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EXISTING HOME EQUITY LINES OF CREDIT

American’s percentage of home equity in their homes fell below 50 percent for the first time on record since 1945, the Federal Reserve said. As a result of these statistics, lenders have “frozen” or removed existing equity lines of credit on properties that fall into this category. During these more difficult times, many of us have depended upon these equity lines to make up the difference in our monthly commitments. If you fit into this category and want to keep your full line, you may consider putting the remaining line into a money market account or certificate of deposit to avoid any hardship down the road.

Interest rates should be falling again soon - be ready to take advantage of rates that we may not see again soon!

Have a great spring day.

Carol