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Homeowners are Staying Put and Tapping Equity Products for Greater Stability Amid Unpredictable Interest Rates, TD Bank Survey Reveals
86% of home equity product users view them as important to their financial safety net; 70% of all...
About this update from Toronto-dominion Bank
[{"type":"text","content":"Homeowners are Staying Put and Tapping Equity Products for Greater Stability Amid Unpredictable Interest Rates, TD Bank Survey Reveals\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n 86% of home equity product users view them as important to their financial safety net; 70% of all homeowners say they build financial confidence\n \n\n\n\n\n Current financial uncertainty is keeping many potential home sellers on the sidelines, as interest-rate unpredictability continues to play a major role in homeowner decisions. According to a new survey from\n \n TD Bank, America’s Most Convenient Bank®\n \n , nearly three-quarters (74%) of homeowners report that they plan to remain in their current home over the next two years, and nearly six in ten (58%) say the rate on their existing loan is influencing their decision not to sell.\n \n\n “Although recent interest rate reductions have begun to shift the housing conversation, overall activity remains subdued, as many homeowners are reluctant to move and forego their current favorable mortgage rates,” said Steve Kaminski, Head of Residential Lending at TD Bank. “As a result, we are seeing an increasing number of individuals leveraging their home equity as a means to enhance their financial position.”\n \n\n TD Bank’s HELOC Trend Watch is a nationwide survey of more than 2,000 homeowners who have purchased a home within the past 10 years using a mortgage loan. The survey explores how homeowners are building and leveraging equity to help them achieve their long-term financial objectives.\n \n\n\n Home Equity Products Helping to Bolster Financial Stability\n \n\n\n In an environment marked by financial uncertainty, home equity has emerged as an essential consideration for many households. Of those who have accessed home equity products, 86% say a home equity line of credit (HELOC) is an important part of their financial safety net, and 70% of all homeowners agree that a HELOC can help them manage expenses and boost financial confidence.\n \n\n Additionally, 82% of homeowners recognize the substantial advantages of using a HELOC, citing benefits such as flexibility for home repairs, renovations, educational expenses or unforeseen emergencies (59%), lower interest rates relative to many other types of credit (42%), and th...