Better, the New York City-based fintech lender, has rolled out its first home equity line of credit (HELOC) products.
According to the company, the new HELOC product can be obtained through a fully online process, with closings in as little as three days from an application that can be completed in a few minutes. Better is currently offering 15- to 30-year HELOCs for primary, secondary, and investment homes – up to 90% of the property value with a maximum $500,000 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.”