Orlando among leaders in home equity loans
ORLANDO, Fla. (AP) — The number of home equity loans in Orlando is up almost 25 percent over the past year.
The research firm ATTOM Data Solutions last week said Orlando was among the top 10 cities for growth in the number of home equity line of credit originations.
In such a loan, often called HELOC, a homeowner uses equity in a house to secure a loan from a lender.
Nationwide, the increase was 5 percent.
Only Birmingham, Alabama; Phoenix; Sacramento, California; Seattle; Columbia, Ohio; Provo, Utah; and Denver saw bigger growth in HELOC originations than Orlando.
The research firm says homeowners in these markets are taking advantage of the equity they've built up in their homes as home prices have increased in the last few years.