National City cancelled my home equity line

Be on the look out for a letter in your mailbox alerting you to the fact that your home equity line has been reduced or canceled. This is my second one that I have received in the last 30 days. The line on my rental property from Washington Mutual was reduced $20,000 and now my line on my home of $60,000 was completely taken away by National City. They may not honor any checks that were written so you need check on that. To answer the question, a bank can do this on a second mortgage? It is definitely in the provisions of their notes to reduce or suspend any credit line.

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You can still do 100% financing in Ireland

I am currently in Ireland and saw a bank advertising 100% financing. I think they are about to learn the same lessons there as we are currently learning in the states. I was told that these are about to go away just like they did in the state. They should get them to go away as fast as possible.

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Don't put your home on the market if you think you may want to Refinance

If you have just taken your home off the market and are trying to refinance, you will probably find out that you can’t. Most lenders have changed their lending guidelines since the subprime meltdown. Most wont refinance you for at least 3 months from when the house had been removed from the MLS. This is a new change and something to be aware of.

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The VA loan limit is not going to be raised in 2008

For months there has been speculation that the loan limit for VA financing which currently is at $417,000 would be raised in 08. The projection was that it would be over $500,000. The news now is that it is not going to happen. From a real estate market standpoint, I think the market would benefit from an increase. With increasing home prices, the low end luxury market is really suffering. I think that it would be a good boost to the overall health of the real estate market. Do you think this is a good or bad idea to leave them where they are at.

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Suze Orman visits Larry King, Credit Card Information

I just saw Suze Orman on the Larry King Show talking about credit cards. One of the questions from a caller was about canceling a credit card that was 10 years old and had a zero balance on it. The kicker on this is that the credit card company was charging the client $39 dollars a year on a credit card that they were not using anymore. You need to realize that 10% of your credit score comes from your credit history, so canceling the card will cancel the history with it. She recommended getting a new card and canceling the old one, making sure the new one was a no fee card. You would also want to make sure that the new credit limit was the same or higher than the old card. Doing this should have little or no effect on the credit score.

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