Contractors and hardware stores may not be very busy this Spring. Experts predict that the decline in home equity lines of credit (HELOCs) means fewer home improvement projects around the nation. USA Today reports: “Spring is typically the big season for home remodeling, but this year’s falloff will be felt across many kinds of related [...] [...more]
Thousands of borrowers have already received HELCO freeze notices. If you’ve escaped the HELOC freeze so far, it may be time to evaluate your finances and figure out how a frozen home equity line would affect you. Examiner.com reports: “…What is the purpose of the HELOC? If it’s a rainy day fund like it is [...] [...more]
If you haven’t checked out our new Squidoo lens, HELOC Loans, you’re missing out! Take a look for a quick overview of the most important HELOC concepts including: HELOCs vs. home equity loans, qualifying for a HELOC, the HELOC freeze, pros and cons of equity loans, and more. Check it out, take the poll, and [...] [...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]
Here’s some unexpected good news on the home equity front: e-Trade’s troubling home equity loan portfolio actually saw some improvements in the first couple months of 2009. Reuters explains: “Delinquent home equity loans — which represent E*Trade’s greatest exposure to loan losses — totaled $753 million in February, up 1 percent from the end of [...] [...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]
Homeowners in states like California and New York have seen the worst of the mortgage crisis. But, negative equity seems to be spreading inland – making more homeowners ineligible for HELOC loans. A recent report summarized on the Calculated Risk blog explains: “Going forward, the largest increases in the share of negative equity will most [...] [...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]
