Some financial experts advise clients to take out a HELOC as a security against potential job loss. But, this strategy only works if the homeowner is currently employed when the equity loan closes. WalletPop reports: “That’s a possible step to take before you lose your job, but not after you’ve lost it. Why? You most [...] [...more]
Many desperate homeowners are concerned that their HELOC lenders won’t give approval for their participation in the federal Making Home Affordable mortgage modification program. Good news: you do not need to get approval from your HELOC lender in order to apply or have your mortgage modified. The Daily Camera explains some of the qualifications necessary: [...] [...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]
According to recent statistics, home equity loan delinquencies have skyrocketed to a record number. Bloomberg reports: “Late payments on home-equity loans rose to a record in 2008’s fourth quarter as job losses and the deepening recession put a strain on borrowers, the American Bankers Association reported. Delinquencies increased to 3.03 percent of accounts in the [...] [...more]
In the current economy, many homeowners are worried about losing their jobs. Some experts suggest that taking out a home equity line of credit (HELOC) is a smart way to be prepared for a few months without any paychecks coming in. BankingMyWay reports: “One way is to get a home equity line of credit, or [...] [...more]
For a small number of homeowners, the mortgage crisis has created the “perfect storm”: rates have dropped significantly but their HELOC limits have stayed the same. For those who have a home equity line of credit with a limit exceeding the principle owed on their original home loan, it can be tempting to pay of [...] [...more]
Many homeowners worry that a HELOC freeze will have a negative affect on their credit. Although this is a possibility if your HELOC shows up as a revolving line credit reports, most people should not see a dramatic change. WLNS News reports: “For those carrying a balance, fortunately, most credit reports differentiate credit cards from [...] [...more]
Many retirees have trouble choosing between a home equity line of credit (HELOC) and a reverse mortgage. While HELOC loans are more widely available, reverse mortgages can only be taken out by homeowners over the age of 61. A recent release on Fox Business explains: “Reverse mortgages have become an increasingly important financial tool for [...] [...more]
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]
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]
