At a Glance
Upstart Mortgage offers a streamlined Home Equity Line of Credit (HELOC) experience, emphasizing a fully online application process, no appraisal requirements, and flexible repayment options. Ideal for homeowners seeking quick access to funds with minimal hassle.
Key Figures
- Loan Types: Home Equity Line of Credit (HELOC)
- Loan Products: Revolving credit lines based on home equity
- Minimum Credit Score: 600
- Repayment Terms: Draw period of 3 years; repayment term of 10 or 15 years
- Loan Amounts: $26,000 to $250,000
- Minimum Annual Income: $12,000
- Suitable For: Homeowners seeking flexible financing options without traditional appraisal processes
Pros and Cons
Pros:
- Fully online application process
- No home appraisal required
- Fixed rates on each draw
- No annual or redraw fees
- Soft credit check for rate inquiry
Cons:
How It Works
- Check Your Rate: Begin by visiting Upstart Mortgage's website and clicking on "Check Your Rate." This initiates a soft credit inquiry, which does not impact your credit score.
- Complete the Application: Provide necessary information, including property details and personal financial data.
- Verification: Upstart will verify your information. In most cases, no home appraisal is required.
- Approval and Funding: Once approved, you'll receive your funds after a mandatory 3-business-day waiting period, as per federal law.
Types of Loans
Upstart Mortgage specializes in Home Equity Lines of Credit (HELOCs), allowing homeowners to borrow against the equity in their homes. These revolving credit lines offer flexibility for various financial needs, such as home improvements, debt consolidation, or unexpected expenses.
Loan Features
- Fully Online Application: Apply from the comfort of your home without the need for physical paperwork or visits.
- No Appraisal Needed: Most applicants can bypass the traditional home appraisal process, speeding up approval times.
- Fixed Rates on Draws: Each draw from your HELOC comes with a fixed interest rate, ensuring consistent monthly payments.
- No Hidden Fees: Upstart Mortgage does not charge annual fees, prepayment penalties, or fees for drawing funds.
- Soft Credit Inquiry: Initial rate checks involve a soft credit pull, preserving your credit score during the decision-making process.
Rates and Terms
Upstart Mortgage offers repayment terms that include a 3-year draw period, during which you can access funds, followed by a 10 or 15-year repayment phase. Interest is fixed per draw, providing consistent monthly payments throughout the repayment period. Specific rate figures are not disclosed, as they vary by borrower profile and market conditions.
Summary
For homeowners seeking a flexible and straightforward way to access their home's equity, Upstart Mortgage presents a compelling option. With a fully online application, no appraisal requirements, and transparent terms, it caters to those looking for efficiency and clarity in their borrowing experience.
Contact Upstart Mortgage
- Phone: (833) 432-2215 (Monday–Friday, 9 AM–5 PM PST)
- Email: heloc.support@upstartmortgage.com
- Mailing Address: Upstart Operations Dept., P.O. Box 1503, San Carlos, CA 94070
Disclaimer: AI was used in the generation of this content, along with human verification.
