When a Lender Can Close Your Credit Line
A home equity line that lets you borrow money as you need it can be a great way to pay for a remodeling project or an education — unless the lender cuts off your line in the middle of a home improvement or when your kid is only halfway through college. Read the rest of this entry
Home Equity Conversion Mortgage (HECM)
In recent economic times, exotic home loan products have become increasingly more common. As there are shifts in the economy, certain home loan products start to become more popular. One of these products in particular caters to a certain niche in the market and has been found throughout the state of Florida. This would be because of who qualifies for this type of home loan. This home loan product is called a Home Equity Conversion Mortgage. Read the rest of this entry
Balloon & Home Equity Line of Credit Loans
Today I am going to discuss two very popular loan products that I come across that people have in today’s market. These products are balloon loans and home equity line of credits, also known as a HELOC. In past blogs I have discussed why these types of products are not always a good thing to have, but in this blog I will just discuss the aspects behind the product themselves. Read the rest of this entry
Home Equity Line of Credit, Think Twice!
It amazes me how many people have a home equity line of credit (HELOC) on their primary residence. What’s even more amazing is of those people, how many have one with a zero balance. What is a home equity line of credit? It simply could be viewed as a credit card that is secured by the consumer’s home. So if a consumer has a zero balance, why is that so bad? Well, here is the dirty little secret that the bank doesn’t tell the consumer when they are giving them a HELOC. Read the rest of this entry