Beg, Borrow or Steal…
April 26, 2008
OK…I DON’T REALLY mean steal…but if you ever wanted to borrow on the equity on your home here are my words of advice – DO IT NOW.
Banks are getting ready to shut down lines of credit and these funds will be closed off and no longer available to you. Of course, in a perfect world, you should not borrow against your house at this time unless absolutely necessary but you are warned; we may not see easy HELOC loans or home equity loans for a while. Banks are getting cautious and are pulling back from loans even to owners with outstanding credit. Look for very conservative lending in the future.
One last word of advice – hang in there. This market will not last. We can not let fear overtake us. I only hope the lenders get that point as well. If they don’t make loans…they won’t make money. In the buying or selling of homes, there has to be a flow of cash and mortgages on secured property. It is what keeps our economy running! Let’s hope the lenders make it so.
