Home Equity Line

Home Equity Line

Same as HELOC.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Quorum Federal Credit Union, a full-service financial institution serving over 75,000 members across all 50 states, has expanded its popular Home Equity Line of Credit products to include investment properties, the company said.
M2 EQUITYBITES-July 26, 2019-Quorum offers home equity line of credit for investment properties
Global Banking News-July 26, 2019-Quorum offers home equity line of credit for investment properties
A typical home equity line of credit might have an interest rate that's three-quarters of a percent to 1.5 percentage points above the current mortgage interest rate, depending on individual credit ratings, Vick said.
In that case, they should talk to a credit counselor and a bankruptcy attorney to better understand their options.<br />OPEN A HOME EQUITY LINE OF CREDIT<br />A home equity line of credit is like a credit card that allows you to borrow against the value of your home.
It's worth doing the math to find out if a mortgage refinance, home equity line of credit, or reverse mortgage loan can help increase financial security during retirement."<br />Research from theOhio State Universityshows that reverse mortgage borrowers often use loan proceeds to pay off an existing mortgage, and nearly a third use funds to pay down other debt, such as credit card balances or personal loans.
There were increases in mortgage, student, auto, and credit card debt (increasing by 1.6%, 1.5%, 0.7% and 3.2% respectively) and another modest decline in home equity line of credit (HELOC) balances (decreasing by 0.9%).
Raddon found consumers are more reluctant to select the traditional variable rate home equity line of credit and nearly a third of consumers expressed interest in the newer hybrid equity line/loan.
Second, loan modifications lead to a slight increase in borrowers' debts, primarily on home equity line of credit (HELOC) accounts and auto loans.
Fannie Mae on March 29 introduced HomeStyle Energy mortgages, a loan product that allows borrowers to finance energy-efficient upgrades when purchasing or refinancing a home and eliminates the need for a subordinate lien, a home equity line of credit, a Property Assessed Clean Energy loan or an unsecured loan.
In some states, new home equity line borrowing is exploding: up 169 percent in Wyoming, 85 percent in Oklahoma, 79 percent in Arizona, 53 percent in Florida and 52 percent in Ohio.

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