HELOCs the next home credit product?

HELOCs the next home credit product?

HELOCs the next thing home credit product?

HELOCs the next thing home credit product?

Highest level of home equity loans since June 2009. A total of 797,865 home equity lines of credit were originated nationwide, up 20.6% from a year ago and the highest level since the 12 months ending June 2009, according to RealtyTrac.

The report also shows HELOC originations accounted for 15.4% of all loan originations nationwide during the first eight months of 2014, the highest percentage since 2008.

“This recent rise in HELOC originations indicates that an increasing number of homeowners are gaining confidence in the strength of the housing recovery and, more importantly, have regained much of their home equity lost during the housing crisis,” said Daren Blomquist.

Among the nation’s 50 largest metropolitan statistical areas with HELOC data available, 49 posted year-over-year increases in HELOC originations in the 12 months ending in June 2014.

Metro areas with the biggest year-over-year increase in HELOC originations were Riverside-San Bernardino in Southern California (87.7% increase), Las Vegas (85.1% increase), Cincinnati (81.0% increase), Sacramento (65.1% increase), and Phoenix (60.1% increase).

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Borrowers may now have a chance to build equity fast

Borrowers may now have a chance to build equity fast

Don't Get Left OutTwo major banks have agreed to originate a new 15-year mortgage under pilot programs aimed at low- and moderate-income borrowers.

In addition, the creators of the so-called Wealth Building Home Loan,   allows home buyers to build equity at a much faster clip than they would with a standard 30-year loan. Typically, the monthly payment on a 15-year loan is higher than that on a 30-year loan. But the loan amortizes much more quickly, meaning you build wealth — or equity — faster.

According to the latest Federal Reserve Survey of Consumer Finances, an owner’s net worth is 36 times greater than that of a renter. The survey found that the average owner’s net worth is $194,500, whereas a renter’s is $5,400.

 

Labor Day Weekend’s exclusive happenings!

This Labor Day weekend travelers can take advantage of The Maritime Museum’s Sailing In San Diegoannual Festival of Sail, Julian Fall Apple Harvest, U.S. Sand Sculpting Challenge and 3-D Art Expo on San Diego Bay, featuring live entertainment and food as well as take part in the start of the San Diego Chargers football season kick-off.

Festival of Sail is hosted by the Maritime Museum of San Diego along the  North Embarcadero, San Diego Bay and will host over twenty fascinating ships from around the world during August 29, 2014 – September 1, 2014.  Julian Fall Apple Harvest going on, emulating the 1870’s gold rush, this charming festival allows travelers to shop, sample famous apple pies, picnic and hike throughout the refreshing oak trees, and even take part in a horse-drawn carriage-ride down Main Street.

In addition to this Labor Day Weekend’s exclusive happenings, other enjoyable excursions and activities include attractions and tours like SeaWorld, the San Diego Zoo, Balboa Park, boating and brewery tours, hiking, horseback riding, sailing, Segway excursions, whale watching and wine tasting.   http://www.sdmaritime.org/festival-of-sail/

Have a safe and enjoyable Labor Day Weekend!