Unlock Review

Overall Score 4.5 out of 5

Overall Score 4.5 out of 5

Personalized Score out of 5

Summary

Unlock offers a unique home equity loan product, referred to as a Home Equity Agreement (HEA). This product is unlike any other in the industry, making them a great option for homeowners looking for something different.

Review Highlights:

  • No monthly payments or interest
  • Funding available within 30-60 days of application approval
  • Traditional home equity loan alternative

Ratings Highlights

Overall
Homeowners interested in an home equity loan option with no monthly payments or interest and lower credit score requirements might want to take Unlock into consideration. Homeowners who sign up for an HEA through Unlock can borrow up to a certain amount any time from now through the next ten years, all in exchange for a portion of their home's value when they eventually sell.
Closing Costs
Unlock does not charge traditional closing costs. Instead, they share a profit in your home when you eventually sell it, which will vary in amount depending on the status of your loans, your home's appreciation, and other factors. Additionally, at the time of selling, they will charge you a 4.4 percent origination fee based on the amount they initially loaned you.
Loan Variety
All of Unlock's HEA expire in ten years. For payment, you will owe a portion of your home's value when you choose to sell.
Borrowing Limits
Borrowing limits sit between 30K to 500K, which allows the company to meet you exactly where you're at, whether you're looking to borrow just enough to pay off some credit card debt, or are interested in borrowing to make a bigger investment.
Customer Service
Customers are overall happy with the service Unlock provides. Getting started with their product is hassle free, and customers applaud how much easier it is to qualify for a loan through this company.
Fair Credit Score Suitability
Minimum Credit Score: 500
When compared to most other home equity lenders, Unlock has the lowest minimum requirement when it comes to credit score, making it a great option for homeowners in this category.
Higher Credit Score Suitability
Higher credit score homeowners looking for a loan option that will offer near immediate funding with no monthly payments attached may want to consider checking out what Unlock has to offer.

Company Background

Currently available in 14 states, Unlock offers their home equity agreement (HEA) product as an alternative to more traditional HELOC or home equity loans. Available to homeowners of any age, those that qualify will have access to borrowed cash for up to ten years after signing the agreement, all in exchange for a share in their home's value at the point of sale.