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Extended Homes Loans - Cheap & Dangerous
At its best, a home equity loan is one of the cheapest forms of personal finance you can obtain. At its worst, it is a step down the path of losing your home. THE banking ombudsman Susan Brooks has warned people considering home equity loans to fully understand the risks before extending their home borrowings. The heavily marketed home equity loans, which promise easy access to finance for the purpose of extending homes, building pools or buying cars, effectively let people get hold of the increased value of their homes by boosting their borrowings.
12% of Housing Loans Rated Subprime
South Korea's high-risk mortgages similar to U.S. subprime loans are estimated to reach 34 trillion won ($36.5 billion), accounting for 12.3 percent of outstanding housing loans extended by banks and other financial institutions. The Bank of Korea (BOK) said in a report Wednesday that it classified mortgage borrowers based on their credit records provided by credit rating agencies and found domestic banks extended about 19 trillion won in mortgages to people with poor credit records as of the end of last year, accounting for 9 percent of 217 trillion won in lenders' outstanding mortgages.
Stocks Lure Property Investors: New Way to Buy Real Estate Has More Security
At all times, there is good real estate and bad real estate, but well-chosen real estate may be the best investment over time. ''The wealthiest people in the world have always made at least part of their money through investments in real estate,'' says Allen Parker, portfolio manager of the top-performing U.S. real estate fund. And the new way to buy real estate is in a ''securitized form,'' says Parker, who manages the United Services Real Estate fund, based in San Antonio, Tex. In Canada, real estate stocks, limited partnerships and mutual funds allow relatively small investors to dabble in real estate without putting a lot of capital on the line.
Two years ago, Mission Capital Advisors typically helped sell some $1 billion of bad mortgage loans every 12 months. That pace has picked up and in the last year the New York company has advised lenders on the sale of as much as $5 billion worth of problem home loans amid the souring housing market. "Everyone's foreclosure and REO (real estate-owned) exposure is rising. They are looking for ways to alleviate that burden," says Joseph Runk, one of the co-founders of Mission Capital.
Is Money Safe In Real Estate?
Today's real estate market is a far cry from the heady days of the 1980s when property was king and affluence was measured by the square foot. Once-mighty real estate empires such as Olympia & York Developments Ltd. and Bramalea Ltd. have fallen on hard times, sending shivers through financial markets around the globe. Stories abound of high-profile real estate entrepreneurs suddenly forced to liquidate their holdings at fire-sale prices for fear of corporate bankruptcy.
Shop Around To Learn What's Cooking In Interest Rates; Home Loans - Advertising Feature
IN THE highly competitive home- loan market, lending institutions are striving to emphasise their points of difference. Competition centres around the interest rate, coupled with the flexibility of the loan. Customers need to work out whether they are prepared to trade off flexibility in altering their loan repayments or conditions for a lower interest rate.
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