If you have equity in your home, you might be able to take some of the equity out of it. There are several ways to do this – refinance your first mortgage as a cash-out refinance; take out a home equity loan; and take out a home equity line of credit. The first mortgage refinance would leave you Read more
Defaulting on a HELOC – What Happens?
A second mortgage on your home is another lien on it. Technically any bank with a lien on your home can foreclose on it. But will a HELOC lender foreclose on your home? We help you understand how it works below.Get Matched with a Lender, Click Here. How HELOCs Work A HELOC or home equity line Read more
How to Prepare for a HELOC Reset
If you are like millions of other Americans, you may be about to enter a HELOC reset. Just what does that mean? Remember that HELOC you took out around 10 years ago? It’s about to reset, meaning your payments are about to skyrocket.Get Matched with a Lender, Click Here.This may not be Read more
What Does the New Year Hold for HELOCs? Projections, Rates in 2018
Some news sites and even past reports claim about HELOCs gaining traction this 2018. To be fair, home equity lines of credit are a perennial favorite among homeowners to get cash out of their equity or simply have standby funds for the rainy day.Still, it begs the question of what makes 2018 a Read more
1.5-Mil. HELOCs Face Reset This Year, Payments to Go Up
Approximately 1.5 million homeowners have home equity lines of credit or HELOCs whose interest-only draw periods will end this year. The payments on these lines of credit will revert to fully amortizing and could double, according to Black Knight Financial Services.Refinancing or purchasing? Let Read more
