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Jeffrey C. Taylor, Co-Founder and Managing Director at Digital Risk LLC, appeared on “Mornings with Maria” on Fox Business Network discussing the impact of mortgage rates dropping in the Housing Industry.
Regarding the expected activity in the Refinance or Purchaser end of the market, Jeff talked about the Home Equity Loans survey recently done at Digital Risk, sharing some interesting statistics:
- Home equity loans are at the highest point since 2007 and people are using them responsibly to improve the houses
- 1 in 5 people don’t know what a Home Equity loan is and 30% don’t know how to get one
To see all the survey results click here.
“Debt if used responsibly for meaningful events like home improvement or medical purposes is a very good thing” says Jeff when asked how afraid people are of adding debt to existing mortgages. Jeff says HELOC should be taken out only for the right reasons like Home improvements or if it fits into the person’s overall financial picture, because home improvements can add to the value of the house and it totally depends where you are in your life.
Mortgage Rates are dropping, even though the season is expected to pick back up shortly. According to Jeff, mortgage rates are going to move up in the coming three months and it’s a great opportunity for people to be in the housing market right now.
Watch the full interview and get first-hand account details here.