Lenders are providing borrowers the ability to buy a home with as little as 3 percent down. However, interest rates will be higher.
“Two factors driving the growing consumer interest in HELOCs are the growth in home equity and the desire of homeowners to keep their low-interest-rate first mortgage.”
The U.S. Consumer Financial Protection Bureau made it known to borrowers this week that the agency is accepting complaints related to the online lending marketplace.
The average household with credit card balances now owes $7,879, a surging trend indicating that consumers are reverting to pre-recession debt levels of more than five years ago.
The bankers’ refinancing market indices altogether increased 16 percent from the previous week. That’s a level not reached in 13 months.
Average mortgage rates slid for the sixth consecutive week thanks in large part to the ongoing market volatility. The average 30-year fixed rate is hovering just above its 2015 low of 3.59 percent.
More than 1.3 million ( or 1.6 percent) of U.S. residential properties were vacant at the beginning of February 2016.
The ad’s voiceover likens the service to buying a pair of shoes online — yes, that easy, less than 10 minutes.
The 30-year fixed mortgage rate stands at 3.72 percent this week, its lowest point since the week of April 30, 2015 when it averaged 3.68 percent, according to Freddie Mac.
“Regardless of whether they currently own a credit card, 25 percent of Millennials describe credit cards as something that worsens their financial standing,” Facebook said.