Home Equity Loan, Credit Line Rates & No Equity loans

Record low home equity rates apparently have not gotten the attention of homeowners nationally.  According to Arthur Nourian, finance writer for the Home Equity News Source, “Home equity lenders have made it difficult for the average homeowner to qualify for an open end  home equity line of credit or a fixed rate second mortgage, because [...]

Typically in summer home equity loan application levels rise as homeowners like to get access to cash for financing home improvements and vacations.   In 2010 circumstances for these once popular second mortgage programs have changed.  Home equity loan guidelines have tightened so borrowers need more equity and higher credit scores to qualify.  According to Sean Dawson a [...]

The mortgage industry was starting to enjoy the rising demand of loan applications as mortgage refinancing activity had seen a nice streak for rising refinance applications. The Mortgage Bankers Association yesterday released its Weekly mortgage application survey for the week ending June 4, 2010. The MBA application survey covers over 50% of all US residential [...]

It was another volatile day for the stock market so mortgage and home equity interest rates were all over the map. The interest rates went up and down like a roller coaster for most of the day. The market madness caused most home equity lenders to reprice for the worse, but later in the day, it allowed [...]

Dear Smart Home Equity: We currently have home equity credit line with an interest rate prime plus 1.5 %. The equity line payment is small because it’s interest only, but I’m concerned that the rate will start rising and I might not qualify for an equity loan refinance, because I’m self-employed.  I may be doing [...]

Thousands of homeowners have benefitted from consolidating debt with our home equity loans.  As the government cracks down on subprime mortgage lending it is inevitable that home equity loan guidelines will tighten for cash out and debt consolidation loans.  Consider these three steps below before taking out an equity loan to consolidate debt. 1. Determine [...]

Needless to say, the home equity sector of the mortgage industry has had three poor consecutive years.  With the credit crunch nearly killing all home equity loan programs across the nation, it was difficult for homeowners to access cash with a home equity line of credit or a closed end second mortgage.  2010 is showing [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]