Lower mortgage rates mean that home equity loans are an attractive proposition. Sadly, falling property prices, declining credit scores and tightened lending criteria mean that borrowing money has become increasingly difficult for homeowners. Despite Obama's costly plan to provide greater liquidity, lenders are fearful about lending money when US unemployment is continuing to rise.
Mortgage Rates may not be as Low as They Appear
Tighter lending criteria and higher costs thwart homeowners seeking a home equity loan. Tara Siegel Barnard of The New York Times stated: "Borrowers face higher costs, from rising fees for mortgage insurance to added costs that drive up the mortgage rate. Lenders have become more cautious about whom they will lend to, as more people lose their jobs, watch their incomes decline and fall behind on their bills."
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