Renovation Boom Has Homeowners Taking Out More HELOCs

May 30, 2017

Fast-rising home prices and a record-low number of homes for sales have a lot of homeowners choosing to stay put and renovate. Since home values are higher, they have more cash available to take out of their homes, and a lot of borrowers are opting for a second loan, such as home equity line of credit (HELOC), instead of refinancing their current mortgages. HELOC originations were up 10 percent year over year in 2016, hitting an eight-year high according to Black Knight Financial Services.

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