A mortgage broker explains a five-day HELOC program that lets homeowners tap equity fast to buy another property, bypassing the slower traditional refinance route.
Our five day HELOC program has been the missing link to turn people into home buyers. Let's say you have somebody that currently owns a home, they want to buy another property. If they bought their home a couple years ago, they probably have about a 3% interest rate on it. So they don't want to do a full cash out refi and lose that 3% interest rate just to pull money out. And then once people understand that a HELOC usually takes a whole 30 day process, the whole underwrite, appraisal, title insurance, everything, it's done. Again, that's not usually what they want to do either. Our 5 day HELOC can come in, pull the money out. Now they've got the down payments to go purchase that other property and they can have the money in their account by the end of the week. So realtors, this could turn somebody into a home buyer by the end of the week.
