Home Equity Loan Rates and Home Equity Credit Lines for Cash, Home Improvements, and Consolidation for Better Home Financing…

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The Federal Reserve Lowers Key Interest Rates Again, Spurring Rate Cuts and Lower Payments for Borrowers who have Home Equity Credit Lines.

Finally some good news for homeowners that took out home equity lines of credit in the last few years. After years of mortgage rate hikes, the Fed has finally swung back the other way, so borrowers actually have lower monthly payments if they have an adjustable rate credit line currently. Many experts believe that the Federal Reserve will once again lower key rates for a third time. Home Equity Wholesale introduced a credit line at Prime minus 3 for an introductory 6 months.

Adjustable Rate Home Equity Credit Lines Have a Niche in the Home Loan Industry - by Arthur Nourian

Anyone who thinks that adjustable rate mortgages and variable rate home equity loans don't have a niche in the mortgage market, should think again. Loan officers, underwriters and savvy consumers also call adjustable rate mortgages ARM's. Variable rate loans have significantly increased in popularity over the last few years, with the advent of loans like the payment option ARM, and the interest only loan that offers a fixed interest rate for a period of 3, 5,7, or 10 years before converting to adjustable rate loans. Clearly ARMs have a place in the mortgage industry, but they should not be abused, and borrowers should know exactly what they are getting themselves into.

Good loan officers will discuss and consider factors such as how long you plan on dwelling in this home, and how much of a payment you can afford each month for a mortgage payment. Be careful getting yourself into an adjustable rate mortgage just to qualify for a home loan. You should be able to afford the fully-indexed home equity loan payment so that when the intro fixed rate converts to a variable rate you will be able to afford the new mortgage payment. So you may want to consider purchasing a house that cost less if that is the case with you. For the complete article

Home Mortgage and Interest Rate Trends: Analyzing Refinance and Home Equity Loan Rate Projections - by Mary Stras

For the last twenty years Federal Reserve Bank Chairman Alan Greenspan has controlled the rates at which banks lend money to their prime customers. The Federal Reserve loan rate was raised or lowered by Alan Greenspan in an effort to control the growth of the economy. If he believed the economy was growing too fast and inflation would follow, the prime rate was raised and conversely if the economy was slowing down the rate was lowered to stimulate it. As a result banks and other mortgage lenders, in order to hedge themselves against changes in the interest rate, began lending money at variable and adjustable rates.

Since the borrower wanted protection against very rapid rises in the rate on his mortgage indexes were used as a measure to increase and decrease the interest charged on mortgages. Some of the more commonly used indexes are the prime index, MTA, Libor, COFI, and U.S. Treasury Bonds for one year. All of the above indexes with the exception of the LIBOR are indirectly tied into the prime rate set by the Federal Reserve Bank. For the complete article