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The rate on a home equity line is not the rate on the first mortgage.
Louis lender, launched a standalone product on July 20 that lets homeowners borrow up to $750,000 in equity within five days, explicitly built for those who want liquidity without disturbing an existing mortgage rate.
The product addresses a real market constraint. What Gershman's announcement does not address is the pricing. What Gershman is selling The 5-Day HELOC is a standalone credit line, not a refinancing vehicle.
That structure is the product's defining feature: a homeowner sitting on a locked-in rate can draw against equity without replacing the underlying loan. The maximum borrowable amount is $750,000.
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