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Jacob Channel - 1 Andy Walden - 1 Holden Lewis - 1 Lewis - 1
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☆ Americans have more than $32 trillion in home equity — a record high. Here's what to know before you tap it
  + stars: | 2024-09-11 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
Tappable equity is the amount most lenders will allow you to take out while still leaving 20% in the home as a cushion. How to tap your home for cashAlternatively, a home equity loan is a type of second mortgage, which allows borrowers to pull cash while using the house as collateral. However, the current average home equity loan interest rate is 8.52%, according to Bankrate, notably higher than a 30-year fixed-rate mortgage. watch nowOtherwise, a home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home's equity. The average HELOC interest rate is just shy of 10%, according to Bankrate.
Persons: Jacob Channel, Andy Walden, Holden Lewis, Lewis Organizations: Louis Federal Reserve, Intercontinental Exchange's Mortgage, Intercontinental Exchange
☆ Goodbye, bidding wars. Home sellers are losing some of the power they've enjoyed for the past 2 years.
  + stars: | 2022-10-21 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +3 min
A surge in mortgage rates have cause buyers to sit on the sidelines. Whatever affordability buyers have gained through sliding prices, they are losing in mortgage rate hikes. As Americans face mortgage rates that are nearly twice as expensive as they were in 2021, more people are putting their homeownership dreams on pause. And that means sellers are not only losing leverage — they are also losing money. "Resourceful sellers understand that the market is intertwined with rising mortgage rates," Sam Chute, a Redfin listing agent said in a housing report on the decline of bidding wars.
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