Given the current economic and global pandemic state, Americans are looking into different ways to receive extra cash. If approved you can use it to pay debts or home repairs but you can also use it to cover unexpected medical costs. Sadly, due to COVID-19, this could be a big factor to get this type of loan. Yet, it’s important that you know what has changed for home equity loans during this pandemic.

Some credit unions like Navy Federal have stopped accepting applications due to the rising demand. However, some lenders are still accepting new applications. You should know that even though they are accepting, the requirements have changed and essentially gotten strictest. The biggest factor they are now looking into is credit. Lenders request multiple employment requirements to ensure the borrower’s credit. Yet, 23 million people and rising daily, have climbed the unemployment rate to new highs, proving difficult the employment verification process for lenders. 
 
On the other hand, balls are limiting the amount of money and increasing credit requirements. This has also impacted the refinance industry since they are placing caps on the money they are willing to refinance. However, getting this loan right now could be difficult but not impossible. You can still search and find lenders that are accepting applications with the requirements that fit your need. Here’s a complete and updated guide from Money.com on the Best Home Equity Loans for 2020.

realtor mls logo

Privacy Policy | DMCA

Bright MLS Logo

©2019 BRIGHT, All Right Reserved. Information deemed rele but not guaranteed. The data relating to real estate for sale o this website appears in part through the BRIGHT internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokage firms in which Century 21 New Millennium participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Century 21 New Millennium are marked with the IDX logo and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties wich appear for sale on this website may no longer be available becuase they are under contract, have Close or are no longer beingt offered for sale. Some real estate firms do not participate in IDX and thier listings do not appear on this website.Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated on 2019-06-07.