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Using A Home Equity Line Again
The article below states that they are coming back as the market stabilize however they have been around since the bust. The problem is that most of them are capped and you have to have 25% equity in the property AFTER you take out the home equity line, 75% loan to value. Even when things do stabilize I would be surprised if any bank goes above 80% loan to value. The article gives you tips... [Read more]
Should You Refinance?
The answer is that it all depends on your situation. I know everyone has heard the saying that you should refinance when rates are 1% lower. That isn’t always true, sometimes it is more and sometimes it is less. The way to figure it out is by dividing the costs of the loan by the amount of monthly savings to see how long it will take to recover your money. If you plan on staying in the home... [Read more]
What To Do If Your Refinance Is Taking Too Long
Well, you could just use me. In all seriousness, the article below talks about their bank taking over 4 months to do a refinance. It goes on to defend the bank stating “they may be busy with modifications, etc.” That is ridiculous. Yes, we are all busy and many are understaffed but there is no excuse for that. You should close your refinance transaction within 30-45 days. It can easily... [Read more]
Will Interest Rates Rise?
At some point they will and I have to agree with this article that it will happen rapidly. We probably still have some time until that happens but this is just one reason to avoid taking out an Adjustable Rate Mortgage (ARM). Yes, they can be much more attractive than a Fixed Rate but rates are at all time lows and we don’t know what the future holds for us. If we did, we wouldn’t be in... [Read more]
How’s The Obama Refinance Doing?
I guess that all depends on who you ask but I know it isn’t working as well as they had hoped and doing very little for people in South Florida because we had so much depreciation. Remember, this product is only for primary residences and with so many speculators during the boom years buying second homes and investment properties, few are getting help. Hopefully more is done about it and according... [Read more]
