LendingTree expects to see a surge in homeowners taking out home equity loans this year, based on a survey it conducted.
Twenty-three and a half percent of home owners expect to secure such a loan before the end of the year — double the 2003 total. The percentages were 6.7 percent in 2002 and 5.5 percent in 2001.
More homeowners are also picking lines of credit based on home equity than home equity loans. In the first four months of this year, 68.3 percent of homeowners seeking to use their equity selected the line of credit, up from, 37.5 percent a year ago.