If your home equity line of credit has been frozen illegally, you may be able to appeal the decision. According to a recent Market Watch article, there are several ways to go about complaining. Here’s my summary of the options with additional links and phone numbers, which will hopefully be of use to a few [...] [...more]
This has been the big question of the past few months. Some financial advisers suggest that borrowers cash out their HELOCs to protect against possible freezes. But, others are suggesting that panic-stricken withdrawals are a bad bet. KSN News reports: “If they are paying interest just to hold that money to me that’s counterproductive,” said Darryl Bauchert [...] [...more]
Choosing a home equity line of credit can be difficult. When speaking with HELOC lenders you may receive so many different terms and rates that it becomes practically impossible to keep track. This printable worksheet can help. Use it to organize the HELOC information lenders give you. By the time you’re finished speaking with three [...] [...more]
Homeowners in almost every state are feeling the effects of the home equity crisis. Those who took out large HELOC loans are now struggling with upside down mortgages and the possibility of foreclosure. But, borrowers in one state are less exposed. Thanks to more strident state laws, fewer Texans are facing these problems. The Houston Chronicle explains [...] [...more]
One of the advantages of borrowing money through a home equity line of credit is the possibility of deducting interest from your taxes. To put it simply: If your HELOC was used to improve your home, you may deduct interest on lines up to $1 million ($500,000 married filing separately). If your HELOC used for other [...] [...more]
If you already have some form of business credit, you may soon be receiving home equity line offers, encouraging you to use your home as collateral for a new loan. Seattle PI explains: “During the past few months I’ve seen that mortgage brokers have switched their marketing focus from big credit card spenders in need of debt [...] [...more]
If you are using over 40% of your available credit, paying off your credit cards with a HELOC may improve your credit score. However, there are some risks involved. Applying and opening a HELOC will give your credit score a ding. However, you may be able to increase your score significantly by transferring your credit card [...] [...more]
If you are using over 40% of your available credit, paying off your credit cards with a home equity line of credit may improve your credit score. However, there are some risks involved. Applying and opening a home equity line of credit will give your credit score a ding. However, you may be able to increase [...] [...more]
If you’re in the market for a home equity line of credit, it’s worth it to shop around. During the housing boom, many lenders offered similar terms for their home equity lines of credit. But, today’s HELOC lenders are dealing with the mortgage crisis in different ways. Almost all lenders are tightening standards for home equity [...] [...more]
I’ve often said that using a home equity line of credit to pay college tuition is a poor choice, especially if the student has access to low-interest government loans. However, if other options are not available, using a home equity line of credit does have some benefits. Finance expert Dan Galli explains: “…the Home Equity Line of credit has some advantages [...] [...more]
