E*Trade Bank has launched two new products - Home Equity Lines of Credit (HELOCs) and Home Equity Installment Loans (HEILs) - in an effort to increase its share of assets per US household.
Through E*Trade Mortgage, the group will offer low introductory rates for loan amounts up to 100% of the value of the home and will charge no application or closing fees for home equity products. Applications can be processed online or by phone through E*Trade's customer service mortgage representatives.
Mitchell Caplan, chief financial products officer and managing director, North America, E*Trade Group, says: "With interest rates declining in today's environment, we believe this is an ideal opportunity to tap into the equity value in customers' homes for a variety of uses, including home improvements, debt consolidation, or other personal financial goals."
"E*Trade's customers, shortly, can look for additional credit and lending products, varied pricing options, and integrated account access online," he adds.