Wells Fargo is one of the few lenders that offers a primary mortgage and a HELOC - combined into a single loan. The Home Asset Management Account automatically creates a HELOC for along with the borrower’s first mortgage. Here’s how they describe the features of their rather unique program: Work with your growing asset without reapplying. [...] [...more]
Due to recent federal cuts, HELOC interest rates are dropping. Currently the average HELOC rate is 7.74% and the average fixed-rate home equity loan is 8.07%. According to the March edition of Kiplinger’s Personal Finance, these rate cuts come at a time when HELOC lending standards are tightening - making it more difficult for borrowers to [...] [...more]
Harris Financial Corp. is now offering a new access card for HELOC customers. The access card comes with the MasterCard logo and can be used as a credit card for purchases or as a debit card for ATM withdrawals. Customers are still able to use access checks and conduct fund transfers via phone, internet, or [...] [...more]
Home values in many metro areas are plummeting and HELOC lenders are beginning to worry. Over 100,000 homeowners have received notice that they will no longer be able to withdraw money from their HELOCs. How can this happen? Since a HELOC is based on the amount equity in the borrower’s home, most lenders reserve the right [...] [...more]
Boston Globe real estate expert Benny Kass recently urged homeowners to apply for HELOC loans: “I strongly recommend that every homeowner who has some equity in his or her house get a HELOC, or home equity line of credit. Many banks will not charge any fees for setting this up. The advantage of such a loan [...] [...more]
Taking out a home equity line of credit (HELOC) is very different from taking out any other type of loan. Find answers to some of the most common HELOC questions here. [...more]
One of the best aspects of a home equity line of credit (HELOC), is that the interest is often tax deductible. Because a HELOC is technically considered a home loan, most state and federal governments allow borrowers to deduct a significant portion of the interest they pay. Townhall.com classifies HELOCs as a type of “good debt,” [...] [...more]
Finding a home equity line of credit at an affordable rate is extremely important as such loans tend to last for several years. Finding a loan at a low rate can save thousands of dollars in the long run. Shopping a lender can be difficult however, most require social security numbers in order to talk [...] [...more]
Second mortgage loans can sound tempting, as they offer lower rates as well as. [...more]
HELOC stands for Home Equity Line of Credit, and is similar to a Credit Card, only it’s secured by property which can lead to lower rates. [...more]
