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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Lenders' home-equity loans standards "not relaxed"
Posted on 11/02/2006 05:10:00 | Link | Post Comment
The Consumer Bankers of America trade group says an annual study shows that U.S. home-equity lending has been prudent, saying "lenders have not relaxed their underwriting standards in the face of higher interest rates or cooling housing markets." The CBA report, off data from June 30, finds ...
• Average credit score for home equity borrowers in 2006 held steady at 730, compared to 727 in 2005 and 726 in 2004
• The average size of new home-equity line of credit commitments grew 12% to $84,813 from last year’s $75,984. The average size of new straight equity loans was $57,786, up 14% from $50,709 a year earlier.
• The average size of old home-equity line of credit "in dollars outstanding, grew 7% to $42,158, and the loan size grew 2% to $44,204, from a year earlier.
• The overall average LTV for home-equity lines of credit was 71%, similar to 72% a year earlier. For equity loans, the average LTV increased from 67% to 70%.
To read more, CLICK HERE
ALSO:
1. Realtors: The California Association of Realtors trade group tracks median sales price of existing single-family homes sold through broker's Multiple Listing Services. Reports monthly. To see CAR news releases, CLICK HERE
2. Pending Home Sales Fall By 1.1% in September
A real-estate gauge dropped last month, a signal that the market will be roughly flat for the next few months, the National Association of Realtors says.
3. Banks Take a New Tack On Mortgage Lending
Lenders are beginning to emphasize price, service and stronger customer relationships in the face of slowing loan volume. Some banks will even pay you if you choose a competitor's loan over theirs.
4. Dr. Housing Bubble is Doing The Housing Bubble Math Dance for California.
5. The Big Picture takes a look at Home Price Indexes, Prices
• Average credit score for home equity borrowers in 2006 held steady at 730, compared to 727 in 2005 and 726 in 2004
• The average size of new home-equity line of credit commitments grew 12% to $84,813 from last year’s $75,984. The average size of new straight equity loans was $57,786, up 14% from $50,709 a year earlier.
• The average size of old home-equity line of credit "in dollars outstanding, grew 7% to $42,158, and the loan size grew 2% to $44,204, from a year earlier.
• The overall average LTV for home-equity lines of credit was 71%, similar to 72% a year earlier. For equity loans, the average LTV increased from 67% to 70%.
To read more, CLICK HERE
ALSO:
1. Realtors: The California Association of Realtors trade group tracks median sales price of existing single-family homes sold through broker's Multiple Listing Services. Reports monthly. To see CAR news releases, CLICK HERE
2. Pending Home Sales Fall By 1.1% in September
A real-estate gauge dropped last month, a signal that the market will be roughly flat for the next few months, the National Association of Realtors says.
3. Banks Take a New Tack On Mortgage Lending
Lenders are beginning to emphasize price, service and stronger customer relationships in the face of slowing loan volume. Some banks will even pay you if you choose a competitor's loan over theirs.
4. Dr. Housing Bubble is Doing The Housing Bubble Math Dance for California.
5. The Big Picture takes a look at Home Price Indexes, Prices
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