65% Find it Harder to Take Out a Home Equity Line of Credit
Posted on 17 July 2008 by Jamie Beck
A recent survey reports that 65% of applicants find it more difficult to take out a home equity line of credit this year. Deloitte reports:
“According to those who have attempted to secure several types of credit and mortgage products over the past year, a majority found it to be more difficult. Deloitte’s survey revealed:
- Of those who applied for a home mortgage, 67 percent found it more difficult; for a home equity line of credit (HELOC), that number was 65 percent.
- Personal loan applicants weren’t much better off, with 62 percent finding it harder to get credit.
- More than three-quarters (76 percent) of those who applied for small business financing found it more difficult, compared with one year ago.”
With all focus on home equity line freezes in the news, most prospective borrowers already know that HELOCs are more difficult to secure. But, this survey helps solidify the fact.
See Also:
How to Get the Best HELOC Rates and Terms
Tags | Heloc, home equity line of credit, lending standards, mortgage crisis