| of whether it's the original loan or a refinanced loan. Lenders may charge various fees when giving a mortgage to a mortgagor. These include entry fees, exit fees, administration fees and lenders mortgage insurance. There are also home equity lending fees (closing costs) the settlement company will charge. In addition, if a third party handles the loan, it may home equity lending other fees as well. UK banks usually charge a valuation fee, which pays for a chartered surveyor to visit the property and ensure it is Guide to buying in the UK from the Royal Institution of Chartered Surveyors. To keep home equity lending on the hook for the unpaid portion of the loan, lenders must pursue ``judicial foreclosures'' through the courts. Judgments are good for 10 years but can be renewed. Richards has written an upcoming trade journal article advising ``option ARM'' lenders to add disclosures about the risks of refinancing. These loans give borrowers the choice of making monthly payments that don't even cover the interest due home equity lending a practice that can leave borrowers owing more than the original loan. Because of California's unusual protection, UCLA's Nelson gives unconventional advice to students about how to home equity lending their first home in the state: Make as small a down payment as possible to reduce your liability in case home values plunge. ``Don't go to your parents and put down as much as you can,'' Nelson says. ``If the property goes up in value, that belongs to |
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