A lot of consumer advocates say you shouldn't put your home at stake, and that's advice worth considering. But using your home gives you access to credit that's cheaper than other sources.
More Quotes from Fritz Elmendorf:
Bankruptcies are very serious issues that can often be avoided by seeking help from a professional debt counseling service that will intervene with creditors.Fritz Elmendorf
Generally, they're very eager to resolve issues with their customers, to make accommodations to retain the customer. It's much easier to retain a customer than to find a new customer.
Fritz Elmendorf
The broad trend among banks is to service customers almost regardless of their credit standing. They do not want to turn a customer away, particularly if it's a customer with a checking account or another relationship.
Fritz Elmendorf
Not every place right off the bat will offer you a good rate. One company may offer you 15 percent. Another may offer you 11 percent.
Fritz Elmendorf
Any change in rates on home equity lines is directly related to the actions of the Fed. On average, their rates are 1 percent over the prime rate, but some banks even offer home equity lines at the prime. Home equity lines are probably the cheapest way that homeowners can currently borrow money.
Fritz Elmendorf
The larger banks are seeing a lot of market share in this area, but the larger credit unions and the ones being run by ex-bankers are setting up arrangements where a non-member can finance a car right at the dealership just by signing up to be a member.
Fritz Elmendorf
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