Adam Shell USA TODAY Published 5:52 PM EDT Oct 5, 2018 It's not just short-term interest rate hikes from the Federal Reserve that are affecting the personal finances of Americans. The recent spike in the yield of the 10-year Treasury note to nearly 3.25 percent -- its highest level since the spring of 2011 -- will also have an impact on borrowing costs and investment portfolios. The yield on the key U.S. government bond, whose movements are determined by investors and traders based on drivers like economic growth and inflation, influences the prices of things -- from fixed-rate mortgages to stocks. The recent surge in the so-called "long-term" bond is catching the attention of Wall Street economists and money managers. Why? It's the latest sign that the nearly decade-long era of low borrowing costs is coming to a close as the economy gains steam. Many Americans will start feeling an additional financial pinch … [Read more...] about 10-year Treasury rate: How yield’s 7-year high pinches Americans
30 year home equity loan rates
Home equity loans may cost firms billions
Business By Howard Mustoe Business reporter 7 August 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.co.uk/news/business-44992836 Read more about sharing. These are external links and will open in a new window Close share panel UK pension companies may be harbouring billions of pounds of losses from home equity release loans, … [Read more...] about Home equity loans may cost firms billions
What is a home equity line of credit?
If you’re looking to make home improvements, pay medical expenses or finance a college education, your home can be a source of extra cash. A HELOC, or home equity line of credit, is a loan that is secured by your property, based on the equity in your home. There are a number of advantages to obtaining a HELOC, according to Bankrate. First, it’s typically easy to be approved for a HELOC if you have a lot of equity in your home. Additionally, if you’ve been thinking of taking out a second mortgage, it’s important to note that the interest rate on a HELOC may be lower, and you only pay interest on the amount you’ve borrowed on the line of credit, similar to a credit card, adds Bankrate. Unlike a conventional loan, you may keep borrowing on the unused amount, up to the maximum approved limit, as long as you keep paying down the line of credit. You may also pay less in closing costs. When a HELOC matures, you are required to pay off the balance all at … [Read more...] about What is a home equity line of credit?
Post Office launches a ‘no deposit’ mortgage where buyers take out loan on parent’s home
WANNABE first-time buyers struggling to get the money together for their first home will now be able to get a mortgage - without having to save for a deposit. The Post Office has today launched two new deals for Brits wanting - but finding it difficult - to get on the property ladder for the first time. Its "Family Link" mortgage will see borrowers take out a 90 per cent loan to value mortgage, with the 10 per cent deposit secured against mum and dad's home - as long as they're already mortgage free. Rates start at 4.89 per cent for a five year fixed deal. Buyers will then make two separate repayments for the first five years of the deal - their own mortgage payments and one towards the "assistor's mortgage" which is interest free. For example, if you took out a mortgage worth £121,500 over 30 years at 4.89 per cent, your monthly repayments for the first five years would be £644 a month, including the deposit loan. How to get help buying a houseTHERE are several government … [Read more...] about Post Office launches a ‘no deposit’ mortgage where buyers take out loan on parent’s home
What are Help to Buy and Shared Ownership and are there other government schemes to help you buy your first home?
GETTING your foot on the property ladder can feel like an impossible task. Nowadays, first time buyers are expected to fork out around £50,000 on a mortgage deposit, so it's no wonder that the average Brit isn't likely to become a homeowner until they're 33. Even though the Chancellor offered a helping hand by scrapping stamp duty first-time buyers, estate agents reckon it's showed little sign of boosting the housing market. Add in spiralling house prices and first-time buyers waiting an average of seven years to save up their deposit, it can all feel a bit glum, particularly if the bank of mum an dad isn't an option. But it is doable and there are ways you can get the financial support you need, you just need to know where to look. From government schemes to part ownership, here's how you can become a home owner. What is Help to Buy? Help To Buy is a government scheme designed to help people get on the property ladder without the need for the large, up-front deposit which puts … [Read more...] about What are Help to Buy and Shared Ownership and are there other government schemes to help you buy your first home?