After a 3-4 week search for an option to tap into my home equity, I finally decided to accept the lowest rate offered and that was by Figure Lending. They offered me a rate in the form of APR. other lenders were offering a Note Rate, others presented both, APR and Note Rate in their offers.
I applied yesterday the 12th, verified income through PLAID, verified Identity by uploading ID document, signed all paperwork and now just waiting for the eNotary to wrap things up. If they really take 5 business day to fund, then that means I should get the deposit this Monday.
Pros: all electronically, application, verifications and approval done under 10 minutes. the rate is LOCKED!
Cons: the initial draw is 100% of the approved CL.
Starting Score: 789
Sooo, Monday came and no dice for the money. They kept asking for more info, but yesterday they finally sent me to eNotary and we're now in rescission (3 day cool-off period). Right now, I'm at the 9th business day of the application process. Hopefully, next week I'll finally get the funds.
Right, I got the funds right after the cool off period. So, to sum it up, I applied on 8/12 and was funded on 8/26. That’s 10 business days. It worked out very very well for me.
@Peterparkyr wrote:Curious how this has worked out for you? Any updates?