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Irish Negative Equity Mortgage - A New Beginning

A different way of looking at an Irish Negative Equity Mortgage from I posted this video because RTE take down their ...

Ellie Mae tackling HELOCs with latest Encompass update

This comes at a time when the industry is poised to see growth in home equity borrowing as household home equity jumped by more than $1 trillion from its precrisis peak in the first quarter of 2006, and when about 70 million homeowners likely qualify for a home equity product, according to a TransUnion study.

Also in Ellie's Encompass update is enhanced support for data management and mortgage insurance.

The Encompass Dynamic Data Management is a "scenarios-based rule engine" designed to automate data entry across any form used during the origination process, which moves Ellie closer to its vision of "automating everything automatable in the mortgage industry," according to the company.

Improved integrations with Arch MI, MGIC and Radian support a more efficient mortgage insurance ordering process, giving customers automated ordering, side-by-side rate quote comparisons, and an automated allocation model, according to Ellie Mae. The tool also supports quicker processing times, increased order history visibility and provides user alerts for when to reorder rate quotes or MI certificates.

Can I Still Deduct My Mortgage Interest in 2018?

The revised mortgage interest tax deduction

The Tax Cuts and Jobs Act kept the most widely used tax deductions, such as mortgage interest, in place for 2018 and beyond. However, some of these popular deductions have been slightly modified, and in unfavorable ways for taxpayers. The mortgage interest deduction is one of them.

Starting in 2018, mortgage interest on total principal of as much as $750,000 in qualified residence loans can be deducted, down from the previous principal limit of $1,000,000. For married taxpayers filing a separate return, the new principal limit is $375,000, down from $500,000.

It's worth pointing out that this limit only applies to new loans originated after 2017. Preexisting mortgage loans are grandfathered into the old limits.

For the purposes of the mortgage interest deduction, a "qualified residence" means the taxpayer's primary residence or second home (not an investment property). Additionally, the loan amount for which interest is deducted cannot exceed the cost of the home.

Can a new home equity loan amount be larger than your mortgage balance?

We currently have a home equity loan and a mortgage, but want to pay off credit card debt.

You should be able to technically do this as long as the new home equity loan + the 1st mortgage are not more than 85% of the home's total value. This is generally the cap.

So if you have a home that's worth $200,000: 85% of that is 170,000.