28 July 2006
Although you may have knowledge and experience regarding how to shop for a traditional first or second mortgage, browsing around for a home equity line of credit (or HELOC) is a loan of a different color.
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28 July 2006
Refinancing fever hit its peak a few years ago because of rock-bottom rates.Now, the fever is back; but this time, it's because rates are rising steadily.Many people have already refinanced their first mortgages.
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28 July 2006
If you're on the prowl for cash, you may have considered borrowing from your 401(k) plan.Many financial planners would encourage you not to touch your nest egg, and for good reason.
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28 July 2006
There are plenty of ways to tap the equity of your home, but not every one is the right option for you.The choice may automatically be made for you once you take a careful look at your borrowing options.
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28 July 2006
Home equity loans are great financial tools.However, if you abuse them, you may find yourself on a bridge over troubled financial waters.Here are four common mistakes people make that can cause serious problems.
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28 July 2006
If you're buying a new home, you may need to sell your existing one in order to finance your new purchase.Not everyone has enough money to straddle two pieces of property.
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28 July 2006
One of the biggest headaches in the loan application process is producing verification documents for your lender.Borrowers are asked to provide proof of employment, income, assets…the requirements can go on and on.
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28 July 2006
Knowing your mortgage options can only help your decision-making.When it comes to mortgage loans, understanding how the products work not only makes deciding on a loan easier, it can save you thousands of dollars.
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12 July 2006
Credit card debt, regardless of how it is accumulated, is considered bad debt.Student loans, which are low interest, and increase your earning power, are considered good debts.
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11 July 2006
Interest-only loans have helped many buyers purchase more real estate than they may have been able to handle otherwise.They accomplish this by offering lower monthly payments and higher tax deductions.But many homeowners are now facing the interest-plus-principal phase on their interest-only mortgages.
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10 July 2006
Many homeowners wonder whether they can refinance their loans to lock in lower rates before interest rates climb higher.And because some borrowers have loans that include stiff penalties for early repayment, it may not seem like a viable option.
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30 June 2006
The FICO credit scoring system has traditionally been the single most important decision-making tool for lenders.Now, Experian, a major credit bureau, has launched a new credit rating system called VantageScore.
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30 June 2006
When you receive an unexpected windfall or bonus, it makes sense to pay off a major debt, such as a first or second mortgage.Some borrowers automatically elect to pay off the second, because it's smaller.
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30 June 2006
Life costs money.Kids, the mortgage, cars, food, that darn cable bill-expenses are a part of everyone's lives.Unfortunately, there will be times when those expenses tend to outweigh the income, and a short-term cash crunch may be a problem.
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27 June 2006
A few years ago, when you opened your home equity line of credit (HELOC), you thought you'd found the perfect financial tool.With a flexible line that you could tap when you needed, it seemed like the ideal way to take care of short-term debts.
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27 June 2006
When it comes to multi-tasking in this post-modern age, mortgages defy conventional wisdom: Two is not necessarily better than one.If you're growing weary of juggling loans along with everything else life throws at you, refinancing to combine your mortgages might be a timely option.
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26 June 2006
Debt can happen quickly.A few trips to the mall, some purchases over the Internet, and a couple of large household expenses sandwiched in-between, and you're in the red.
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26 June 2006
A home equity line of credit-known by mortgage pros as a HELOC-is a good way to borrow, especially for those who want streamlined loan applications and lower origination fees.But HELOCs are tied to the prime rate, and adjust accordingly.
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16 June 2006
Many kinds of debt could be paid off with a cash-out mortgage refinancing, giving you better terms and a lower overall interest rate.It's particularly useful if your current financial situation is tight, or your debt has high interest rates.
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16 June 2006
The 125 percent home equity loan, which allows you to borrow more money than your home is actually worth, could leave you unable to sell your house and locked into a high interest rate loan.
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