According to a Federal Reserve report released earlier today, most HELOC lenders have tightened their standards for new borrowers and / or changed terms for existing borrowers. A vast majority of lenders have made it more difficult for borrowers to qualify for HELOCs during the past three months: “About 70 percent of domestic respondents—a somewhat [...] [...more]
Add AmTrust Bank to the list of lenders freezing HELOCs. An unspecified number of AmTrust customers have recently received HELOC freeze notices in the mail. Here’s what the bank had to say, in a written statement to news station WKYC: “AmTrust Bank promotes responsible lending, and as home values have declined in many areas, we [...] [...more]
Opening a home equity line of credit (HELOC) will give a small ding to your credit, just like taking out any other type of loan. Your use of HELOC funds may also impact your FICO score, depending the credit limit you’ve been given. Low Credit Limit HELOCs If your lender gives you a low credit [...] [...more]
