With loan costs rising to their highest levels in more than two years, time may have run out on many homeowners thinking about refinancing. But could they turn to HELOCs to pay for things like renovations, instead?
A perfect storm of record-high levels of unemployment, record low interest rates and increased reliance on digital interactions is putting consumer lenders to the test like never before.
With lower down payment and credit requirements compared to other mortgages, FHA loans have been a key resource for first-time homebuyers. But during the economic crisis caused by the coronavirus pandemic, investors have raised their criteria for purchasing these loans.
While many financial institutions have seen success originating loans guaranteed by the U.S. Department of Veteran Affairs and Federal Housing Administration, the products face competition and challenges from rising home values and similar products created by other entities.
American homeowners are doing something surprising: Despite record amounts of home equity available to them – an estimated $1.5 trillion – they are tapping into it less via home-equity credit lines and cash-out refinancings.
Changes to reporting requirements under the Home Mortgage Disclosure Act have given small credit unions a bumpy ride in 2018, leaving them to contemplate changing their internal processes, systems and product offerings.
It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines of credit and equity loans.
It’s a big and confusing question for many homeowners in the wake of the December tax law changes: Are new interest-deductible home equity credit lines (HELOCs) and second mortgages now totally out of reach going forward?
Do we really need another Zillow Zestimate-style online gizmo to tell us what a computer model says our homes are worth?