bad Credit Mortgage Loans

Truth in Lending Laws

As a borrower, it is often difficult to know your legal rights regarding home equity lines of credit. This is especially true with private hard money loans from bad credit mortgage lenders. Borrowers need to be aware that the Truth in Lending Act requires lenders to disclose the specific terms and costs of their home equity plans terms such as APR, broker charges, the payment terms, and any variable-rates that may apply. It is also important to note that a lender and anyone else associated with the transaction may not charge a fee until after the terms and costs have been disclosed to the borrower. These disclosures will typically be available to you once your receive the application form from the lender. If a term or cost in the loan is altered or changed before the loan goes into effect (other than a variable-rate feature), the borrower must be informed. If this causes the borrower the change their mind about the loan, the lender is required to refund any fees collected.

Your Rights with a Home Equity Line of Credit

Whether you are dealing with a bad credit loan or an A-paper home equity line, the Truth in Lending Act gives borrowers a three day rescission period, essentially a small window of time to change their mind about the bad credit loan. If a borrower decides that the bad credit loan or traditional home equity loan is not right for them, they can inform the creditor in writing during this recession period of their change of heart. The bad credit lender must then cancel the security interest in the home and return to the borrower all fees involved.

Knowing your rights can save you from making the wrong decision when it comes to a bad credit lender loan or traditional home equity loan!

California Bad Credit Home Equity Loans

Bad Credit Lender offers California bad credit home equity loans for non-conforming conditions, including low credit scores, excessive debt, collection accounts, bankruptcy, or foreclosure. Our bad credit home equity loans, also known as a HELOC loans, offer flexible guidelines and carry higher rates and a necessary 20% or higher borrower equity in real estate property.

Corey Senn is a Senior Partner with Bad Credit Lender, a California based private lender that specializes in hard money loans and bad credit loans. Located in La Jolla, California, Bad Credit Lender provides competitive private California home equity loans, bad credit home loans, and bridge loans. In addition, Corey is one of the main contributors to the California Home Mortgage Loan web blog.

More Useful Resource and Updates on refinance mortgage rate mortgages home mortgage loans

• Interest rate relief but not much (Adelaide Now)
  HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.



• Big interest rate cut tipped (The West Australian)
  Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.



• Banks slash home loan rate (Perth Now)
  THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.



• BofA in mortgage lender settlement (Financial Times)
  Bank of America has agreed to settle multi-state claims of deceptive and predatory lending practices against Countrywide Financial , the mortgage lender, in a deal that could result in a cut of up to $8.4bn in interest rate and principal payments for homeowners.



• Countrywide Settles Fraud Cases for $8.4 Billion (Update1) (Bloomberg)
  Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.



• Commonwealth cuts home loan rates (Daily Telegraph)
  AUSTRALIA'S biggest mortgage lender Commonwealth Bank has reduced its standard variable home loan rate by 80 basis points to 8.53 per cent, passing on most of the Reserve Bank's cut in the cash rate.



• Rate cut hits home (The Age)
  The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.

• GMAC Mortgage
  With information on refinancing, reverse mortgages and first time home buying.