Tag Archives: Equifax

More Borrowers Missing Home Equity Payments

A growing number of U.S. borrowers have missed payments on home equity lines of credit (HELOC), even as mortgage delinquencies have been declining. As many borrowers are beginning to hit their loans’ 10-year anniversary, they will have to start paying the principal balance as well as the interest at this time. Therefore, homeowners will see […]

Home Finance Write-offs Fall to Five-Year Low

Equifax recently released its March National Consumer Credit Trends Report, which showed that there were $43.1 billion in home finance balances written off during the first quarter of 2013, down 23% year over year from $55.4 billion in Q1 2012. Last quarter’s figure is at a five-year low. Write-offs (or severe derogatories) include loans that […]

Home Equity Revolving Credit Hits Three-Year High

According to Equifax’s October edition, home equity revolving lines of credit are totaling more than $44 billion (noted from July until now), having reached the highest level it’s had in three years. The lines of credit received a 9% increase from 2010, the recession “low,” which was said to have a total of $40.6 billion. […]

Check Your Credit Report Before Buying A House

In previous blogs, we discussed the impact that credit scores have on obtaining a home loan. More stringent requirements such as higher credit scores, more money for a down payment and other financial factors are making it harder for people to get a mortgage. But one thing that applicants must ask yourselves is this: Have […]

Housing Crisis May Ruin Your Credit Score

The housing crisis may get more personal for struggling homeowners, even those who have perfect credit. RISMedia reports that homeowners seeking a loan modification or considering foreclosure to help them pay their mortgages might see their credit score fall sharply, thanks to the effects of the housing debacle. It gets worse. Citing complaints from bankers […]