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If you’re a homeowner, it’s important to stay aware of mortgage scams such as HELOC identity theft. According to a recent Consumer Affairs article, home equity identity theft has become increasingly common. Here’s how the scam works: “Some con artists steal consumers’ identities to drain Home Equity Line of Credit (HELOC). These HELOC loans differ from standard [...] [...more]
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Have you seen the commercial where the home shopper freezes her credit cards in a chunk of ice? When she sees a “call now to buy” number on TV she frantically starts chipping away at the ice cube. But, by the time the commercial ends, she stops chopping and changes her mind. If borrowers had [...] [...more]
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Due to recent cuts, the prime rate is very low right now (5.25%). That means most HELOC borrowers are paying less in interest every month. Some financial advisers have suggested that the rate cuts make today a smart time to take out an adjustable rate home equity line. However, not everyone agrees. While HELOC rates are [...] [...more]
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Some HELOC customers routinely overpay their HELOC balance. For example, they pay back $550 when $548.83 is due. Although overpaying can make it easier to balance financial records, it’s generally a bad idea. Usually, HELOC lenders will keep the positive balance on the books and credit the borrower the next time money is owed. However, if [...] [...more]
