Digital mortgage

Better Launches Fully Digital HELOC Product

Posted on by TMN Editor
Better.com announced a fully digital home equity line of credit (HELOC) offering, enabling homeowners to access cash through their equity completely online. Better says customers can be approved in twenty-four hours or less and close in as little as three days. The HELOCs are available for primary, secondary, and investment homes, with a maximum $500,000 line of credit and up to 90% of the property value. The product offers a number of benefits over traditional products, including a simple application process, immediate pre-approval, no unnecessary fees, and the ability to keep the existing mortgage rate and pay interest only on what is withdrawn. “Better’s digital HELOC offerings are a game changer for customers seeking flexibility during a difficult economic climate,”…

Bank of America: 81% Of Mortgage Applications Initiated Through Digital Tool

Posted on by TMN Editor
By KIMBERLEY HAAS Leaders at Bank of America say home loan applications initiated through their Digital Mortgage Experience accounted for 81% of total mortgage applications in 2021. That is up from 45% in 2020. Last year, Bank of America funded $53.7 billion in first mortgage loans through the Digital Mortgage Experience, 2.5 times their 2020 volume. People can use the digital tool to prequalify for loans, apply for a new mortgage, and refinance their existing mortgage. “Clients expect fast, smart digital tools that help make their banking, investing, and lending experience easy and convenient,” Matt Vernon, Retail Lending Executive for Bank of America, said in a statement. Vernon said that the combination of digital capabilities and support from lending specialists…