credit cards: How Credit Cards May Be Replacing Home Equity As A Funding Source - 08/29/07 12:40 PM
As mortgage guidelines loosened between 2002 and 2006, homeowners often used their home equity to retire credit card and other consumer debt. They did this by increasing the size of the mortgage and taking "cash out" from their home. As you'd expect, this type of mortgage transaction is called a "cash … (4 comments)
credit cards: Sharing Your Credit Card Balances Can Lower Your Mortgage Rates - 08/10/07 01:45 AM
Typically, higher credit scores get lower mortgage rates and access to a wider array of mortgage products. Extent of Indebtedness comprises 30% of a credit score and is the second largest component in the credit scoring model. In plain-speak, Extent of Indebtedness is: "How close is this person to maxing … (4 comments)
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Ilyce N. Powell, CMPS™ - Certified Mortgage Planning Specialist
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As mortgage guidelines loosened between 2002 and 2006, homeowners often used their home equity to retire credit card and other consumer debt. They did this by increasing the size of the mortgage and taking "cash out" from their home.
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