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After more than three years, home equity lending is starting to creep back into the market, according to The Wall Street Journal.
Although the increase hasn’t registered in the national statistics yet, banks across the country have been issuing significantly more home equity lines of credit in the past six months compared to the first half of 2010.
The loans have been limited to only the safest borrowers, typically those who meet several qualifications and have credit scores of 720 or higher. But the loans are anything but small – most have been at least $75,000 and many top out over $100,000.
However, interest rates are fairly high, averaging 7.15% on home-equity loans and 5.22% on HELOCs. Also, borrowers can still end up underwater if their property value drops.
More like this
- Banks cautiously return to home equity lending
- Nevada Leads U.S. With Over Two-Thirds of Homes In Negative Equity
- HUD Action Allows Home Buyers To Use $8,000 Tax Credit For Downpayments On FHA-Insured Loans
- 2011 NHQ Awards: Charter Homes takes customer service to a ‘special’ level
- Home builders discuss key lessons learned from the downturn
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