An Ohio wholesale lender has launched a 30-year home equity loan.
DeepGreen Financial has introduced a 30-year, fixed-rate home equity product for its mortgage brokers, according to an announcement today.
The Cleveland-based company, which touts its programs at www.DGBroker.com, said the rate will be 7.375% at the time of the launch.
DeepGreen says it has over 2,500 mortgage brokers approved and has originated $5 billion entirely online in home equity mortgages since it began business in 2000.
"The new 30-year HELOAN ... is in direct response to demand in the marketplace and is in step with our goal at DeepGreen to build a flexible, full-featured and aggressively priced product set," said CEO Sy Naqvi.