- 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
Goodbye HELOC, Hello Mortgage Refinance
A home equity line of credit (HELOC) is often regarded as the best place to turn for home improvement loans. This
was especially true a few years ago, when HELOC rates fell to historic lows. But within the past two years,
interest rates have soared, pushing up HELOC rates and sending many borrowers into a panic.
As homeowners now attempt to consolidate their debts and tighten their financial belts, some are perplexed about
where to turn for home equity loan alternatives. Because HELOC mortgage rates are adjustable, they continue to rise
as prevailing interest rates climb, and many consumers have watched their monthly payments soar. HELOC loans have
become a source of ever increasing, nagging debt.
Welcome relief: refinance HELOC
What's a debtor to do? For many, refinancing an existing loan to pay off the stressful HELOC mortgage may be the
key to financial stability and peace of mind. By taking advantage of so-called "cash-out refinance" options, it's
possible to borrow more but end up owing less.
The cash-out mortgage refinance allows you to borrow more than you need to pay off the old mortgage. As a result,
you walk away with a lump sum of extra money in your pocket. For example, if you owe $150,000 on your existing
mortgage, you may be able to refinance by borrowing $175,000. That leaves you with $25,000 extra to pay off your
high-interest HELOC loans.
You'll probably pay a higher interest rate on a cash-out than you would with a normal mortgage refinance; but, in
exchange, you can get a rate that's substantially lower than your HELOC, enabling you to save money.
More than 85 percent of refinanced home loans in 2006 were for amounts that were at least five percent higher than
the original loans. Homeowners are borrowing more when they refinance, and many are switching to new mortgage rates
that are slightly higher than their old ones. But by using a fixed-rate cash-out strategy to pay off expensive
HELOC loans, they wind up gaining significant savings. And who wouldn't want to say hello to that?
Source: http://www.mortgageloan.com/goodbye-heloc-hello-mortgage-refinance
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.