More people are renting. The homeownership rate has declined to 64%, from 69% in 2005.
Credit score “inflation” has occurred due scoring model changes and a strong economy.
The average FICO score is now 704, a record high.
GDP in Q1 grew 3.2% year-over-year, exceeding expectations.
A new program called the Home Select Loan (All-In-One Loan) operates similar to a 1st Lien HELOC.
Ridge Lending Group President Caeli Ridge & I discuss the details:
- Line Of Credit for 30 years
- 80% LTV on home, 70-75% LTV on investment property
- No principal payments due for ten years
- Potential interest savings
- Better liquidity
- Interest rate based on LIBOR + a margin
Use the simulator to see how much interest you save vs. your current mortgage.
I bring you today’s show from Dallas, TX.
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