Tapping Customer Loan Potential: Seasonal HELOC Promotions
Many customers plan home improvement projects for the next season when spring, summer, and fall approaches.
Capitalizing on Home Equity Lines During Peak Home Improvement and Family Spending Seasons
Many customers plan home improvement projects for the next season when spring, summer, and fall approaches. Traditionally, springtime has meant a spike in equity loans and lines of credit that homeowners use to finance improvements.
Summer usually means time for family vacations, and the fall frequently brings the need for college tuition payments.
One segment with tremendous opportunity for banks is the existing customers with an equity line with an unused balance. As an example, when interest rates dropped to historic lows in 2021, many individuals took the opportunity to refinance or use available existing lines of credit as a quick and easy source of funds.