Susan Tompor, USA TODAY
Full Article:
Home Prices Rise and Stabilize:
1.) Lenders are more willing to lend.
2.) Borrowers feel more secure about tapping into their equity.
Potential Requirements:
20% equity retention
720 credit score or higher
An appraisal
Verify Employment
Proof of income
A loan minimum. 20K or more.
2-4 week time frame for the loan.
The average rate on a home equity loan is 6.14%.
The average rate on a home equity line of credit is 4.99%
Bankrate.com.
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