Who says the home equity loan market is dead? In the Washington metropolitan area PNC Bank is advertising HELOC rates as low 3.99%. However, in its marketing materials the bank is telling potential customers that the 3.99% rate is only for "strong financial households" that want a line of $75,000 or more. Keep in mind that compared to the rest of the nation, D.C. area values have sagged -- but nowhere as badly as such devastated markets as Arizona, California, Florida, Nevada and Michigan. PNC of Pittsburgh is the 7th largest servicer of residential second liens, according to figures compiled by National Mortgage News and the Alternative Products Quarterly Data Report. Meanwhile, some mega lenders also are jacking up rates on some of their credit cards. Bank of America, the nation's second largest residential lender, soon will charge its credit card customers 4% (or a minimum of $10) for such borrowings as ATM advances, balance transfers, bank cash advances, check cash advances, and more. In the solicitation I received the bank was kind enough to send me six live checks. Maybe its mortgage business isn't doing so well after allâ¦
Loan Think
What We're Hearing
Published May 04, 2009, 5:00 a.m. EDT
1 Min Read
