A good credit history, a stable income and a
good home equity balance are three determining factors whether or not you can qualify for home loan refinance.
But some experts say that any decline
in home equity balances could be offset by higher demand for auto, credit card and other consumer loans, experts say.
«The acceleration in home prices is good news for both homeowners and the economy because it leads to
higher home equity balances that support consumer spending and is a cushion against mortgage risk.
At Wells Fargo, $ 4.5 billion
of home equity balances will reset in 2014 and another $ 25.9 billion will reset between 2015 and 2017.
At Bank of America, around $ 8 billion in
outstanding home equity balances will reset before 2015 and another $ 57 billion will reset afterwards but it is unclear which years will have the highest number of resets.
@Rick,
the home equity balance is $ 24,155.96, there is no mortgage.