General World News

Rocket gets into home equity game, joining rival nonbanks

Rocket Mortgage, the nation’s largest lender, is expanding its product portfolio to home equity loans amid a significant slowdown in mortgage origination volume.

After getting an appraisal on the home, homeowners can access between $45,000 and $350,000 of their home’s equity in a 10- or 20-year, fixed-rate loan, while maintaining at least 10% equity in their home, Rocket said Monday. 

Rocket is targeting American homeowners with high household debt and credit card balances but strong home equity positions

“In the current market, short-term interest rates have risen sharply – making it much harder to pay off credit card debt,” details ⇒

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