Items Tagged with 'HELOC'

ARTICLES

  • Amount of tappable equity falls again

    Q4 sees equity amounts backslide as home price growth slows
    The collective amount of equity available for homeowners to tap reached a record high last year, climbing above $6 trillion as home prices continued to appreciate at a steady clip. But now, tappable equity totals are retreating, with Black Knight data revealing a second consecutive quarter of declines as home price growth slows in many of the most expensive markets.
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  • Study reveals generational divide in HELOC use

    Millennials more likely to use proceeds on things other than home renovation
    Most of the time, when a homeowner takes out a HELOC, the plan is to use the proceeds to fund home renovations. But a recent survey of 1,003 HELOC or future HELOC borrowers by Citizens Bank revealed that younger borrowers are much more open to using the loan for things other than home renovation, shedding light on a generational divide in the way homeowners utilize their home equity.
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  • Figure Technologies expands leadership team

    Hires former Fidelity exec and chief economist to advance mission to help homeowners access equity
    Figure Technologies announced its intention to shake up home equity lending in the fall, and now it's making key hires to help achieve this goal. The fintech company is the brainchild of former SoFi co-founder and CEO Mike Cagney, who launched the company last March with the goal of leveraging AI, blockchain and advanced analytics to revolutionize home equity lending.
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  • Do home equity loans affect your credit score?

    New study analyzes 2,500 borrowers to find out
    Despite record amounts of home equity, fewer homeowners are tapping into this source of wealth. While a number of factors contribute to this fact, could concerns about a home equity loan's effect on credit score play a role? To determine the impact a home equity loan could have on a borrower's credit profile, LendingTree analyzed data from 2,500 consumers to see how their credit scores changed in the months after they took out a loan, and the results may surprise you.
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  • HELOC borrowers increasingly likely to shop for alternative funding

    Study shows HELOC providers face growing threat from alternative lenders
    HELOC volume has been limp in the last year despite rising equity levels thanks to rising interest rates and new tax laws, and now HELOC providers are facing increased competition from alternative lenders. A recent survey by J.D. Power revealed that homeowners are researching their options, looking into alternative funding sources before selecting a HELOC.
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  • Will 2019 bring a boom in home equity lending?

    Economists weigh in
    Certain dynamics shaping the market have led the occasional forecaster to predict a boom in home equity lending. Mortgage rates are rising, they say, prompting more to stay put and tap into their equity instead. So does this mean 2019 will see home equity lending soar? HousingWire asked three economists to weigh in, and here's what they had to say.
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  • Figure Technologies debuts sale lease-back product

    Billed as a reverse mortgage alternative, the Figure Home Advantage targets the Boomer market
    Figure Technologies, led by former SoFi Founder and CEO Mike Cagney, just launched a sale lease-back product to give homeowners another way to access their home equity. The company said the Figure Home Advantage, which it calls an alternative to reverse mortgages, is ideal for those looking to bolster finances in retirement.
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  • Fintech lender Prosper enters mortgage arena with eyes on HELOC disruption

    Bets on growth in home equity lending with digital offering
    Fintech lender Prosper, a longtime player in the personal lending space, has set its sights on the home equity sector, announcing plans Wednesday to enter mortgage lending with the release a digital HELOC product in early 2019. “We are taking advantage of our expertise in consumer credit and personal loans to build a product that removes the complexity and time-consuming barriers in applying for a HELOC,” said Prosper CEO David Kimball.
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  • Homeowners are staying put longer than ever before

    With a disincentive to move, they may just look for other ways to tap that equity
    Homeowners are staying in place longer than ever before, despite the growing amount of equity in their homes. A new report from First American reveals that the median tenure for homeownership has jumped to 10 years, up 10% from last year. But what will they do about all that untapped equity?
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