Bad Credit Ireland Mortgage Refinance

Fed pauses, consumers exhale

The Federal Reserve's decision not to raise rates for the first time in two years should give both consumers and businesses some breathing room.

If you have a home equity line of credit, what the Fed didn't do Tuesday is really good news.

"That's the most positive news. Everybody with a home equity line of credit right now is cheering because their rate did not increase," said Cory Reid, president of Emeryville-based Fountainhead Mortgage and an officer with

the California Association of Mortgage Brokers.

"The most immediate impact will be felt by people who have a home equity line of credit. The reason for that is that every time the Fed moves the rate, it immediately impacts the prime rate upon which their home equity lines are based," he said.

The prime rate has more than doubled from 4 percent in June 2004 to 8.25 percent in July.

Fed gives consumers a break

The Federal Reserves decision not to raise rates for the first time in two years should give both consumers and businesses some breathing room.

If you have a home equity line of credit, what the Fed didnt do on Tuesday is really good news.

Thats the most positive news. Everybody with a home equity line of credit right now is cheering because

their rate did not increase, said Cory Reid, president of Emeryville-based Fountainhead Mortgage and an officer with the California Association of Mortgage Brokers.

The most immediate impact will be felt by people who have a home equity line of credit. The reason for that is that every time the Fed moves the rate, it immediately impacts the prime rate upon which their home equity lines are based, he said.

The prime rate has more than doubled from 4 percent in June 2004 to 8.25 percent in July.

Monday Morning Money Moves

Having a hard time snapping out of weekend mode? Make the most of your Monday by crossing these nine financial "to do's" off your list.

Protect your good name
What's more important than protecting your good reputation? How about that pristine credit record you've worked hard to keep clean? Your credit history determines what interest rates you pay on credit cards and a mortgage, and even how much you'll shell out for auto or homeowner's insurance in some states.

Sadly, identity theft is becoming more common, with crooks fraudulently running up credit card or cell phone accounts, passing bad checks, or getting a loan in someone else's name. With a quick phone call and a trip to the Xerox machine, you can create a cocoon around your credit file while the coffee brews in the break room.

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