Guaranteed rate announced that its new Home Equity Line of Credit (HELOC) has launched and is available in 41 states and Washington, D.C. The new product is 100% digital from application to closing, with an application taking just 5 to 10 minutes to complete and approve coming in a few moments, the company said.
The company notes that US homeowners gained a whopping 35% in equity in 2021, leading more homeowners to choose to leverage the value of their homes to pay off high-interest debt or fund projects. renovation without affecting the low mortgage rate of their home. Guaranteed Rate’s new fixed-rate HELOC is designed to help them quickly and easily access that value through an end-to-end digital platform, they said.
“Guaranteed Rate is poised to be the best fintech in the country to help clients, and our ultra-fast and convenient end-to-end Fintech HELOC product is just one example of how we are doing that,” said the president and CEO of Guaranteed Rate. Victor Ciardelli. “Our HELOC is set up to provide the customer with an application that they can complete in minutes, and they will receive their money in days. There is no one involved at all, our technology does all the work.
Guaranteed Rate says its new end-to-end digital HELOC offers customers a fixed rate and a fixed term of up to 30 years, and customers can then draw on the line of credit for a period of 2 to 5 years, according to the duration selected, at the then prevailing market rates. In addition, a bank’s traditional HELOC funds can take up to 45 to 60 days to fund, while new Guaranteed Rate HELOC funds are funded in five days, they said. Even better, the guaranteed rate indicates that its new digital HELOC requires no upfront payment from the customer (all fees are included in the loan amount).
“We believe that our fixed rate end-to-end digital HELOC is the best product of its kind on the market,” said Raman Muralidharan, President of New Financial Products at Guaranteed Rate. “Not only does it beat traditional HELOCs by offering a fixed rate, but it also takes much less time to apply and funds are much faster than other HELOCs.”
As interest rates have risen dramatically, more homeowners in need of cash will look to HELOCs as a smart and affordable option, the company added. “By providing our customers with a fixed rate HELOC option along with the ability to draw digitally from the comfort of their own homes when needed, Guaranteed Rate addresses some key customer needs,” said Arun Tripathi, Head of New Secured Lending. at a guaranteed rate.
To learn more about Guaranteed Rate’s new HELOC, visit rate.com/heloc.
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