Upstart Mortgage Review

Overview

Upstart Mortgage leverages artificial intelligence to simplify the HELOC process. By eliminating traditional hurdles like property appraisals and offering a fully online application, it caters to homeowners looking for a hassle-free way to tap into their home equity. 

Suitable For?

Upstart Mortgage is ideal for homeowners who:

• Prefer a digital, streamlined loan process
• Seek fixed-rate draws for budgeting ease
• Want to avoid the time and cost of property appraisals
• Reside in states where Upstart Mortgage operates

Types of Loans/Products

Home Equity Line of Credit (HELOC):

• Loan amounts: $26,000 – $250,000
• Draw period: 3 years
• Repayment terms: 10 or 15 years
• Interest rates: Variable APRs up to 18%; each draw has a fixed rate determined at the time of the draw
• Eligibility: Minimum credit score of 600; must be a homeowner in an eligible state

The Application Process

1. Check Your Rate: Visit Upstart Mortgage's website and click on "Check Your Rate." This initiates a soft credit inquiry, which doesn't affect your credit score.
2. Complete Application: If you accept the offered rate, proceed to complete the application by verifying your bank account and providing necessary documentation.
3. Verification: Upstart will verify your identity, property details, and credit information.
4. Approval & Funding: Upon approval, review and sign the final disclosures and promissory note. Funds are typically available within 3 business days after closing.

Rates and Terms

• APR: Variable, with a maximum of 18%
• Origination Fee: 1.00% – 4.99% of the approved credit limit
• Draw Period: 3 years
• Repayment Terms: 10 or 15 years
• Rate Structure: While the overall HELOC has a variable rate, each draw taken during the draw period has a fixed rate determined at the time of the draw.

Help & Support

• Customer Support: Available via phone at 1-833-432-2215
• Online Resources: Comprehensive Help Center available on their website
• Physical Address: 2950 S. Delaware Street, Suite 400, San Mateo, CA 94403

Summary

Upstart Mortgage offers a modern solution for homeowners seeking to access their home equity without the traditional complexities. With a fully online application, no appraisal requirement, and fixed-rate draws, it provides a transparent and efficient borrowing experience. However, potential borrowers should be aware of state availability and the absence of co-signer options.

FAQs

Q: What is the minimum credit score required?

 A: A minimum credit score of 600 is required.

Q: Are appraisals required?

 A: No, Upstart Mortgage does not require property appraisals for HELOCs.

Q: Can I have a co-signer on my HELOC?

 A: No, Upstart Mortgage does not allow co-signers or co-borrowers.

Q: How quickly can I access funds?

 A: Funds are typically available within 3 business days after closing.

Q: Is there a prepayment penalty?

 A: No, there is no prepayment penalty for paying off your HELOC early.

Methodology

This review was compiled using information from Upstart Mortgage's official website.

Disclaimer

AI was used in the generation of this content, along with human verification.