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Even if you’ve never taken out a home equity line of credit, you may be vulnerable to HELOC fraud. There’s been a recent increase in the number of unauthorized home equity lines. With enough personal information, a criminal may be able to open a line of credit in your name and withdraw the funds without [...] [...more]
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A new study reveals that a lot of Americans have very little equity in their homes - millions are “upside down” and actually owe more than their properties are worth. The Seattle Times reports: “First American CoreLogic’s study examined equity as of Sept. 30. It found that 18 percent of all mortgaged properties in the United States [...] [...more]
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In past years, I’ve argued that a home equity line of credit is generally a smarter choice than a home equity loan. Lines of credit allow borrowers to withdraw money only when they need it and pay interest only when the money is withdrawn. Pay down the line and stop paying interest. However, now that banks [...] [...more]
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As I’ve previously posted, using a home equity line to invest in stocks is a bad idea. Since HELOC rates are down and stocks are falling, this idea is coming up more often in conversations and financial forums. Three words: Don’t Do It. Stock investing is making a wager with your home. If stocks fall further, [...] [...more]
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There are several benefits to paying off your credit cards with a home equity line of credit. First: you can take advantage of recent prime rate reductions for an interest rate significantly lower than those offered by most credit cards. Apply your savings to your bill and you’ll be able to save money while paying off [...] [...more]
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Because of the recent home equity line of credit freezes, many borrowers are choosing to withdraw their available balance and save it for future use. This isn’t a good strategy if you don’t plan on using the money soon - your withdrawal will cost you. However, low interest rates make it possible for borrowers to [...] [...more]
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Several stocks have plummeted to half their value from earlier in the year, and many experts are saying that now is the time to buy low. But, if you don’t have cash on hand, it’s best to avoid draining your home equity line of credit to play the market. Chris Farrell from American Public Media Marketplace [...] [...more]
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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 federal funds [...] [...more]
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Since home equity lines of credit have become so difficult, there’s been an increase of companies offering “HELOC alternatives.” Generally, these are just your average personal loans aimed at creditworthy customers. First Again is one such company. Their recent press release explains: “According to Gary Miller, cofounder and CEO of FirstAgain, [...] [...more]
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Now that home equity lines are more difficult to take out, college students are looking to other ways to make tuition payments. Mercury News reports: “The bursting housing bubble and tighter lending requirements makes it harder for parents to rely on home equity to foot tuition bills.“A lot of upper-income families, particularly in the Bay Area, [...] [...more]
