PrimeLending Launches New Home Equity Loan Offering Homebuyers More Financial Flexibility
18 Junio 2024 - 10:13AM
Business Wire
National residential lender PrimeLending, a PlainsCapital
Company, now offers a new home equity loan product1, giving
homeowners the ability to convert home equity into cash. A borrower
can use the cash any way they want, including as a tool to manage
their finances, cover expenses and consolidate high-interest
debt.
As Americans continue to wrestle to make ends meet, many have
turned to using credit cards to cover necessities, such as food,
gas, utilities, and medical expense. According to the Federal
Reserve Bank of New York, average card balances rose by 10% from a
year ago, reaching $1.129 trillion in the fourth quarter of 2023.
At the same time, the average annual percentage rate (APR) for all
credit cards for the fourth quarter of 2023 was 21.19%, the highest
since the Fed began tracking in 1994.
“At PrimeLending, we offer homeowners more than just a mortgage
– we give them a wide range of options, plus our expertise and
guidance, to more confidently manage their personal finances,” said
Tim Elkins, PrimeLending’s Chief Production Officer. “Our new home
equity loan affords homeowners the flexibility to tap into their
home equity as an option to help them achieve their financial
goals.”
In total, American homeowners have accumulated nearly $30
trillion in home equity as of October 31, 2023, according to the
Federal Reserve Bank of St. Louis.
With a PrimeLending home equity loan, homeowners can access a
portion of their home's value without having to sell it. Simply
put, homeowners can borrow money using their home equity as
collateral and repay the loan at a fixed-rate over a 30-year term.
Homeowners receive the cash as a lump sum upfront to use however
they choose, such as consolidating debt, making home improvements,
or covering tuition, medical or unplanned expenses.
Whether looking to buy, refinance, renovate or build a home, the
PrimeLending team works alongside our customers in all 50 states.
PrimeLending’s customer-centric approach blends unmatched mortgage
expertise, product choice and digital convenience to deliver a
rewarding homebuying experience. Delivering on this promise since
1986, PrimeLending is proud to consistently earn a 96% customer
satisfaction rating2. PrimeLending is a wholly owned subsidiary of
PlainsCapital Bank, which in turn is a wholly owned subsidiary of
Hilltop Holdings Inc. (NYSE: HTH). More information at
PrimeLending.com.
1All credit decisions for brokered products will be made by a
third party. Restrictions and limitations apply.
2Survey administered and managed by an independent third party
following loan closing. 96% satisfaction rating refers to the
rating our customers give our loan officers. PrimeLending received
an overall 96% Customer Satisfaction Rating for the period
1/1/23-12/31/23.
All loans subject to credit approval. Rates and fees subject to
change.
©2024 PrimeLending, a PlainsCapital Company (PrimeLending).
(NMLS: 13649) Equal Housing Lender.
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version on businesswire.com: https://www.businesswire.com/news/home/20240618994779/en/
Mandy Jordan 972-852-8235 | mjordan@primelending.com