A customer recently made an appointment to speak with me. A woman in her 70s, she had a home equity line with a big national bank and she’d used it wisely for many years.
Her home equity line was coming up for renewal in 2019 and the interest rate was going to be increasing quite a bit. That concerned her. She had done some research and her grasp of both her situation and her options was excellent.
Continue reading Smart About Money: She did everything right – it is possible!
Most homeowners think it’s going to be pretty easy to qualify for a home equity line of credit – and generally it is. You already have a home. You probably already have qualified for a mortgage. As long as you have equity in your home and you have maintained your credit rating/scores, you should expect to be approved for a home equity line.
Continue reading Smart About Money: How to get a good Home Equity Line of Credit
A few weeks ago, I came across a particularly annoying click-bait pop-up ad from a well-known online lender. “Do the math (the banks wish you wouldn’t do),” their advertisement said.
Continue reading Smart About Money: Do the math the click-baiters wish you wouldn’t do
“Did the tax code overhaul kill home equity loans?” That was the headline of an article in The Washington Post in January. Considering that millions and millions of homeowners have home equity lines and loans (and love them), it was pretty alarmist.
And it turns out that home equity lines and loans are alive and well. Even The Washington Post eventually admitted it later in their story.
Continue reading Smart About Money: “Did the tax code overhaul kill home equity loans?”
I recently heard a story about a businessperson who discovered that the check a client had sent them had been intercepted somehow and cashed by a stranger in another state. This story had an odd twist.
Continue reading Smart About Money: Adventures in Check-Writing
At a recent banking conference, a banker from the North Shore told me about a particularly unfortunate situation she had run into. A young man came into her bank to cash a check. He did not have an account at that bank, but the check was from an account-holder.
Continue reading Smart About Money: The Saddest Kind of Fraud
Up until about the mid-1980s, a homeowner who wanted to borrow against the equity in their home had to take out what was known as a “second mortgage.” And there was a stigma against second mortgages.
Continue reading Smart About Money: New Ways Your Mortgage Can Work For You Today