Home Equity Loans for Bad Credit and Cash Refinancing
The Home Loan Magician offers several versions of home equity loans with options for fixed rates, variable interest and interest only payments for qualified borrowers seeking quick cash out without refinancing. Home equity loans provide homeowners with unlimited options for receiving quick cash injections. Borrowers can choose from home equity terms that range from 10 to 30 years. The 15-year equity loan continues to be the most popular amortization schedule with our home equity loan products.
Home Equity Credit Loans offer many benefits:
- Fast Access to Lump-Sum of Cash
- Borrowers can consolidate their debts and save money
- Tax Deductibility to 100% with home equity interest paid.
- Opportunity to invest in other real estate
- Cash Refinancing offers access to home equity funds without being required to refinance first mortgage
- Lower Interest Rates than unsecured loans and credit lines
- Pay-off revolving charge cards to increase your fico scores
- Compare good and bad credit equity loans
Home Equity Market News - Experts suggest that the housing market is cooling off and the increase in mortgage rates has made borrowers more cautious about tapping the equity they have earned from their home’s appreciation. Mortgage companies are reporting that the “amount borrowers owe on their home equity credit lines has dropped in the last six months, to $561 billion by end of March. This is the 1st decline since 1999, according to new data from Equifax Inc. and Moody's Economy.com Inc. Analysts suggest the decline may have been triggered by the spike in fixed rate home equity loans because the total for home equity borrowing actually rose 9% in the previous year. The average increase for home equity volume has averaged an annual growth rate of 21% over the past five years.
Meanwhile, interest rates for equity loans that feature a fixed interest rate have also increased, but not as much as lines of credit. Home equity loans averages are up to nearly 9% up from 6.75% since the spring of 2004, according to Nationwide Mortgages.net.
Mortgage lenders are responding to slowing demand for home equity products by increasing their marketing and expanding their loan programs for 2nd mortgages. These banks revealed special offers that promote home improvements and the consolidation of consumer debts.
J.P. Morgan Chase & Co. is running a television advertising campaign that promotes home equity lending. Bank of America, has launched a "green" home-equity card program, in which the bank will make a $100 donation to environmental group Conservation International on behalf of new home-equity customers who use their equity-line Visa card for purchases of $2,500 or more.
Unfortunately, payment defaults and delinquencies on home equity loans and credit lines also have jumped to 1.29% in the first quarter, according to a recent study by Equifax and Economy.com. That's up from 0.8% a year earlier and the highest level since early 2002.