#USA #Irvine #Mortgage Loans #EquitySelect #HighTechLending

HighTechLending Unveils EquitySelect™ Second Lien Option

HighTechLending, a pioneering mortgage lender, has introduced an innovative expansion to its EquitySelect™ platform with the launch of a new second-lien solution. This development aims to enhance accessibility to home equity for borrowers, particularly those who are equity-rich and looking for more manageable monthly payments. The company is known for reshaping traditional lending paradigms, and this new option demonstrates their commitment to providing flexible and consumer-friendly financial solutions.

Bridging the Gap in Home Equity Lending

The EquitySelect Second Lien option allows homeowners to tap into their equity without impacting their existing low-rate first mortgages. This distinct second-lien solution is intended for a variety of equity-rich individuals including self-employed professionals, retirees, and those seeking payment flexibility that traditional home-equity products seldom offer. With this option, HighTechLending seeks to revolutionize the way equity lending is perceived and accessed, granting more people a chance to manage their finances better.

“Many homeowners who have built significant equity and locked in low mortgage rates still find themselves gated out of traditional equity lending,” said David Peskin, CEO of HighTechLending. “EquitySelect Second Lien expands access to these homeowners, enabling them to achieve their goals without the burden of higher monthly payments.”

Real-World Impact: A Case Study

To illustrate the efficacy of EquitySelect, consider the case of the Robinsons. They sought a traditional Home Equity Line of Credit (HELOC) of $495,000 to complete crucial renovations but were rejected due to Mr. Robinson's self-employment status, which complicated the income verification process under standard debt-to-income ratio criteria. However, through the EquitySelect Second Lien, the Robinsons were able to secure approval. The equity-based payment structure bypassed strict income assessments, facilitating their project while retaining their original first mortgage and maintaining their financial flexibility.

A Flexible Payment Structure

Unlike conventional HELOCs and home-equity loans that require principal-and-interest payments, EquitySelect introduces a capped payment model. This innovation mirrors the dynamics of consumer credit cards, allowing borrowers more maneuverability while remaining secured by their real estate assets.

Key Features of EquitySelect Include:

• - Lower Required Payments: Greater affordability for high-debt-to-income borrowers.
• - Equity-Driven Underwriting: Focuses more on home equity than just income.
• - Dual-Lien Options: Available as both first-lien and second-lien products.
• - Adaptability: Suitable for a diverse demographic of equity-rich homeowners across various income brackets.
• - Flexible Payments: Borrowers can choose to pay more when their cash flow allows.
• - Multiple Uses: Can serve purposes like home renovation, debt consolidation, liquidity needs, or as a means for home purchase.
• - Alternative to Traditional Refinancing: Provides a responsible option to avoid high-interest debts or downsizing.

Wholesale Availability and Future Prospects

In addition to the direct benefits for borrowers, HighTechLending has made EquitySelect available on its wholesale platform. This advancement allows mortgage brokers, lenders, banks, and credit unions to offer both first-lien and second-lien solutions to their clients, thus empowering more homeowners with the tools they need to make better financial decisions.

“That’s one of the compelling aspects of our platform,” noted Peskin. “It allows our partners to tailor solutions to their customers’ specific financial situations while upholding responsible lending standards.”

HighTechLending continues to set a precedent in innovative lending by allowing homeowners to leverage their hard-earned equity without compromising their present financial arrangements. As the market evolves, their efforts to redefine equitable access to home equity will undoubtedly gain momentum, making home renovation, financial relief, and liquidity attainable goals for a broader audience of homeowners across the nation.

About HighTechLending

HighTechLending is a national mortgage lender dedicated to creating consumer-focused, innovative lending solutions. By intertwining forward-looking product design with responsible underwriting practices, the company aims to facilitate better access to capital and promote sustained financial well-being for homeowners.

• ---

This remarkable adaptation within the home-equity lending space promises to redefine accessibility for homeowners, illuminating an industry poised for evolution.