Latest Home equity loans News

How steep Fed rate hikes affect your finances

Sep. 21, 2022 14:08 PM EDT

NEW YORK (AP) — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. Savings rates are slightly juicier, though. As the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is...

Liz Weston: 3 reasons not to tap your home equity right now

Aug. 22, 2022 08:50 AM EDT

Soaring real estate values mean many homeowners are awash in equity — the difference between what they owe and what their homes are worth. The average-priced home is up 42% since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to...

How the Federal Reserve's rate hikes affect your finances

Jul. 27, 2022 18:04 PM EDT

WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The Federal Reserve's move Wednesday to...

Liz Weston: How to budget realistically for home repairs

Jul. 25, 2022 10:31 AM EDT

If you’re a homeowner and haven’t faced a big repair bill yet, just wait. Even in the best-maintained homes, stuff will wear out or break. Budgeting for these inevitable bills isn’t always easy. One commonly cited rule of thumb — to save 1% to 4% of your home’s value each...

In your debt: 3 times debt can be a helpful tool

Jul. 22, 2022 12:00 PM EDT

In some corners of the personal finance advice world, getting into debt is just about the worst thing you can do. And yes, some forms of debt — particularly those that charge high interest rates — can keep you locked in a cycle of owing money for years. Still, there are times...