After applying for a Home Equity Loan, I took my time reviewing the figures. While I'm not particularly skilled with finances, I have a solid credit score and an excellent LTV, so I expected the company to provide a reasonable loan. After submitting my initial information, I faced a significant hit on both my credit and my spouse's. Although I accepted the hard hit, what troubled me was that they required a $500 deposit to proceed, and the fee breakdown was shocking. Essentially, the loan was nearly a 3-point loan, with an APR exceeding 10%, and the additional fees were excessive. Ultimately, I chose not to pay the $500 deposit and decided not to continue. I received a denial letter via three different emails on Christmas Morning and one text message. I am sharing this review to caution potential borrowers to scrutinize every fee associated with their loan. There are banks and lenders that offer HELOCs or Home Equity Loans with no fees at all. The fees charged by this company are quite concerning. In reality, I would have ended up repaying nearly double what I borrowed if I had proceeded with the loan. Even if I had paid it off early, the upfront closing costs would have ensured they profited significantly. I strongly recommend shopping around and comparing fees. While this company receives positive reviews for quick processing and customer service, if you are okay with borrowing at a high rate, paying 3 points, a $500 initial fee, and various additional charges, then proceed at your own risk. The offer I received felt more like an insult to my intelligence than a genuine attempt to assist me. Their high ratings on various platforms can be misleading, as many borrowers may accept unfavorable terms to secure funds. Always verify the fees and review them again. It's crucial to educate yourself on closing costs. Best of luck!
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