In the case of a high-rate home equity loan, the lender must notify the consumer at least
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In the case of a high-rate home equity loan, the lender must notify the consumer at least three business days before the closing that (1) he does not have to go through with the loan (even if he has signed the loan agreement) and (2) he could lose his house if he fails to make payments. If the duration of a high-rate home equity loan is less than five years, it may not contain balloon payments.
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