New Options To Tap Home Equity

In light of rising interest rates a slew of banks are piling on incentives for home equity loans. Along with the increased interest rates banks have seen a rise in loan payoffs. Banks have seen the number of borrowers paying back loans 50% higher than last year.

Another result of rising interest rates is people opting for fixed rate loans which brings more predictability. Borrowers who have elected to keep this option have doubled in comparison to last year.

Finally, with all these new incentives it's important to keep in mind that pricing varies on geography. If you live around Northern Ohio, Denver, and Chicago you should benefit because they are highly competitive.