- 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
Refinancing: The Downside
To refinance or not to refinance-that is the question. Even King Claudius may have been perplexed if he had to deal
with refinancing the mortgage on his castle in Denmark. However, if you examine both the upside and the downside of
the process, you should be able to find the appropriate answer, and know if refinancing mortgage is right for you.
Move to a fixed-rate
Since mid-2004, the Federal Reserve Board has raised interest rates 17 times, and may continue to do so if they
feel that inflation remains a threat. This could cause rates on adjustable-rate mortgages (ARMs) to continue to
rise. If you have an ARM, consider a new fixed refinance rate. Your monthly payment will be set for the long term,
and you won't have any unpleasant surprises in your monthly mortgage bill.
Downside: You'll have to pay a whole new round of closing costs. As a result, if you plan on being in your home for
only a few more years, a mortgage refinance may not make sense. If you're going to remain in your home for longer
than seven years, however, it might be a wise move to scratch the mortgage itch and refinance your ARM to a new
loan with a fixed refinance rate.
Refinance to an interest-only loan
If you're having trouble meeting your monthly mortgage payments, consider refinancing to an interest-only loan.
This would give you the option of paying just interest for a pre-set number of years, which will likely lower your
monthly payments.
Downside: You may not build equity as quickly as with a traditional loan. Also, when the interest-only period ends,
you'll be hit with significantly higher monthly payments and may be forced to refinance yet again.
Deciding when to refinance your mortgage depends on your circumstances. Compare lenders, get quotes, know your
rights, and select your advisors wisely. Then you can refinance with confidence, no matter how rotten things may be
in the housing market where you live, or even in Denmark.
Source: http://www.mortgageloan.com/refinancing-the-downside
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.