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DeepGreen Launches 30-year Home Equity Loan ($)

In a move to expand its menu of fixed-rate products, second-mortgage lender DeepGreen Financial recently launched a 30-year home equity loan.

The Cleveland-based company began offering the new loan last month in response to the increasing demand for fixed-rate second mortgages instead of adjustable-rate home equity lines of credit, said Sy Naqvi, chief executive of the online lender.

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Tame your out-of-control equity line of credit

If you owe money on your home equity line of credit or if it feels like you have a gazillion payments left on an adjustable rate mortgage, you are probably feeling the pain of higher interest rates.

Perhaps you obtained your loan when lenders were bragging that rates hadnt been so low since the Cuban missile crisis. Unfortunately, the killjoys swept up the confetti many months ago.

Yet many homeowners are surprised at how quickly their once-great loan packages have turned into aching charley horses. Someone who snagged a home equity line of credit with a 4 percent interest rate in 2004 could now be making payments with a rate thats doubled.

Not surprisingly, interest in refinancing has dropped as the rate miasma has repelled shell-shocked homeowners.

But bunkering down in your overpriced tract home and adopting an attitude of abject hopelessness wont necessarily be your best strategy.

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