Financial Freedom Help Blog

For the homeowner in search of a home equity line of credit the availability of interest-only home equity credit lines has drawn the interest of many who seek to benefit from the value of their homes. The name itself sounds too good to be true. A look at the details could cause the homeowner to think twice before seeking an interest-only home equity line of credit. Or those same details might spur the homeowner to contemplate yet another home equity line of credit.

Banks tend to offer the homeowner more than one-way to obtain an interest only home equity line of credit. One bank for example has advertised the existence of one plan whereby the homeowner gives payments that cover the Prime plus 5% for five years. Then in the next ten years, the homeowner pays a floating interest rate, a rate that is determined by the Prime rate.

America is a very mobile society. People move frequently. There are a two periods of life when re-locating is more common - during the twenties and then during the empty nest syndrome later in life.

Youth is a time of freedom of movement. Those who are young and trying out newfound independence from parents, including single men, single women, and young couples, may find themselves relocating frequently. The reasons for moving often vary from going away to school or getting that first job to changing roommates, changing jobs, getting married, having children, upward movements in the career path, or just wanting to experience a new location.

There are many prospective home buyers who have been surprised by a bad credit report in the middle of the home buying process. You do not want to be one of those people who goes out, finds the perfect home, falls in love with, goes to request a mortgage and finds out that there are too many score-lowering marks on the credit report.

If you do not know your credit score, or if you have an idea that your credit score is not as good as it could be, then request a copy of your report from the same consumer reporting agencies (Equifax, Experian and Trans Union) that mortgage lenders use in order to determine your credit rating.

Though the analysts say that we are coming out of this recession, but unemployment rates are still high, retail sales are low, home sales are low, home prices are still undervalued and foreclosure rates are still up. Yes, this is a buyer's market, but is it for you? Here are some factors to consider and help you decide if you need a buy:

Credit approval-Well, it has become even harder to qualify for a home loan these days. It isn't enough to have a good credit score; you have to have an excellent credit score. Prior lending practices are why we are in this crazy market filled with foreclosed homes and banks are doing what they can to avoid a repeat. They are also being stingier with their credit as well.