Upstart Mortgage Reviews

If you are in the market for a HELOC, Upstart Mortgage can make the process simple. It boasts a fast closing time, with a median of nine days to fund your HELOC. We also like that it does not require an appraisal.

That being said, Upstart Mortgage is still a new company with a lot of room for growth. At the time of publishing, it is only available in Arkansas, Colorado, Connecticut, Idaho, Kansas, Kentucky, Maryland, Michigan, Mississippi, Montana, North Carolina, Oklahoma, South Dakota, Tennessee, Utah, Washington, West Virginia, Wisconsin and Washington, D.C.

Additionally, if you have unique financial circumstances, such as not having a credit score or earning inconsistent freelance or contract income, Upstart Mortgage might not be able to approve you for a line of credit. It also doesn’t allow co-signers or co-borrowers.

At this time, Upstart Mortgage only offers HELOC products between $26,000 and $150,000.

A HELOC is a revolving credit account, similar to a credit card, but your credit limit is based on your home equity. You will have a three-year draw period, where you can borrow up to the max you’ve been approved for and then have repayment terms between 10 and 15 years.

For example, if you are approved for $50,000, your initial draw can be up to $50,000. You will then repay it, similar to a credit card. You can tap into your line of credit as long as you have credit available and are within the draw period, allowing you to borrow, repay and borrow again.

For Upstart Mortgage, applicants are also only able to apply for one HELOC; a second HELOC is only considered if the first line of credit has been fully repaid and terminated.

Not every homeowner will qualify for a HELOC with Upstart Mortgage. Property insurance is required.

Expect to present the following information:

• Social Security number
• Date of birth
• Education history
• Property information
• Current employment
• How you will use the funds

It is important to note that Upstart Mortgage considers personal income rather than household income when making approval decisions.

Once you are approved for your HELOC, you will be required to make your first draw of at least 80% of your approved limit. So, if you applied for a $50,000 HELOC, your initial draw will need to be at least $40,000.

You will not find any hidden fees using Upstart Mortgage, but you should expect an origination fee of 1.00% to 4.99% when you first open your account. Most applicants will not require an appraisal, meaning you will not have to pay out of pocket for that expense.

Upstart Mortgage HELOCS offer a fixed rate on draws but a variable rate overall. This means once you make a draw, your monthly payment is fixed until you make another draw. Rates are up to 18% as of publishing and are based on the applicant’s education, credentials, work experience and credit history.