Newfi Expands EquityChoice™ Shared Appreciation Mortgage Offering To 18+ States

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May 02, 2024, 08:30 ET

EMERYVILLE, Calif., May 2, 2024 /PRNewswire/ -- Newfi Lending, a leader in innovative lending solutions, is proud to announce the expansion of its latest proprietary product, EquityChoice™. This marks a significant stride for the mortgage industry as Newfi is providing a stable, alternative lending solution that relieves interest rate concerns and meets growing homeowner demand for access to liquidity.

Originally available only to homeowners in Arizona, California, and Colorado at time of launch in Q1 of 2023, Newfi has announced a multi-state expansion to 16 additional states and counting. As of today, EquityChoice™ is now available in:

Arizona
California
Colorado
Connecticut
Delaware
Georgia
Idaho
Kentucky
Louisiana
Maine
Michigan
Montana
North Carolina
New Jersey
New Mexico
Ohio
Oklahoma
Oregon
South Carolina

"We've seen broad based interest in EquityChoice from borrowers seeking to replace HELOCs that have reset significantly higher with the rapid increase in the Prime Rate, finance ADUs, avoid early withdrawals from retirement plans, remodel homes, finance small businesses and otherwise tap their housing wealth rather than selling their investments or drawing down their liquidity to enhance their situation," said Pat Doyle, President, Newfi Investment Group, and co-creator of EquityChoice. "We plan to be in more than 30 states in just a few short months."

EquityChoice™ is a second lien, shared appreciation mortgage giving homeowners immediate access to cash without having to liquidate portfolio investments, dip into savings, or experience the pressure of added monthly payments.

Key features of EquityChoice include:

Access to a portion of home equity at a below-market, fixed interest rate, while sharing in a portion of the home's future appreciation
Ability to keep low-interest, primary mortgages intact
Immediate access to capital without reducing monthly cash flow
Standard mortgage loan terms and lender obligations, such as a capped interest amount, that provide built-in safeguards

EquityChoice™ is available to borrowers through Newfi's Wholesale, Correspondent, and Direct-to-Consumer channels.

For more information about EquityChoice™ visit newfi.com/equitychoice.

About Newfi Lending – NMLS ID 1231327
Newfi is a multi-channel lender that is setting the standard for efficiency, transparency, and service in the mortgage marketplace. Founded by industry veterans, Newfi is committed to innovation in lending products for both consumers and mortgage brokers under the Newfi Lending brand. For more about Newfi product offerings visit newfi.com. For business or wholesale inquiries, visit www.newfiwholesale.com.

Media Contact
Pat Doyle
(510) 849-6148

SOURCE Newfi Lending