"HighTechLending estimates that as many as 20% of declined home equity applications could qualify under the EquitySelect HELOC structure, providing options for strong, creditworthy homeowners."
"Homeowners deserve options that reflect the realities of life changes, fluctuating incomes, and evolving financial needs, according to David Peskin, president and CEO of HighTechLending."
"The flexible payments of the EquitySelect HELOC are designed around the monthly payment the borrower wants to make, ensuring that borrowers do not have to pay a premium."
HighTechLending's EquitySelect HELOC addresses the challenges faced by self-employed borrowers and those with variable incomes, contributing to an estimated $240 billion in lost loan volume annually. The product allows homeowners to access equity without refinancing their primary mortgage, offering flexible payment structures. HighTechLending, in partnership with NEO Home Loans, aims to provide responsible home equity solutions for creditworthy homeowners previously declined under traditional guidelines. An analysis revealed that approximately 20% of declined applications could qualify under this new structure, emphasizing the need for adaptable financial solutions.
#home-equity #flexible-financing #underwriting-standards #self-employed-borrowers #loan-accessibility
Read at www.housingwire.com
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