Guaranteed Rate rolls out new digital HELOC product

Digital lender Guaranteed Rate has launched a new fixed-rate home equity line of credit (HELOC) loan offering that enables borrowers to access their home value quickly through its end-to-end online platform.

Raman Muralidharan, president of new financial products, said Guaranteed Rate’s new offering not only “beats traditional HELOCs by offering a fixed rate, but it also takes much less time to apply and funds a lot faster than other HELOCs.”

The loan product, now available in 41 states and Washington, DC., provides a fully digital application process that takes just five to 10 minutes to complete and be approved. Customers can draw from the line of credit for a period of two to five years, depending on the fixed term selected (up to 30 years), at then-current market rates. Additionally, the HELOC does not require money upfront from the borrower as fees are included in the loan amount.