Hitch Logo

Why we founded Hitch

blog-post

Mar 20, 2023

Share

email
link
twitter
facebook
linkedin

If we’ve learned anything over the last few years, it’s the value of a safe and welcoming place called home. A small space, a big space, a space to call your own. Craftsman, modern or sprawling ranch, whatever your design aesthetic, the ability to walk through a front door to the security and comfort of your own home is a special thing.   Fortunately, you’ve made wise financial decisions. You’ve invested in a home. It’s your biggest asset. And we want to help you maximize that treasured investment. A digital home equity line of credit, or HELOC, allows you to unlock the value of your home and take out money to reinvest in it – and your dreams.   Technology has changed the way we live our lives. Groceries arrive at our doorstep. Cars can be summoned with a few clicks on an app. Why shouldn’t a loan application process be simple, quick, and streamlined as well?   Well say hello to Hitch – a digital HELOC provider and long-term partner in strengthening consumers’ financial health. Hitch has leveraged technology to help speed up the loan application process. We cut out unnecessary red tape to make sure consumers can access the value in their home and continue to make smart financial decisions like home improvements to increase the home’s value, or debt consolidation to lower interest rates.

Borrow from yourself, not the bank!

See your equity and HELOC rate in seconds

Equal Housing Lender
Hitch, Inc. 23833672158 NW Toussaint Drive. Bend, Oregon 97703

1. Qualified applicants may borrow up to 95% of their home’s value. This does not apply to investment properties.2. HELOCs have a 10-year draw period. During the draw period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) the total of all accrued finance charges and other charges for the monthly billing cycle. During the draw period, the monthly minimum payments may not reduce the outstanding principal balance. During the repayment period, the borrower is required to make monthly minimum payments, which will equal the greater of (a) $100; or (b) 1/240th of the outstanding balance at the end of the draw period, plus all accrued finance charges and other fees, charges, and costs.The lender will calculate this amount by taking the outstanding Account Balance on the last day of the draw period and dividing it by 240 months and then adding any finance charge that accrues but remains unpaid during the monthly billing cycle plus any other fees, charges and costs to the fixed principal payment that is due. During the repayment period, the monthly minimum payments may not, to the extent permitted by law, fully repay the principal balance outstanding on the HELOC. At the end of the repayment period, the borrower must pay any remaining outstanding balance in one full payment.3. The time it takes to get cash is measured from the time the Lending Partner receives all documents requested from the applicant and assumes the applicant’s stated income, property and title information provided in the loan application matches the requested documents and any supporting information. Most borrowers get their cash on average in 21 days. The time period calculation to get cash is based on the first 4 months of 2024 loan funding's, assumes the funds are wired, excludes weekends, and excludes the government-mandated disclosure waiting period. The amount of time it takes to get cash will vary depending on the applicant’s respective financial circumstances and the Lending Partner’s current volume of applications. Closing costs can vary from 3.0 - 5.0%. An appraisal may be required to be completed on the property in some instances.4. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. This offer is subject to verification of borrower qualifications, property evaluations, income verification and credit approval. This is not a commitment to lend.5. The content provided is presented for information purposes only. This is not a The content provided is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply.