Items Tagged with 'Home equity line of credit'

ARTICLES

  • Quarter of homeowners can't define a HELOC

    Nearly half plan to renovate, but most won't use their home equity to finance it
    Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.
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  • 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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  • 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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  • PennyMac jumps into home equity business

    Rolls out HELOC product for existing customers
    PennyMac is betting on opportunity in home equity lending, announcing Friday that its Loan Services subsidiary will now offer HELOCs. The nonbank's foray into home equity lending comes at an interesting time, as some experts say certain market dynamics signal the likelihood of an impending home equity boom, while others are saying quite the opposite.
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  • Analyst predicts weak year for HELOCs

    Says rate hikes will make these loans more expensive
    Many predict the Federal Reserve will raise interest rates in the year ahead, and this means HELOC borrowers can expect their loan payments to creep upward. Bankrate.com's Chief Financial Analyst Greg McBride predicts many HELOC borrowers will see their rates increase by 50 basis points this year.
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  • [Op-ed] How to decide between a HELOC and a cash-out refinance

    Here are some variables to consider when thinking about accessing your equity
    Home equity loans are on the rise with interest rates convincing more homeowners to stay put, and studies predict this trend isn’t about slow down anytime soon. But if a homeowner is considering using some of their equity, how do they decide between a line of credit and a cash-out refinance? Here are some significant variables to consider.
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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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  • Finance of America Reverse unveils proprietary reverse mortgage HELOC

    Introduces HomeSafe Select, the latest addition to its proprietary suite
    Finance of America Reverse released yet another addition to its suite of proprietary reverse mortgages, unveiling Friday the HomeSafe Select. Unlike other non-agency reverse mortgage loans on the market, the HomeSafe Select offers borrowers access to 25% of their proceeds upfront, with the remainder available in a growing line of credit.
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