Boca Mortgage Blog

More People Are Tapping Into their Home Equity

July 24th, 2014 10:30 AM by Leonard Silvestri


                  


 The amount of homeowners taking out home equity loans has dramatically increased this year, and the most common reason is home improvement. Home equity is a great resource for important situations, as long as you do your research. The article below describes the recent trend of home equity loans.

Lenders are luring homeowners by charging lower interest. Home-equity lines of credit, which are commonly known as Helocs and which account for most home-equity lending, had an average rate of 5.01% in June, down from 5.16% a year earlier, according to mortgage-information website HSH.com. Rates on new home-equity loans also have fallen.

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Posted by Leonard Silvestri on July 24th, 2014 10:30 AM

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