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Using your equity is a good idea

I was working with a good income, but in 1996 I was injured and eventually went on permanent disability. When I got my final settlement and permanent disability income started coming in, I made settlements with my creditors. I now have one credit card that I have paid down to a $6,000 balance, two checking accounts and a guaranteed income totaling approximately $4,200. I need to put siding on my home. I asked the bank that has my home equity loan to increase it by $13,000 so I can pay for the siding. The bank put the interest rate on my credit card at 26 percent because they didn't like my cash to debt ratio even though I've never been late on a payment to them.

They're offering to increase my home equity to $91,000 so I can both pay off my credit card and pay for the siding. They want to charge me 8.8 percent on the loan for 30 years.

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Beware of junk fees on home equity loan

DEAR BOB: After reading your recent list of "nonsense" mortgage junk or garbage fees some lenders try to impose, when I recently applied online for a home equity loan I realized I was about to become a victim of a major lender. The lender wants to charge me a loan origination fee, appraisal fee, credit report fee, processing fee, underwriting fee, flood certification, funding fee, $100 escrow settlement fee, $150 title fee, $15 courier fee, $15 wire fee, $75 recording fee, $80 intangible tax and $235 mortgage tax. What is your evaluation of these charges for a home equity loan? --Marydelle P.

DEAR MARYDELLE: Most of those are unnecessary junk fees you should not pay.

Purchase Bob Bruss reports online.

Virtually every local bank and credit union will eagerly make you a home equity loan or home equity credit line (HELOC) without any junk fees if you have a FICO (Fair Isaac and Co.) score around 700 or higher.

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