McLean, Virginia, August 23, 2022 — Atlantic Coast Mortgage (ACM) is launching NFTYDoor’s home equity product to its customers.
In 2021, interest rates were under 3.0%, which led to a strong purchase market, and a historic refinance boom. Now just over the last year, interest rates have doubled, which makes cash-out refinances less economical for many homeowners.
“We are always looking for the best products for our loan officers to share with their customers,” said Patrick Collins, Chief Strategy Officer of ACM. “Homeowners need an efficient way to tap equity.”
The most common uses for home equity are home improvement, financing a car or tuition, and debt consolidation from high APR consumer loans or credit cards. Understanding the significant value equity offers to homeowners is why ACM has chosen to incorporate NFTYDoor into their evolving line of product offerings to allow homeowners the ability to leverage their tappable equity to increase both their short and long-term financial goals.
“ACM is a strong brand with loyal customers, which is why our platform is a perfect fit for them,” said Mark Schacknies, CEO and Co-Founder of NFTYDoor. “The efficiency of our application and underwriting not only lead to a better customer experience but also provides a timely program for our partner.”
Utilizing NFTYDoor, homeowners can access $25,000 to $250,000 of their home’s equity with a 25-year fixed-rate term after completing a simple digital application. The underwriting, closing, funding, and servicing process is fully digital.
Virginia-based NFTYDoor LLC, a digital mortgage lender (NMLS 2324343), provides home equity loans via bank and non-bank lender partners. NFTYDoor is licensed in Virginia, Maryland, DC, Illinois, and Florida, with plans to go nationwide in its first year of operation.
