NERDS.xyz – Real Tech News for Real Nerds [Unofficial]Americans now owe a staggering $18.19 trillion as credit card debt keeps climbing
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The Bad PlaceUS Top News and Analysis | A 31-year-old used a HELOC to compete with all-cash offers on a house. 3 lenders to do the same
AI generated summary, Read the full article for complete information.
A 31‑year‑old couple in Lancaster, Pennsylvania finally bought their first home by using a family‑member’s home‑equity line of credit (HELOC) to make an all‑cash offer that beat cash‑only competitors. After five unsuccessful bids, they secured a $200,000 HELOC from a relative, added their $45,000 down‑payment savings, and offered cash for a house, closing the deal in about four to five months. They later refinanced with a $250,000 fixed‑rate home‑equity loan to repay the relative’s HELOC. The story highlights how millennials and Gen Z buyers increasingly rely on family assistance—27 % of millennials and 38 % of Gen Z reported parental co‑ownership, co‑buying, or co‑signing—while the average age of first‑time buyers has risen to 40. It also outlines the pros (stronger offers, larger down payments) and cons (personal liability, potential family strain) of using a family‑member’s HELOC, and reviews several lenders’ HELOC options, such as TD Bank, Bank of America, and CMG Financial, noting key features like maximum loan amounts, interest rates, fees, and closing speed.
Read more: https://www.cnbc.com/select/heloc-helped-millennial-compete-with-all-cash-offers/
ferricoxide#Banks sending me #HELOC offers... Guys, it looks like there's a good probability that we heading into a significant #recession if not a history-making #depression: why the fuck would I want to increase my default-exposure on my house????
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a̸m̵n̵e̴s̴i̶a̸c̷7̷ 👊🇺🇸🔥Mortgage applications dropped last week as rates shot up
Tariff turbulence is beginning to show up in housing data.
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With costs on the rise, a 𝐇𝐨𝐦𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 𝐋𝐢𝐧𝐞 𝐨𝐟 𝐂𝐫𝐞𝐝𝐢𝐭 (𝐇𝐄𝐋𝐎𝐂) gives you 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐟𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 when you need it most. 💰💡 Use your home’s equity to cover unexpected expenses, invest, or simply gain peace of mind.
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Maggie MaybeBanks are pushing the HELOCS again because the economy is going down and this is a real easy way for them to get you to use your house as an ATM until you lose it.
Do not do this.
If you must do this you MUST make sure there’s no balloon payment at the end and you MUST understand that usually the payment amount they show you on the loan is just interest only. It looks great because they’re showing you the estimated interest you would pay if you maxed out the HELOC. That doesn’t cover the principal and then at the end of the term you owe a balloon payment.
My friend got into one of these back in 2007 and she had no idea she was only paying interest until she got about halfway through the term and realized she was going to have to figure out a way to refinance it at the end of the term because she wouldn’t be able to drop a lump sum to pay it off.
The problem is she was 10 years older and not working full-time anymore by the time 2017 rolled around, also she had cosigned for a car for one of her kids five years before that and he wasn’t paying on time so her credit had taken some hits. The bank wouldn’t let her refinance. She didn’t qualify to refinance.
The only way this worked out for her was because she had a son who could get a VA loan for a new home, so she sold the home she was in and used the proceeds to put down on a new home and he used his VA loan to finance the rest. But she was so sad this was the home she had grown up in, it was like losing everything to her even though she didn’t end up homeless. She never wanted to sell this house but she had to because of that #HELOC.
#CapitalismKills #HousingMarket #HousingBubble #mortgages #ARM #TeaserRate
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