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Established in 2020, Unlock Technologies offers home equity agreements (HEAs), which are an alternative to HELOCs and home equity loans. Requirements for an HEA with Unlock are a minimum 500 FICO score and at least 30% equity in your home. Depending on your home’s current value, you can receive up to $500,000 in cash.
Pros & Cons
- Low credit score minimum
- No interest or monthly charges
- No income requirement
- Only available in 15 states
- 4.9% origination fee and other fees
Unlock is a real estate investment company that specializes in HEAs. You can trade a percentage of your home's future value for cash today. Terms are typically for 10 years or when you sell your home -- whichever comes first.
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Great experience and great alternative to refinancing. I was very happy with the customer service and the process. It was exactly as described and Unlock did a great job of keeping us posted on everything. I would 100% recommend Unlock to friends!
Thanks so much for taking the time to post a review about your experience with Unlock. We’re happy that the customer service and process were positive and went smoothly. We appreciate your feedback!Sincerely,
The Unlock Team
I reached someone from Unlock on 9/13/22, within that day I was advised to send in documents and the quicker the better you should be approved and funding should be available to you within 30 days. Well here we are almost 60 days out and each time I call I am waiting on this, that, and the third. If there is something that has to be done asap with the funds do not go to them. Since I have wasted almost 60 days I have to start over.
We apologize for the delay in moving your application along. We discovered a rare restriction during our underwriting process that complicated our ability to proceed as quickly as we would have liked. We are happy to report that we were able to remedy the situation and that you should have funding in hand shortly. Thanks for your patience and for reaching out to share your feedback.Sincerely,
The Unlock Team
Do NOT do business with Unlock in any way, shape, or form unless you plan on giving the farm away. I'll make a long story short on their lending tactics. During the process, they will send somebody to come and "appraise" your home. This person comes and takes pictures which gets sent to a third party company. This 3rd party company will then completely undervalue your home by a very large amount.... about 15% in my case. They take all the comps from the area and they actually REDUCE the comp number to "adjust" the value of the home to what THEY THINK the value is and NOT the actual market value. So that offer your getting now becomes a much smaller offer or in some cases no offer at all after wasting all your time. What do you think will happen when Unlock wants to collect their money in 10 years?
They will more than likely send a REAL appraiser because the reality is that on the initial appraisal it's NOT a real appraisal where they do actual measurements of your home. Meaning that based on my observation on going through the process they are actively trying to get your home “appraised” for as little as possible so they can collect a much larger payment when it’s time to pay up after your term is complete. The 3rd party appraisal companies they use are a nationwide company that knows nothing about your area, home, or neighborhood. There are a couple of other competitors that use real appraisers to give you the real value of your home and not try to actively rip you off. STAY CLEAR of this company at all cost!!
Thanks for reaching out with your experience. We did an audit of your file and we ordered an independent, licensed, third-party appraisal with the goal of providing you a fair valuation of the property. These independent, third party appraisers do not adjust values on our behalf as you indicated in your review. A senior member of our operations team will be reaching out to discuss your file and appraisal in detail.
I reached out to somebody that got back to me. I went to fill out paperwork. After that, it took a couple of weeks and I got the closing documents. We then did the appraisal and that was it. It was easy and straightforward. The rate is too high. But I got what I needed and the answer I wanted.
We filled out the application on October 20th, and it was funded December 14th. It got delayed a week because I didn't understand that my wife needed to sign the docs as well. But the one rep that we worked with, Leah, was fantastic. She was very professional along the way. I like that part of it. Joey got back to me right away and took the time to answer the million questions I had.
Unlock could shorten the underwriting. That was the part that took a long time. Also, they send out to third party appraisers for the loan valuation. Even though I know it's a unique property, I was still a little unhappy with the way that part went. The appraisal came in lower than we thought, which is not totally surprising because the property we have is kind of a unique one. But going through how it was going to work on the back end was critical because I thought if the property appraised low then and I sell it in a few years and it's substantially more, that could end up being very costly. Going over the safeguards of it, not going too high or too low, was an important decision-making process. Leah walked me through it and was patient with me while I did the math.
What I didn't like about the application process didn't have to do with the application itself, it had to do with going back to the website and looking at the details because the website wants you to start the application process again when you go back to look at the details. All I wanted was to go back, look at the numbers and calculate the numbers.
My experience has been so positive. Compared to getting a regular home equity loan, on a scale of 1 to 10 with 10 being difficult, 2. That's how easy and transparent it was. When I got the pre-approval, I had an attorney look it over. But the application itself was very simple. The rep, Jameson, was the best. I ran him through the wringer because I am an informed consumer. I've bought and sold a couple of properties. I just told him upfront, “If this is a scam, you got the wrong person. You will not get a dime.” He just listened and kept presenting himself in such a transparent, reputable manner. I called him 50 times asking the same question in a hundred different ways, and he answered. He sent me documentation. Where he didn't have the answer, he reached out. And just the fact that he answered, whether it was through text, email, or voice call, he found a way. I always got a response.
The rates were reasonable. You have to look at what you're getting. You’re getting a lump sum of money that you're not paying interest on. You're not making monthly. But what gets me about the whole refinance thing is the monthly payments. You can get a home equity loan, but now you've got monthly payments. So it's catch-22. I got my money within 24 hours after we did the closing papers. This is for 10 years. So, what else is there in life that gives you that kind of peace of mind? I have to keep up the property. Maintain the agreements that I signed for. But the bottom line is, I got my $70,000, and I moved on with my life the next day. You can't beat this.
Using Unlock was an easy process. The rep was very helpful. He took my calls when I had extra questions. The long term terms aren't very good, but it's good getting a loan as quick as it was. If you need cash, call Unlock.
Unlock explained everything to me. They told me how the process works. What I am doing is I'm borrowing against the equity that’s in my home. When I take the loan out, I have to keep it for at least six months. I don't have any interest or any payments until the end of 10 years. At any time after six months, I can do away with the loan. Unlock sends an appraiser in. Whatever the house appraises for, I pay them back 16% minus what I already got. So, I got 35,000. Let's say their portion is going to be 50,000. I take 35 off of 50 and that's what you I them back. It's more than fair because I have a fifty-fifty chance that the housing market is going to take a dump. So, it's a win-win for the homeowner. It works really good.
The reps sent me all the information over the computer so I could read it before I sign the final documents. We did the process from start to finish in two weeks’ time and it was perfect. They were very efficient. They went through the whole process with me and they told me everything. I would recommend Unlock to anybody.
My wife and I are getting ready to move into an RV and I was told it's easier to get financing if you own your home still. We looked into Unlock because I want to pull out some equity, and then, before we sell the house, buy the RV, and then sell the house. Unlock's application process was simple, quick and easy. Shawn was my loan officer and he told me what I needed to do and we took care of it. I talked to him a couple of times in between after submitting all the information and it was perfect. I couldn't have asked for a better experience. The rates are a little bit steep, but that's what you expect when you get into a loan like this or an investment.
Yvette, a woman that I've worked with on mortgage refi from the past year, referred Unlock to me. She put me in touch with a man named Kevin, and he was only person I spoke with at Unlock. He was very helpful, respectful, professional, and I appreciated his assistance. We communicated first through emails then he had a phone call with me that gave me an overview of what the services were. He then sent me information in writing in regards to when I reviewed it, got clear about what the numbers were and the expectations.
I let Kevin know that I was interested, and we went through the process of filling out papers, signing documents and closed it with a notary that they sent to my home. The process took two and a half months, and it was smooth. The only thing that was a delay for us was communication, back and forth through emails. Also, I wish the rates were lower, but the terms seem reasonable. Anybody lending money needs to make some money off of it, so it's not too bad.
Getting a loan was easy, and the rate and terms seemed fair. The rep was great as well.
The reps were very efficient, and the loan process was very simple. The rate and terms were reasonable too.
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