Recently, there has been a slowdown in HELOC activity after reaching a 15-year high in 2022. The Mortgage Bankers Association has provided data on how HELOCs have been utilized over the years. Home renovation and remodeling remain the primary reasons for utilizing HELOCs, followed by debt consolidation, emergencies, and other big-ticket financing. The MBA’s 2023 Home Equity Lending Study was the source of this data. Lenders anticipate that the home equity market will continue to grow due to the untapped equity in real estate. For more information, you can visit the Mortgage Bankers Association’s website.
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