PrimeLending’s new home equity loan enables homeowners to borrow against their home equity and repay the loan at a fixed rate over a 30-year term. The loan is disbursed as a lump sum, which can be used for various purposes such as debt consolidation, home improvements, or covering tuition and medical expenses.
According to a recent CoreLogic report, home equity increased 9.6% year over year, resulting in a collective gain of $1.5 trillion for homeowners. On average, each borrower has experienced an equity boost of $28,000 since the first quarter of 2023.
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However, many Americans have turned to credit cards to cover essential expenses amid ongoing economic challenges. The Federal Reserve Bank of New York reported that average card balances rose 10% from the previous year, reaching $1.129 trillion in the fourth quarter of 2023. The average annual percentage rate (APR) for all credit cards during the same period was 21.19%, the highest since tracking began in 1994.
PrimeLending offers a range of services, including buying, refinancing, renovating, and building homes. The company operates in all 50 states.
