LYCOS RETRIEVER 
Homeowners: Equity
built 261 days ago
Homeowners who need to sell but lack equity can ... benefit from selling to Hernando Home Buyers. The group regularly purchases homes with little equity — and, in many cases, is able to return much of that equity to the homeowner.
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Consumer behavior with interest-only accounts points to a broader theme of increased financial conscientiousness especially for those homeowners with home equity lines of credit and loans. Thirty-eight percent of homeowners with a home equity account are more likely to have consolidated bills in the past year compared to just 24 percent of homeowners without a home equity account. With an eye to the future, 74 percent of respondents have started saving for retirement. Those with home equity accounts are ahead of the game with 78 percent of respondents saying they are saving for retirement compared with 70 percent who have never had a home equity loan or line of credit.
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One aspect that is always favourable to the homeowners is their borrowing capacity as backed by the equity in their homes. Homeowner loans are available to the consumers against their homes at very low rates. The convenient instalments and long repayment period make these loans very attractive. Unsecured homeowner loans are another variant of these loans where no residential property is required to be pledged. However, borrowers may manage only upto £25,000 in this case.
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For the millions of homeowners like Fred Saenz and Nancy Levine of Berkeley, Calif., who took out loans prior to July 1999, the burden of removing PMI is still on their shoulders. In Levine's case, she bought her home 16 months ago for $210,000 and has eight months remaining before her lender will consider canceling her annual PMI obligation of $1,548. In correspondence with the lender, Levine is already receiving mixed signals as to how her equity stake will be determined.
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For many homeowners who bought during the last two years when most local markets reached their peak, subsequent declines in value have left them with negative home equity, owing more than the home is currently worth. As of September 30, nearly 16 percent (15.6%) of homeowners nationwide who bought in the last year (3) and 17.5 percent of those who purchased two years ago have current home values that are less than the original mortgage amount. By comparison, less than 2 percent (1.8%) of those who purchased a home five years ago have seen their equity slide into the negative.
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The Bank of America study ... revealed that when committing to projects, nearly a third of homeowners state that a home equity line of credit is the best financing deal for home improvement projects. Nevertheless, many homeowners admit to still using other financing options such as "pay as you go" (46 percent) or tapping savings or existing funds (42 percent). Overall, homeowners recognize that investing in their home via equity lines of credit is a smart approach.
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