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]
Nationwide Bank is offering an extremely low rate on home equity lines of credit (HELOCs) right now. Their advertised interest: 3.25%. Bankaholic reports: “Nationwide Bank has about the best deal around on HELOCs — if you can get one… Its line of credit is available in all states, carries no annual fee, and pays the [...] [...more]
We all know that lenders have been freezing HELOC loans to hedge against foreclosures in the down market. But, many banks have another reason: current HELOC rates are lower than they planned for. Smart Money reports: “…Many lenders are not making much money off HELOCs. The cut-throat competition during the mortgage boom had lenders slashing [...] [...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]
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]
Interest on home equity lines of credit are extremely low right now, even when compared to traditional home loans. Some financial advisers say that borrowers should consider taking out a HELOC rather than doing a traditional refinance if they want to save on withdrawing equity. CNN Money reports: “HELOCs can be hard to get right [...] [...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]
As HELOC rates have nosedived, average rates on home equity loans have gone up. Some HELOC customers have suffered through line freezes and reductions, but many others are taking advantage of the low rates made possible by federal funds slashes earlier this year. Here are the national overnight averages calculated by Bankrate.com: $30,00 HELOC – [...] [...more]
Earlier today the Federal Reserve cut the federal funds rate a quarter of a point, from 2.25 to 2. The prime rate, used to determine the majority of HELOC interest rates, generally mimics the federal funds rate. So, HELOC customers may see a slight interest reduction in their future statements. Some analysts speculate that this [...] [...more]
