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Loan Programs Home Equity News |
Home Equity Rates by State - Regional Market Updates |
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The sub-prime mortgage crisis created a ripple effect on the secondary market that led to the Federal Reserve slashing interest rates again to historical levels. Home Equity Wholesale economists believe that home equity rates will remain at record lows in 2010 and possibly 2011, depending on how quickly the housing sector rebounds. Problems in the mortgage market have spread into other parts of the home loan market, causing the private and secondary mortgage market to freeze up. This led to a worldwide credit crunch and affected the rates and availability for many equity loan products and jumbo home mortgages. This continues to limit the availability of many of the home equity loans, American have grown accustomed to for consolidating credit card debt, financing home repairs and cashing in for a safety-net in case of financial emergencies. |
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Please note that variable interest home equity line rates can change without notice. Home equity lines of credit have 120-month draw periods, followed by a 240-month principal and interest repayment period. The APR for our debt consolidation lines may vary and the interest is tied to the Prime Rate Index, as published in the Wall Street Journal (The prime rate is currently 4.75%). The APR for our home equity line is determined by credit score, total loan-to- value ratio and debt to income ratios. To qualify for the best interest rate, borrowers must have excellent credit history and have total loan to value scenarios less than 80%. We only offer credit lines and loans to 90 and 100% on a case by case basis depending on the home equity lenders current guidelines. Interest rates will increase incrementally based on the amount of equity that is left after the new loan amount. Income documentation may be required. Various limitations could apply. Home equity credit and loans are subject to credit approval from lender or bank. © 2000 - 2009 Home Equity Wholesale - Home Equity Wholesale - 8895 Towne Centre Drive, Suite 106 San Diego California 92122
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