Friends. I keep getting emails from my mortgage company offering a chance to pull from my 30k+ equity. How does that work? What happens if I try and cash it out?
In: Economics
Long story short, the company puts a lien on your house, and if you sell it they are guaranteed what you owe on the loan.
The interest is usually high, so watch for that. If you really want a home equity loan, the bank that owns the house is the best place to go, second best is your personal bank.
Banks that aren’t vested in you are taking on a lot of risk, and therefore expect a big return for their risk.
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