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High mortgage rates sideline homeowners from tapping home equity: ICE

Housing Wire

Rising home prices have pushed the third quarter’s tappable home equity amount near its 2022 peak, but interest rates are making homeowners reluctant to extract that wealth. Indeed, in recent quarters, equity withdrawal rates have been running at less than half their long-run averages. Borrowers withdrew a record $104,000 on average.

Equity 429
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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

While mortgage rates are high and economic uncertainty looms, there is good news for borrowers who already have a mortgage and may be looking to tap into their equity. The average mortgage holder is up by more than $92,000 compared to the start of the pandemic. What is a home equity loan? Pros and cons.

Equity 527
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Opinion: How did homeowners get into home equity prison?

Housing Wire

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. Then, the housing market takes off like a rocket with home values exceeding all expectations.

Equity 420
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Home-equity lending blossomed in 2023

Housing Wire

Home-equity lending overall found its wings in 2023 as a number of independent mortgage banks ramped up product lines over the course of the year — despite a bump in the road in the third quarter when mortgage rates surged past 7%. Market indicators so far appear tentatively promising.

Equity 453
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Home equity products light up a dark housing market

Housing Wire

As the housing market suffers through a drought of home sales and related mortgage originations in the current high-rate environment, home prices and home equity continue to climb, helping to spark a revival of another sector — home equity lending and investment. billion, according to offering documents. billion.

Equity 411
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Why Hometap is betting on the growth of the home equity investment market

Housing Wire

homeowners are “house-rich, cash-poor,” home equity investment firm Hometap provides clients with a way to tap into their home equity instead of selling their home or taking out a loan. One is through the market that we’ve approached. Based on the notion that far too many U.S.

Equity 424
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Rocket Pro TPO to offer home equity loan products

Housing Wire

Rocket Pro TPO is diversifying its product portfolio by offering home equity loans to brokers by mid-September amid increased competition in the wholesale channel. The move follows Rocket Mortgage ‘s roll out of home equity loans in August as the firm tries to capitalize on Americans’ strong home equity positions. .

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