Insight
The lock-in effect of borrowers wanting to keep their 2% to 3% rates is driving the desire to access equity.
SoFi rolls out end-to-end digital HELOC experience, advisory council
Summary
SoFi is rolling out a fully digital home equity line of credit (HELOC) to capitalize on homeowners' reluctance to give up low mortgage rates. This offers homeowners new liquidity options for remodels, education, or vacations. The company's advisory council aims to connect buyers to its platform and provide market insights, potentially impacting the real estate and STR markets.
Key takeaway