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california california equity home loan mortgage mo
Hybrid Home Equity Loans Changing the Face of Second Mortgages
Applications for home equity loans and second mortgages recently hit a 15 year high. According to Freddie Mac, "88% of homeowners who refinance their homes in the 1st quarter got a mortgage at least 5% larger than their first loan." Since this was the largest increase since 1990, and the Fed continues to increase key interest rates, it is my contention that the demand for cash and the ability to finance quickly is the greatest it has been since World War II.
"The reality is that some people still believe the interest rate are under 6%,"said John Allen from Laguna Beach, California. John continued, "If I need cash for home improvements..Why wouldn't I just take out home equity loan since my first mortgage rate is under 5%." John's mentality mirrors many of my borrowers' frames of mind of late. Consumers are much more educated than they used to be about financing and taking out second mortgages. First time homebuyers don't hesitate to get subordinate financing to help them accomplish their goals. Some people like John just want to finance the construction for pool and spa, but most of my borrowers are focused on consolidating credit card debt so they can cut their expenses and have access to more money at the end of the month.
Some interesting home equity products have rolled out recently. Companies like BD Nationwide Mortgage and Ditech are offering larger 125% loans, and convertible equity credit lines. They are called convertible, because they start out as variable rate credit lines, but at any point you can convert portions of the line to a fixed rate loan, and still keep the unused portions of the line of credit open for revolving credit. These hybrid home equity loans are changing the face of second mortgage products and they offer powerful features that meet the needs of a typical family as well as the savvy real estate investor.
Lynda Nelms continues to write her popular column, called "Ask Lynda" where she offers helpful home financing tips to consumers from an experienced loan officer's perspective. She inpires a growing number of loan officers across the country with her fresh approach to home equity lending.
Currently, Lynda originates loans for BD Nationwide Mortgage, who is headquarted in beautiful San Diego, California. You can read more of her "Ask Lynda?" articles online at BD Nationwide Mortgage & Equity Loans where you will also find more information about refinancing, debt consolidation and how to finance the purchase of a second home.
For a complete look at 2nd mortgage and refinance loan options, please visit Fixed Rate Debt Consolidation Loans or go to 125 second mortgage loans to learn how to consolidate your debt without having any equity.
More Useful Resource and Updates on california california equity home loan mortgage mo
- Ill. AG says mortgage lawsuit settlement is model (AP via Yahoo! Finance)
A loan modification program that's part of an $8.7 billion national settlement over deceptive mortgage practices will help tens of thousands of borrowers stay in their homes and could be a national model, Illinois Attorney General Lisa Madigan said Monday.
- Bank of America to spend up to 8.4 billion on Countrywide (AFP via Yahoo! News)
Bank of America said Monday it was ready to spend up to 8.4 billion dollars to restructure the loan portfolio of mortgage giant Countrywide following settlement of a lawsuit targeting the firm's "predatory" lending practices.
- Countrywide Deal Includes Reworked Mortgages (Law.com via Yahoo! Finance)
Troubled mortgage lender Countrywide will modify risky home loans and suspend some foreclosures as part of a massive $8.7 billion settlement with 11 states, California Attorney General Jerry Brown and Bank of America, Countrywide's new parent company, announced Monday.
- Countrywide Deal Includes Reworked Mortgages (Law.com)
Troubled mortgage lender Countrywide will modify risky home loans and suspend some foreclosures as part of a massive $8.7 billion settlement with 11 states, California Attorney General Jerry Brown and Bank of America, Countrywide's new parent company, announced Monday. Brown's office said the deal will likely become "the largest predatory lending settlement in history." The settlement does not ...
- Countrywide borrowers to get mortgage relief (SouthtownStar)
Borrowers stuck with mortgages they can't afford from Countrywide Frinancial could see their interest rates reduced or have the loan principal cut under an $8.7 billion settlement worked out by Bank of America, Illinois, and California. Other borrowers might get help moving to a new home or pay nothing but interest for a decade.
- Illinois mortgage holders get break (Lincoln Courier)
Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp. subsidiary has agreed to modify tens of thousands of loans to keep people in Illinois, California and nine other states from losing their homes, the Illinois attorney general?s office said Sunday.
- Loan-modification plan gets mixed reviews (Contra Costa Times)
Bank of America's new program to help people with existing Countrywide mortgages could also spark a new cycle of loan failures, analysts said.
- Countrywide Settlement First of Its Kind (KCBA FOX 35 Salinas)
California Attorney General Jerry Brown announced in San Francisco today a multi-state settlement of up to $8.68 billion with Countrywide Financial for home loan and foreclosure relief.
- Bank of America says to spend up to $8.4 bln on Countrywide (TODAYonline)
The Countrywide Financial headquarters is seen in Calabasas, California. Bank of America has said it was ready to spend up to 8.4 billion dollars to restructure the troubled mortgage loan portfolio of the recently-acquired mortgage lender Countrywide.
- Countrywide borrowers to get mortgage relief (SouthtownStar)
SPRINGFIELD (AP) - Facing a lawsuit over deceptive mortgage practices, Bank of America has agreed to modify tens of thousands of loans to keep people in Illinois, California and nine other states from losing their homes.
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