Rocket Mortgage announced a new home equity loan as a means for paying off debt that has risen along with inflation.
Homeowners can access $45,000 to $350,000 of their home’s equity in 10- or 20-year term, fixed-rate loans – while maintaining at least 10% equity in their home. This new product complements Rocket’s goal to provide a financial solution no matter the need. Consumers looking for smaller loan amounts can secure $2,000 to $45,000 from sister company Rocket Loans, according to the press release.
Americans are grappling with high credit card bills – driven by a combination of rising prices, and record-high credit card rates resulting from the Federal Reserve’s aggressive Fed funds rate increases. This combination has consumers looking for options to make their monthly payments more manageable, the company said in a statement.
“Our goal is to consistently create financial products that help our clients achieve their goals,” said Bob Walters, CEO of Rocket Mortgage. “In the current market, short-term interest rates have risen sharply – making it much harder to pay off credit card debt. With our new home equity loan, clients can improve their lives by having a payment they can more comfortably afford.”