Black Knight’s Mortgage Monitor: Tappable Equity at All-Time High, But Tax Code Changes Could Impact Homeowners’ Utilization
Black Knight, Inc. (BKI)
Last black knight, inc. earnings: 2/13 04:05 pm
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blackiron.com
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Source: GlobeNewswire
As of Q3 2017, approximately 42 million homeowners with a mortgage have nearly $5.4 trillion in equity available to borrow against, assuming a maximum 80 percent total loan-to-value ratioOver 80 percent of all mortgage holders now have available equity to tap via a first-lien cash-out refinance or home equity line of credit (HELOC)Under the recently passed tax reform plan, interest on HELOCs is no longer deductible, increasing the post-tax expense of such products for those who itemizeHELOCs have been an attractive option for borrowers to utilize available equity without sacrificing low first-lien interest rates; with interest on these products no longer deductible, the value proposition has changedIn many cases, for borrowers with high unpaid principal balances (UPB), taking out low-dollar lines of credit, the math still favors HELOCsHowever, for low-to-moderate UPB borrowers taking out larger amounts of equity – assuming interest on cash-out refinances remains deductible – the post-
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