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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. 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.