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Home Equity Loan Refinancing Activity Reaches 15 year High: Second Mortgage News
Applications for home equity loan refinancing have reached 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." This was the highest loan application increase since 1990.
Interest rates are going up, so you would think that people who be taking out loans at a slower pace. To some degree that is true, because anyone who locked a 30 year fixed under 6% is most likely not going to refinance. They are likely however to take out a home equity loan for cash out or for debt consolidation. Al Perida, a broker from Bridge Capital, said, "People continue to run up credit card bills, and consolidating their debt with a second mortgage will save them thousands of dollars in interest." Perida continued, "tax deductions and lower payments are 2 reasons people will continue to take out loans in 2006."
The market is trending away from refinancing first mortgages, and moving towards a home equity loan market. Homeowners will be refinancing this year, only they will be refinancing their adjustable rate second mortgages, rather than their conventional mortgage in first position. If you purchase a home recently with an 80-20 combination, you may want to consider refinancing the adjustable rate credit. The rate is variable and refinancing with a fixed rate equity loan will save you money.
Dan Ambrose is a true mortgage authority who has been in the business for nearly 15 years. Today Dan is a free-lance writer, and account executive for Irwin Home Equity. He offers loan tips to anyone interested in maximizing home equity. Dan recommends BD Nationwide Mortgage, a nationwide broker from California. You can read more of his articles at the BD Nationwide Mortgage & Equity Loans website and get more information about home credit lines and 2nd mortgage refinancing. For a complete look at home mortgages please visit 2nd Mortgage & Debt Consolidation or go to 125 second mortgages online.
More Useful Resource and Updates on mortgage refinance home improvement loans goldmeda
- Banks slash home loan rate (Perth Now)
THE big four banks have all reduced their variable home loan rate by 80 basis points, passing on most of the Reserve Bank's full percentage point cut.
- Rate cut hits home (The Age)
The Wright family are among the beneficiaries of the Reserve Bank?s decision to slash interest rates.
- Bank of America creates home retention program for Countrywide customers (Banking Business Review)
Bank of America has announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial customers across the US.
- TD Canada Trust hikes variable mortgage rates, lines of credit (Canadian Business)
TORONTO - One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- Interest rate relief but not much (Adelaide Now)
HOME owners are likely to miss out on half the interest rate cut expected to be announced by the Reserve Bank today.
- TD Canada Trust increases home equity line of credit and variable interest rate mortgage rates (CNW Group via Yahoo! Finance)
TD Canada Trust has increased its home equity line of credit and variable interest rate mortgage rates, effective October 7, 2008. While TD Canada Trust has endeavored to not pass on the increases in rates to its customers, this change reflects steadily increasing costs of funds in the current economic environment.
- Countrywide Settles Fraud Cases for $8.4 Billion (Update1) (Bloomberg)
Oct. 6 (Bloomberg) -- Countrywide Financial Corp. , the home mortgage lender acquired by Bank of America Corp. in July, will offer interest rate and loan principal reductions plus other distressed borrower relief valued at $8.4 billion to settle consumer fraud complaints from 11 states.
- Big interest rate cut tipped (The West Australian)
Home borrowers are tipped to see the biggest rate cut in seven years on Tuesday as global financial market turmoil puts pressure on bank funding costs.
- Commonwealth cuts home loan rates (Daily Telegraph)
AUSTRALIA'S biggest mortgage lender Commonwealth Bank has reduced its standard variable home loan rate by 80 basis points to 8.53 per cent, passing on most of the Reserve Bank's cut in the cash rate.
- BofA in mortgage lender settlement (Financial Times)
Bank of America has agreed to settle multi-state claims of deceptive and predatory lending practices against Countrywide Financial , the mortgage lender, in a deal that could result in a cut of up to $8.4bn in interest rate and principal payments for homeowners.
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