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According to a recent ABC article, American homeowners took out a whopping $1.1 trillion in home equity loans during the housing boom: “For decades, owning a home has not just been a measure of achievement, it has also been a measure of net worth. When home prices were ballooning Americans took out a record $1.1 trillion [...] [...more]
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According to MarketWatch, the recent federal cuts have resulted in lower rates for HELOC customers. Financial columnist Chuck Jaffe notes that home equity lines are the one place that consumers are actually seeing a difference: “BankRate.com pegs the rate on a $30,000 home-equity line of credit at 5.52%, on average, down sharply from a week ago [...] [...more]
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A HELOC can be a smart way for some homeowners to fund home improvement projects or pay for emergency expenses. On the pro side, HELOCs offer: - lower interest rates than most credit cards - high limits - low fees - tax-deductible interest But, there are some downsides to borrowing money with a HELOC. On the con side, HELOCs tend [...] [...more]
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As the real estate market is declining, so are the earnings of major HELOC lenders. Many home equity borrowers now have credit lines higher than their homes’ current value. When these customers default, the HELOC lender often has difficulty recovering any of their money. The Wall Street Journal reports: “David Hilder, a banking analyst at Bear [...] [...more]
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According to the Wall Street Journal, home equity rates have been falling steadily for the past 6 months and may fall further based on yesterday’s federal rate cuts: Rates on home-equity lines of credit have dropped to 6.27% from 8.25% since September of last year, according to Bankrate.com. Partly as a result, the amount that homeowners [...] [...more]
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Under the federal Truth in Lending Act, a HELOC consumer is granted certain rights. Most importantly, you have the right to be given information about your HELOC before agreeing to the loan or paying any fees. You also have the right to cancel your home equity line of credit within a specified time frame. This article [...] [...more]
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If you can no longer pay your first mortgage, your HELOC lender may be able to recoup some of their money via short sale or foreclosure. However, it’s rarely as simple as “turning in the keys.†This in-depth article explores the financial consequences of HELOC foreclosures and short sales. It also analyzes five possible scenarios for [...] [...more]
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There are several Washington Mutual HELOC loans available. Use this article to learn about WaMu HELOC options and terms. Washington Mutual HELOC Basics Lender Type : major bank Website : www.wamu.com/personal/loans/home_equity Phone Number: 877-551-2740 Washington Mutual HELOC Programs The general WaMu HELOC offers a draw period of 10, 20, or 30 years. WaMu offers a variety of HELOC withdrawal options [...] [...more]
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Are you interested in taking out a Countrywide HELOC loan? This article will walk you through the HELOC products Countrywide has available and keep you informed of important updates. Countrywide HELOC Basics Lender Type : major bank Website : www.countrywide.com/equity Phone Number: 1-800-763-1054 Countrywide HELOC Loan Programs There are several options available to Countrywide HELOC customers. The basic Countrywide home equity line [...] [...more]
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If a borrower does not qualify for a HELOC on his own, he may still be approved for the home equity loan if he has a co-signer. A co-signer is a more creditworthy person who essentially vouches for the primary borrower. By co-signing for a HELOC loan, you are saying: “If the borrower does not [...] [...more]
