Upstart Mortgage

Upstart Mortgage Reviews

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About Upstart Mortgage

Upstart, which is well known for its flexible personal loan options, now offers home equity lines of credit (HELOCs) through Upstart Mortgage. Upstart Mortgage allows current homeowners to borrow up to $150,000 for debt consolidation, home improvement projects or other expenses. It uses an AI-powered model to approve borrowers, based on several factors rather than just a credit score.

Pros & Cons

  • Fixed-rate draws
  • No hidden fees
  • No appraisal required
  • Borrow up to $150,000
  • HELOCs only
  • Origination fee
  • No co-signers or co-borrowers
  • Not available in all states

Our editor’s take

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.

Upstart Mortgage products

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.

Upstart Mortgage requirements

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.

Upstart Mortgage costs

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.

Upstart Mortgage FAQ

What is Upstart Mortgage?

Upstart Mortgage is a technology-based HELOC lender that considers the applicant’s school, field of study and employment history alongside credit history to determine eligibility.

How does Upstart Mortgage work?

Homeowners can check their rate and complete the application completely online and finalize it with Upstart’s remote notary services. Once approved, you will receive your funding and be able to draw and redraw from your credit line for three years.

Where is Upstart Mortgage available?

Upstart Mortgage 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.

Is Upstart Mortgage legit?

Upstart Mortgage is a legit HELOC lender under its parent company, Upstart. While its mortgage division is new, Upstart has been around since 2012 and has helped over 2.9 million customers, according to its website.

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Upstart Mortgage Company Information

Company Name:
Upstart Mortgage
P.O. Box 1503
San Carlos
Postal Code:
United States