More Americans Considering Home Equity Loans in 2023, According to MeridianLink® Survey
December 13 2022 - 9:05AM
Business Wire
MeridianLink customer Fortera Credit Union
offers tips for individuals and families who want to learn more
about home equity lending
MeridianLink, Inc.® (NYSE: MLNK), a leading provider of modern
software platforms for financial institutions and consumer
reporting agencies, today announced the results of a nationwide
survey of 1,000 Americans about home equity lending. The survey
found that a fifth (21%) of respondents say they are likely to take
out a home equity loan in the next 12 months, compared to 8% of
respondents who reported taking out a home equity loan this past
year.
While more than half of respondents (52%) say they do have a
strong understanding of the home equity lending process, 48% scored
their understanding below a seven out of 10. Moreover, 13% had no
understanding at all (scoring a 1/10). Although those under the age
of 55 are more likely to take out a home equity loan in the next 12
months, they are less knowledgeable about how home equity loans
work (30% scored a 1/10) compared to those over the age of 55 (only
9% scored a 1/10).
“For established homeowners with good credit, home equity loans
can be a safe, predictable way to live well based on the equity
you’ve built and earned to-date,” said Tim Wheeler, Vice President
of Consumer Lending at Fortera Credit Union. “We could not be more
pleased with our partnership with MeridianLink and our combined
ability to meet the home equity needs of our joint members and
customers."
Fortera Credit Union provides the following tips for individuals
and families considering home equity loans to help boost consumer
confidence in the U.S. housing market:
- Carefully review all disclosures to understand the terms and
requirements of the new loan.
- Don’t focus solely on the interest rate. Home equity loans and
lines of credit are complex loan products with a variety of
features and benefits. Carefully review and compare product
features, fees, and interest rates to ensure selection of the right
product for your individual needs.
- If the loan has a variable rate feature, review when and how
rates will adjust. Carefully consider what impact a rate increase
could have on the monthly payment obligation and how a change in
payment affects the family budget.
- Consider future plans, and only use the equity that you need.
Contemplate any relocation plans, career moves, changes in family
circumstances, and any other anticipated adjustments that may
impact your income and how those life events could impact home
ownership.
- Review and understand your requirements for closing, including
potential closing costs and other documents.
- Most importantly, do your homework, and don’t sign anything you
don’t understand.
“For many consumers, a home equity loan or line of credit is an
important resource, and we are proud to work with financial
institutions to deliver the technology that powers frictionless
lending experiences,” said Chris Maloof, President, Go-To-Market at
MeridianLink. “We will continue to provide financial institutions,
like Fortera Credit Union, with better technology, better service,
and better solutions to consolidate and streamline applications
from all channels, ensuring a world-class consumer experience.”
Additional information about MeridianLink and its products can
be found here.
About Fortera
Established in 1954, Fortera Credit Union is a full-service
financial cooperative with over 79,000 members and $870 million in
assets. Headquartered in Clarksville, Tennessee, the Credit Union
now serves members worldwide and within their primary service
regions in Tennessee, Kentucky, Alabama and Arkansas. For more
information, visit www.forteracu.com.
About MeridianLink
MeridianLink® (NYSE: MLNK) powers digital lending and account
opening for financial institutions and provides data verification
solutions for consumer reporting agencies. MeridianLink’s scalable,
cloud-based platforms help customers build deeper relationships
with consumers through data-driven, personalized experiences across
the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities.
Learn more at www.meridianlink.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221213005286/en/
Becky Frost (714) 784-5839
becky.frost@meridianlink.com
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