Home Equity Update: HELOC Rates Drop as Home Prices Climb
This week in home news As Home Equity Line of Credit (HELOC) rates approach 8%, home values have reached another milestone with the 20th consecutive record-high price. In this edition, we explore topics such as how the Federal Reserve’s interest rate choices impact expenses related to home equity borrowings, reasons behind lending institutions restricting accessible equity amounts, older adults utilizing home equity for increasing long-term care expenditures, and distinctions between home equity loans and those intended for renovations. Additionally, we offer guidance on identifying unscrupulous lenders and clarifying initial low-interest promotional periods for HELOCs. Leading headlines in home equity, mortgage news, and property market developments Why lenders restrict your ability to use all your home equity Soaring house values have resulted in numerous homeowners accumulating an unprecedented level of equity. However, even though your property investm...