I felt like I didn't have to jump through hoops; the process was a lot easier, smoother, and quicker than a refinance.
How Rita Funded Home Repairs without Refinancing
Rita H. started looking at ways to access her home equity when she learned that she needed to replace her home’s boiler system — a hefty repair that would cost nearly $15,000.
She started searching for banks to qualify for a refinance when she stumbled upon Hometap.
“I appreciated that I wasn’t going to take on more debt [with Hometap],” she explained. “I’m not adding to my mortgage, not dealing with interest rates*.”
After requesting an Estimate, Rita was connected with her Investment Manager, Justin, who guided her through the application process and stayed in touch with phone calls and text messages.
“He was very available, communicated really well, and I really liked that he was available through text messages. I felt comfortable. Whenever I had a question, I could quickly text him and he could get back to me whenever. I don’t think banks do that.”
After submitting her Application, Rita discovered she could access enough equity to cover the new furnace and installation, and still have funds left over to check off a few small repairs and renovations, too.
“We had a few thousand dollars left that we put toward minor repairs: a new front door, a new air conditioning unit, we patched some walls,” she said.
Beyond the lack of debt and the dedicated Investment Manager that a home equity investment offered, there was another factor that made Hometap stand out from a refinance for Rita.
“I felt like I didn’t have to jump through hoops; the process was a lot easier, smoother, and quicker than a refinance.”
Find out in just minutes if you could fund your home repairs and renovations with a home equity investment from Hometap.
*Disclaimers: While a Hometap Investment does not have a monthly payment nor a guaranteed rate of return, home price appreciation is a factor considered at the point of settlement. For more information, please visit our How it Works page.
This homeowner was compensated for providing Hometap with an interview about her Investment experience.