Under the federal Truth in Lending Act, a HELOC consumer is granted certain rights. Most importantly, you have the right to be given information about your HELOC before agreeing to the loan or paying any fees. You also have the right to cancel your home equity line of credit within a specified time frame. This [...] [...more]
If you can no longer pay your first mortgage, your HELOC lender may be able to recoup some of their money via short sale or foreclosure. However, it’s rarely as simple as “turning in the keys.” This in-depth article explores the financial consequences of HELOC foreclosures and short sales. It also analyzes five possible scenarios [...] [...more]
There are several Washington Mutual HELOC loans available. Use this article to learn about WaMu HELOC options and terms. Washington Mutual HELOC Basics Lender Type : major bank Website : www.wamu.com/personal/loans/home_equity Phone Number: 877-551-2740 Washington Mutual HELOC Programs The general WaMu HELOC offers a draw period of 10, 20, or 30 years. WaMu offers a [...] [...more]
Are you interested in taking out a Countrywide HELOC loan? This article will walk you through the HELOC products Countrywide has available and keep you informed of important updates. Countrywide HELOC Basics Lender Type : major bank Website : www.countrywide.com/equity Phone Number: 1-800-763-1054 Countrywide HELOC Loan Programs There are several options available to Countrywide HELOC [...] [...more]
A HELOC can be used in the same way as a credit card. But, it’s not advisable to swipe it for everyday purchases or indulgences. You don’t want to be making payments on a designer handbag or flat screen TV twenty years from now. Instead, use your HELOC for purchases that count. Here are five [...] [...more]
If a borrower does not qualify for a HELOC on his own, he may still be approved for the home equity loan if he has a co-signer. A co-signer is a more creditworthy person who essentially vouches for the primary borrower. By co-signing for a HELOC loan, you are saying: “If the borrower does not [...] [...more]
Some HELOC lenders are no longer agreeing to first-mortgage refinances, forcing customers to either payoff or refinance their HELOCs before refinancing their original home loans. How Can This Happen? When a borrower takes out a HELOC, the HELOC lender agrees to be subordinate to the first mortgage lender. In a nutshell: if the home must [...] [...more]
Earlier today the Federal Reserve noted that American home equity has fallen below 50% (the lowest it’s been since 1945). As a whole, homeowners owe more on their homes than they have paid off. Many news outlets have picked up the story, some indicating that the new statistic is a result of a declining economy. [...] [...more]
Some financial experts are advising HELOC customers to withdraw funds from their credit lines now, in case the HELOC freeze continues to spread. Over 100,000 borrowers have already been notified that their HELOC has been frozen or canceled – some speculate that the freeze notices will continue as the national real estate market declines. The [...] [...more]
Over 100,000 HELOC borrowers have received notice that their line of credit is now frozen or canceled. Lenders are increasingly wary of offering high HELOC credit limits in the declining market. However, it is still possible to take out a HELOC if you meet more stringent qualifications. How to Qualify: In order to qualify for [...] [...more]
