AmeriSave Mortgage Offers Flexible, Low-cost Financing With Launch of Home Equity Lines of Credit (HELOCs)

BY Business Wire | ECONOMIC | 10/27/22 08:00 AM EDT

New offering enables homeowners to borrow against established equity in their home to support their broader financial goals

ATLANTA--(BUSINESS WIRE)-- As median existing-home sales prices increased over the last year, more homeowners are realizing the opportunity they have to tap the equity they?ve built up in their homes. To better meet the needs of more borrowers, AmeriSave Mortgage Corporation, one of the nation?s fastest-growing mortgage lenders, is now offering Home Equity Lines of Credit (HELOCs).

A HELOC is a revolving credit line secured by the equity a homeowner has accumulated in their home. The money can be used as needed, like a credit card, but typically available at a much lower interest rate. Borrowers only pay interest on the amount that they draw. They provide borrowers greater flexibility to finance home improvements, consolidate high interest credit card debt, or fund other large expenses.

Demand for HELOCs has increased 22% year-over-year and 52% over the last five years, according to TransUnion. The median home equity available per consumer reached $223,000 in Q2 2022, and an estimated 4.5 million homeowners have more than $1 million in available equity.

?In this current interest rate environment, more consumers have been attracted to HELOCs as a smart and flexible way to turn their largest asset into a cash generator,? said Mike Berte, president and chief operating officer of AmeriSave Mortgage. ?They can unlock the equity in their home without having to refinance and take on a new loan.?

?AmeriSave is committed to making the dream of homeownership more affordable for more Americans,? Berte added. ?Our new HELOC product is yet another tool that can help make that dream a reality.?

To meet the varying needs of borrowers, AmeriSave also offers a range of home loan options for new purchases, traditional refinancing, as well as cash-out refinancing, which is another popular way for homeowners to access their equity easily and quickly at competitively low rates. In most cases, credit approval for AmeriSave?s HELOCs can be obtained online in mere minutes and do not require an in-person home appraisal.

To learn more about AmeriSave and its services, please visit www.amerisave.com.

About AmeriSave Mortgage Corporation

Founded in 2002, AmeriSave Mortgage Corporation is a leading mortgage lender best known for pioneering the first truly digital mortgage experience to borrowers. With six major loan centers located across the U.S., AmeriSave is a direct-to-consumer lender, Equal Housing Lender, licensed in 49 states and D.C., not licensed in NY; FNMA, FHLMC, GNMA approved. For more information, visit www.amerisave.com. NMLS ID #1168. For licensing information, go to www.nmlsconsumeraccess.org.

Source: AmeriSave Mortgage Corporation

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