Overall
Unison offers a unique and very appealing system for homeowners to tap into their home equity. By connecting homeowners and investors directly, the company is able to offer 30-year term loans with no interest rate and no monthly payments, which is a fantastic deal for any homeowner hoping to fully enjoy their home's value today. The catch? After 30 years or when your home is eventually sold, investors have a claim on a certain percentage of its value at that time. In our view, this is a small price to pay for the ability to pay off debts, achieve your remodeling goals, and finally go on that dream vacation. If you're looking to enjoy life to the fullest, this is one company to check out.
Closing Costs
With no interest rates or monthly payments, Unison's loans are a great value for homeowners looking to mitigate extra costs today. To get a loan, however, borrowers are charged a 3% transaction fee -- this isn't necessarily more than you'd be charged with other lenders, but it is something to keep in mind.
Loan Variety
As Unison's system differs slightly from the typical home equity loan, all of their loans are offered on a 30-year term basis, with no interest rate or monthly payments attached. This means that homeowners can repay what they owe at any point within 30 years or when they sell their home.
Borrowing Limits
Your borrowing limits with Unison are strictly based on your home equity -- homeowners can borrow up to 17.5% of their home's current equity, with Unison's investors then holding a claim to part of your home's future value.
Customer Service
Fantastic customer service is key to Unison's very function as a business. Given that their entire business model hinges on connecting investors with homeowners and acting as a liason, the company makes communication one of their top priorities. Customer reviews applaud Unison for its performance in this category, with most finding the company to offer fast, reliable support that is both personalized and legitimately helpful.
Fair Credit Score Suitability
Minimum Credit Score: 620
Unison does not directly state any credit score requirements for qualification, but homeowners will likely need a minimum of 620 to get started.
Higher Credit Score Suitability
If you're a homeowner with a high credit score, Unison is a great choice for your home equity loan. Their unique business style allows homeowners just like you to utilize their home equity today with no interest rate or monthly payments attached -- when you eventually sell your home, your investors will simply take part of its value.
