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Lesser Known Facts About Home Equity Loans


Refinancing your debt via a home equity loan shifts your debts loan to your home. The flip side to such a move is that your home is on the line. However, tax deductions on interest repayments make it an attractive proposition. Moreover, in such a case of loan consolidation, it makes financial sense to go for a fixed term equity loan.

Newer products such as adjustable rate mortgages, wherein borrowers do not have to restrict themselves to a fixed home equity loan or a home equity line of credit, are hitting the market. One can take a home equity loan wherein the loan remains fixed for the initial period (at the discretion of the borrower), and after the period elapses, converts itself into a line of credit. Borrowers of these kinds of loans are normally individuals who are concerned about rising interest rates and yet want to keep their financing costs at a reasonable minimum. The only downside to this hybrid structure is that interest is charged on the entire lump sum as opposed to a plain vanilla home equity line of credit.

One of the many reasons that home equity loan products have become such a rage in recent times is because of the low interest rates. However, all that glitters is not necessarily gold. Borrowers need to read the fine print carefully before burdening themselves with a home loan to pay off credit card bills. One, not only are they converting short-term debt into long-term debt, but two, most home equity loans are not for financing that expensive vacation, but meant for something more long-lasting.

Home Equity Loans - Rates, in depth articles and professional second mortgage advice. Find the lowest home equity loans rates and lenders.


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Nairametrics

Deal: Mortgage Refinance Company closes N11 billion series 2 Bond
Nairametrics
Nigeria Mortgage Refinance Company (NMRC) has announced the completion of an N11 billion 13.8 percent Series 2 Bond Issuance under its N440 billion Medium Term Note Programme. According to the Managing Director, NMRC, Kehinde Ogundimu, the ...



CUinsight.com (press release)

Credit union mortgage lenders giving AVMs a second look
CUinsight.com (press release)
In a market with rising interest rates, the pool of mortgage refinance applications dries up, making purchase and HELOC business all the more important – and all the more competitive. Credit unions that aren't already getting themselves into a ...



Canton Citizen Newspaper

Smart About Money: Well-Earned Break
Canton Citizen Newspaper
I also asked why she wanted the money she'd get from a mortgage refinance. It turns out she needed funds occasionally for the upkeep of her home. A mortgage refinance would give her more than she needed but the rates were the lowest. As it turned out, ...



National Mortgage News

Mortgage refinance candidates cut by half in the past four months ...
National Mortgage News
The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...

and more »


CNBC

Mortgage refinance applications surge 9 percent as rates fall back
CNBC
Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

and more »


Bankrate.com

4 ways to get the best mortgage refinance rate
Bankrate.com
When mortgage rates are low, you can cut your monthly house payment by refinancing into a better interest rate. If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your ...

and more »


Military Times

Feds restrict 2 more lenders in fight against VA 'loan churn'
Military Times
Regulators have taken action against two more lenders in their efforts to curb alleged “loan churning” practices of VA home loans that harm military and veteran ...

and more »


HousingWire

MBA: Mortgage refinance apps increase from week before | 2018-02 ...
HousingWire
The Refinance Index increased 1% from the previous week, however, the refinance share of mortgage application activity continues to decrease. But even as ...

and more »


HousingWire

Mortgage refinance share jumps 5% despite rising interest rates
HousingWire
The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae. The share of FHA refinances increased three percentage points ...

and more »


Military Times

Here's how new VA lender rules will help protect troops and veterans
Military Times
The Veterans Affairs Department will enforce new rules designed to help protect military and veteran homeowners from predatory lenders offering VA-backed ...

and more »

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