Loans that Barely Ding Your Credit Score7/7/2021
Home prices have been rising over the past year and some homeowners are sitting on a significant amount of equity. Instead of purchasing a new home, some are tempted to tap into that equity to pay for remodeling projects, medical expenses, or something else. After researching hundreds of home equity loan requests, research has shown that many borrowers do see a decrease in their credit score after taking out a home equity loan. However, the decline seems to be fairly small and the consumer's credit score usually recovers in less than a year. If you are looking to remodel or upgrade your home to meet your current needs/desires, this may be a more affordable option for you. Call your local lender to determine what your options are!