Home Equity Archives

You wouldn’t know it from the national media, but just because your home loan is underwater — meaning you owe more than the house is worth — that doesn’t mean you’re headed toward foreclosure. In fact, it may not even be a remote possibility. Here are some interesting facts that indicate “underwater” doesn’t usually equal “foreclosure.” Read more»
The Federal Reserve’s recent commitment to keeping short-term interest rates at “exceptionally low levels... for an extended period” makes the home equity line of credit an attractive tool for paying off old loans or borrowing in a pinch.Many HELOCs carry an initial charge less than 3.5% and ongoing rates only a couple of percentage points higher. Borrowing that cheaply is a great way to pay off credit card debt at 15% or 18%. Read more»
Deutsche Bank (Stock symbol: DB) made a big splash last month when it predicted that 50% of U.S. homes would be underwater – what banks call “negative equity” - by 2011. That’s troubling enough. What’s even scarier is that regular, staid traditional fixed-rate loans are in danger of drowning. Read more»
It’s a line you hear all the time: “Your home is your biggest investment.”For most people, the home is certainly the biggest expenditure, the biggest financial commitment. Read more»
Fixed vs. Adjustable-Rate Loan
By: manybanking.com Staff
With interest rates lower than they have been in decades and home prices a bargain compared to recent years, the housing market is starting to show signs of heating up again or at least more than it has been. If you are in the market for a new home, one of the many decisions you will have to make is whether you should get a fixed-rate loan or an adjustable-rate loan. Depending on your situation, one may be better than the other. Read more»
Tips for Tapping Into Your Home Equity
By: manybanking.com Staff
In today’s market, home equity is a valuable commodity. With home prices falling, many are seeing the equity gains they enjoyed from appreciation during the housing boom wash away with the tide of foreclosures. If you still have a considerable amount of home equity despite the bubble burst, consider yourself one of the lucky few. Read more»
Home Prices Post Annual Drop in April
By: The Associated Press
NEW YORK (AP) — There is a clear trend home prices declines are moderating — another sign the beleaguered housing market is stabilizing, according to data released Tuesday.While the Standard & Poor's/Case-Shiller index of 20 major cities tumbled by 18.1 percent in April from the year before, it marked the third straight month the decline was not a record. And yearly losses in 13 metros improved compared to March. Read more»
Now more than ever people are looking at ways to get out of debt, but if you’re thinking about upping your payments in order to pay off your home equity loan sooner, not so fast. You may want to crunch some numbers first to see if that’s really the best decision for your financial portfolio. For some, getting rid of home equity debt is wise, but others it may be better served allocating your money elsewhere. Read more»
Interest rates have been rising, discouraging many would-be borrowers. But homeowners with a stomach for risk should take a look at home equity lines of credit.Many HELOCs start out charging only 3 percent, some even less, according to the manybanking.com search tool. And the typical HELOC has no closing costs. Read more»
Finding a Good Home Equity Lender
By: manybanking.com Staff
If you’re in the market for a home equity loan, it’s wise to shop around. Not all home equity lenders offer customers the same terms or have the same policies. In today’s lending environment, finding a home equity loan is far more difficult than it was during the housing boom. Read more»
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