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HELOC Subordination

Many HELOC borrowers are surprised when they’re turned down for mortgage refinancing programs. Why are banks sending them away? Because a growing number of HELOC / second mortgage lenders are refusing...

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Extremely Low Rates on PenFed HELOCs

If you’ve been waiting to take advantage of low HELOC rates, now may be the time. PenFed is offering HELOCs at just 3.25%. Monitor Bank Rates explains: “Pentagon Federal Credit Union is offering a home...

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Paying Off Your Mortgage with a Lower-Interest HELOC

Now that HELOC rates are so low, many homeowners are tempted to pay off their original home loans with home equity. While this strategy may seem like a smart move at first glance, there are some...

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HELOC Closures Continue

It’s been months since banks first began closing HELOC lines due to the worsening real estate market. But, customers continue to receive HELOC freeze and closure notices in the mail. Monitor Bank...

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Using a HELOC to Pay Off a Car Loan

Now that HELOC rates are so low, many borrowers are looking for smart ways to use their lines. In a recent Scripps News column, a reader asked if he should use a HELOC to pay off his car loan....

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HELOC Lenders Show Optimisim

In late 2008 and early 2009, taking out a HELOC loan was very difficult. Burned by defaults and falling home prices, lenders were exercising extreme caution when it came to underwriting decisions. But,...

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Funding Home Repairs with a HELOC

Need to repair your roof or update your kitchen? In many cases, a HELOC can help you borrow money at a lower interest rate than a credit card or unsecured loan. New Jersey Business News explains: “The...

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Your HELOC and Your "Portfolio of Debt"

New credit card legislation takes effect later this month. However, borrowers have already encountered negative consequences from the more stringent requirements including reduced lines, higher fees,...

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Class Action Suit Filed Against Chase for HELOC Freezes

Chase Manhattan Bank is currently facing a class action suit after freezing a few too many HELOC lines. The lead plantiff, Mary Yakas, filed the suit after her HELOC was frozen in late 2008 based on...

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Florida Legislator Condemns Banks that Deny HELOCs, Hoard Money

Florida’s new Senate President is speaking out against banks that hoard federal bailout money while simultaneously reducing customer’s HELOC lines. A recent release from his office explains: “…Mike...

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