More Banks Halt HELOCs
Financial Institutions have been tightening up on lending in recent weeks due to the COVID-19 pandemic, and home equity lines of credit have become the most recent target. JPMorgan Chase and Wells Fargo are the latest bank giants to announce that they will no longer be accepting applications for new HELOCs. The change does not impact the bank’s existing home equity customers. Borrowers with existing HELOCs will be able to continue to draw funds.
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