During the heyday off home guarantee finance, certain property owners used their residence collateral eg an atm to pay to possess high priced getaways, boats and other deluxe affairs. Now, borrowers are more inclined to fool around with a property guarantee mortgage to possess home improvements, educational costs or a major get including a vehicle, says Wear McClintic, senior vice-president out of household guarantee and lead financing to possess SunTrust Financial when you look at the Richmond, Va.
