Equity

Home equity hits all time high, but Americans aren’t tapping it

American homeowners have a record amount of wealth in their homes they can tap, but few of them are. 

Total home equity in the U.S. rose to its highest level ever at $6.5 trillion in the first quarter before the coronavirus pandemic took hold, according to Black Knight, a loan research and analytics firm, up from $6.2 trillion at the end of 2019.

Read more: Coronavirus: What if you can’t pay your mortgage?

But the share of cash-out refinances, which unlock that wealth, fell to a four-year low. As of June, there were no indications that cash-out refinances were on the rise, Black Knight found, even as the pandemic continues to financially strain many U.S. households.

Why homeowners aren’t tapping their equity is twofold, experts said. Homeowners are reluctant to drain that wealth, while banks are reticent to lend to riskier borrowers in such uncertain economic times.

It’s

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Financing Home Improvement Projects Without Using Your Home’s Equity

This article was originally published on ETFTrends.com.

By Brian Lesko, All Things Finance

If you are a homeowner or thinking about becoming one, then there may be some major projects or renovations that you’d like to do.  These could be expensive such as a kitchen or bathroom remodel or an addition.  If you are planning on financing such an endeavor, then one of the more common things to do is to pull equity out of your house in the form of a loan or refinance and sell my house fast jacksonville then use the funds for your project.

But what if you don’t have enough equity in your home to do this?  Or, what if you simply don’t want to tap your home’s equity?  Thankfully, you have a few options.  Let’s look at a few of the most common.

Unsecured Personal Loans

An unsecured loan is a loan that is

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