Industry experts are noticing a marked increase in the demand for home equity lines of credit, or HELOC loans, by investors and borrowers alike. According to International Document Services (IDS), their customers have acquired more HELOC loan documents from the first quarter through the third quarter 2014 than all of 2013.
IDS Executive Vice President, Mark Mackey, stated, “Rising home prices have certainly encouraged borrowers to tap into their homes’ equity. Because so many people were able to take advantage of the relatively low interest rates over the past few years, they are now highly incentivized to stay in and improve their existing home.” Based on the current rate, IDS believes that “2014 HELOC loan doc draws could exceed those of 2013 by nearly 65%.”
Read what other industry experts are saying about the recent demand for HELOCs at http://bit.ly/ZCjmj4.