As it has become more difficult to take out a home equity line of credit (HELOC), many borrowers have turned to friends and family members for help. If you’ve been asked to co-sign a HELOC loan, think twice before putting a pen to the dotted line. As a co-signer you may be required to pay [...] [...more]
Low home equity lending rates have prompted many borrowers to pay off higher-interest debt with a HELOC loan. BankingMyWay reports: “Those carrying considerable debt may have difficulty using balance transfers to consolidate it all. New credit cards may not have a high enough limit. In these cases, a home equity loan may be a more [...] [...more]
When deciding how to leverage the money in their homes, borrowers often have a difficult time deciding whether to take out a home equity line of credit (HELOC) or a home equity installment loan. There’s no right answer. Instead, the best answer often depends on the reason the borrower wants a second mortgage loan. BankingMyWay [...] [...more]
Some parents believe that paying for a kid to go to college is a good reason to take out a HELOC. But, almost all experts agree that people should use extreme caution when using a home equity line of credit to fund tuition expenses. CNBC On the Money expert Carmen Wong Ulrich explains: “Whether it’s [...] [...more]
Due to the troubled economy, many homeowners are looking for sources of emergency cash. If you need funds to get you through the next few months because of unemployment or other circumstances, consider the source carefully. Credit Cards: Using a credit card cash advance is an easy and quick way to withdraw a large sum [...] [...more]
Many potential borrowers worry that their HELOC will show up as a giant (and sometimes maxed-out) credit card on their FICO reports. But, in most cases, there’s no need for concern. Credit.com explains: “The majority of time a HELOC is reported to the credit bureaus it is also accompanied by descriptive text, called a narrative [...] [...more]
If you’re thinking about taking out a reverse mortgage, consider a HELOC instead. Financial experts on MSNBC suggest that home equity lines of credit are a better bet: “Reverse mortgages work by basically taking out the equity in your home — selling back what you own in the home — however, reverse mortgages in particular [...] [...more]
In the midst of this economic crisis, a growing number of HELOC borrowers are going to credit counseling agencies to get help with their debt. Unfortunately, some are surprised to find that their HELOC debit card is not the same as a credit card and their outstanding balance cannot be renegotiated or reduced in the [...] [...more]
If you don’t pay your home equity line of credit, your HELOC lender could force foreclosure proceedings. But, many HELOC lenders are reluctant to start the process and would rather work out a solution with borrowers. The San Francisco Chronicle explains: “…Most second trust holders are reluctant to institute foreclosure proceedings. There is an expense [...] [...more]
If your HELOC is scheduled to expire soon, think about renewing the line now. If you want to apply to renew the line, you may need months of preparation. MarketWatch reports: “If you have a home equity line of credit expiring in the next few months, don’t wait until the last minute. Wells Fargo recommends [...] [...more]
