Fintech lender Better announced its fully digital home equity line of credit (HELOC).
HELOC offerings will allow US homeowners to take advantage of their home equity and get access to cash through a fully online process, going from click to close in as little as three days, according to the company.
Better is currently offering 15- to 30-year HELOCs for primary, secondary, and investment homes – up to 90 percent of the property value with a max $500,000 line of credit.
“Better’s digital HELOC offerings are a game changer for customers seeking flexibility during a difficult economic climate,” Ryan Jewison, head of Better HELOC, said in a release. “In a period of rising mortgage rates when personal loans are more expensive than ever, HELOCs provide consumers an opportunity to raise funds with less headache. We are eager to continue growing our suite of homeownership products and making the mortgage process as seamless as possible.”
HELOCs are a revolving credit line that allow homeowners to draw funds backed by their home’s collateral in order to pay for expenses such as home repairs, improvements, and renovations.
Better said its fully digital HELOC offers a simple application process that can be completed in less than five minutes, exploring rates through Better’s Tinman portal, receiving approval in less than 24 hours and closing in as little as three days.
“Our HELOC product arrives at a critical moment for American homeowners,” Better CEO and Founder Vishal Garg said. “Flexibility is a lifeline in the current climate, and customers deserve products that take the stress out of home improvement. Better HELOC is a massive step in continuing our mission to make homeownership cheaper, faster, and easier for all Americans.”