- California Line of Credit
- What you should know about equity lines of credit
- Home Equity Credit Lines
- Boost your Home's Equity with a Mortgage Refinance
- Home equity loan or line of credit
- Refinancing
- 5 ways to tame your line of credit
- Home Mortgage Loans For People With Bad Credit
- Versatility of HELOCs
- Goodbye HELOC, Hello Mortgage Refinance
- How to Convert To a Fixed Rate HELOC
How to Convert To a Fixed Rate HELOC
By Carrie Reeder
Folks who currently have a home equity line of credit (HELOC) may be feeling a bit of a pinch at today's rising
interest rates. HELOCs are adjustable-rate loans, meaning the interest rate you pay changes depending on a certain
index (usually Prime Rate). And these days, rates are increasing, which means the cost and minimum payments of most
HELOCs are increasing, too. Fortunately, most HELOC borrowers can convert their loan to a fixed rate. Here's how:
Refinance Your Home
One option available to many HELOC borrowers is to refinance their home for a larger amount than their current
mortgage, and using the additional borrowed money to repay the HELOC. By choosing a fixed rate refinancing
mortgage, you essentially turn your HELOC balance into a fixed rate mortgage loan. This is a great choice for folks
who should be refinancing their home anyway, such as anyone whose mortgage interest rate is higher than the current
rates on the market.
Convert it into a Home Equity Loan
Unlike a HELOC, a home equity loan usually pays out the cash in one lump sum--and the rate is often fixed. Some
HELOC borrowers may be able to convert their HELOC into a fixed-rate home equity loan. Although you will no longer
be able to draw off the balance, you will get the current low-rate locked in for the life of the loan. Check with
your HELOC lender to see if this is an option for you.
Get a New Home Equity Loan
If you are unable to convert your HELOC into a home equity loan through your current lender, you may be able to
obtain another home equity loan. If so, you can use the money you borrow to pay off your HELOC in a do-it-yourself
conversion of HELOC to home equity loan. Search for lenders willing to work with you by checking local banks and
online loan companies.
If you currently have a HELOC, you're not stuck with a rising adjustable interest rate. There are numerous options
that can help you drop your HELOC balance to zero and switch the balance to a less expensive, fixed rate loan.
Source: http://ezinearticles.com/?How-to-Convert-To-a-Fixed-Rate-HELOC&id=200158
What to do if your home equity line is frozen
ABC 15 Phoenix - Thu, 20 Nov 2008 18:57:26 GMT
Do you have a home equity line of credit (HELOC) that’s gone cold, as in frozen? If so you’re not alone. According to Consumer Reports this year hundreds of thousands of home-equity lines of credit have been reduced or completely frozen by lenders.
Amlak halts home loans
AME Info - Thu, 20 Nov 2008 04:25:47 GMT
Amlak Finance, the UAE's biggest mortgage lender by market value, has temporarily stopped granting new home loans, Bloomberg has reported. The bank is reviewing its existing credit policy 'to ensure optimum servicing of existing and prospective accounts', CEO Arif Al Harmi said.
300,000 Londoners face negative equity trap
Evening Standard - Wed, 19 Nov 2008 12:48:13 GMT
Hundreds of thousands of London home owners are heading for negative equity as the economy slides inexorably towards the uncharted territory of deflation.
San Francisco Bay Area Home Prices Fall Record 41%
Update2) (Bloomberg - Thu, 20 Nov 2008 21:24:35 GMT
Nov. 20 (Bloomberg) -- Home prices in the San Francisco Bay Area plunged a record 41 percent and sales rose in October from a year earlier as purchases of foreclosure properties reduced values, MDA DataQuick said.
Economic Downturn Sparks New Home Improvement Trend
PR Newswire via Yahoo! Finance - Tue, 18 Nov 2008 10:00:00 GMT
Gone are the days when homeowners could snap their fingers and turn home equity into instant lines of credit. Not that they'd want to. With the harsh reality of uncertain economic times, and the average consumer shouldering $10,000 or more in credit card debt, a new trend in home improvement is emerging: pay cash or put it off.
ID Thieves Are Targeting Home Equity Lines
Fox News - Mon, 17 Nov 2008 16:23:37 GMT
With identity theft on the rise, scammers are targeting homeowners with substantial equity in their homes.
No-deposit home loans on way out
Herald Sun - Wed, 19 Nov 2008 13:00:00 GMT
NO-DEPOSIT home loans could disappear next year as the global credit crisis puts the squeeze on banks.
Home Builders Say FDIC Bank Takeovers Are Hurting Sales
Nasdaq - Thu, 20 Nov 2008 22:29:20 GMT
WASHINGTON -(Dow Jones)- U.S. Home builders, whose confidence in the housing market has plummeted to a new record low, seem to be blaming U.S. federal regulators for at least some of their woes.
Is Home Depot's Foundation Crumbling?
Schaeffers Research - Thu, 20 Nov 2008 19:04:35 GMT
In this morning's Hot Research AM, Rochdale Research justified its reasons for upgrading Home Depot (HD: sentiment, chart, options) to "buy" from "hold," accompanying the move with a target-price hike to %2427.50 from %2425.00...( Read More )
Regions Program Helps Keep Residential Mortgage Foreclosures Low
Business Wire via Yahoo! Finance - Thu, 20 Nov 2008 20:58:00 GMT
BIRMINGHAM, Ala.----Regions Financial Corporation today announced that it has reached out to over 103,000 residential first mortgage and home equity customers in the first year of its program to help customers avoid hardship.