When spring, summer, and fall approach, many customers begin to plan home improvement projects for the next season. 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 who have an equity line with an unused balance available. Especially since interest in mortgage refinancing has faded, individuals are likely to turn to available existing lines of credit as a quick and easy source of funds.