Do you plan to apply for a home equity line of credit?  If yes, check out the following mistakes and how you can avoid them:

1. Not being aware of the pre-payment penalty clause. Lenders often require a pre-payment penalty fee if the buyer decides to complete the loan payments before the end of the repayment period.  However, some lenders may impose an unreasonably high prepayment penalty to discourage borrowers from completing their payments ahead of time.  Thus, before signing up your contract, make sure that you are clear about your lender’s conditions on early payment.
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