Latest news with #VA-backed
Time Business News
04-07-2025
- Business
- Time Business News
Veterans in Miami: Your Guide to Affordable Homeownership in 2025
Miami is more than just a hotspot for tourists—it's also home to a growing community of veterans who deserve affordable, stable housing. But many eligible service members and vets still don't realize the full benefits available to them through the VA loan program If you're a veteran, active-duty military member, or surviving spouse, home loans miami tailored for VA eligibility can give you a real path to owning property in one of Florida's most vibrant cities, with zero down payment and flexible credit requirements. Miami isn't just palm trees and beaches—it's also home to: VA medical centers and military resources A strong veteran community across neighborhoods like Kendall, Homestead, and Coral Gables No state income tax, which helps stretch military retirement pay further For veterans transitioning to civilian life or retiring, the city offers both lifestyle and support systems that make it ideal for putting down roots. Veteran Affairs-backed loans are designed to eliminate common barriers that make home buying difficult. Key benefits include: $0 Down Payment – No need for a massive upfront cost – No need for a massive upfront cost No Private Mortgage Insurance (PMI) – Saves hundreds monthly – Saves hundreds monthly Competitive Interest Rates – Often lower than conventional loans – Often lower than conventional loans Lenient Credit Requirements – Especially helpful for younger vets or recent transitions When paired with a lender experienced in home loans miami for veterans, you'll get tailored support through the VA loan process—from COE verification to closing. You may qualify if you are: Active-duty military with 90+ days of service A veteran who served during wartime or peacetime National Guard or Reserve with sufficient service An eligible surviving spouse Many veterans don't even realize they're eligible. Connecting with the right VA loan specialist in Miami can help confirm your status and unlock these benefits. Certain areas offer the right combination of affordability, community, and amenities veterans appreciate: Homestead : Quiet, affordable, and close to Homestead Air Reserve Base : Quiet, affordable, and close to Homestead Air Reserve Base West Kendall : Family-friendly with parks and schools : Family-friendly with parks and schools Cutler Bay: Lower housing prices and access to major highways With the right home loans miami partner, veterans can compete in a competitive market without needing huge savings or perfect credit. Veterans have earned the right to homeownership, and in a city like Miami, it's more achievable than ever. Whether you're just separating from service or planning for retirement, VA-backed home loans miami give you the tools to build long-term stability. The benefit is real. The support is local. The time is now. TIME BUSINESS NEWS
Yahoo
16-06-2025
- Business
- Yahoo
HELOC rates today, June 16, 2025: Interest rates on home equity lines of credit take a small step lower
HELOC interest rates took a small step back today. Meanwhile, according to data compiled by Cotality, the Northeast gained the most equity in the first quarter of 2025. Year over year, New York, N.Y., saw an average home equity gain of $20,600 while Boston, Mass., saw average equity gains of $25,200. A home equity line of credit allows you to draw cash from a home's value. House prices in Rhode Island and New Jersey saw the most equity gain, reaching record highs in the first three months of the year. Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing This embedded content is not available in your region. According to Zillow, rates on 10-year HELOCs ebbed lower by three basis points to 6.70%. The same rate is also available on 15- and 20-year HELOCS. Meanwhile, VA-backed HELOCs are down two basis points to 6.34%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
10-06-2025
- Business
- Yahoo
HELOC rates today, June 10, 2025: Interest rates on home equity lines of credit ease lower
HELOC interest rates drifted slightly lower today. Home equity line of credit lenders remain aggressive in pricing as demand for second mortgages increases. 'Equity levels remain historically high, and now we're seeing the cost of borrowing against that equity drop meaningfully,' Andy Walden, Head of Mortgage and Housing Market Research at ICE Mortgage Technology, said in a release. The home equity data firm reported that the average monthly payment needed to borrow $50,000 dropped from $412 in early 2024 to $311 by the end of the first quarter of 2025. Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on 10-year HELOCs dropped two basis points to 6.83% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs also remained stable at 6.39%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
09-06-2025
- Business
- Yahoo
HELOC rates today, June 9, 2025: Interest rates on home equity lines of credit are unchanged
HELOC interest rates paused Monday after moving substantially higher yesterday. According to a recent survey by MeridianLink, more than one-quarter (28%) of Americans are considering a home equity line of credit or home equity loan to tap their home's value. Of those likely to borrow against their equity, 45% said home renovations were at the top of their list, followed by investing in new properties (16%) and debt consolidation (16%). That shows the versatility of HELOCs and HELs. Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on 10-year HELOCs are unchanged today at 6.85% following yesterday's sharp increase. The same rate is also available on 15- and 20-year HELOCS. However, VA-backed HELOCs are up six basis points at 6.48%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
03-06-2025
- Business
- Yahoo
HELOC rates today, June 3, 2025: Interest rates on home equity lines of credit are unchanged
HELOC interest rates were stable today, unchanged from yesterday. How hot are HELOCs? In a new analysis, Intercontinental Exchange (ICE), a mortgage data provider, said second mortgage home equity withdrawals in the first quarter of 2025 grew 22% year over year to nearly $25 billion. That's the highest first quarter volume since 2008. 'Equity levels remain historically high, and now we're seeing the cost of borrowing against that equity drop meaningfully,' Andy Walden, Head of Mortgage and Housing Market Research at ICE, said in a release. 'The monthly payment needed to withdraw $50,000 via a home equity line of credit (HELOC) has fallen by more than $100 since early 2024." Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on 10-year HELOCs held steady at 6.81% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs also remained stable at 6.36%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
