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As discussed in an earlier post, many HELOC customers have received lender letters notifying them that their home equity line of credit has been canceled or frozen. In the declining market, many HELOC lenders have decided that overinflated home equity limits are too risky - especially when so many borrowers are facing foreclosure. Unfortunately, these [...] [...more]
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With over 100,000 HELOC freeze letters already sent, Countrywide customers have been the most affected by the recent HELOC crisis. But, that doesn’t mean borrowers with other lenders are in the clear. Eric Reid’s ActiveRain blog summarizes what to expect from some of the top national lenders: Bank of America- Heloc Freeze pending Countrywide- Heloc Freeze already [...] [...more]
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Wells Fargo is one of the few lenders that offers a primary mortgage and a HELOC - combined into a single loan. The Home Asset Management Account automatically creates a HELOC for along with the borrower’s first mortgage. Here’s how they describe the features of their rather unique program: Work with your growing asset without reapplying. [...] [...more]
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Due to recent federal cuts, HELOC interest rates are dropping. Currently the average HELOC rate is 7.74% and the average fixed-rate home equity loan is 8.07%. According to the March edition of Kiplinger’s Personal Finance, these rate cuts come at a time when HELOC lending standards are tightening - making it more difficult for borrowers to [...] [...more]
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Harris Financial Corp. is now offering a new access card for HELOC customers. The access card comes with the MasterCard logo and can be used as a credit card for purchases or as a debit card for ATM withdrawals. Customers are still able to use access checks and conduct fund transfers via phone, internet, or [...] [...more]
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Home values in many metro areas are plummeting and HELOC lenders are beginning to worry. Over 100,000 homeowners have received notice that they will no longer be able to withdraw money from their HELOCs. How can this happen? Since a HELOC is based on the amount equity in the borrower’s home, most lenders reserve the right [...] [...more]
