Business Model - Horizon allows homeowners to swap home equity for Bitcoin, avoiding price liquidation risk [1][2] Market Opportunity - The company targets the $34.5 trillion home equity market, enabling homeowners to transform their assets into Bitcoin [3] - The market potential of swapping home equity for Bitcoin is not yet fully recognized by the market [4]

Company Performance & Market Debut - Figure Technologies' stock is up approximately 34% from its initial offering price [1] - Figure has originated over $16 billion in loans on the blockchain [2] - Figure has processed over $55 billion in on-chain transactions [2] Blockchain & Efficiency - Figure utilizes blockchain technology to provide faster, more efficient, and potentially cheaper access to home equity compared to traditional banks, reducing the process from approximately 30 days to 5 days [4] - Blockchain technology reduces intermediaries, fostering trust through direct computer interactions [5][6] - By verticalizing the stack on the blockchain, Figure streamlines loan origination and funding [6] Stablecoins & Crypto Ecosystem - Stablecoins gained prominence, demonstrating real-world use cases for the crypto space [9] - Approximately 96% of stablecoins in circulation are backed one-to-one by US dollars or treasuries [10] - Crypto facilitates approximately 10% of remittances between the US and Mexico due to its speed compared to traditional intermediaries [16] Future Vision & Capital Markets - The company aims to bring efficiencies to the existing capital market ecosystem [15] - The company envisions a global, borderless financial service system facilitated by crypto [15]

Group 1: HELOC Rates and Trends - Current average HELOC rates range from 8.05% to 9.59%, with Bank of America reporting an average APR of 8.72% for a 10-year draw HELOC [1][2] - The pricing of HELOC interest rates is typically based on the prime rate, which is currently 7.50%, plus a margin [3] - Lenders have flexibility in pricing HELOCs, and rates can vary significantly based on credit score and debt levels [4] Group 2: Home Equity Utilization - Homeowners have over $34 trillion in home equity, the third-largest amount on record, making HELOCs an attractive option for accessing this value [2] - With mortgage rates remaining high, homeowners are less likely to sell their homes, making HELOCs a viable alternative to tap into home equity without losing low-rate primary mortgages [2][10] - HELOCs allow homeowners to borrow as needed, only paying interest on the amount drawn, which provides financial flexibility [8] Group 3: Lender Offers and Considerations - FourLeaf Credit Union offers a competitive introductory HELOC rate of 6.49% for the first 12 months on lines up to $500,000, highlighting the importance of comparing rates and terms [7] - Homeowners should be cautious of rate adjustments after the introductory period and consider the overall cost, including fees and repayment terms [4][7] - The monthly payment for a $50,000 HELOC can be approximately $395, emphasizing the need for careful financial planning when utilizing such credit lines [11]

Core Insights - Home equity can be a beneficial financial tool for homeowners to fund repairs, renovations, or improvements, offering lower interest rates and potential tax deductions [1][10] Home Equity Definition - Home equity is calculated by subtracting the outstanding mortgage balance from the home's value, representing the portion of the home that the owner truly owns [2][3] Financing Options for Home Improvements - Home equity loans provide a lump sum with fixed interest rates, suitable for specific projects [5] - Home equity lines of credit (HELOCs) function like credit cards, allowing withdrawals during a draw period, typically lasting 10 years, with variable interest rates [6][7] - Home equity sharing contracts allow homeowners to sell a portion of their home's future value for a lump sum, with no monthly payments but a share of appreciation due upon sale or term end [9][10] Pros and Cons of Using Home Equity - Pros include potential tax deductions, lower interest rates compared to other borrowing options, the possibility of increasing home value through improvements, and the ability to borrow significant amounts [14][10] - Cons involve the risk of foreclosure if payments are missed, reduced equity in the home, potential closing costs and fees, and the requirement of having substantial equity to qualify for loans [14][10][12]

Market Analysis & Trends - Global markets are undergoing a significant repricing due to inflated asset values resulting from 54 years of fiat currency [1] - Real estate is identified as a primary example of assets with values exceeding their underlying utility, driven by monetary policy since 1971 [1][2] - The distortion in real estate is global, with an estimated $114 billion-$130 billion monetary premium embedded in the $370 trillion market [3] Financial Implications & Valuation - In 1975, the median U S home cost $39500, adjusted for inflation and bigger floor plans, it "should" cost $332000 today, but in reality, the Median U S home in 2025 costs $512000, the gap, about 35%, is a monetary premium [3] - Residential properties hold $86 billion-$99 billion of the monetary premium, as homes have become stores of value [4] - Bitcoin has absorbed $2 trillion in capital, representing 0 2% of total global assets and 0 54% of global real estate value in just 16 years [5] Investment Opportunities & Alternatives - Bitcoin is presented as an alternative store of value to real estate, offering scarcity, liquidity, and global accessibility [4] - The shift from home equity to Bitcoin is portrayed as a generational opportunity, with the potential for real estate prices to reflect living value rather than wealth storage [5][6]

Core Insights - Home equity loans are a financial tool for accessing cash from home equity, commonly used for renovations, debt repayment, or education expenses [2][18] - Yahoo Finance has evaluated and ranked the best home equity loan lenders based on various criteria, including loan options and customer service [3][34] Group 1: Best Lenders - Better Mortgage is recognized as the best overall lender for its fast closing times and ability to offer large home equity loans, with a maximum of $500,000 and a combined loan-to-value ratio of 90% [4][8] - Navy Federal Credit Union is highlighted as the best lender for military-connected borrowers, offering up to a 100% combined loan-to-value ratio and covering all closing costs [6][9] - Fifth Third Bank is noted for having no fees associated with home equity loans, providing loans ranging from $10,000 to $500,000 [10][15] Group 2: Loan Features and Requirements - Home equity loans typically require a minimum credit score, with Better Mortgage requiring a FICO score of 780, while New American Funding allows scores as low as 660 [8][16] - The combined loan-to-value ratio (CLTV) can vary, with lenders generally allowing between 80% to 100% based on the borrower's equity [20][22] - Closing costs for home equity loans can range from 3% to 6% of the loan amount, with some lenders offering no closing costs [25][26] Group 3: Alternatives to Home Equity Loans - Home equity lines of credit (HELOCs) provide flexible access to equity, allowing borrowers to draw funds as needed [29] - Cash-out refinancing allows homeowners to replace their existing mortgage with a new one that includes a portion of their equity [30] - Personal loans offer an unsecured option for cash without risking home equity, though they may come with higher interest rates [31]

Core Concept - A Home Equity Line of Credit (HELOC) allows homeowners to borrow against the equity in their homes, providing access to cash for various needs, but specific criteria must be met for approval [1][2]. Summary by Sections What is a HELOC? - A HELOC is a type of second mortgage that functions as a revolving line of credit, allowing homeowners to borrow against their home equity, which is the difference between the home's market value and the mortgage owed [2]. How a HELOC Works - Similar to a credit card, a HELOC allows borrowing up to a certain limit, using the home as collateral, which poses a risk of foreclosure if payments are missed. It consists of two phases: the draw period (typically 10 years) and the repayment period (up to 20 years) [3][6]. HELOC Requirements - Homeowners must have at least 15% to 20% equity in their home, a minimum credit score of 680, a debt-to-income (DTI) ratio of 43% or less, proof of income, and homeowners insurance to qualify for a HELOC [7]. Steps to Obtain a HELOC 1. **Consider Personal Finances**: Assess financial ability to take on additional debt and check credit health [8]. 2. **Choose a Lender**: Compare terms, rates, and costs from multiple lenders [9]. 3. **Gather Information**: Organize necessary documents such as proof of income and mortgage statements [10]. 4. **Fill Out the Application**: Complete the application process, which may be online or in person [11]. 5. **Go Through Underwriting**: Lenders verify financial information and assess home value, which may take several weeks [12]. 6. **Close on the HELOC**: Upon approval, finalize the paperwork and understand the terms of the line of credit [13]. Additional Information - The approval process for a HELOC typically takes around two to six weeks, depending on the lender and the applicant's preparedness [14]. - While there is no standard income requirement, lenders prefer a DTI of 43% or lower to ensure the borrower can manage their total debt [18].

Core Viewpoint - Home equity can be accessed through second mortgages or refinancing existing mortgages, each with distinct features and implications for borrowers [1][7]. Group 1: Second Mortgages - A second mortgage allows homeowners to take out an additional loan on their property, which can be in the form of a home equity loan or a home equity line of credit (HELOC) [2][4]. - Home equity loans provide a lump sum with fixed interest rates, while HELOCs offer a credit line with two phases: a draw period and a repayment period [4][5]. - Typically, at least 20% equity in the home is required to qualify for these products, with interest rates generally higher than primary mortgages due to increased lender risk [3][8]. Group 2: Mortgage Refinancing - Mortgage refinancing involves replacing the original mortgage with a new one, which may offer a different interest rate or repayment term [7][8]. - There are two main types of refinancing: rate-and-term and cash-out, with both requiring approximately 20% equity to qualify [8][9]. - Rate-and-term refinancing is used to lower interest rates or change repayment terms, while cash-out refinancing allows borrowing more than the original mortgage balance for other expenses [8][9]. Group 3: Pros and Cons - Second mortgages can provide quick access to funds but come with the challenge of managing two debts and potentially higher interest rates [10][12]. - Refinancing can simplify debt management by consolidating into one mortgage, but it may involve higher closing costs and the risk of losing favorable original mortgage terms [12][15]. - Financial experts suggest evaluating personal circumstances to determine whether refinancing or a second mortgage is more beneficial, especially considering current interest rates [14][16].

Core Insights - Economists do not foresee a housing market crash in 2025, with predictions indicating that supply will not outpace demand for homes [2][24] - Current job data supports a stable housing market, with unemployment remaining at 4.3% as of August 2025 [3] - Home prices are experiencing slight cooling, with a reported year-over-year decrease of 1.4% in July 2025, but overall national prices are expected to decline by 0.9% by the end of 2025 [4][21] Supply and Demand Dynamics - The housing supply is gradually increasing, but not at a rate that would lead to a crash; the current supply is just over nine months, compared to the 13 months seen before the 2008 crisis [5][6] - Demand remains strong, partly due to declining mortgage rates, with the average 30-year fixed-rate mortgage at 6.35% in mid-September 2025 [7] - The current market dynamics differ significantly from those leading to the 2007 crash, with limited supply, high home equity, and stringent mortgage lending guidelines in place [9][10] Economic Factors - Home equity is at record highs, with the average American holding over $300,000 in equity, which contrasts sharply with the low equity levels seen in 2007 [10][12] - Low mortgage delinquency rates and a strong job market contribute to a stable housing environment, reducing the likelihood of a crash [12] Market Observations - While a national housing crash is unlikely, local markets may experience price fluctuations, with some areas potentially seeing declines even as national trends remain stable [15] - Increased non-mortgage related costs, such as property insurance and taxes, could impact some households, but the overall housing shortage is expected to mitigate widespread crashes [14] Future Considerations - Economists suggest monitoring local market conditions, including population growth, job market trends, and home sales, to gauge potential risks [15] - A significant economic shock or a rapid rise in unemployment could signal a future housing market crash, but current forecasts do not indicate such risks [13][14]

Core Insights - Homeowners can build equity through market appreciation and mortgage payments, allowing them to borrow against this equity for various expenses [1][2] Group 1: Home Equity Loan Overview - A home equity loan is a second mortgage that allows homeowners to borrow against their home equity, providing a lump sum of cash [2] - Home equity loans typically have fixed interest rates, terms ranging from five to 30 years, and fixed monthly payments [3][29] - Interest rates for home equity loans are generally lower than other types of debt due to being secured by the home [4] Group 2: Borrowing Limits and Requirements - Borrowing limits for home equity loans are usually capped at 80% of the home's equity, with calculations based on home value and existing mortgage balance [5][6] - Eligibility typically requires at least 20% equity in the home, a minimum credit score of 680, and a debt-to-income ratio of 43% or less [7][8][28] Group 3: Uses and Benefits - Home equity loans can be used for various purposes, including home improvements, debt consolidation, education expenses, and more [10][16] - Interest paid on home equity loans may be tax-deductible if used for home-related expenses [10] Group 4: Costs and Appraisals - Home equity loans incur closing costs ranging from 2% to 5% of the loan amount, which can include appraisal fees [12][14] - An appraisal is typically required to determine the home's value and the amount of equity available for borrowing [13] Group 5: Alternatives to Home Equity Loans - Alternatives include cash-out refinancing, home equity lines of credit (HELOCs), home equity conversion mortgages (HECMs), and personal loans [19][20][21][24]