PowerPay Founder and CEO Mike Petrakis authored a HousingWire article examining why homeowners with record levels of equity are increasingly reluctant to tap it for mid-ticket repairs and renovations.
In the article, Petrakis argues that many borrowers are preserving low pandemic-era mortgage rates, avoiding variable-rate HELOC exposure, and protecting cash reserves after several years of inflation and rising household costs. As a result, fixed installment loans are becoming a more practical option for necessary home improvement projects that need predictable monthly payments.
Petrakis also explains how this shift is changing contractor sales conversations, borrower expectations, and lender responsibility as the remodeling market continues to grow.
Read the full article on HousingWire.