2 min read

Fraction is now partnering with mortgage brokers across Washington

Fraction kicks off partnerships with mortgage brokers across the US

Anita Chauhan

April 21, 2022

Blog overview

Help homeowners and close more deals

Providing homeowners with the financial options they need

Washington Brokers: interested in working with us?

Fraction (NMLS ID 2084341), is now supporting brokers throughout Washington state. Our new program enables mortgage brokers to provide their clients access to up to $1.5 million in tax-free cash with no required monthly payments or penalties.*

Help homeowners and close more deals

Fraction has recently entered the US market, having launched in Washington State earlier this year. The launch of this new broker program follows our proven success and growth in the Seattle area.

“Thanks to the great response we’ve had working with broker partners across Canada, launching our program to Washington State seemed like the natural next step,” said Hayden James, CEO and Co-Founder of Fraction. “Mortgage brokers have long been a trusted partner of Fraction. We’re excited to partner with brokers across the Evergreen State to provide their clients with this first-of-its-kind product.”

Fraction is working closely with leading brokerages across Washington State to help them build their business with Fraction’s innovative financial solution. When you work with Fraction, brokers have exclusive access to a fairer, more flexible lending solution that homeowners would not typically find on their own. Fraction works closely with each broker to find the right program and mortgage product for their clients. We go the extra mile. Check out a recent review from one of our broker partners below.

Providing homeowners with the financial options they need

Fraction's loans feature no required monthly payments* and are a flexible way for homeowners to tap into their home’s equity. Since monthly payments are optional, clients need much less income to qualify than they would for a traditional product - which in turn allows them to pay off debts they wouldn't be able to if they had a mortgage payment. In fact, a Fraction Mortgage can help borrowers potentially cut their existing debt payments in half on average, achieved through eliminating their monthly mortgage payments.*

Often homeowners seek ways to access the hard-earned equity locked in their homes for large expenditures or diversifying income – examples include consolidating or paying off debt, funding home renovations, launching a business, or helping a child pay for a home or attending college.

While in need of solutions, many homeowners aren’t interested in taking on more monthly obligations. Fraction allows them to access the built-up equity in their homes with no required monthly payments.

To qualify for a Fraction Mortgage, homeowners must, at a minimum*:

Have at least 60% equity in their primary, secondary, investment or vacation home.
Have a minimum credit score of 640.
Be at least 18 years old.

We are excited to support mortgage brokers as they help homeowners find the right solution to take equity out of their home.
‍

Washington Brokers: interested in working with us?

Schedule a call today with our sales team. Find out how you can help your clients unlock up to $1.5m of their home equity.

Jacob Rissman (NMLS ID 1994019) is the Director of Sales and Vince Pace (NMLS ID 1916940) is a Loan Consultant at Fraction. Schedule a call with them to get your clients funded in no time.

Contact Jacob: (206) 594- 0928

Contact Vince: (206) 531-2891

*Approval is subject to final underwriting, including review and verification of your credit history, income, and property.

Fraction HELOC is available in WA with more states to come.

Equal Housing Opportunity

This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through the Fraction site.

*Important Disclosures:

The interest rate for the Fraction Mortgage is calculated based on an Index, which is the Zillow Home Value Index (ZHVI), which is published at https://www.zillow.com/research/data/ on the third Thursday of each month. The interest rate at a given date during the term will be calculated as the change in the ZHVI from the initial date of origination up to that given date during the term. The minimum APR for a 5 year Fraction Mortgage is 9.37% and the maximum APR is 16.02%.
The Fraction Mortgage is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will match the interest rate of the existing principal.
Fraction charges an origination fee of up to 2.5%. If working with a broker, the origination fee for Fraction is 1.5% and you may also pay a broker fee up to 1.5%. You may also be responsible for paying recording fees, which vary by county, as well as inspection and appraisal fees, which vary by property.
Our loan amounts range from a minimum of $50,000 to a maximum of $1,500,000. Your maximum loan amount may be lower than $1,500,000 and will ultimately depend on your home value at the time of application. We determine your home value through independent data sources, automated valuation models, and third-party appraisals.
To check whether you might qualify for a Fraction Mortgage, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
The Fraction Mortgage is a lending product with a fixed-term and secured against a property. Interest accrues over the term of the loan, with no monthly payments owed over the loan term. The Fraction Mortgage is available to homeowners over 18 years old. Fraction will accept applicants with a minimum FICO credit score of 640. An inspection may be required if your loan balance exceeds $1,000,000 and will cost approximately $750. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone. Other taxes and government fees may be charged by your county and/or state. All fees other than the origination fee are paid to third parties and will be based on the actual cost of the services. The minimum and maximum term is 5 years.
Repayment is due at the end of the term and can be paid at any time up to and including the end of the loan term. Renewal options are available pending a new credit check and sufficient equity in the property.

Fraction is now partnering with mortgage brokers across Washington

Help homeowners and close more deals

Providing homeowners with the financial options they need

Washington Brokers: interested in working with us?

Further readings