Don Vandervort, Head Homeboy, has written more than 30 DIY home improvement books, been a segment host on HGTV, served as MSN.com's home improvement expert and written countless magazine articles.
If you are considering a home equity loan, be sure to work with a reputable lender.
Scam artists and unscrupulous, fly-by-night lending companies are infamous for granting home equity loans with outrageous hidden terms and costs to unsuspecting homeowners. These bogus loans can ultimately cost homeowners their homes.
These scam artists prey heavily on senior citizens, minorities, low-income families, and people with with a history of poor credit. If you are among any of these groups, be especially wary of companies who are eager to loan you money.
Manipulative lenders may alter loan terms, hide extra charges, and conceal “bait-and- switch” techniques. The Federal Trade Commission warns homeowners to be wary of the following:
