FTC Alert Gives Pointers on Shopping for Best HEL Deal
February 12, 2001
The Federal Trade Commission is helping consumers avoid abusive lending practices with a new consumer alert designed to guide consumers in shopping for the best home-equity loan deal. Titled “Shopping for a Home Equity Loan,” the alert lays down certain basic steps for comparison shopping. Never do business with the first lender who comes along, the FTC warned. Borrowers are urged to contact several lenders and compare their loan terms and conditions.