Upstart Home Lending HELOC

Upstart Mortgage’s HELOC application is easy, fast and fully digital. Approved applicants receive a firm offer of credit in minutes, with no sales call or lengthy approval process. Some users will also be able to close their HELOC without uploading any documentation, such as drivers license or pay stub. A HELOC through Upstart Mortgage does not require in-person appraisals for most customers and allows property valuations to be done instantly and virtually via an automated valuation model, saving days (or even weeks!) off the loan processing time. Upstart Mortgage has dramatically simplified HELOC, which is typically a complex financial product. A HELOC through Upstart Mortgage provides customers with a fixed rate* and straightforward terms on every draw, eliminating confusion and giving customers a consistent monthly payment that won’t change unless additional draws are made. Upstart Mortgage does not charge the customer an annual fee, prepayment penalty, or fees to redraw. Just a simple one time origination fee.** While other lenders have traditionally limited the availability of Home Equity Lines of Credit to more prime users, Upstart Mortgage’s AI-powered underwriting and use of alternative data, such as work experience, allows us to accept borrowers with a lower minimum credit score (as low as 600!). Upstart Mortgage’s seamless closing process uses remote online notarization in supported locations. In locations where an in-person closing is required, Upstart Mortgage will have convenient options available to the borrower. Customers that fund a HELOC through Upstart Mortgage could close in as little as 3 days, 10 times faster than the industry average.*** Upstart Mortgage is the leading AI lending HELOC marketplace. Upstart Mortgage connect consumers to banks and credit unions who leverage Upstart Mortgage’s artificial intelligence models to deliver superior credit products.