Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (103391)	5/18/2001 9:35:20 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Countrywide Credit out there, "Mackin' it Hard" as our Boiler Room friends would say: biz.yahoo.com Thursday May 17, 9:01 am Eastern Time Press Release SOURCE: Countrywide Home Loans, Inc. Countrywide Sees Market Conditions That Make Home Equity Loans Increasingly Attractive - Prime Rate Down, Home Values Up - CALABASAS, Calif., May 17 /PRNewswire/ -- Rising home values and the declining Prime Rate make it a good time to investigate a home equity loan or line of credit, according to Countrywide Home Loans, Inc., a national leader in residential finance. As summer approaches and income taxes are paid, many homeowners find themselves planning their next big purchase or project -- maybe buying a car or remodeling the kitchen. A home equity loan can help pay for it. ``Most people in need of cash seem to think of refinancing first, and they don't consider other options that might work better for their personal situations,'' said Joe Anderson, executive vice president of Countrywide's retail division. ``There are a lot of homeowners who could really benefit from tapping the equity in their homes through a line of credit or a home equity loan.'' Anderson points out some advantages to home equity lines of credit: -- The Prime Rate is down and so are home equity interest rates. Most home equity lines of credit are based on the Prime Rate, which has declined in line with the Federal Funds Rate by more than one percentage point in the last few months. That means home equity rates are better than they've been in quite a while, and often they are lower than credit card interest rates. -- Homeowners can take advantage of more of their equity with a home equity line of credit. A homeowner can tap up to 100 percent of the home's equity through a home equity line versus 90 percent by refinancing. -- Home equity loans and lines of credit can be paid off in a shorter time than most long-term mortgages, substantially reducing the lifetime cost of the loan. Loan terms on fixed rate home equity loans can be 10, 15 or 30 years. Home equity lines of credit typically have a 10-year "draw" period in which the line of credit opens for re-use as it is paid off. After the draw period, the principal and interest are paid down over 15 years. -- Homeowners with already low-interest first mortgages might not benefit from refinancing, but they can take advantage of the appreciation in their property value by accessing a home equity loan or line of credit. Many homeowners took advantage of the last refinancing boom to lower the interest rate on their first mortgages. Now, they may be faced with a desire for funds to make home improvements, pay for college, or a variety of other needs. Instead of refinancing their home again, they can take out a home equity loan, have cash for their needs, and possibly gain a tax advantage by deducting their interest payments. -- Homeowners have continual access to funds with a home equity line credit. As a homeowner pays off his line of credit, that same amount of credit becomes available again. With this option, there is no need for homeowners to apply for a new loan every time they need additional funds. Lines of credit also offer payment flexibility, allowing borrowers to pay interest only or making lump sum payments if they wish. Home equity lines of credit are designed to save money on long-term debt. Because a line of credit interest rate is lower than many credit cards (introductory rates may be lower than the Prime Rate), savvy consumers use a line of credit to finance major expenses such as home improvements and college education. When a homeowner borrows against the equity of their home, the interest paid is often tax deductible as well. For details on the tax advantages, homeowners should check with their tax advisor. To see if refinancing or a home equity loan is a good option, consumers may call Countrywide at (800) 570-9888 or visit www.countrywide.com. Countrywide Home Loans, Inc., is the primary subsidiary of Countrywide Credit Industries, Inc., (NYSE: CCR - news). It originates, purchases, securitizes, sells and services home loans, according to its founding principle of affordable homeownership. Countrywide Home Loans is the largest direct online lender, offering loan applications, rich content and strong transaction capability through countrywide.com and a nationwide branch network. Think I'll do the reverse gold carry trade...take out a CCR home equity loan and put it all in Homestake Mining! HO HO HOmie!<G>