A question that is often asked is whether there are age requirements for home equity loans or home equity lines of credit (HELOCS). These products are structured like regular mortgages, with repayment schedules that can span three decades. Taking on a 30-year loan when you’re young shouldn’t be an issue. However, once you reach your … Read more
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. Mortgage accelerators promise to help pay … Read more
What is a Home Equity Prepayment (HEP) Curve? A home equity prepayment (HEP) curve measures prepayment scenarios for home equity loans. It is used by lenders to identify likely prepayments of principal on home equity loans. When a borrower prepays principal, it reduces the amount of principal still outstanding and subject to interest. It also … Read more
In 2016, Demarcus and Janice Holbrook cobbled together a down payment of just over $ 21,000, purchasing a Lake Forest home for $ 603,400 using FHA fixed-rate financing. Recently appraising at $ 900,000, their home appreciated nearly $ 300,000, or 50%, in five fast years. With two young children, the family of four now needs … Read more
In 2016, Demarcus and Janice Holbrook cobbled together a down payment of just over $ 21,000, purchasing a Lake Forest home for $ 603,400 using FHA fixed-rate financing. Recently appraising at $ 900,000, their home appreciated nearly $ 300,000, or 50%, in five fast years. The Holbrook’s now plan to pay off some consumer debt, … Read more
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. Mortgage refinance rates remained unchanged today. The average rate on a 30-year fixed mortgage is 5.53% with an APR of 5.55%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 4.79% … Read more
While the US economy is still operating in a fairly low rate environment, that won’t last long. The central bank is expected to raise rates several more times in the months ahead, though it is not clear by how much. “Inflation is the hub on the wheel and will dictate just how much and how … Read more
Opportunities to refinance still exist Once you have a mortgage, an eventual refinance is something to keep in the back of your mind. An obvious time to refi is when interest rates drop and you’re able to lock in a new rate at at least 75 basis points (0.75%) below your original rate. That’s typically … Read more
ESSA Bancorp (NASDAQ: ESSA) recently received a number of ratings updates from brokerages and research firms: 5/5/2022 – ESSA Bancorp is now covered by analysts at StockNews.com. They set a “buy” rating on the stock. 5/2/2022 – ESSA Bancorp was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. … Read more
The Federal Reserve yanked a short-term interest rate higher this week, making it more expensive to borrow money to buy a home or fix it up. All in the name of slowing inflation. The central bank raised the federal funds rate Wednesday by 0.5%, or half a percentage point. The Fed had not raised the … Read more