Home Equity Line Of Credit (HELOC)
Two Product Offerings That Give Borrowers More Flexibility
Now more than ever, borrowers are looking for additional ways to have more flexibility with their money. That’s where a Home Equity Line of Credit comes in — and UWM offers two types of HELOCs to help you compete with big banks and retail lenders.
Standalone HELOC. Independent of who originated the loan, this product offers current homeowners a simple way of tapping into their home’s equity when a cash-out refinance doesn’t make sense due to having a low interest rate on their current mortgage. It’s a popular option for accessing cash that can be used to consolidate and pay down debt, make home improvements, cover tuition and more.
Piggyback HELOC. This product allows qualified conventional borrowers to secure a new mortgage on the home while simultaneously opening a home equity line of credit. Doing so allows borrowers with less available for a down payment to borrow additional money that can help them avoid mortgage insurance. It’s also a great option for borrowers with jumbo loan amounts who want to qualify for a conforming loan instead.
Our two HELOC products can help you grow your business by giving you a great reason to reach out to past clients and attract new ones. Check out our HELOC campaign in Brand 360’s Brand Builder to start promoting both today.
Not eligible in Texas. Standalone HELOCs are not eligible in Iowa & Vermont. Information is subject to change. Certain restrictions apply. Subject to borrower approval.