Sarah Taddeo Rochester Democrat and Chronicle Published 7:00 AM EDT Aug 10, 2019 My consumer watchdog coverage is largely thanks to our readers telling me about their most stubborn problems. People have contacted me by phone, email or a submission form at the end of one of my stories. A number of you have come through with questions you think I should investigate. I've corresponded with many of you over email about your submitted inquiries, and I turned some into stories. Here's a submitted question about home equity lines of credit — a financial concept that might be difficult for you to untangle. What exactly is a home equity line of credit? A home equity line of credit (HELOC) is a way to borrow money against the equity in your home and to pay back the loan over time plus interest. That statement might not mean much to you, so David Homsi, an enterprise retail sales manager with Bank of America, helped me break it down. Let’s say Joe … [Read more...] about What is a home equity line of credit? Here’s how a HELOC works.
20 year home equity loan rates
FIRST-TIME buyers now need to earn an average of £54,400 a year to buy their first home, up from £49,900 three years ago. This comes as the average deposit you'll need is sitting at a whopping £38,400. In an analysis of the house prices of the UK's 20 biggest cities, property website Zoopla found that Liverpudlians "only" need to earn £26,100 in order to get on the property ladder. Meanwhile, residents in the capital would have to earn a whopping £84,000 to be able to buy their first property. This comes despite the fact that the average household income needed has dropped by £3,250 in London compared to 2016 due to weak growth and price falls, Zoopla said. Outside London, Cambridge and Oxford require the highest first-time buyer incomes, although like London these have also fallen over the past three years. Leicester has seen the largest percentage increase in the income required to buy since 2016, at 20 per cent, followed closely by Birmingham and … [Read more...] about First-time buyers need to earn £54,000 a year to buy a home
Paul Davidson USA TODAY Published 2:43 PM EDT Jun 19, 2019 The Federal Reserve held interest rates steady Wednesday but signaled it was prepared to cut them as soon as next month if the U.S. and China don’t reach a détente in their escalating trade war. Policymakers also unexpectedly forecast lower rates by next year. And while the Fed’s median estimate isn’t for a rate cut this year, nearly half of Fed policymakers expect at least one. Eight of the 17 voting Fed policymakers predict as much as a half percentage point decline in rates in 2019. In a statement after a two-day meeting, the Fed highlighted the “uncertainty” of its outlook. “In light of these uncertainties and muted inflation pressures, the (Fed’s policymaking committee) will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion, with a strong labor market” and inflation near the … [Read more...] about Fed interest rate decision: Bank holds interest rates steady
Janna Herron USA TODAY Published 7:07 AM EDT Jun 6, 2019 Buying a home is stressful enough in today’s housing market. Try adding the extra pressure of selling your current home, too. Many homebuyers face this two-step transaction, whether they are relocating for a new job, upgrading to a new home or downsizing in retirement. Last year, 89% of repeat buyers sold or planned to sell their previous home, according to the National Association of Realtors. The key is to understand how the market is going, know your financial limitations and have plans for bumps in the road ahead of time, real estate experts say. “It’s a balancing act,” says Susan Staffordsmith, a real estate agent with CENTURY 21 Action Plus Realty in New Jersey. “It’s our job to make sure clients minimizes costs. They don’t to pay for moving twice or for storage. These things can add up to the thousands.” Here’s what you should know. Can you carry two homes? The … [Read more...] about Homes for sale: How to sell your house and buy another?
If you've ever dreamt of having your own place in the sun to retreat to, or rent out while you're not there for a bit of extra cash, then we have some good news. A town in on the Italian island of Sicily has started flogging properties for just €1, which on current exchange rates is the equivalent of 86p. That means for less than the price of a McDonald's cheeseburger, you can pick up a new home in the Mediterranean - just a 40 minute drive from the beach. Sounds like a dream, doesn’t it? Of course, things aren’t quite as simple as that. An offer you can’t refuse Mussomeli is found in the very heart of Sicily, and is home to around 11,000 people. In a bid to tackle some of the empty and outdated homes in the area, a new promotion has been launched by Case1Euro , offering would-be buyers the chance to purchase a property for less than £1. In order to qualify for the deal, you need to commit to carrying out renovations on the property. Are you any good … [Read more...] about Homes in Sicily on sale for €1