Guaranteed Rate Launches End-to-End Digital, Fixed-Rate HELOC to Take Advantage of Growing Home Equity Across the Nation
New offering part of company’s rapidly expanding Fintech product suite
CHICAGO (July 11, 2022)–Guaranteed Rate, a cutting-edge mortgage lender driven to be the nation’s top Fintech, is proud to announce that its new Home Equity Line of Credit (HELOC) has launched and is available in 41 states and Washington, D.C. This innovative 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.
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.
“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’s 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 as fast as just 5 days. Best of all, Guaranteed Rate’s new end-to-end 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. “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.
About Guaranteed Rate Companies
Guaranteed Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, the Guaranteed Rate Companies have more than 10,000 employees in over 850 branches across the U.S., serving all 50 states and Washington, D.C. Since its launch in 2000, Guaranteed Rate Companies have helped more than 1 million homeowners with home purchase loans and refinances, with a total loan volume of more than $116 billion in 2021 alone. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates and delivering unparalleled customer service. Honors and awards include: Top Lender for Online Service for 2018 by U.S. News & World Report; Best Mortgage Lender for Online Loans and Best Mortgage Lender for Refinancing by NerdWallet for 2021; HousingWire’s 2020 Tech100 award for the company’s industry-leading FlashClose℠ technology; No. 3 ranking in Scotsman Guide’s 2021 list of Top Retail Mortgage Lenders; Chicago Agent Magazine’s Lender of the Year for six consecutive years; and Chicago Tribune’s Top Workplaces list for seven consecutive years. Visit rate.com for more information.