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BUSINESS
By New York Times News Service | May 30, 1993
Rising interest rates, reflecting worries about inflation, may force into action homeowners who have held off refinancing mortgages in hopes of catching the low point of the interest-rate cycle. One idea to consider is replacing a conventional mortgage with a fixed-rate home-equity loan. This could allow a borrower to lock in some of the best rates in two decades while saving a few thousand dollars in closing costs.xTC "It's a good way to trade in higher interest-rate debt for lower-cost debt with limited out-of-pocket expenses," said Keith Gumbinger of HSH Associates, a mortgage information service in Butler, N.J. The typical cost of refinancing a mortgage is about $3,500, Mr. Gumbinger said.
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NEWS
August 20, 2013
It is not every day that a state senator objects to a business in his district receiving a state-subsidized loan to renovate or revitalize a building. Sen. James Brochin's opposition to a proposed $240,000 loan to The Greene Turtle in Towson rests on one principle - that government shouldn't be in the business of subsidizing business. "There are many other businesses in my district that are expanding and hiring people that are as worthy as Greene Turtle ," Mr. Brochin wrote in an Aug. 14 letter to two of the three members of the Board of Public Works.
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BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | August 30, 1998
The soon-to-be bride had no choice.The balance on her dress was due, the caterer wanted his money and the DJ wasn't playing for free. Without the cash to pay upfront, she did what anyone might do -- she put it on plastic.A year after the wedding, Bridgette -- who asked that her last name not be used -- found herself with $12,000 in credit-card bills in addition to an $18,000 balance on a home-improvement loan. Wanting to consolidate her bills and decrease her monthly debt payments, Bridgette went to the bank and got a home-equity loan for $26,600.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | October 30, 2012
As the Baltimore area deals with the loss of power and closed and flooded roads in the aftermath of Superstorm Sandy, some stores and businesses plan to reopen Tuesday but others remain closed. Harborplace & The Gallery mall at the Inner Harbor will stay closed Tuesday, with plans to reopen Wednesday, management said, though Harborplace restaurants and shops with exterior entrances were making their own decisions about opening. Office tenants and Renaissance Baltimore Harborplace Hotel guests will be given access to the offices and hotel.
BUSINESS
By Jim Mateja | May 30, 2004
Buying a new vehicle requires so many decisions. Sedan or coupe? Import or domestic? Luxury or economy? Once those questions are answered, the tough one comes: Should you take the cash rebate or the discount financing? If financing, should you go with a vehicle loan or use home equity? Weighing cash-back incentives vs. a low interest rate "When offered $1,000 or less in rebates, in most cases the factory-sponsored discount financing rate, whether zero, 1.9 percent or 2.9 percent, almost always is better than the rebate.
BUSINESS
By Todd Mason and Todd Mason,KNIGHT RIDDER/TRIBUNE | May 18, 2003
Jesse Jubray was ready when his company retrenched in June, but his financial preparations have earned him only breathing room so far. The computer technician tamed his credit cards with the help of Consumer Credit Counseling Service of Delaware Valley. He shifted to contracting work when he saw that companies were reluctant to add full-time employees. But he took out a new loan this year after failing to land a new assignment. His last job ended shortly before Christmas, and he has not pulled a paycheck since.
BUSINESS
By EILEEN AMBROSE | August 28, 2007
When it comes to mortgages these days, timing is everything. Mike, from the Frederick County community of Middletown, is in the process of selling one house and buying another and finds that rapidly changing market conditions have wrenched his financing plans. "With recent market conditions changing (my home sale price, stock market drops and interest rate hikes), I may need to take a $20,000 loan from my 401(k) to pay for closing costs on my new home," he writes in an e-mail. (He's already taken out a home-equity loan on his current townhouse to make the 10 percent down payment on his new home under construction.
BUSINESS
By Kenneth R. Harney | September 29, 1996
ONE OF THE most valuable federal incentives set aside for homeowners -- the ability to borrow money for consumer expenditures and deduct interest payments on federal tax filings -- has become virtually the preserve of baby boomers with higher-than-average incomes.A study of home equity lending by the Consumer Bankers Association finds that the typical borrower with a home equity line of credit is between 35 and 49 and has an annual household income close to $60,000.The No. 1 reason for taking out the credit line, according to the study: to pay off higher-rate consumer debt such as credit card balances and unsecured personal loans with lower-cost home equity dollars.
BUSINESS
By Andrew Leckey | October 14, 1994
Financial flexibility is a wonderful thing, so long as you don't hang yourself with it.Use of home equity lines of credit is on the rise, now encompassing one out of every 12 American homeowners. Heavy promotions offering special deals to sign up should push that figure higher.Borrowers have grown accustomed to this ready source of cash. So much so that 62 percent of the available credit from the nation's home equity lines is currently loaned out, according to a consumer survey by the University of Michigan.
BUSINESS
By Andrew Leckey | August 11, 1995
More debt more easily.That's what many banks touting home equity lines of credit seem to be saying in 1995, acknowledging the fact that they must work harder to gain business because the growth of such loans has hit a plateau in the 1990s.The problem has been that housing values in many parts of the country dropped. In addition, many homeowners became preoccupied with mortgage refinancing instead.There is, however, finally some indication of an increase in home equity lending this year, based on an annualized gain of 12.5 percent in the past quarter.
BUSINESS
Jamie Smith Hopkins | September 6, 2012
There's a lot of cash chasing real estate deals: One in five homes changing hands in the Baltimore region in July wasn't paid for with a bank loan. Such transactions are an indicator of real estate investment activity, and the share has remained high even as more traditional buyers venture back into the market -- and even though the number of foreclosures for sale is far below the supply a year or two ago. All told, 460 homes in the Baltimore metro area were bought entirely with cash in July, according to RealEstate Business Intelligence data.
NEWS
By Steve Kilar, The Baltimore Sun | March 8, 2012
A Bowie man whose fraud scheme sent more than a dozen homes into foreclosure and caused owners to lose more than $1.2 million in home equity was sentenced Thursday to more than three years in prison, prosecutors said. Charles Donaldson, 58, recruited homeowners struggling with their mortgages for what he said would be a foreclosure rescue plan: They would sell their homes to investors, remain there as renters for 12 to 18 months and then buy the properties back after repairing their finances, according to a statement Thursday from Maryland's U.S. Attorney's Office.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | October 7, 2011
A Severna Park mortgage broker pleaded guilty Friday in a mortgage fraud case that left lenders with more than $940,000 in losses, robbed homeowners of at least $1.2 million in home equity and pushed 16 homes into foreclosure, the Maryland U.S. attorney's office said. Mary Anne Dean, 60, pleaded guilty to conspiracy to commit wire fraud. Charles Donaldson, a loan officer described as her co-conspirator, pleaded guilty last week. The Maryland U.S. attorney's office said Donaldson, 57, recruited homeowners struggling with their mortgages for what he said would be a foreclosure rescue plan: They would sell their homes to investors, remain there as renters for a year or so and then buy the properties back after repairing their finances.
NEWS
By Janet Gilbert and Janet Gilbert,Special to The Baltimore Sun | September 27, 2009
The letter starts off ordinarily enough, with a typical salutation in the form of "Dear Mr. Gilbert." But its next sentence is set off in boldface type as its own paragraph: "Congratulations, you are pre-approved for a Home Equity Line of Credit." It's not jarring to you, I suppose. You don't see a thing appalling or outrageous about this letter. Perhaps you, like the officer of the bank who signed the letter, believe that Mr. Gilbert is qualified for a home equity line of credit. Let me let you in on a little secret.
BUSINESS
By LORRAINE MIRABELLA | January 21, 2009
If you can, try to put credit lines in place before you need them Secure credit lines when you don't need them so they're there if you ever do. Christopher Parr counts this among his basic rules of financial planning: Put your credit lines in place when you don't need them. "When you do need them, you may have trouble qualifying," says Parr, a principal with Financial Advantage Inc. in Columbia. "If you've lost your job and want to set up a credit line, you don't have proof of income."
BUSINESS
By EILEEN AMBROSE | August 17, 2008
College tuition bills are coming due. And if you haven't secured your financing just yet, be prepared for a bigger challenge than usual. The lender you were counting on might no longer be making student loans. Or other glitches could pop up. Edamerica, for instance, says it's behind in loan disbursements to the University of Maryland, Baltimore County. Disbursements were due last week but now may be about a week late. Other schools in the area might also see delays. Blame the economy and credit crunch, says Edamerica.
NEWS
By Laura Smitherman and Laura Smitherman,Sun reporter | March 12, 2008
The Maryland Senate gave preliminary approval yesterday to a bill that would allow state-chartered banks to continue to offer a type of home equity loan the state's highest court previously ruled was in violation of consumer protection laws. Sen. Thomas "Mac" Middleton, chairman of the Finance Committee, said that the court had erred in its ruling and that the legislature often steps in to clarify the law. The Senate might take a final vote on the bill this week; the House of Delegates unanimously approved similar legislation last week.
BUSINESS
By KENNETH HARNEY | June 22, 2003
CALL IT AN outstanding year for American homeowners: Not only did their net equity wealth grow by a stunning $405 billion to a record $7.6 trillion by the end of 2002. But their mania for multiple refinancings - $2.5 trillion worth in 2002 alone - helped them pump almost $200 billion into a recession-prone economy via equity cash-outs and lower monthly mortgage payments. Home equity - not stock ownership or other investments - is now "the anchor of household wealth," according to this year's "State of the Nation's Housing" report from Harvard University's Joint Center for Housing Studies, released last week.
NEWS
By STEVE CHAPMAN | August 5, 2008
Former Texas Sen. Phil Gramm got in trouble when he said Americans are mired not in an economic contraction but in a "mental recession." He soon had to step down as co-chairman of Sen. John McCain's campaign for committing the ultimate political sin: telling the truth about a misperception that happens to be very popular. Americans feel as though the economy is in a recession and want the government to do something about it. In reality, it is expanding. In the second quarter, it grew at a respectable inflation-adjusted rate of 1.9 percent, double the pace of the first quarter.
BUSINESS
By KEN HARNEY | June 15, 2008
As a home owner, seller or buyer, what should you make of the Federal Reserve's latest bombshell report on Americans' home equity positions? Panic? Mild concern? No big deal? The dollar losses involved were huge and sobering. On a national basis, they document the personal financial impacts of declining home prices, especially in the frothiest boom markets of California, Florida, the Mid-Atlantic states and New England. But it's important to keep the Fed's numbers in perspective. They may not ring true in your own personal housing situation or neighborhood, or where you want to buy or sell.
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