Home Equity 101
How an HEA Works: Home Equity Agreements Made Easy
|
Oct 21, 2022
|7 min
How It Works
Want to access your home equity?
What you need to have:
- Minimum property value $175K+
- Home equity of at least 30%
- Property in Unlock’s service area ()
- 500 minimum credit score
What you can’t have:
- Bankruptcies or foreclosures in last five years
- No more than one, 90-day late mortgage payment in last two years.
Why homeowners choose Unlock:
No restrictions on how you use the funds
No monthly payments
No penalty for settling early
No impact to your credit score
No income requirements
No need to replace your mortgage
The keys to unlocking your home equity:
01
Get
Pre-qualified
Enter your address and contact information to see if you qualify.
02
Submit Your
Application
Apply in minutes and upload required documents to get your initial offer.
03
Discuss Your
Options
Talk with a home equity officer about your questions.
04
Finalize
Offer
Approve your offer after a third-party appraisal and title report.
05
You’re
Done!
Get funded within three days of signing your closing documents.
Take our quiz to see if you qualify:
1. Does your property have an appraised value of at least $175,000?
2. Is your property in state served by Unlock? ()
3. Do you have at least 30% home equity?
4. Do you have a credit score of 500 or higher?
5. Are you free of any bankruptcies or foreclosures in the last five years?
6. Have you paid your mortgage on time (no delinquencies) for the last two years?
