Taking out a home equity loan? These 5 factors matter most, according to experts
With homeowners holding a record $32 trillion in home equity, HELOCs are becoming a popular borrowing option. However, before tapping into HELOCs, homeowners may want to consider some key aspects before taking the next step.
In @CBS News, Angel Oak Mortgage Solutions’ Executive Vice President, @Tom Hutchens shares the most important factors to consider for homeowners when applying for a HELOC and highlights why it’s an affordable borrowing option.
“Almost 80% of homeowners have a mortgage interest rate below 5%,” Tom shares. “By utilizing a home equity loan, a homeowner can tap into this equity while keeping their all-time low first lien interest rate in place.”