LendingTree Study Finds 'Stay-In-Place' Forces Rise in Home Improvements

May 28, 2020

Director of Events

Homeowners spent a lot more time at their residences after stay-at-home orders were enacted due to the COVID-19 pandemic. With many looking for ways to keep busy, they sought to make some improvements to their living spaces. A LendingTree report revealed that folks with the means used home equity loans for improvements during the pandemic period.

The report revealed that across 50 metros, 45.9% of home equity loans were used for home improvements. Out of these metros, Milwaukee, Louisville, and Columbus are the locales with the largest share of home equity loans being used for improvements. San Jose, Hartford and Raleigh are the three on the lowest end of the spectrum. The report does note that since January, home equity loan applications have fallen. However, those who did apply for these loans largely allocated them to home improvement.

"The share of home equity loans designated for home improvement grew from January 2020 to April 2020 in all but eight metros. The average growth rate ... for renovations across all 50 of the nation’s largest metros was 25%," according to LendingTree.

Click here to read the full LendingTree report.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

May 28, 2020

Sales and Marketing

Assurance Joins Growing Push For Medical Professional Borrowers

MedPro Mortgage+ offers eligible healthcare professionals up to 100% financing without PMI as lenders expand specialty options beyond physicians

Assurance Financial has introduced MedPro Mortgage+, a specialty mortgage program offering eligible healthcare professionals up to 100% financing without private mortgage insurance.The program joins a growing field of mortgage products aimed at borrowers who may have substan...

Non-QM

Friday Harbor Takes Aim At DSCR’s Underwriting Bottleneck

With investor loans accounting for more than a third of Non-QM production, the company is bringing leases, rent schedules, and entity documentation into its pre-underwriting platform

Investor and DSCR loans are taking a bigger share of Non-QM production. Friday Harbor is betting that more loan officers will need the underwriting knowledge to handle them.The Seattle-based mortgage technology company has expanded its pre-underwriting platform to investor l...

Nov

Pasadena, CA

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026

Fed Hike Raises HELOC Costs While Mortgage Rates Stay Near 7%

Prime rose to 7% while the 10-year Treasury remained near 5%, giving originators two different borrower conversations

Industry News

Sep 17, 2026

Popular