Using Your Home as Collateral


Staten Island’s only community-based business bank recommends taking a serious look at your home collateral options


STATEN ISLAND, N.Y. – If you need money to pay bills or make home improvements, and think the answer is in refinancing, a second mortgage, or a home equity loan, consider your options carefully. If you can't make the payments, you could lose your home as well as the equity you've built up.
Don’t let anyone talk you into using your home as collateral to borrow money you may not be able to pay back.
High interest rates and credit costs can make it very expensive to borrow money, even if you use your home as collateral.
Not all loans or lenders (known as “creditors”) are created equal. Some unscrupulous creditors target older or low income homeowners and people with credit problems. These creditors may offer loans based on the equity in your home, not on your ability to repay the loan.
Avoid any creditor who:

 Tells you to lie on the loan application. For example, stay away from a lender who tells you to say that your income is higher than it is.
 Pressures you into applying for a loan or for more money than you need.
 Pressures you into accepting monthly payments you can't comfortably make.
 Doesn’t give you required loan disclosures or tells you not to read them.
 Misrepresents the kind of credit you're getting, like calling a one-time loan a line of credit.
 Promises one set of terms when you apply, and gives you another set of terms to sign — with no legitimate explanation for the change.
 Tells you to sign blank forms — and says they'll fill in the blanks later.
 Says you can't have copies of documents you signed.


About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online



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