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Banks again pitching home equity loans
“We've ended up with a new world where home equity underwriting is significantly tougher than it was pre-crisis,” said Guy Cecala, CEO of Inside Mortgage Finance, a mortgage industry publication. Nationally, the median price for existing homes rose in

George Osborne switches mortgage to exclusive bank on the CHEAP while ...
George Osborne switches mortgage to exclusive bank on the CHEAP while ... Ray Boulger, of independent mortgage firm Jon Charcol said it seemed Mr Osborne was remortgaging to get a cheaper deal. He said Mr Osborne would qualify for two main reasons. First, he and his novelist wife Frances have serious equity in their London 

A helping hand builds foundations
John Willcock, head of mortgages at the Post Office, said: "Joining the Help to Buy scheme is the latest in a series of steps to affirm Post Office as the go-to mortgage provider for those wanting to get their first foot on the property ladder

Voters tire of wait for Lucinda's new party
For the first time in these tracker polls, dissatisfaction (68 per cent) has dipped below 70 per cent. Fianna Fail will also be encouraged as it has opened up a 10-point gap between itself and Sinn Fein and is now comfortably the second-biggest party

Benchmark Mortgage Prime Equity Group of Boise Idaho on Ch 2 News Mortgage Help

Shanna Wroten-Tucker of Benchmark Mortgage - Prime Equity Group in Boise Idaho shares good refinance news for responsible homeowners as provided ...

Creditor seeks contempt order

The Hotel Hot Springs & Spa's mortgage holder filed a motion for contempt last week alleging the owner defied a court order by withdrawing $30,100 from a hotel bank account.

The bank statement Summit Investment Management included with its motion shows Gary R. Gibbs withdrew $25,000 and $5,100 on Oct. 19 and Oct. 22, respectively, despite Division 3 Circuit Judge Lynn Williams' Oct. 18 order prohibiting Gibbs and his corporate entities from accessing hotel funds.

Summit Investment is seeking a $23,374,719 judgment against the hotel property for two nonperforming loans secured by the hotel at 305 Malvern Ave. and its parking garage at the intersection of Malvern and Church Street. The Denver private equity firm acquired the hotel's mortgage at an auction after original creditor, First NBC Bank of New Orleans, was put into receivership last year by the Federal Deposit Insurance Corp.

Gibbs was unable to attend the Oct. 22 hearing on the foreclosure action. The court continued the matter to Friday. The complaint Summit Investment filed earlier this month said Gibbs has defaulted on the loans by being more than $50,000 in arrears on county property taxes, owing the Hot Springs Advertising and Promotion Commission $61,444 in unpaid hospitality taxes and failing to make a $65,000 minimum debt service payment by the Sept. 30 due date.

Freddie Mac to offer loan support for shared equity home ownership

Analysis: On Nov. 5, the mortgage giant Freddie Mac is launching a new initiative: Community Land Trust Mortgages. Up until now, a major barrier for potential buyers to participate in a community land trust was getting a loan. Historically, financial institutions have been reluctant to lend money to borrowers interested in community land trusts because of the complexity of initiating and foreclosing a loan for a deed-restricted home. Deed restrictions ensure the permanent affordability of homes . Under its new program, Freddie Mac says it will make it easier for banks to engage in the process of underwriting properties with such deed restrictions. It will also standardize the process for foreclosing on such homes in case the community land trust does not exercise its right of first refusal, the right for the community land trust to be the first to purchase the property once it falls into foreclosure.

While borrowers of mortgages held by community land trusts have the lowest rates of missed payments and foreclosures and thus a very low risk for loan providers, there are a number of other significant benefits. For banks, it is an attractive opportunity to lower defaults by involving community land trusts. For community land trusts, it ensures the likelihood of maintaining a foreclosed home in their housing inventory. For borrowers, the Freddie Mac's purchase of these loans will potentially create greater willingness of banks to originate these types of bank loans in the first place.

Is it better to borrow against home equity when you still have a first mortgage?

Our house will be paid off next year. We have some major home improvements to do in the near future. Will borrowing costs be more if we borrow against the equity after the first mortgage is paid off, or does it matter?

It all depends on the specific terms. Sounds like you have tons of equity. Odds are you can get a new first mortgage, taking out enough cash to cover the improvements, and you will be better off.