US Home Equity Loan Market Report 2022-2027 with Bank of America, Flagstar Bank, PenFed Credit Union, Chase, US Bank, PNC, Navy Federal, NBKC, Creditaid, Citizens Commerce Bank – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “U.S. Home Equity Lending Market – Growth, Trends, Impact of COVID-19 and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
Factors driving the global home equity loan market include rising house prices, popular house innovations and improvements, tax deductions for interest payments, lower interest payments compared to other methods of borrowing, the availability of lump sum payments in advance and fixed monthly payments. Payments.
Fear of losing your property if you don’t repay your loan, high closing costs, cash refinancing, reverse mortgages and lengthy procedures are the factors holding back the global home equity loan market.
Elements that function as lucrative potential for the global home equity loan industry include the high demand for home equity loans and their superiority over other borrowing options.
Main market trends
The home equity loan market is boosted by rising house prices
According to the most recent data from the Federal Housing Finance Agency (FHFA) House Price Index, home prices in the United States increased by 18.7% between the first quarter of 2021 and the first quarter of 2022.
The cost of buying a home has increased due to rising mortgage rates, which rose significantly in March and April. However, these large jumps can stabilize. According to a recent Zillow survey, 60% of real estate experts do not believe the housing market is in a bubble and point to strong fundamentals such as a lack of inventory and changing tastes in housing being at stake. behind the double-digit growth in house prices in recent years. these last years.
As buyers struggle in this tough market, homeowners are seeing rising home values. Homeowners benefit from larger equity gains due to rising home values. According to a recent report from CoreLogic, US owners will have $60,000 of equity in the first quarter of 2022.
Increase Home Equity Lending Opportunities
Unlike in previous years, the market for home equity loans and lines of credit has barely registered on the clock recently. After the outbreak hit, some major lenders, like JPMorgan Chase and Wells Fargo, essentially suspended the company.
The primary mortgage market for purchases and refinances has become more subdued due to rising rates. The equity people have in their existing homes continues to rise as real estate prices continue to rise due to high demand.
In fact, analysis by TransUnion indicates that exploitable home equity hit an all-time high of $20 trillion in the fourth quarter of 2021. (% excluded as a reasonable exclusion.)
A key mortgage method of raising equity, cash refinancing, was down 4% year-over-year in the quarter. Home equity loans jumped 13% from a year earlier, while home equity lines of credit (HELOCs) increased 31% over the same period.
The report covers major players operating in the US home equity loan market. In terms of market share, few major players currently dominate the market.
However, with advances in technology and product innovation, medium to large companies are increasing their market presence by securing new contracts and tapping into new markets.
Main topics covered:
1.1 Study assumptions and market definition
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 DYNAMICS AND OVERVIEW OF THE MARKET
4.1 Market Overview
4.2 Market Drivers
4.3 Market Constraints
4.4 Overview of various regulatory trends
4.5 Overview of the impact of technology and innovation
4.6 Industry Attractiveness – Porters Five Forces Analysis
4.7 Impact of COVID-19 on the market
5 MARKET SEGMENTATION
5.1 By type
5.1.1 Fixed rate loan
5.1.2 Home equity lines of credit
5.2 By service providers
5.2.1 Commercial banks
5.2.2 Financial institutions
5.2.3 Credit unions
5.2.4 Other creditors
5.3 By modes
6 COMPETITIVE LANDSCAPE
6.1 Overview of Market Concentration
6.2 Company Profiles
6.2.1 Bank of America
6.2.2 Flagstar Bank
6.2.3 PenFed Credit Union
6.2.4 Hunting bank
6.2.5 American bank
6.2.6 PNC bank
6.2.7 Federal Navy
6.2.8 NBKC Bank
6.2.9 Credit support
6.2.10 Citizens’ Commerce Bank
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/nw0kae