Better Launches Home Equity Loans: Offers Flexible Solutions to Homeowners Interested in Accessing Home Equity as Cash

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The Better Home Equity Loan may allow for more predictability, flexibility and stability in homeowners financing options by tapping into their home equity with a fixed interest rate.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, April 23, 2024
Information
Tags: 
Finance, Professional Services, Residential Building & Real Estate, Construction & Property, Insurance, Online, CO, Environment, Documentation, APR, Fintech, FHA, HELOC, Better.com, OK, ID, Commitment, WSJ, Home, Condition, Growth, Fraud, Security (finance)
Geotags: 
UNITED STATES, NORTH AMERICA, NEW YORK, CA, UNITED KINGDOM, HI, SD, ND, MA, IA, FL, PA, CT, NC, NY, SC, KS, GA, NJ, MI, VT, WA, UT, WI, VA
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Stock Symbol: 
NASDAQ:BETR
Summary
Key Points: 
  • The Better Home Equity Loan may allow for more predictability, flexibility and stability in homeowners financing options by tapping into their home equity with a fixed interest rate.
  • “Across market cycles, access to home financing is not a one-size-fits-all approach,” said Vishal Garg, CEO & Founder of Better.
  • Better Home Equity Loan represents the next step to unlocking the next chapter of growth for Better with its growing suite of digital home equity product solutions.
  • With Better Home Equity Loan, Better Mortgage will lend on primary, secondary and investment properties with 10, 15, 20 or 30 year loan terms available.


Better Home & Finance Holding Company (NASDAQ: BETR), the leading digital homeownership company, today announces the launch of Better Home Equity Loan, the latest addition to its suite of digital home equity products including a cash-out refinance and HELOC. The addition of this fully digital offering enables qualified homebuyers to access up to 90% of their home equity as cash at a fixed annual percentage rate (APR) in a total of 30 states to date, with the remaining states being on-boarded to the program.

In today’s volatile interest rate environment, Better Mortgage’s Home Equity Loan product empowers US homeowners with an additional option to choose a home equity product that fits their financial needs. The Better Home Equity Loan may allow for more predictability, flexibility and stability in homeowners financing options by tapping into their home equity with a fixed interest rate. With a robust suite of digital mortgage and home equity products, this launch supports Better’s customers with tailored homeownership solutions that meet the needs of their specific financial goals.

“Across market cycles, access to home financing is not a one-size-fits-all approach,” said Vishal Garg, CEO & Founder of Better. “Every Better customer has their own unique path to upward financial mobility. With this launch, Better is equipping hardworking homebuyers with the ability to tap into their home equity to invest in their future at interest rates which are far lower than those of credit cards and personal installment loans. We’re proud to continue delivering flexible financing solutions that make homeownership faster, cheaper and easier for our customers.”

In March 2024, Better launched its One Day Home Equity Line of Credit (HELOC)™ product, offering its customers who complete their tasks within 4 hours of locking their HELOC rate an approval* decision for funding within 24 hours. Better Home Equity Loan represents the next step to unlocking the next chapter of growth for Better with its growing suite of digital home equity product solutions.

With Better Home Equity Loan, Better Mortgage will lend on primary, secondary and investment properties with 10, 15, 20 or 30 year loan terms available. Borrowers in AL, CA, CO, CT, FL, GA, HI, IA, ID, IN, KS, MA, MD, MI, NC, ND, NJ, NY, OK, OR, PA, SC, SD, UT, VA, VT, WA, WI, WV can currently access up to 90% of their home equity with fixed interest and principal payments. Better Mortgage anticipates offering Better Home Equity loans in all 50 states as they meet licensing requirements. To apply, please visit: https://better.com/b/home-equity.

* Better Mortgage’s One Day HELOC promotion offers qualified customers who provide certain required financial information/documentation to Better Mortgage within 4 hours of locking a rate on a HELOC loan the opportunity to receive an underwriting determination from Better Mortgage within 24 hours of their rate lock. The underwriting determination is subject to customary terms, including fraud and anti-money laundering checks, that take place pre-closing and which may trigger additional required documentation from the customer. Better Mortgage does not guarantee that initial underwriting approval will result in final underwriting approval. See One Day Heloc Terms and Conditions.

About Better Home & Finance Holding Company

Since 2016, Better Home & Finance Holding Company (NASDAQ: BETR) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its “One-Day Mortgage” program in January 2023, which allows eligible customers to “go from click to Commitment Letter” all within 24 hours. From 2019-2022, Better completed approximately $98 billion in mortgage volume and $39 billion in coverage written through its insurance arm, Better Cover. Better Mortgage was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, and 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. Better serves customers in all 50 US states and the United Kingdom.

For more information, follow @betterdotcom.

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