WANTED:RENOVATION FINANCING

House Paint Paintbrush
56
of Homeowners believe their home’s value has increased
60
of Homeowners would use a HELOC (Home Equity Line of Credit) for home renovations

THE top 3 home renovations ARE...

  • Stove

    Kitchens 42%

  • Bathtub

    Bathrooms 25%

  • Painbrush

    Other Projects 11%


HELOCs ARE ATTRACTIVE BECAUSE THEY PROVIDE...

  • 32The ability to borrow as needed over time
  • 24Greater flexibility for use of the loan
  • 23The necessary cash to renovate my home
of Homeowners consider adding an addition to their home

BIGGEST FACTORS WHEN CHOOSING A HELOC:


The Fed’s action in December 2015 to increase interest rates is incentivizing 1 in 4 non-HELOC users to consider employing this type of financing.
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HELOCs ARE ATTRACTIVE TO MILLENNIALS

Millennials are most likely to currently have a HELOC
Millennials
  • Millennials 30%
  • Gen-X 16%
  • Baby Boomers 12%

Millennials are more likely to apply for a HELOC in the next 18 months than people in any other age group.

74% of millennials express confidence in their knowledge of how HELOCs work and want to use the loan to create their dream home.