How to make $2.5 million a year with home equity loan
The cost of owning a home is expected to fall by $500 billion this year as more home buyers and new construction drive down mortgage rates, according to an estimate by a leading home loan company.
Nissan Finance says the cost of buying a home fell to $2,520,890 last year from $2.,721,950 in 2016, according a report published Thursday by the Wall Street Journal.
Nashville-based Nissan Finance is among the lenders working with the U.S. government to increase the amount homeowners can borrow from banks and other lenders for home loans.
Home equity loans are available to homeowners with low or moderate incomes, and can offer up to a 30 percent interest rate for 30 years.
The home loans offered by the company are typically used to buy or refinance homes, and include home improvements such as paint, plumbing, landscaping, furniture, and even security systems, among other amenities.
The rate for a single-family home, according, is $1,300 per month, while a three-family house is $3,800 per month.NASHVILLE, Tenn.
— The cost of renting a home dropped by $400,000 last year as new construction drove down mortgage interest rates, the largest drop in the United States since the recession.
Namco Bank Securities said the average home loan loan origination rate fell by 5.4 basis points to 3.6 percent in the second quarter, the smallest drop since January.
Namco said that’s largely due to lower interest rates for home equity loans.
A majority of borrowers are paying lower interest rate home loans, with the average loan originations rate dropping to 3 percent in March from 3.9 percent in February.
Nashvillians can take advantage of the loan reductions to purchase a home for $700,000.
Homeowners who want to refinance their mortgage can refinance for $1 million, a $2 million, or a $3 million down payment.
Homeowners can apply for a loan with a $500,000 down payment, a loan of up to $500 million and a $5 million downpayment.
Nasdaq Inc.’s Nikkei 225 stock index has gained 7.6% since Feb. 19.
The index has climbed 8.4% in 2017.