Tag Archives: Home Equity Loans
Another Sound Bite for Rick Perry: Only 10% of Texans Are Now Underwater on Mortgages Compared to 22.5% Nationwide
Fact: 40 percent of underwater borrowers hold home equity loans.
You know what’s keeping the Title Companies going don’t you—all those re-fi’s. Mortgage rates are at record lows, and the rule of thumb is that if you recoup the cost of refinancing in a year or two and plan to stay in the home past that time frame, refinance when rates are at a historic low and save money.
Of course, as Steve Brown points out, that formula doesn’t work if you are underwater on your mortgage. That is, you owe more than the home is worth. This is the scenario where you bring in a nice pile of cash to the refinancing table—few want or are able to do that.
Fortunately, that scenario is dwindling in Texas. According to the folks who track this at CoreLogic, three-fourths of U.S. homeowners who are underwater in their loans are stuck paying higher interest rates. Stuck because unless they take cash to refinance, it ain’t happening. Read more on Another Sound Bite for Rick Perry: Only 10% of Texans Are Now Underwater on Mortgages Compared to 22.5% Nationwide…
Posted in Second Shelters
Tagged Dallas Mortgages, Home Borrowers, Home Equity Loans, National Numbers, Record Lows, Rule Of Thumb
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Could an Error at Experian Be Screwing Texas Consumers on Real Estate Loans — More
Recall last week when I told you about my friend Dormand Long, who has written to the Texas Attorney General because he believes Experian and other credit bureau agencies are wrongly lumping home improvement loans with consumer credit loans when they rate consumer credit. This is more important than ever today because mortgage lenders are looking for near-perfect credit scores when doling out home mortgages.
Read more on Could an Error at Experian Be Screwing Texas Consumers on Real Estate Loans — More…
