A new website is encouraging HELOC borrowers and other financial customers to “break up” with their banks. Instead, they recommend that people choose local banks and credit unions for more personalized, reasonable service. Is February the perfect time to cut ties with big banks and look for a better match? The Consumerist reports: “You deserve [...] [...more]
If you’ve been waiting to take advantage of low HELOC rates, now may be the time. PenFed is offering HELOCs at just 3.25%. Monitor Bank Rates explains: “Pentagon Federal Credit Union is offering a home equity line of credit (HELOC) with an annual percentage yield (APR) of 3.25 percent. The rate is prime plus 0 [...] [...more]
It’s possible to take out a HELOC with few or even no fees. Unlike other home loans, home equity lines are often designed to work more like a credit card. You only pay interest when you withdraw money and you aren’t stuck with a lot of unnecessary charges for taking out a line. However, in [...] [...more]
Recent rate cuts have made it possible for homeowners to take out a HELOC at record low rates. For those who can qualify, it’s extremely tempting to take out a home equity line of credit. However, unlike second mortgage loans, HELOCs have rates that can adjust upward. Reuters reports: “Home equity lines of credit (HELOC) [...] [...more]
Not all home equity lines of credit are created equal. If you don’t choose carefully, you could end up paying unnecessary fees or being charged a huge markup. This article shows you how to watch out for common lender “tricks” and negotiate the best HELOC rates and terms. See: How to Negotiate the Best Home [...] [...more]
If you’re one of the few who can still qualify, now may be a smart time to take out that home equity line of credit. Earlier today officials slashed the Federal Funds rate a half point to just 1%. The Associated Press explains: “The Fed, as investors had hoped, announced a half-point cut in the [...] [...more]
Good news for HELOC borrowers – thanks to an emergency federal rate cut, your home equity bill may be getting smaller. Today, the government slashed the federal funds rate by half a percentage point. The New York Times reports: “The Fed said in a statement that, because of weakening economic activity, it had cut the [...] [...more]
Home equity line customers may soon be enjoying a decreased interest rate, if market rumors come to fruition. The Associated Press reports: “Many believe the Fed will ratchet down a key lending rate to banks — now at 2 percent. In turn, the prime lending rate — now at 5 percent — for certain credit [...] [...more]
Many financial analysts speculated that the government would slash the Federal Funds Rate earlier today. But, Federal Reserve chairman Ben Bernanke and his colleagues voted unanimously to keep rates the same (2.0%). A federal rate cut would have resulted in lower interest rates on most home equity lines of credit. Almost all U.S.-based HELOC rates [...] [...more]
Lending standards have tightened. But, if you still qualify to take out a HELOC, you may be able to snag a super deal. Since HELOC rates are tied to the federal funds rate, you’re likely to have a very low monthly payment. Here are a few HELOC deals out there right now, as discovered by [...] [...more]
