Home Equity Loan

Home Equity Loan

A Home Equity Loan is a type of loan in which the borrower uses the equity that they have in their home as collateral on a new loan. This reduces the amount of equity the borrower has in his home. These loans are commonly used for home repairs or additions, but may also be taken [...]

Average interest rates increase for second straight week, says Zillow

December 16, 2009 Mortgage Financing

Average interest rates for all mortgage types increased yet again during the week ending December 13 as mortgage requests declined for the second straight week as well, according to the most recent Zillow Mortgage Rate Monitor released on Tuesday.
After declining consistently for nearly two months, average interest rates for 30-year fixed-rate mortgages increased for the [...]

0 comments Read the full article →

Zillow tracks declining rate of mortgage applications

October 13, 2009 Mortgage Financing

Despite yet another week of cheap mortgage options for borrowers spurred by the continued drop of all types of mortgage rates, the volume of mortgage applications declined slightly according to the Zillow’s Mortgage Rate Monitor.
According to the real estate website’s monitor for the week ending October 11,the average interest rates for 30-year fixed-rate mortgages (FRM) [...]

0 comments Read the full article →

Homeowners continue to refinance with fixed-rate mortgages

November 12, 2009 Second Mortgages

Homeowners who refinanced their mortgages in the third quarter of 2009 overwhelmingly chose to utilize long-term fixed-rate mortgages, even if they were not the most cost effective choice, according to Freddie Mac.
Utilizing mortgage data compiled in and graphs showing quarterly product transition statistics, the mortgage company found that 95 percent of borrowers who refinanced after [...]

0 comments Read the full article →

Reverse mortgage industry seeing slower growth

May 15, 2009 Mortgage Financing

The growth in number of reverse mortgages slowed down in 2008 to 4.3 percent after surging by more than 40 percent in 2007, according to the National Reverse Mortgage Lenders Association (NRMLA).
But new rules in place this year may help more seniors use reverse mortgages to buy another home.
The new rules in place since [...]

0 comments Read the full article →

Reverse mortgages: the next delinquency crisis?

October 7, 2009 Reverse Mortgages

A newly released report from the National Consumer Law Center is drawing similarities between current mortgage refinancing techniques being used by lenders to sell reverse mortgages and practices that led to the subprime mortgage crisis in 2007.
The report – titled Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at [...]

0 comments Read the full article →

Homeowners under water twice as likely to default on mortgages

July 1, 2009 First Time Mortgages

Homeowners who are under water on their mortgages – those with negative equity – are twice as likely to be delinquent on their mortgage payments or in default on their loans, according to an analysis from the Federal Reserve Bank of New York.
The report, released today, estimates the number of homeowners in negative equity [...]

0 comments Read the full article →