Silvergate Earnings Finally Catching Crypto Winter Chill

Slivergate CEO Alan Lane, second from right, is applauded as he rings the New York Stock Exchange ... [+]Copyright 2019 The Associated Press. All rights reserved

Crypto winter is finally catching up with Silvergate, whose unusual business model saw its mostly interest-free deposits zoom while yields on its investments rose. The leading crypto bank gathers demand deposits from exchanges and crypto infrastructure providers that need to be able to tap their cash in a hurry.

A boom in deposits, coupled with Federal Reserve tightening and an investment portfolio with more than half its holdings in floating-rate instruments sent profit soaring in recent quarters. As the crypto economy has cooled and leading currency bitcoin’s price has stabilized at a lower level, trading volume has declined.

The current environment leaves investors concerned that Silvergate’s deposits have dropped, as they did last quarter when they fell to $13.8 billion from $14.7 billion in the first three months. On a year-over-year basis, Silvergate is still expected to report stunning figures, with net income up 83% to $42.9 million, and earnings per share on the adjusted basis used by Wall Street up to $1.40 from 88 cents a year ago.

But the tide seems to be turning. Jared Shaw, managing director at Wells Fargo WFC Securities said Silvergate may not be able to take as much advantage of rising bond-market interest rates as conventional banks because the liquidity needs of its customers require conservative investments. Wells Fargo earlier this month cut its full-year EPS outlook for Silvergate to $4.73 from $4.93, while slashing its 2023 forecast to $6.93 from $9.21.

Silvergate shares rose 5.2% on Monday to $70.65, though it remains far below the $239.26 it crested at in November. This year, the stock is down 55%, compared with a 5% drop for the Invesco KBW Regional Banking ETF.The depressed crypto market also has implications for one of Silvergate’s growth initiatives: bitcoin-backed loans.

Earlier this year, the bank made headlines by issuing a $205 million loan to analytics software company Microstrategy, which used the funds to buy bitcoin. However, with bitcoin’s price down 57% year-to-date, Shaw is not optimistic in the short-term about the business stream. “Clearly, with bitcoin pricing under pressure, people need to put more collateral down for that loan,” Shaw says. “I think the overall service use case for that is delayed and reduced.”

Investors will also be eager to hear an update on Silvergate’s plan to launch its own stablecoin by the end of the year. In January, the bank purchased Meta’s abandoned Diem project for $182 million. The stablecoin could make Silvergate’s existing payments network more efficient and the company’s CEO Alan Lane has said he believes U.S. dollar-backed stablecoins have the potential to change the traditional payments landscape.

“The reality is there is not a bank-regulated issue stable-coin in the world right now,” Michael Perito, managing director at Keefe, Bruyette & Woods, says. “They know the advantage of being a first mover and I think that’s what they’re trying to move to.”

While stablecoins generate excitement in traditional and crypto communities, regulatory uncertainty looms over the progress of these projects. In 2013, Silvergate became the first to target crypto companies as business banking clients. Today, the bank acts as the plumbing behind much of the crypto economy by facilitating the conversion of dollars to crypto assets for clients like exchanges.

Additionally, Silvergate offers institutional custody services, issues bitcoin-backed loans and runs its own real-time payments network. Silvergate banks for some of the largest companies in crypto including Coinbase, FTX, Kraken, Gemini and Circle.

Source: Silvergate Earnings Finally Catching Crypto Winter Chill

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Critics by Michael Bellusci

Silvergate Capital (SI) is no longer on track to bring its own stablecoin to market this year, though CEO Alan Lane said the company continues to work closely with regulators on the matter.

“We’re certainly disappointed that it looks like we’re gonna miss our goal of launching it this year,” Lane said during Silvergate’s earnings conference call Tuesday. The company, Lane added, is working diligently to build its operational and regulatory compliance “muscle” to ensure a smooth launch.

At the start of this 2022, Silvergate bought the technology and other assets from Diem – the stablecoin project from Meta Platforms (formerly Facebook) that was first announced as Libra back in June 2019.

The delay isn’t related to any technology issues for the project, said Lane, who still believes Silvergate is in a strong position versus other banks to bring its own tokenized dollar to the blockchain.

Silvergate shares fell over 20% in Tuesday’s trading session after reporting an earnings miss that included a slowdown in USD transfers and digital deposits, along with the stablecoin delay.

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Related News:

Silvergate Shares Plummet 20% Amid Bearish Q3 Performance, Stablecoin Delays Decrypt

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These Are The 10 Major Housing Markets That Just Saw The Biggest Declines In Home Equity

As home prices soared in recent years, homeowners enjoyed record levels of tappable home equity, which is the amount of money a homeowner can borrow against while keeping a 20% equity stake. But that’s all changing as home prices begin to fall, with July seeing the largest decline in home prices since 2011, according to real estate data and analytics company Black Knight’s most recent Mortgage Monitor. (See the lowest rates home equity rates you may qualify for here.)

Indeed, while tappable equity hit another record high in the second quarter of the year, its growth appears to have peaked. “While mortgage-holders’ tappable equity had grown 25% from last year to hit another record high in Q2, we noted that equity actually peaked in May and tracked the pullback that began in June before escalating in July,” says Ben Graboske, president of Black Knight Data & Analytics. “Tappable equity is now down 5% in the last two months, setting up Q3 to likely see the first quarterly decline in tappable equity since 2019.”

In some markets, this drop in tappable home equity is especially acute, the Black Knight data revealed. Five of the most equity-rich West Coast markets saw tappable equity decline by 10% to 20% from April to July. Here’s how large the declines in tappable equity were in the 10 most equity rich markets:

  • San Jose, -20%
  • Seattle, -18%
  • San Diego, -14%
  • San Francisco, -14%
  • Los Angeles, -10%
  • Washington DC, -4%
  • Chicago, 6%
  • Dallas , 6%
  • New York, 8%
  • Miami, 8%

Meanwhile, among the 50 most equity rich markets, here’s what happened with tappable home equity:

  • San Jose, -20%
  • Seattle, -18%
  • Oxnard, Calif. -14%
  • San Francisco, -14%
  • San Diego, -14%
  • Denver, -12%
  • Sacramento, -12%
  • Santa Cruz, -11%
  • Riverside, Calif., -11%
  • Los Angeles, -10%

One big reason why tappable equity is down is, of course, that home prices are down. But it’s also likely that rising interest rates are to blame for how much equity is being withdrawn, as rising rates change how homeowners tap their equity. Homeowners had previously taken advantage of lower rates to take out HELOCs and home equity lending was up nearly 30% quarter over quarter, the largest volume in almost 12 years.

What to consider if you’re thinking about taking out a HELOC

HELOCs tend to be a far more affordable way to borrow money than either credit cards or personal loans, particuarly for homeowners with significant equity in their homes. And they can be a smart option for borrowers looking to consolidate high-interest debt or fund home improvement projects. But it’s important to get your finances in order, your credit score as high as possible and to shop around for rates. See the lowest rates home equity rates you may qualify for here.

It’s also important to understand how HELOCs work, too. They are composed of a two-part structure, which is usually a 10-year draw period and a 20-year repayment period, which together equal a 30-year term. During the draw period, borrowers can withdraw as much or as little money as they like. But once the repayment period begins, money can no longer be withdrawn and the borrower begins to pay back the principal in addition to interest.

Because HELOCs are based on the amount of equity someone has in their home, the amount of money a borrower qualifies for will vary. Remember that HELOCS tend to have variable rates, which might start out low but could increase if rates rise. And because you’re using your home as collateral to take out a loan like this, you risk of losing your home if you’re unable to make your scheduled payments.

By : Alisa Wolfson

Source: These are the 10 major housing markets that just saw the biggest declines in home equity – MarketWatch

Existing Home Sales data showed a drop of 5.9% from June to July and a 20.2% drop from the same period one year earlier, marking the sixth consecutive month of decline. The median price of a house rose 10.8% from one year prior to a price of $403,800, but it’s still down $10,000 from the previous month’s high, according to the National Association of Realtors.

These drops occurred despite the inventory of unsold houses rising to 1.31 million by the end of July.

“The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” said NAR Chief Economist Lawrence Yun. “Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.”

The rise in mortgage rates has helped to rapidly cool what had been a red-hot housing market, hitting a record high in median home prices. The Federal Reserve boosted the rate in an effort to contain rampant inflation.

The six-month decline marks perhaps the fastest drop off since 2005, according to Seeking Alpha.

The average seasonally adjusted rate of home sales over the past decade hovered around 5.35 million, but the current level is at around 4.81 million, down from 6.50 million in half a year. Only the first year of the pandemic shows a more severe decline in home sales.

The previous non-pandemic rate to hit a similar cliff dive occurred in 2005 after the housing bubble peaked. The following decline occurred over nine months from 2006 into 2007 and rolled into the housing crisis of 2008. And the Conference Board posted an annual rate of change in its Leading Economic Index of 0%. Seeking Alpha noted that should the rate enter negative territory, it would be the 13th time since 1960, and 66% of those previous instances preceded a recession.

Related contents:

‘The market has begun to correct itself’: House hunters say they’re ready to buy in the next… Realtor.com

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Cost of Living: Things You Can Do Now To Prepare For Autumn and Winter

The months ahead look particularly gloomy when it comes to our finances, as we brace ourselves for a turbulent autumn and winter. With rocketing food prices, soaring household bills, and just the general cost of living increasing, we’re all feeling the pinch at the moment.

But this is set to get even worse as we head into the latter half of the year – with energy bills due to rise again in October and inflation predicted to hit a 50-year high of 18.6% by end of January. A tough winter ahead is looming.

While it’s perfectly natural to feel worried and anxious about what’s around the corner, the good news is there are a few things everyone can do now, to help get their homes and finances in the best position possible. We’ve asked experts to share some actions to take right now to prepare for the coming months.

Get on top of any debts

Victor Trokoudes, CEO and co-founder of Plum, explains that – with interest rates set to rise again – it’s more important than ever to get on top of any debts, especially if they already have high-interest. He says: ‘The Bank of England’s interest rate influences short-term lending on things like credit cards, and given the growing economic uncertainty, your credit card repayments could go up due to higher interest.

‘When you’ve paid off any debt, you’ll have more room in your budget for other things, like growing your emergency fund or simply paying bills in the face of rising prices.  ‘Otherwise, you may want to consider moving your debt to a cheaper rate. If you have a higher credit score, you’ll likely have more options open to you but moving your debt to a 0% credit card or a personal loan on a cheaper interest rate could be a good option.

‘That means you can use more of your finances to pay down the actual debt each month rather than just paying off the interest.’

Review your expenses and budget

The word ‘budget’ has been thrown around a lot the past few months – but making a monthly financial plan and regularly reviewing your expenses really will help lessen anxiety and make you feel more in control. Victor says: ‘Take a look at where you can cut back on spending. Scan your outgoings and make note of anything you’re not making full use of. That means trying to cut down on non-essential spending, like entertainment, dining out and clothing.

‘To help you do this, put together a budget. So many of us don’t have an idea of what we’re spending and on what. ‘You can then cancel the outgoings that are no longer must-haves, and downgrade the ones you don’t use to their full potential — that could mean moving to a basic tier of gym membership, or switching to a SIM-only deal on a phone contract that’s run its term.

‘While it’s not realistic to think you can cut out all non-essential spending, it’s important to separate what you want from what you really need.’ There are plenty of budgeting apps which might be able to help you do this. Or you can always make your own manual one using a spreadsheet.

Compare bills

‘Loyalty is costly to consumers, but let’s face it – most people would rather live their lives than spend time scouting for better deals and keeping on top of financial admin,’ says Victor. But it’s super important to shop around for better deals – and lots of comparison websites can help you do this.

Check your tax breaks

Victor also adds it’s vital you make sure you take advantage of all the tax breaks that are available to you.  ‘These could make a very big difference, especially over the coming months with energy bills set to rocket and inflation already in double digits,’ he adds.

‘For example, the Government provides support with childcare costs, up to £2,000 for each child per year. With childcare costs in the UK among the highest in Europe, this is one tax break parents can’t afford to be missing out on.’ Victor says another popular tax break is the Marriage Allowance which lets you transfer £1,260 of your personal tax allowance to your husband, wife or civil partner. This reduces their tax by up to £252 in the tax year.

Insulate your home

Tip top insulation is a great way to ensure your home stays warm during the chillier months – without turning up the heating. ‘It is a good idea to act now on looking at ways to reduce upcoming heating bills, and that includes considering how to make your home more energy efficient,’ says Jenny Turner from Insulation Express.

‘A staggering 25% of heat loss occurs through the roof in a poorly insulated property, and that is making your boiler work harder, costing you more money. For those eligible, there are government grants available to help with insulation costs. ‘A boiler jacket can also be a great investment as an extra layer of heat-trapping when the boiler is in use this winter.’

Another way to prevent heat from disappearing in the home is to find and tackle cold and draughty spots. Jenny adds: ‘Draughts account for 15% of heat loss, so use window sealant or caulking to go round windows and doors to cover up any gaps where cold air could be getting in.

‘Use draught excluders at the bottom of the doors when the colder weather comes, and hang thermal curtains at windows and inside of external doorways to help trap heat.’

Take advantage of loyalty schemes

‘Loyalty schemes can be seen as a hassle before you have signed up, but once you use one for a significant amount of time, some of the discounts and offers are fantastic,’ says Sam Whillance, an expert at money-saving site Deal Town. Check out options such as Tesco Clubcard, myLidl, Pret, Boots and other retailers that allow customers to build points – and benefit from money off and vouchers.

Sign up now and reap the freebies over the coming months.

Change to more energy efficient lightbulbs.

Heating and lighting are the two main costs for energy in most homes, says Ben Howarth, the founder and managing director of Howarth Housing Group. ‘While most people have already changed over to LED bulbs, they are not all created equal. LED bulbs have an energy efficiency rating and changing to newer, more energy efficient bulbs can add to the cost saving,’ he explains.

‘Also don’t neglect your light fittings. Some older spotlight fittings that were originally designed for halogen bulbs actually draw more power than they need then dispel the excess. ‘This is because they were designed to draw far more energy than an LED bulb requires.’

Cancel those subscriptions

Cut back on any subscriptions you don’t feel like you use enough, or even limit the ones you have for certain categories. For example, do you really need Netflix, Disney Plus, Amazon Prime and Hulu?

Ben says: ‘Most online streaming services show about 90% of the same films and shows, they usually only have a few programmes which are specific to them so, if you don’t use it regularly, cancel it. ‘That can often save £50-£60 a month in total so it’s a big saving for something you may only use once a month.

‘Also, if you have Sky or Virgin look at your package. Often you may have extra packages you don’t use anymore such as kid’s channels or sports which may have been offered cheap initially but are now full price. If you don’t use it, get rid of it.’

Invest in an electric blanket

A good energy-saving mantra to follow is to heat the person, not the room. Pete Mugleston, a money expert at Online Money Advisor, recommends investing in an electric blanket for winter – but be savvy with this.

He says: ‘Using a low wattage electric blanket can keep your heating costs to a minimum, and they use much less energy than radiators or portable heaters. ‘That being said, it’s important to understand the cost of operating an electric blanket before deciding to buy one – make sure you look out for blankets that have lots of heat settings, timers and dual controls.

‘When using your electric blanket, be sure to set the timer to heat it up beforehand and choose a lower heat that will use less energy.’

By:

Source: Cost of living: Things you can do now to prepare for autumn and winter | Metro News

Related News:

Cost of living crisis: As energy costs spiral, Scotland’s two governments have gone awol – Ian… Edinburgh Evening News

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How The Real Estate Industry Can Simplify The Investment Process

For generations, real estate has proven to be a successful way to build wealth in America. People buy a home, often build equity over time, then sell their home.

CNBC reported in December that close to 95,000 homes were flipped in the third quarter of 2021, an increase for the second quarter in a row. In the past, buying single-family homes, fixing them up and selling them at a profit has largely been the purview of those with access to capital and privy to hard-to-obtain information, such as accurate data on home valuations and the true costs of conducting repairs. These acted as barriers to entry.

My company uses the power of data and technology to bring lending for real estate investors into the digital age, and I’ve observed technology has ushered dramatic changes into the market in recent years. If the real estate industry is to continue to grow and welcome groups of investors who have traditionally been walled out, I believe key stakeholders must continue to rid the home-buying process of high fees, needless complexity and inefficiencies, as well as expand access to capital.

Artificial intelligence is already creating change among lenders.

Buying a home obviously requires money, and that typically means acquiring a loan. To do that, an investor usually needs a good credit score. FICO is one of many ​​ways lenders assess someone’s creditworthiness. Most measure factors such as someone’s level of debt, credit history, the type of credit used and new credit accounts. For years, critics have questioned whether FICO is an accurate way to predict someone’s ability to pay back a loan.

In recent years, more and more lenders have turned to alternative means to measure creditworthiness, my company included. The rise of artificial intelligence has begun to create massive change. The ability to find alternative ways to determine credit risk could open more doors to groups who have not always received a fair credit evaluation.

That said, much has been written about the problem of introducing bias into these AI algorithms. While I believe AI is still a good option, it is still important to consider some challenges associated with using AI in the lending process.

For example, AI-based engines exhibit many of the same biases as humans because they were trained on biased credit decisions and historical inequities in housing and lending markets data. In order to address these inequities, AI-based engines should be designed to encourage greater equity, rather than try to align with previous credit decisions. Lenders can achieve this by removing bias from data before a model is built, which includes eliminating model variables that directly or indirectly create fair lending disparities.

Moreover, it’s important to add more constraints to the model so that it can encourage equity. For example, these constraints can reduce the difference in outcomes for people in different zip codes who have the same risk profile. If AI-based engines are left unchecked, they can reinforce the inequities that lenders want them to eliminate.

There’s still more to be done.

Buying a home is a stressful process; identifying the right market, finding a home that fits the investor’s criteria, getting financing and closing on time can be challenging. An investor needs to study the market by researching statistics in the area, including housing prices, housing inventory, listing prices and days on the market. In addition, one must get prices for renovation materials and identify the ​​right contractors. As such, investors need adequate tools to analyze different markets and deals.

Years ago, determining a home’s value required a real estate agent. Along with large institutional investors, agents were primarily the only ones with access to this information on a large scale. Now, technology has leveled the playing field, and a real estate investor can log on to Zillow, Redfin or similar sites and learn about price, value and trends regarding nearly any property in the country. This has simplified the buying process, but more needs to be done. Here are a few areas the real estate industry could work to address:

• Developing a better experience for virtual walkthroughs: Today, there are solutions that allow for virtual inspections to avoid the hassle of scheduling an in-person visit, which can be challenging, particularly if the property is out of state. But there is an opportunity to further streamline the process by leveraging technology. Virtual reality headsets showed early promise but haven’t taken off as expected, and there’s a significant need to improve the way to get an on-the-scene feeling for a property without spending the time and money to visit in person.

• Providing more digital tools and products: Tackling the different steps and paperwork involved with buying requires a degree of know-how. For real estate investors, speed is crucial, as an investor might be in the process of acquiring multiple properties at the same time while competing with other investors. It can be cumbersome and tedious to manage the paperwork for multiple properties at the same time. For this reason, companies in the real estate space can also aim to create technology that further streamlines the process, provides transparency every step of the way and helps scale.

The area is ripe for disruption. The goal for the players in the real estate industry should be to make the process of buying and selling a home much more akin to buying and selling a car. If we do that, we can truly transform the real estate industry.

Source: How The Real Estate Industry Can Simplify The Investment Process

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What To Know about FHA Cash-Out Refinance Requirements and Guidelines

An FHA cash-out refinance allows you to tap the equity in your home with low credit score requirements. (Shutterstock)

If you have an FHA loan, you may be able to tap into your home equity by refinancing. This can give you the cash you need to renovate your home, consolidate debt, or help pay for a college education. Here’s a look at the FHA cash-out refinance program, including how it works and how you can qualify.

You won’t find rates for FHA cash-out refinances at Credible, but if you’re looking for a great cash-out refinance rate on a conventional loan, it only takes a few minutes to compare personalized, prequalified rates.

What is an FHA cash-out refinance and how does it work?

An FHA cash-out refinance allows you to take out a new FHA loan, insured by the Federal Housing Administration, that pays off and replaces your current one. Your new loan will be for a larger amount than you currently owe, with the difference coming to you as cash.

You can use the money you receive from an FHA cash-out refinance for anything, but people often use the funds to pay off high-interest debt, or to pay for home improvements or large expenses like medical bills or tuition payments.

An FHA cash-out refinance is different from another common type of FHA loan refinance: the FHA Streamline Refinance. A streamline refinance doesn’t allow you to take cash out from your equity, but you benefit from a quicker and easier process. Streamline refinances don’t require a home appraisal, and you may not need to go through a credit check. With a cash-out refinance, you’ll need to do both.

How do you qualify for an FHA cash-out refinance?

FHA cash-out refinances have requirements similar to those of a traditional FHA loan, with some key differences. To be approved for an FHA cash-out refinance, you must have:

  • A credit score of at least 500
  • A debt-to-income ratio below 50%
  • At least 20% equity in your home after refinancing
  • Owned and lived in the home as your principal residence for the past 12 months
  • Made all mortgage payments within a month of their due date for the past 12 months

The amount of cash you’re able to take out depends on your home value and how much equity you have in the home. After your refinance is complete, you must still have 20% equity.

For example, let’s say you have a home that’s worth $300,000 and you owe $200,000 on your current mortgage. You currently have about 33% equity in your home.

In this situation, you could potentially take out up to $40,000 in cash through an FHA cash-out refinance loan worth $240,000. That would leave you with $60,000 in equity, or 20% of your home’s value. Lenders may have different requirements for an FHA cash-out refinance based on your credit score and other factors.

What does an FHA cash-out refinance cost?

You’ll need to pay closing costs when you complete an FHA cash-out refinance. These fees may range up to 3% to 4% of the amount of your loan. You may be able to finance some or all of your closing costs into your new loan.

Common closing costs include:

  • Origination fee
  • Appraisal fee
  • Title fees
  • Attorney fees
  • Mortgage insurance premiums
  • Homeowners insurance premiums

All FHA loans require an upfront mortgage insurance premium that’s typically 1.75% of the loan amount. If your FHA cash-out refinance is within three years of your original FHA loan, you may be able to get a refund for a percentage of the upfront premium you paid.

Credible can help you find a great refinance rate on a traditional cash-out refinance. Easily compare multiple lenders and see prequalified rates in a few minutes.

How to apply for an FHA cash-out refinance

Applying for an FHA cash-out refinance is a similar process to the one you used when you first bought your home. Contact your current lender for a rate quote, but also request quotes from several other lenders and see if you qualify.

Different lenders may have different requirements for who can qualify for an FHA cash-out refinance and how much money you may be able to take out. By visiting the lender’s website, you may be able to prequalify for a loan by filling out a simple form and going through a quick credit check. Prequalifying for a loan may affect your credit score. However, credit bureaus treat credit checks from multiple lenders within 45 days as one inquiry, so you’re not penalized for shopping around and getting quotes from a variety of options.

Documents you’ll need for an FHA cash-out refinance

Once you’ve found a lender, your loan officer will give you instructions on how to proceed with a full loan application. You’ll need to provide financial documents, which may include:

  • Tax returns
  • W-2 forms
  • Pay stubs
  • Bank account statements

Other requirements for an FHA cash-out refinance

Your lender will also order an appraisal of your home to determine its value. This is key in determining how much equity you currently have, and thus how much cash you’ll be able to take out. You’ll also need to go through a thorough review of your credit history.

If you qualify for the loan based on the appraisal and underwriting, you’ll typically meet in person to sign the closing documents. Some lenders may offer an e-closing option, where this can be done virtually. If you’re refinancing with a different lender, be sure to continue paying your existing mortgage until you receive confirmation that it’s paid off.

Pros and cons of an FHA cash-out refinance

Like any financial transaction, an FHA cash-out refinance has its benefits and drawbacks. Here are a few to keep in mind before you make your decision:

Pros

  • Tap home equity without a second loan — A cash-out refinance allows you to take money out of your home equity without needing to take on another loan and monthly payment. You’ll simply have another first mortgage.
  • Low credit qualifying requirements — You may be able to qualify for an FHA cash-out refinance with a credit score as low as 500, much lower than what you’d need for other types of loans.
  • Low interest rates — FHA interest rates will generally be lower than what you’d find on other types of loans, like a credit card or personal loan. That’s because FHA loans are secured loans, using your home as collateral for the loan.

Cons

  • Higher monthly payments — Since you’re taking out a larger loan than what you currently owe, your monthly payments may be higher than what you’re currently paying. This may strain your budget.
  • Mortgage insurance required — FHA loans require mortgage insurance no matter how much equity you have in your home. You’ll pay an upfront mortgage insurance premium when you close on the loan, and annual mortgage premiums that may become part of your monthly payment. In some cases, you may be able to cancel FHA mortgage insurance payments, but no sooner than 11 years after you take out your loan. This is different from conventional loans, where you may be able to forego mortgage insurance if you have more than 20% equity in your home.
  • Risk of foreclosure — If you fail to make your payments on an FHA loan, you risk losing your home to foreclosure. If your new mortgage has significantly higher payments, this may increase your risk. You may be able to get the cash you need with an unsecured loan, like a personal loan, that doesn’t run the risk of losing your home.

Source: What to know about FHA cash-out refinance requirements and guidelines | Fox Business

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