Latest news with #MeridianLink
Yahoo
12 hours ago
- Business
- Yahoo
HELOC rates today, June 21, 2025: The home equity line of credit rate sharply lower
HELOC interest rates fell today, giving home equity line of credit borrowers a nice entry point to tap their home's value. A new survey finds that a significant number of homeowners are considering a HELOC. Nearly 30% of U.S. homeowners said they are considering accessing their home equity with a second mortgage in the next 12 months, according to MeridianLink. "Homeowners recognize the potential of home equity lending, but many are still on the sidelines due to financial uncertainty and lack of education about their options,' JP Kelly, MeridianLink senior vice president, said in a release. Among those likely to borrow from their home equity, most (45%) said home improvements were their primary motivation. Now, let's dig into today's HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing This embedded content is not available in your region. According to Zillow, the rate on a 10-year HELOC dropped nine basis points to 6.70% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs fell sharply by 13 basis points to 6.30%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not going to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. This embedded content is not available in your region. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Business Wire
10-06-2025
- Business
- Business Wire
REPAY Enhances MeridianLink Integration, Modernizing New Member Onboarding and Digital Payment Options
ATLANTA--(BUSINESS WIRE)-- Repay Holdings Corporation (NASDAQ: RPAY) ('REPAY'), a leading provider of vertically-integrated payment solutions, today announced new enhancements to the company's integration with MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies. REPAY's innovative, trusted payment technology now enables credit unions and banks in MeridianLink's network to offer new members streamlined account funding via debit card, ACH and digital wallets, including Apple Pay and Google Pay. Expanding account funding options with REPAY's integrated payment technology enables financial institutions that use MeridianLink ® Opening to accept funds into new member accounts faster and improve the consumer experience both in-branch and online. Providing a variety of convenient account funding methods, leveraging the same verifiable payment methods consumers prefer to use daily, simplifies the onboarding process for both credit unions and their members. "We strive to continually enhance our platforms in strategic ways that strengthen our customers' business capabilities while simultaneously addressing evolving member needs,' said Megan Pulliam, SVP, MeridianLink ® Marketplace. 'Flexible account funding options, enabled by our partnership with REPAY, are an essential advantage for our financial institutions and will enable them to uphold the high standards of customer service and convenience members have come to expect." These enhancements supplement REPAY's existing integration with MeridianLink ® Collect, which optimizes loan collection operations by simplifying accounting and consumer payment processes. REPAY's secure payment solutions enable MeridianLink's broad network of financial institution customers to streamline processing efficiencies by accepting ACH and card payments via web, mobile, Interactive Voice Response (IVR) or text. Offering a wide variety of payment modalities provides borrowers with options to make loan payments in the way that is most convenient for them and improves the overall experience. 'As digital payment options increase in consumer popularity, offering convenient account funding and payment methods is critical to attracting and retaining new members,' said Jake Moore, EVP, Consumer Payments, REPAY. "Our expanded partnership with MeridianLink empowers financial institutions and consumers to build trust and forge stronger relationships as a result of REPAY's advanced payment technology solutions." Regardless of payment method, REPAY's integrated platform tracks, logs and posts payment data in real time, ensuring payment updates and information are accurately reflected in credit unions' records immediately after a payment is submitted, mitigating the risk of invalid penalties and unnecessary collection efforts that are triggered for past-due payments. This not only smooths accounting processes for credit unions and banks but also supports better relationships with members due to improved confidence and communication. About REPAY REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAY's proprietary, integrated payment technology platform reduces the complexity of electronic payments for clients, while enhancing the overall experience for consumers and businesses. About MeridianLink MeridianLink ® (NYSE: MLNK) empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink's cloud-based digital lending, account opening, background screening, and data verification solutions leverage shared intelligence from a unified data platform, MeridianLink ® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike. For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at
Yahoo
09-06-2025
- Business
- Yahoo
HELOC rates today, June 9, 2025: Interest rates on home equity lines of credit are unchanged
HELOC interest rates paused Monday after moving substantially higher yesterday. According to a recent survey by MeridianLink, more than one-quarter (28%) of Americans are considering a home equity line of credit or home equity loan to tap their home's value. Of those likely to borrow against their equity, 45% said home renovations were at the top of their list, followed by investing in new properties (16%) and debt consolidation (16%). That shows the versatility of HELOCs and HELs. Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on 10-year HELOCs are unchanged today at 6.85% following yesterday's sharp increase. The same rate is also available on 15- and 20-year HELOCS. However, VA-backed HELOCs are up six basis points at 6.48%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
02-06-2025
- Business
- Yahoo
HELOC rates today, June 2, 2025: Interest rates on home equity lines of credit nudge higher as consumer demand grows
HELOC interest rates nudged fractionally higher today. According to a recent survey by MeridianLink, more than one-quarter (28%) of Americans are considering a home equity line of credit or home equity loan to tap their home's value. Of those likely to borrow against their equity, 45% said home renovations were at the top of their list, followed by investing in new properties (16%) and debt consolidation (16%). That shows the versatility of HELOCs and HELs. Now, let's check the latest HELOC rates. Dig deeper: HELOC vs. home equity loan: Tapping your equity without refinancing According to Zillow, rates on 10-year HELOCs are up four basis points to 6.81% today. The same rate is also available on 15- and 20-year HELOCS. VA-backed HELOCs moved up by two basis points to 6.36%. Homeowners have a staggering amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That's the third-largest amount of home equity on record. With mortgage rates lingering in the high 6% range, homeowners are not likely to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why let go of your 5%, 4% — or even 3% mortgage? Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative. HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%. However, you will find reported HELOC rates are much lower than that. That's because lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. And average national HELOC rates can include "introductory" rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate. You don't have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit. The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat. Meanwhile, you're paying down your low-interest-rate primary mortgage like the wealth-building machine you are. Today, FourLeaf Credit Union is offering a HELOC rate of 6.49% for 12 months on lines up to $500,000. That's an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity. The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don't pay interest on what you don't borrow. Rates vary so much from one lender to the next that it's hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are. For homeowners with low primary mortgage rates and a chunk of equity in their house, it's probably one of the best times to get a HELOC. You don't give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt. If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That's for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.
Yahoo
15-05-2025
- Business
- Yahoo
How soon can you pull equity out of your home?
How soon you can pull equity out of your home is not so much about time as it is about the size of your ownership stake. Most lenders typically require homeowners to have a minimum of 20% equity, and you'll qualify for the best interest rates if you own around half of your home outright. After buying a home, there's usually no waiting period to apply for HELOCs or home equity loans, but there are six- to 12-month restrictions in place for most cash-out refinances. The best time to take out home equity is when you have a small mortgage balance, a strong credit score and a low debt-to-income ratio. If you're contemplating tapping your home equity, you're not alone: Almost 30 percent of homeowners say they would consider borrowing against their residence's value, according to a new survey from MeridianLink, a loan-origination software provider. But nearly a quarter of them (23%) also admit to an incomplete understanding of home equity loans and lines of credit. For example, when can they get approved for a loan? Do they have to own the home for a certain amount of time? In short, how soon can they tap their home equity for cash? Actually, when you can pull equity out of your home is not so much a matter of dates as it is about the size of your ownership stake. Here's all you need to know to time it right. There isn't a specific date on the calendar that dictates when you're going to be able to access your home equity. Taking out a home equity loan or line of credit (HELOC) is not so much about 'how soon' as about 'how much' – as in, how much equity you have managed to accumulate. Lenders usually demand you have amassed an ownership ownership stake of a certain size. At a minimum, 'lenders typically want borrowers to have 20 percent of equity in their home,' Wendy Morrell, head of relationship retail at U.S. Bank, says. That means, you own that percentage of the home's worth outright: It's equivalent to the amount you paid for with cash, as opposed to borrowed funds. For example, if you bought a home with a 20 percent down payment, and financed the remaining 80 percent, you'd start off with a 20 percent equity stake right off. If you put down 50 percent of the purchase price, you'd have a 50 percent stake. While 20 percent is the usual standard, some lenders will accept a smaller amount of equity – just 15 or 10 percent; some HELOC lenders even accept 5 percent – if you're a very creditworthy applicant. ('In addition to the amount of equity you have in your home, your credit score and history, debt-to-income ratio and income history all are factors to the terms and rates,' Morrell notes.) Usually, there isn't a mandatory waiting period for accessing your home equity via a second mortgage, which is what HELOCs and home equity loans are. But different lenders do have different rules. 'Some banks may want to see how you pay on the first mortgage before allowing you to take out another,' says Darren Tooley, senior loan officer at wealth management firm Southfield, Mich.-based Cornerstone Financial Services, 'while some lenders will do an equity loan or HELOC immediately after purchasing a home, as long as you meet their requirements.' While second mortgages might be available right away, there generally is a mandatory waiting period for a cash-out refinance, which replaces your original mortgage with a new, larger one. This is known as a seasoning requirement, and it ranges from six to 12 months for conventional and FHA loans, Tooley says. Ultimately, the best time to consider a home equity loan is when you have a lot of equity – ideally, equal to about half of your home's worth. Or, put another way, when the outstanding amount on your mortgage represents a relatively small chunk of your home's value. That's because, when calculating how much to give you, lenders look at all your home-based debt: both the outstanding primary mortgage and the new amount you want to borrow, something called the combined loan-to-value ratio. 'A borrower with a 95 percent total loan-to-value ratio will typically face a higher interest rate than someone with a 70 percent total loan-to-value ratio, since lower equity increases the lender's risk,' says Denya Macaluso, vice president of residential lending at Michigan State University Federal Credit Union. In short, the bigger your mortgage balance is, the less home equity you have to tap – and the more expensive tapping it will be.'The more equity you have in the house, the better interest rates you will usually have,' Tooley says, 'with most lenders offering their best rates when there is 40 percent equity remaining in the home, after the loan closes.' Keep in mind: Good timing for tapping home equity also involves your finances in general. Even if you've amassed a large ownership stake, you still need a solid credit score, a relatively low debt-to-income ratio, and a steady income to get approved for a loan or credit line. Determining your current level of home equity is pretty simple: First, estimate the market value of your home. Then, subtract the outstanding principal balance on your most recent mortgage statement. So, let's say your home is worth $500,000, and you currently owe $300,000 on your mortgage: You have $200,000 in total equity. Remember you can't borrow that full $200,000, though. Lenders usually require you to maintain a certain equity stake in the home. For example, if your lender requires you keep 20 percent equity untouched – financing up to 80 percent of the home's value, in other words – you may be able to borrow up to $100,000. Try using: Home Equity Line of Credit Calculator There are three main ways to tap into your home equity, all of which have nuances that can make them better or worse fits for your finances: Home equity loan: These are fixed-rate loans that will offer a lump sum of money to be repaid over a set term, usually between five and 30 years. In many cases, you pay upfront closing costs, as with your original mortgage. HELOC: These are variable-rate lines of credit that feel more like a credit card, letting you withdraw funds up to a certain amount. You can spend for a set period, usually 10 years, then repay over an additional 10 to 20 years. Closing costs tend to be less, but many HELOCs come with annual fees and prepayment penalties. Cash-out refinance: A cash-out refinance will replace your existing mortgage with a new bigger one, as it includes a sum of ready money based on your available equity. It's the most involved process of these three options, and it comes with a key question: Do you want to replace your current mortgage and interest rate with a new loan with entirely new terms? Generally, you can tap your home equity fairly soon, applying for a HELOC or home equity loan even if you are a relatively new homeowner. You will, however, need to have enough equity – generally 15 to 20 percent of the home's overall value — to satisfy the lender's requirements. And frankly, if you financed most of the purchase, you won't have much money to play with. To qualify for a sizable loan, and for the lowest rates, you ideally should have an equity stake of 50 percent or more, a threshold that often takes at least a decade of on-time mortgage payments to hit. And in addition to your equity level, get your financial house in order prior to applying. A high credit score and a low debt-to-income ratio will increase your odds of getting approved — and the best terms possible. 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