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Top related persons:
Jacob Channel - 1 Andy Walden - 1 Holden Lewis - 1 Lewis - 1 Louis Federal Reserve — - 1 LendingTree - 1 Nicole Bachaud - 1 Jacob - 1
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Homes Iowa Maryland
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Louis Federal Reserve - 2 Intercontinental Exchange's Mortgage - 1 Intercontinental Exchange - 1

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☆ Americans have more than $32 trillion in home equity — a record high. Here's what to know before you tap it
  + stars: | 2024-09-11 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +2 min
Tappable equity is the amount most lenders will allow you to take out while still leaving 20% in the home as a cushion. How to tap your home for cashAlternatively, a home equity loan is a type of second mortgage, which allows borrowers to pull cash while using the house as collateral. However, the current average home equity loan interest rate is 8.52%, according to Bankrate, notably higher than a 30-year fixed-rate mortgage. watch nowOtherwise, a home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home's equity. The average HELOC interest rate is just shy of 10%, according to Bankrate.
Persons: Jacob Channel, Andy Walden, Holden Lewis, Lewis Organizations: Louis Federal Reserve, Intercontinental Exchange's Mortgage, Intercontinental Exchange
☆ 'House-rich' Americans are sitting on nearly $30 trillion in home equity. Here's how to tap it
  + stars: | 2023-09-07 | by ( Jessica Dickler | ) www.cnbc.com   time to read: +1 min
Thanks to skyrocketing housing prices, homeowners are now sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve — just shy of the 2022 peak. How to tap your home for cashFactor in the terms, rates and risksWhen it comes to borrowing against your home, the terms can vary greatly, according to a LendingTree report that analyzed more than 580,000 home equity loan offers across the country. The average home equity loan amount offered to homeowners is $104,102, LendingTree found. Access to HELOCs has improved, although the most preferable terms still go to borrowers with higher credit scores and lower debt-to-income ratios. "Though a home equity loan can be a good way to pay for big expenses, like major renovations, or to consolidate high-interest debt, getting one isn't without drawback," added Jacob Channel, LendingTree's senior economist.
Persons: Louis Federal Reserve —, LendingTree, Nicole Bachaud, Jacob, LendingTree's Organizations: Louis Federal Reserve Locations: Homes, Iowa, Maryland
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