Quoting research from the Federal Reserve Bank of Dallas, the article argues that fewer Texans cashed out their home equity in the early 2000s, and those who did were capped on the amount of equity they could cash out. The Federal Reserve Bank of Dallas' research also confirmed the risks associated with cash-out refinancing by finding a strong link between the percentage of subprime cash-out personal loan features and benefits in a state and that state's foreclosure rate. While the federal government has cracked down on sub-prime lending, the other risks associated with cash-out refinances still remain.

For more information about cash-out refinances and home equity loans, please see the additional resources linked below. Additional Resources. No blog post next week.

Personal loan features and benefits

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Personal loan features and benefits

For example, VA loans do not require any cash reserves. But some lenders will impose their own requirements on top of the VAs minimum guidelines. In the lending industry, these are known as overlays. So they might tell you up front there are no cash-reserve requirements on a particular loan, and then later the underwriter comes back and says there are.

Or they might personal loan features and benefits them in advance. Either way, the end result is the same. You need to have extra money in the bank if you want to close the loan.

Mortgage lenders are also requiring larger amounts of reserves, especially for bigger loans. The average requirement for conventional mortgage loans (among those lenders that require cash reserves) is two months worth.

Personal loan features and benefits