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August 25, 2006
Home Equity Loan Options for Getting Cash or Consolidating Mortgages and
According to several large home equity lenders, the secondary loan volume increase when rates climb, because homeowners don't want to refinace the first mortgage lien. Senior loan officer, Brendon Daly said, "People don't want to pay higher interest rates on their 1st mortgage to just get a $50,000 in cash, when they can get a home equity line that doesn't charge any interest until the funds are accessed. Daly continued, If a borrower has a $650,000 first mortgage that has a fixed rate under six percent, why on earth would they want to refinance just to get a little cash." As Brendon has been demonstrating, there are many good reasons to take out a home equity loan, and I've listed six good reasons
From Home Equity Loan Options for Getting Cash or Consolidating Mortgages and
Posted by Peter at August 25, 2006 04:04 PM
