The Questions to Ask Yourself Before You Get a Home Equity Loan

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The Questions to Ask Yourself Before You Get a Home Equity Loan

Oct, 31st 2016

Nationally, home prices are up more than 5 percent through the first half of 2016, and many markets are close to their all-time peak, according the real estate information company Zillow. As a result, millions of people are borrowing against the equity they've built up in their home since the housing crisis.

According to data from Freddie Mac, 41 percent of consumers in the second quarter of 2016 took out mortgages that involved some form of cash-out refinance, or borrowing against home equity. In all, homeowners borrowed more than $13 billion of their home equity between April and June. That is up from $11.4 billion in the first three months of the year, when 38 percent of homeowners used...

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