GITNUX MARKETDATA REPORT 2024

Home Equity Loan Processing Time Statistics

The average processing time for a home equity loan is around 30 to 45 days.

Statistic 1

"For HELOCs, the withdrawal period typically lasts 5-10 years, with a repayment period up to 20 years."

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Statistic 2

"Around 43,000 home equity lines of credit were originated on properties in the U.S., totaling $10.6 billion nationally in January 2021."

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Statistic 3

"As of 2021, the mid-range interest rate for home equity loans in the United States was about 5.1%."

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Statistic 4

"At the end of 2021, there was about $307 billion in outstanding home equity loan debt in the United States."

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Statistic 5

"According to data from Equifax, approximately 318,000 Americans have a home equity loan as of 2021."

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Statistic 6

"As of 2021, the percentage of homeowners with a second mortgage, such as a HELOC or home equity loan, is around 4.2%."

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Statistic 7

"In 2021, 36% of Americans used home equity loans to finance home improvements and repairs."

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Statistic 8

"As of June 2021, HELOC originations are up 55% from the same time period in 2020."

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Statistic 9

"The delinquency rates for HELOCs in the U.S. stood at around 0.64% in 2021."

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Statistic 10

"The interest rates on home equity loans are typically higher than on a first mortgage, but lower than credit cards, with averages between 4% and 7%."

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Statistic 11

"In 2021, the average closing costs for a home equity loan were between 2% to 5% of the loan amount."

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Statistic 12

"For home equity loans, lenders generally want homeowners to have at least 20% equity in their homes."

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Statistic 13

"According to Experian, the average home equity borrowing amount in the 1st quarter of 2020 was $103,100."

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Statistic 14

"About 40% of the U.S. homeowners are free of a mortgage entirely, either due to paying off their home loan or never having one."

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Statistic 15

"About 1.3 million U.S. households tapped their home equity to consolidate debt in 2021."

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