NEW YORK--(BUSINESS WIRE)--Better, the leading digital homeownership company and the first fintech lender to achieve $100 bln in funded loans, today announces its fully digital home equity line of credit, or HELOC. Better’s HELOC offerings will allow US homeowners to take advantage of their home equity and get access to cash quickly, easily, through a fully online process, going from click to close in as little as 3 days. Better is currently offering 15 to 30-year HELOCs for primary, secondary, and investment homes – up to 90% of the property value with a max $500K line of credit.
“Better’s digital HELOC offerings are a game changer for customers seeking flexibility during a difficult economic climate,” said Ryan Jewison, Head of Better HELOC. “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’s fully digital HELOC offers a number of benefits over traditional products including a simple application process that can be completed in less than 5 minutes, exploring rates through Better’s Tinman portal, receiving approval in less than 24 hours, and closing in as little as 3 days.
“Our HELOC product arrives at a critical moment for American homeowners,” said Better CEO & Founder Vishal Garg. “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.”
With Better’s HELOC offerings, consumers can apply fully online in minutes with immediate pre-approval and no unnecessary fees. Better customers will be able to keep their existing mortgage rate and pay interest only on what they withdraw. This is a crucial point of flexibility for homeowners that often have varying home improvement costs, and would face higher expenses with more traditional lending models.
Better is America’s #1 online, commission-free home finance, insurance and realty company. In just seven years since launch, Better has leveraged its commission-free service offering and Tinman™, its industry-leading technology platform, to fund more than $100 billion in home financing. In addition to being the first fintech to reach this milestone, Better has completed over $4.6 billion in real estate transaction volume through its realtor service Better Real Estate and agent network, as well as over $38 billion in coverage written through its insurance arm, Better Cover and Settlement Services. Better has earned countless awards for its work in making homeownership more affordable and accessible to all Americans. Better was ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.