| Hot Articles and News on Auto Loans, Mortgages and More | Mortgage Rates Flat According to Bankrate.com, the 30-year fixed-rate average held at 5.25 percent, and the 15-year fixed-rate remained at 4.74 percent in the third week of January. The 1-year adjustable was up at 3.53 percent. Home-equity loan or line of credit? Home equity debt traditionally has been spent on investments that bring some kind of return -- renovating houses, paying for college, starting small businesses. More recently, as consumers have become more clever about using debt, equity loans have become to be seen as a cheaper, smart way to consolidate debt and pay for long-lasting things such as cars and furniture. For a borrower, the decision of how to best tap into home equity is fraught with confusion. Home-equity loans are generally the better deal for someone looking to make a one-time move paid out over a longer period of time. A home-equity line of credit, by comparison, is ideal for someone who might need to take money out on multiple occasions, or for someone looking for a short-term deal, particularly with rates staying low in spite of recent interest rate hikes by the Federal Reserve. To get guidance on which type of home-equity borrowing might be right for you, go to two types getting a loan with your home equity page. Getting a Mortgage Without Proof of Income There's a growing number of people who don't have steady paychecks and can't easily document their income but who are good candidates for stated income loans. Among them are small- business owners, commissioned salespeople, independent contractors and new immigrants. If your income doesn't come from a paycheck or you don't want to reveal all to some lender, you can still get a home loan with a little bit higher interest rate. By far the most popular such loans are the stated income mortgages, experts say. To qualify for such a loan, borrowers typically need to have FICO credit scores in the mid- to high-600 range. The loans also are useful to people who've been out of work and are starting new jobs. A stated income mortgage loan is often a good choice if you have verifiable employment including self- employment and verifiable assets. Income that is stated on the application must be reasonable in terms of your occupation and assets. Additionally, most stated income loans require that the borrower have a down payment or equity of at least 20 percent of the property's value. Annual Average Mortgage Rates Lower Than Previously Forecast Long-term fixed mortgage rates were flat to a bit lower this week, while Treasury-indexed adjustable rate mortgages rose slightly, Freddie Mac said. Freddie Mac on Nov. 24th released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage (FRM) averaged 5.72 percent, with an average 0.6 points, for the week ending November 24, 2004, down a little from last week when it averaged 5.74 percent. Last year at this time, the 30-year FRM averaged 5.83 percent. The average for the 15-year FRM this week is 5.15 percent, with an average 0.6 points, unchanged from last week. A year ago, the 15-year FRM averaged 5.17 percent. "At this time last year, our forecast called for interest rates for 30-year fixed-rate mortgages to exceed six percent by this time this year," said Frank Nothaft, Freddie Mac vice president and chief economist. "Today's annual average mortgage rates are below even that projection thanks to the spring 'soft-patch' in economic growth. "Nevertheless, our outlook is that long-term rates are destined to rise to a still homebuyer friendly range that will most likely cause home sales to cool relative to their current record highs." | 
