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July 01, 2006
Hybrid Home Equity Loans Changing the Face of Second
According to Freddie Mac, "88% of homeowners who refinance their homes in the 1st quarter got a mortgage at least 5% larger than their first loan." Since this was the largest increase since 1990, and the Fed continues to increase key interest rates, it is my contention that the demand for cash and the ability to finance quickly is the greatest it has been since World War II. "The reality is that some people still believe the interest rate are under 6%,"said John Allen from Laguna Beach California. John continued, "If I need cash for home improvements..Why wouldn't I just take out home equity loan since my first mortgage rate is under 5%." John's mentality mirrors many of my borrowers' frames of mind of late. Consumers are much more educated than they used to be about financing and taking out second
From Hybrid Home Equity Loans Changing the Face of Second
Posted by Michael at July 1, 2006 12:34 PM
