More Americans are considering borrowing against their homes, and want reputable lenders to help them understand their options. Nearly three in ten American homeowners have home equity loans or HELOCs on the mind, saying they may take one out in the next twelve months. That’s according to a MeridianLink survey of about 1,500 homeowners. MeridianLink…
American homes climbed in value to $49.7 trillion in 2024, gaining $2.5 trillion over the course of the year. This is a 5.2% annual increase but the slowest growth in a calendar year since 2019 and the second-slowest since 2011, according to a new Redfin analysis. “There are more homes for sale right now than…
By NICOLE MURRAY “Marry the house, date the rate” seemed like a reasonable homebuying strategy when economists were predicting mortgage rates would drop in 2024 and beyond. But now, looking into 2025, it seems like higher rates are here to stay. The economic research team at Realtor.com says mortgage rates will average 6.3% across 2025…
American homeowners saw home equity changes last quarter, with overall growth cooling. The rate of equity growth dropped from 8% to 2.5% from Q2 to Q3 2024, according to new data from CoreLogic. For the first time since Q4 2022, the share of negative equity rose in the U.S. on a quarterly basis. Quarter-over-quarter, the…
By KIMBERLEY HAAS Rocket Mortgage has launched new 15- and 30-year home equity loan options and the executive vice president at Rocket Pro TPO says brokers can use them to help clients who need cash. The new terms complement Rocket’s existing 10- and 20-year options and Mike Fawaz said in an interview with The Mortgage…
With home equity products soaring in popularity, Figure Technology launched its Piggyback HELOC platform nationwide. The Piggyback HELOC is designed to provide homebuyers with easy access to lower down payments while avoiding the cost of mortgage insurance or high jumbo loan rates. A piggyback loan is a secondary loan that buyers borrow in addition to…
Nearly half of mortgaged homeowners are equity-rich again as home prices soared in the second quarter of 2024. New data from ATTOM found that 49.2% of mortgaged residential properties were considered equity-rich in Q2, up from 45.8% in Q1. This matches a record high from the spring of 2023 and is the first increase after…
PrimeLending introduced a new home equity loan product that allows Americans to combat inflation and high credit card debt with the value stored in their homes. Borrowers can convert home equity into cash, which they can use for anything, including managing finances, covering expenses, and consolidating high-interest debt. Homeowners can access a portion of their…
The recent surge in home prices pushed U.S. homeowners’ tappable equity to a record $11 trillion. Prices were on a run in March, according to the ICE Home Price Index, up 1.2% and more than 25% above the 25-year average increase. This is the third straight month of above-average gains as stock shortages keep competition…
Wholesale Non-QM lender Newfi Lending announced EquityChoice, a new type of shared appreciation mortgage. The product comes in response to record-high equity amassed by Americans since the pandemic housing boom. High rates are keeping that equity stored away, as many homeowners are reluctant to tap into it through traditional financing options. EquityChoice gives homeowners access…
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