Collection Agency Rapid Recovery Solution Offers Smart Considerations Regarding Home Equity Loans
Bohemia, NY (PRWEB) July 18, 2013 -- On July 18, Rapid Recovery Solution, Inc. is ever-mindful of the popular but potentially risky practice of borrowing against one’s home.
According to a Fox Business article from July 17 titled “Questions to Ask Before Taking Out a Home Equity Loan,” the decision to tap in to the equity potential of a home should be made delicately. There are a number of financial considerations unique to home equity that many Americans are often unaware of.
Firstly, the distinction between home equity loans and lines of credit is central to the decision-making process. Unlike loans, lines of credit fluctuate with federal interest rates, thus threatening homeowners with unanticipated expenses as rates increase with the economic recovery. Furthermore, a borrower in need of money up-front should opt for home equity loans, which provide lump sums rather than successive payments. Lastly, homeowners must educate themselves as to local taxes and annual fees associated with this type of debt.
John Monderine, CEO of collection agency, Rapid Recovery Solution, Inc., offers his position. “The recession of 2008 exposed the risk inherent in borrowing against your home. Americans began to view their real estate as personal banks that can produce whatever loans they required” Monderine knows the dangers of this approach. “What people failed to consider is that home prices always fluctuate over time, and that means declining in value at some point also. We always encourage clients to remain mindful of their finances, loan necessities and current asset values to avoid accumulating exorbitant debt.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.
Sean Nolan, Rapid Recovery Solution, Inc, http://www.rapidrecoverysolution.com, +1 (866) 944-8610, [email protected]
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