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Home Equity Loans Market Outlook - 2027
Home equity loans market size has attained a significant growth and is expected to follow the same trend during the forecast period. A home equity loan is a type of consumer debt or second mortgage. It allows owners of homes to borrow money against equity in their residence. It is a second mortgage, from the first mortgage one purchases the property, and can take additional loans against this property if have built up enough equity. The amount that a client can borrow from home equity loan is the value of the property minus the amount of any outstanding mortgages on the property. Home equity loans provide a large amount of money and is considered to be easier to qualify for other types of loans as well as putting property as collateral.
Covid-19 Scenario Analysis:
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers And Impact Analysis
Rise in home prices, trending home improvements and innovations, tax deduction of the interest, less payment of interest as compared to other ways of borrowings, availability of lump sum amount of cash up front, and fixed monthly payments are the factors which act as driver for the global home equity loans market. However, risk of losing your home in case of failure in making loan payments, high closing cost, cash-out refinancing, reverse mortgages and time consuming process are the factors which act as hindrance for the global home equity loan market. Furthermore, strong appetite for the home equity loan and being better option as compared to other ways of borrowing are the factors which act as lucrative opportunity for the global home equity loans market.
The global home equity loans market trends are as follows
Surge in the prices of the home boosted home equity
There is a rise in value of homes globally. According to the Federal Housing Finance Agency the prices of the houses rose 6.5% from the second quarter of 2017 to the second quarter of 2018. With the steady surge in the prices of home, homeowners are becoming more equity rich and will be able to tap into the reserve available. It is expected that homeowners will continue to tap home equity loan more in the forecasted period. As home equity loans are given against the appreciation in the market value of the property so surge in the prices of property will provide good amount of margin to take loan against it.
Technological advancements in home equity borrowing process
There is increase in technology-savvy homeowners in the market, so there is more need for digitalization in the process of home equity loan. There is an increase in investments in the automation of mortgages. Data and technology solutions are increasingly used by lenders to survive and grow in the market. In addition, digitalization in the loan origination process helps technology henceforth, reducing friction in the process. The use of artificial intelligence is increasingly adopted by home equity loan originators to give personal touch and personal advice. Henceforth, advancements in the technology provides an easy way for clients to take loans.
Key Benefits Of The Report:
Questions Answered In The Global Home Equity Loans Market Research Report:
Home Equity Loans Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights
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Key Market Players | LoanDepot LLC, Discover Bank, Member FDIC, The PNC Financial Services Group, Inc., TBK BANK, U.S. Bank, Spring EQ LLC, Pentagon Federal Credit Union, Bank of America Corporation, SSB |
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