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Consumers with few late payments on everything outside of their mortgage are considered good candidates for the Fast Close HELOC.
Countrywide Home Loans Inc. is offering a new online product to help borrowers obtain quick cash just in time to pay those holiday bills.
The Fast Close Home Equity Line of Credit provides borrowers who have at least $15,000 in equity and good credit with a revolving line of credit in 10 days or less.
"The [Fast Close] HELOC simplifies the process by utilizing Countrywide's new automated underwriting and settlement services. The new internet loan process enables borrowers to receive cash in less than two weeks," said Cameron King, executive vice president of the Calabasas, Calif.-based lender's electronic commerce division.
Although Countrywide offers all of its products online, consumers can only access this new product from the Home Financing Section of Countrywide's...