Tag Archives: home equity line

Realtors Seek Revision To FICO Score

I hate getting letters from my credit card companies saying they are reducing my available credit. It feels like a big slap in the face. Don’t they know who I am? Other credit card companies have gone bankrupt, such as … Continue reading

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Have You Heard Of The Cash-In Refinance?

This is booming in popularity. Leading up to the housing crash, people tended to use their homes as ATM. They’d take out massive HELOC (Home Equity Line Of Credit). They’d borrow against the equity they had built up in their … Continue reading

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Cash Poor?

A common way to get some financial liquidity is to take out a home equity line of credit. With many investments earning less, many seniors are considering taking out reverse mortgages or the like. Other options include tapping your life … Continue reading

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How Long Do You Want To Stay In Your Home?

Mortgage rates are near record lows. If you have equity in your home, you might want to refinance or take out a home equity line of credit (HELOC). Or you might want to secure a fixed-rate loan. Or you may … Continue reading

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A Refinance On A First Mortgage Will Typically Cost You $2,000 To $4,000

Those are upfront fees. It’s usually not a good idea to refinance your mortgage to pay off student loans. Such loans have a lot of flexibility and fewer penalties than other types of loans. If you can get a Home … Continue reading

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Know Your Money Goals Before You Refinance

It is a lot of hassle to refinance these days. You need to provide a lot more documentation than previously. Lenders are much more skeptical and reluctant to lend money to anyone with a less than stellar financial position. The … Continue reading

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Using FHA & VA Financing To Buy Foreclosures

Here are some tips from the book Foreclosure Myths: You can use government-backed financing to buy a foreclosed home if you play by the rules: * FHA and VA financing requires you to live in the home * The process … Continue reading

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Learning From The Australian Way Of Mortgage Loans

The current credit crisis has made people leery of this new plan. Anything that is not conventional is hard to fund. Australians have a choice about how much they pay each month on their mortgage loan. They can pay only … Continue reading

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Mortgage Definitions

From the New York Times: HOME EQUITY LINE OF CREDIT (HELOC): A line of credit secured by a home. Borrowers can draw on it for a fixed period set by the lender, usually five to 10 years. LEVERAGE: Using borrowed … Continue reading

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One In Six Homeowners ‘Under Water’

From the WSJ: The relentless slide in home prices has left nearly one in six U.S. homeowners owing more on a mortgage than the home is worth, raising the possibility of a rise in defaults — the very misfortune that … Continue reading

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