LendingTree Survey Finds 2004 the Year of Home Equity Lending
Most Homeowners Consider Home Equity Loans and Lines of Credit
"Smart Debt"
According to a new consumer survey released today by LendingTree, LLC. , the popularity and prevalence of home equity loans is on the rise, indicating that 2004 will become the year of the home equity loan. The inaugural LendingTree Survey on Consumer Trends in Home Equity Lending polled a representative sample of homeowners, and results underscore the fact that borrowers have caught on to the financial value and versatility that home equity loans and lines of credit (HELOC) offer today's homeowner.
Click here for the full news release.
Click here for additional results of the survey.
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Home Equity Loans on the Rise: By the end of 2004, a projected 23.5% of respondents will have secured a home equity loan, double the number who did so in 2003. For comparison, 11.7% secured home equity loans in 2003, 6.7% in 2002, and 5.5% in 2001. Download a print-quality PDF file of this graphic. |
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Home Equity Loans Equal Smart Debt: 55.4% considered home equity loans the most financially responsible lending option, as compared to 20% for personal loans,17.5% for mortgage refinancing with cash out option, and 7.1% for credit card loans. Download a print-quality PDF file of this graphic. |
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Giving Credit to Lines of Credit: The popularity of home equity lines of credit has increased dramatically over the past decade. In just the first four months of 2004, 68.3% of homeowners selected a home equity line of credit instead of a home equity loan. For comparison, 37.5% selected HELOC in 1999, 23.1% in 1994. Download a print-quality PDF file of this graphic. |
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