http://www.chron.com/disp/story.mpl/ap/fn/4316120.html  Nov. 7, 2006, 9:18AM © 2006 The Associated Press

NEW YORK — Most homeowners consider their house to be their most important financial asset and many are loathe to borrow against it, according to a study released Tuesday.

The survey done for Countrywide Home Loans Inc., the home lending division of Countrywide Financial in Calabasas, Calif., found that 48 percent of homeowners consider their houses to be their most important asset, while 43 percent consider it to be an important asset.

When asked what they would consider taking equity out of their homes to pay for, 41 percent said home improvements, 21 percent cited consolidating debt and 17 percent said for college costs for a child or grandchild.

But a surprising 40 percent said they wouldn't consider taking money out of their homes, the study found.

The study involving some 2,357 adults was conducted by Harris Interactive; the sampling error was plus or minus 3 percentage points.