Own your home? Turn equity into cash in 5 days.
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Even in 2020, most Americans can agree on two things: making ends meet is a struggle, and their home is the best investment they’ve ever made.
If both ring true for you, you may be in luck. If you’ve been fortunate enough to own a home during the sizzling real estate market of the last several years, you’ve likely built up some considerable equity. Today, that equity could unlock a safety net of cash at a time when many Americans desperately need it.
Access essential resources at responsible rates.
The key to unlocking the equity you’ve accumulated in your home is called a Home Equity Line of Credit -- HELOC for short. A HELOC uses the all-but-guaranteed value of your house as collateral to enable an interest rate lower than any other type of loan can muster. For those with good credit, the funds a HELOC provides can be a saving grace in these uncertain times.
Sound too good to be true? Increasingly, it is.
The record-low interest rates caused by global uncertainty has many banks taking a pass on HELOCs altogether. Rates are so low that many would rather lose a customer than extend their cash for such little profit. But some lenders are still making good on their product offerings -- and one in particular has caught our attention for going the extra mile.
Apply in 5 minutes, rest easy in 5 days.
Figure is a lender that specializes in HELOCs. Their 100% digital application is intuitive, easy to understand, and a breeze to complete. The application takes as little as five minutes, and funds could be deposited into your bank account in as few as five days[1]. As for rates, HELOCs start at just 2.99% APR (includes a 0.75% discount for opting into a Quorum Membership and enrolling in autopay. This rate also includes payment of an origination fee of 4.99%, for those who qualify). Competitive rates and quarantine-friendly application process? The HELOC verdict is clear: Go Figure.