Guaranteed Rate has 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 approval coming in only moments, the company said.
The company notes American homeowners gained a whopping 35% in equity in 2021, resulting in more and more homeowners choosing to tap their home’s value to pay off high interest debt or fund home improvement projects without affecting their home’s low mortgage rate. Guaranteed Rate’s new fixed-rate HELOC is designed to help them access that value quickly and simply through an end-to-end digital platform, they said.
“Guaranteed Rate is all in on becoming the nation’s top Fintech to help customers, and our ultra-fast and convenient end-to-end Fintech HELOC product is just one example of how we are making that happen,” said Guaranteed Rate President and CEO Victor Ciardelli. “Our HELOC is set up to provide the customer with an application they can complete in minutes, and they will receive their money in a few 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 later draw from the line of credit for a period of 2 to 5 years, depending on the term selected, at then-current market rates. In addition, traditional HELOCs from a bank can take as long as 45 to 60 days to fund, while Guaranteed Rate’s new HELOC funds in five days, they said. Best of all, Guaranteed Rate says its new digital HELOC requires no money upfront from the customer (any fees are included in the loan amount).
“We believe our fixed-rate, end-to-end digital HELOC is the best product of its kind on the market,” said Raman Muralidharan, Guaranteed Rate’s President of New Financial Products. “Not only does it beat traditional HELOCs by offering a fixed rate, but it also takes much less time to apply and funds a lot faster than other HELOCs.”
Because interest rates have increased significantly, more and more homeowners who need cash will be turning to HELOCs as a smart, affordable option, the company added. “By providing our customers a fixed-rate HELOC option along with an ability to draw, as and when needed, from the comfort of their homes digitally, Guaranteed Rate is fulfilling some key customer needs,” said Arun Tripathi, head of New Secured Lending at Guaranteed Rate.
To learn more about Guaranteed Rate’s new HELOC, visit rate.com/heloc.
