Archive for the 'Home Equity News' Category

Signs that Home Equity Will Revive

Tuesday, November 3rd, 2009

For over two years home values plummeted to 2002 levels as most Americans lost their home equity. The Federal Reserve took significant measures in 2009 to restore the housing sector with historic low mortgage rates that spurred mortgage refinance activity once again.  Now, housing markets within the country are showing the first signs of stabilizing.  The [...]

Second Mortgage Modifications for Credit Lines and Equity Loans and

Tuesday, September 1st, 2009

The use of second mortgage liens grew during the housing boom as homeowners extended themselves with home equity loans to consolidate debt and finance as much as 100% of the original purchase price. Administration officials estimate that modifying home equity loans could help as many as 1.5 million homeowners.  An Obama official said that “by bringing the 1st and 2nd [...]

Federal Reserve Issues Rule Changes for Home Equity Lines of Credit Closed-End Mortgages

Tuesday, July 21st, 2009

Last week, the Federal Reserve announced they would issuing a new proposal this week under its Truth in Lending Authority that would provide for re-designed disclosures and rule changes for closed-end first and second mortgages and home equity lines of credit (HELOCs), Fed Governor Elizabeth Duke wrote in prepared comments for her testimony scheduled this [...]

Home Loan Refinancing Relief Increasing from Government Pressure

Thursday, July 2nd, 2009

The Obama administration has projected that 4 million to 5 million borrowers with home loans they can’t afford would be helped. A Treasury official Tuesday said that the figure applied to those who would be eligible, not necessarily those who would participate.  Administration officials do not have an updated figure of how many people would [...]

Low Mortgage Rates Drop More as Home Buying Becomes More Appealing

Thursday, March 19th, 2009

Certain lending banks are advertising 5.5% fixed, 30-year FHA mortgage rates, Quinn says, but obtaining one may be a little like trying to secure an invitation to dine with the Queen of England. Requirements: a mortgage of $417,000 or less; 20% down; a FICO score of at least 730-750 out of 850; a low debt/income [...]

Home Values and Housing Sales Prices Decline as Obama Mortgage Rescue Plan Rolls Out

Wednesday, February 25th, 2009

While most real estate evaluators would agree that Obama’s mortgage rescue plan is likely to slow foreclosures for many homeowners, some home financing experts question how much it can help in a high cost regions such as San Diego where home values have fallen so sharply. For example, the rescue plan offers much-needed refinancing to [...]

Home Equity Loan Versus Home Equity Line of Credit

Monday, January 12th, 2009

Both home equity loans and home equity credit lines are second mortgages, but these home equity products do have some differences with the interest rates and terms.  First of all home equity loans are installment loans with a fixed interest rate amortized on a set term.  The monthly payment for an equity loan is the [...]

Home Equity Line of Credit Guidelines

Monday, January 5th, 2009

Most home equity lenders have mortgage guidelines that vary, like loan to value, credit scores, residual income, cash out limits, loan amount limits, etc.  Some second mortgage lenders offer equity loan programs with no lending costs and annual costs for equity lines of credit.
These days, most mortgage lenders will limit borrowers to 65% loan [...]

Equity Loans Not Offering as Much Cash Out

Wednesday, December 24th, 2008

In a recent article, Jeff Gelles writes about how, Mark Alexander is optimistic that his neighborhood and city’s economic prospects will improve. So when falling interest rates lured him to refinance his Southwest Center City home yesterday, he might have cashed out some of his equity, as many borrowers did through much of the long [...]