DALLAS--(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.
