Take advantage of home equity loan demand.
Evolving competitors and increasing home costs have created some lending challenges for credit unions. At the same time, digital advancement and access to instant information has made applying for loans easier and faster for consumers. Though today's loan market has created some hurdles, there are opportunities for growth inherent in this evolving marketplace. Various trends among today's homeowners can be leveraged by credit unions to overcome market challenges and continue driving loans and membership.
As reported by The Mortgage Reports, home interest rates hit an all-time low in September, which has increased the demand and cost of homes. As such, many consumers are seeking to renovate and remodel homes they are currently in instead of purchasing a new home. This growing trend has driven the demand for financial support for these home improvement projects.
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